问题如下图：
选项：
A. 
B. 
C. 
解释：
能否解释一下答案里对B选项的解释，以及C为啥是对的啊？谢谢！
发亮_品职助教 · 2018年06月01日
能直接帮助基金经理做投资决策的可以用Soft dollar购买。研究报告就属于这一类，但CFA却不属于research的范畴内，所以C选项是对的。
C选择是说，CFA考试，不在soft dollar认可的、可购买的research范畴内。
如下，即便是research，用soft dollar购买也要满足一定条件，以下是从协会soft dollar那块摘过来的：
注意，primary use/directly assists/not in the management of the firm.
Research should be purchased with client brokerage only if the primary use of the research, whether a product or a service, directly assists the investment manager in its investment decision-making process and not in the management of the investment firm;
另外B选项纠结的点在于Reasonable use.
在判定reasonable use时，一般情况是，products、或者services的某一个部分可以benefit某个投资者；所以享受多少好处，客户只用付多少钱。
例如，公司购买的Bloomberg终端，显然是整体上是benefit公司投资决策的，没了终端也不能做投资决策，对于A客户来说，reasonable use是：bloomberg 2%的时间都是为A客户用的，所以A客户的soft dollar可以付2%的Bloomberg费用，
Be able to make a reasonable, justifiable, and documentable allocation of the cost of the Research according to its expected usage.
B选项的问题是考试都不能在research（包括products）的判定范畴内，更不用说reasonable use的判定范畴内；而考试直接属于公司内部的事情。
3ydyg · 2019年05月30日
发亮出品，必属精品
SUN · 2020年03月15日
看哭了，从一级到三级一直都没搞清楚的B终于明白了。感谢
Tina · 2020年10月05日
发亮老师确实优秀！认真负责的老师，敬佩！
NO.PZ2016040303000030 问题如下 Stafforis a portfolio manager for a specializereestate mutufun Her firm clearly scribes in the funs prospectus its soft llpolicies. Stafforcis thentering the CFA Progrwill enhanher investment cision-making skill ancis to use the funs soft llaccount to pthe registration anexfees for the CFA Program. Whiof the following statements is most likely correct? A.Staffornot violate the Co anStanr because the prospectus informeinvestors of the funs soft llpolicies. B.Stafforviolatethe Co anStanr because improving her investment skills is not a reasonable use of the soft llaccount. C.Stafforviolatethe Co anStanr because the CFA Progres not meet the finition of researalloweto purchasewith brokerage commissions. is correct.Answer Accorng to StanrIII(–Loyalty, Prunce, anCare, the CFA Progrwoulconsirea personor firm expense anshoulnot paifor with the funs brokerage commissions. Soft llaccounts shouluseonly to purchase researservices threctly assist the investment manager in the investment cision-making process, not to assist the management of the firm or to further ecation. Thus, answer A is incorrect. Answer B is incorrebecause the reasonableness of how the money is useis not issue; the issue is thecationexpense is not research. 请问这道题B为什么错误，可以理解C为什么对，但是感觉B和C算是差不多一个意思。为什么选C不选B？
NO.PZ2016040303000030 问题如下 Stafforis a portfolio manager for a specializereestate mutufun Her firm clearly scribes in the funs prospectus its soft llpolicies. Stafforcis thentering the CFA Progrwill enhanher investment cision-making skill ancis to use the funs soft llaccount to pthe registration anexfees for the CFA Program. Whiof the following statements is most likely correct? A.Staffornot violate the Co anStanr because the prospectus informeinvestors of the funs soft llpolicies. B.Stafforviolatethe Co anStanr because improving her investment skills is not a reasonable use of the soft llaccount. C.Stafforviolatethe Co anStanr because the CFA Progres not meet the finition of researalloweto purchasewith brokerage commissions. is correct.Answer Accorng to StanrIII(–Loyalty, Prunce, anCare, the CFA Progrwoulconsirea personor firm expense anshoulnot paifor with the funs brokerage commissions. Soft llaccounts shouluseonly to purchase researservices threctly assist the investment manager in the investment cision-making process, not to assist the management of the firm or to further ecation. Thus, answer A is incorrect. Answer B is incorrebecause the reasonableness of how the money is useis not issue; the issue is thecationexpense is not research. 老师帮忙解答一下三个，谢谢
NO.PZ2016040303000030 Stafforviolatethe Co anStanr because improving her investment skills is not a reasonable use of the soft llaccount. Stafforviolatethe Co anStanr because the CFA Progres not meet the finition of researalloweto purchasewith brokerage commissions. C is correct. Answer Accorng to StanrIII(–Loyalty, Prunce, anCare, the CFA Progrwoulconsirea personor firm expense anshoulnot paifor with the funs brokerage commissions. Soft llaccounts shouluseonly to purchase researservices threctly assist the investment manager in the investment cision-making process, not to assist the management of the firm or to further ecation. Thus, answer A is incorrect. Answer B is incorrebecause the reasonableness of how the money is useis not issue; the issue is thecationexpense is not research. c中说的是brokeage commission，但是题目是soft llaccount，soft llar也算commission吗？
NO.PZ2016040303000030 Stafforviolatethe Co anStanr because improving her investment skills is not a reasonable use of the soft llaccount. Stafforviolatethe Co anStanr because the CFA Progres not meet the finition of researalloweto purchasewith brokerage commissions. C is correct. Answer Accorng to StanrIII(–Loyalty, Prunce, anCare, the CFA Progrwoulconsirea personor firm expense anshoulnot paifor with the funs brokerage commissions. Soft llaccounts shouluseonly to purchase researservices threctly assist the investment manager in the investment cision-making process, not to assist the management of the firm or to further ecation. Thus, answer A is incorrect. Answer B is incorrebecause the reasonableness of how the money is useis not issue; the issue is thecationexpense is not research.还是不知道B错在哪里？
B的问题Stafforviolatethe Co anStanr because improving her investment skills is not a reasonable use of the soft llaccount. ------------------------- 发亮助教之前如下 另外B纠结的点在于Reasonable use. 在判定reasonable use时，一般情况是，procts、或者services的某一个部分可以benefit某个投资者；所以享受多少好处，客户只用付多少钱。 例如，公司购买的Bloomberg终端，显然是整体上是benefit公司投资决策的，没了终端也不能做投资决策，对于A客户来说，reasonable use是bloomberg 2%的时间都是为A客户用的，所以A客户的soft llar可以付2%的Bloomberg费用， able to make a reasonable, justifiable, ancumentable allocation of the cost of the Researaccorng to its expecteusage. B的问题是考试都不能在research（包括procts）的判定范畴内，更不用说reasonable use的判定范畴内；而考试直接属于公司内部的事情。 --------------------------- 请问，考试是公司的事情，确实不是reasonable use啊，那么说is not a reasonable use of the soft llaccount又什么错啊？ 是我哪里理解偏了么？