Standard I(B).Independence and Objectivity
Members and Candidates must not offer,solicit,or accept any gift,benefit,compensation,or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.
Not offer,solicit,or accept any gift,benefit,compensation,or consideration.
l Modest gifts（inexpensive，纪念品）are acceptable.
l A gift from a client is acceptable,but members and candidates should disclose to their employers prior to accepting such gift/benefit.
Standard IV(B).Additional Compensation Arrangements
Members and Candidates must not accept gifts,benefits,compensation,or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer’s interest unless they obtain written consent from all parties involved.
Standard VI(A).Disclosure of Conflicts
ØDisclosure of Conflicts to Clients-Fee or compensation arrangements that would conflict with clients’interest
ØDisclosure of Conflicts to Employers-Financial or other pressures that could influence a decision
Peter Morris is a senior portfolio manager at Robearn Investments.As part of his role he often makes internal presentations at Robearn concerning current market conditions and his view on the various companies in the sector that he covers.Due to his high profit and experience,Morris is approached to make public speeches and presentations on similar matters at industry dinners and conferences in return for financial compensation.According to Standard IV(B)Additional Compensation Arrangements,Morris should:
A.Refuse the offer
B.Disclose to Robearn the potential additional compensation from public speaking prior to engaging in the activity
C.Obtain written consent from all parties involved prior to engaging in any public speaking.
这题说的是Morris是Robearn投资公司的有一个高级组合经理。作为他工作的一部分，他经常在Robearn内部做关于现在市场情况以及他关于他负责的行业的众多公司的观点。因为他的高收益和丰富的经验，Morris被邀请在有偿在行业晚宴和会议上发表关于类似问题的公开演讲。根据standard IV(B)Additional Compensation Arrangements，Morris应该：
下面给大家讲解一下第二个难点，Soft dollar，他是III（A）Standard III(A).Loyalty,Prudence,and Care下的一个知识点，规定如下：
Soft Commission Policies:assets of clients
ØWhen selecting broker for clients,members must seek“best transaction cost”and“best execution”
ØSoft dollars(Soft commissions):Purchase research services
ØDirected brokerage:A client direct a manager to use the client’s brokerage to purchase services or goods；manager should disclose to the client may not be getting best execution from it.
Carter works for Invest Today,a local asset management firm.A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service.The broker is offering low-fee,execution-only trades to complement its traditional full-service,execution-and-research trades.To entice Carter and other asset managers to send additional business its way,the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements.Carter has always been satisfied with the execution provided on the full service trades,and the new low-fee trades are comparable to the fees of other brokers currently used for the accounts that prohibit soft dollar arrangements.
A.Carter can trade for his accounts that prohibit soft dollar arrangements under the
new low-fee trading scheme.
B.Carter cannot use the new trading scheme because the commissions are prohibited
by the soft dollar restrictions of the accounts.
C.Carter should trade only through the new low-fee scheme and should increase his
trading volume to meet his required commission commitment.