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。
是客户给基金经理/分析师，先以现金形式付了commission fee→基金经理/分析师在找第三方broker的时候，使用客户付的commission fee账户里面的现金去支付broker规定的手续费，就叫做硬美元；然后使用这个commission fee账户里面的现金去购买一些broker提供的有利于客户的服务or goods，就叫做软美元。 是这样吗？
