问题如下：
Which statement about a manager’s use of client brokerage commissions violates the Code and Standards?
选项：
A.A client may direct a manager to use that client’s brokerage commissions to purchase goods and services for that client.
B.Client brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received.
C.Client brokerage commissions may be directed to pay for the investment manager’s operating expenses.
解释：
C is correct.
This question involves Standard III(A) –Loyalty, Prudence, and Care and the specific topic of soft dollars or soft commissions. Answer C is the correct choice because client brokerage commissions may not be directed to pay for the investment manager’s operating expenses. Answer B describes how members and candidates should determine how to use brokerage commissions—that is, if the use is in the best interests of clients and is commensurate with the value of the services provided. Answer A describes a practice that is commonly referred to as "directed brokerage." Because brokerage is an asset of the client and is used to benefit the client, not the manager, such practice does not violate a duty of loyalty to the client. Members and candidates are obligated in all situations to disclose to clients their practices in the use of client brokerage commissions.
老師
假設這題是pension, 這題的client指的是基金經理還是退休基金的員工？
