NO.PZ2018062009000028
问题如下：
Smith, an analyst in a local asset management firm, covers Brazil equities and directs brokerage to Brazil who pays Smith’s briefing trip to Brazil through a soft dollar arrangement. Smith is not sure that the broker’s execution is competitive and he decides to use commission dollars to pay for his hotel expenses. Does Smith violate the Code and Standards?
选项：
A.Yes, Smith violates Standard III(A) by not knowing whether the commissions charged by Brazil are reasonable and using commission dollars to pay hotel expenses.
B.Yes, Smith violates Standard III(A) only by using commission dollars to pay hotel expenses.
C.No, Smith doesn't violate Code and Standards.
解释：
A is correct.
Smith violates Standard III(A) by not exercising her duty of loyalty to her clients. He should have determined whether the commissions charged by Brazil are reasonable in relation to the benefit of the research provided by the trip. The hotel expenses should not be paid for with commission dollars, which is client's asset.
Smith因为没有对客户旅行忠诚的责任而违反了准则III(A)。他应该确定Brazil提供的旅行是否直接有利于帮助客户做投资决策。佣金不可以用来付旅行的费用，因为佣金依然属于客户的钱。
老师，soft dollar只能用于为客户做投资决策的research，意思是题目中说的“巴西负责人通过软美元安排支付史密斯前往巴西的旅行费用”，这个去做research路上的旅行费用也能用soft dollar吗？那去做research的时候吃的饭也能用soft dollar吗？
