CFA考试：道德科目-软美元的真正定义介绍！
备考必备 | 2024-05-30
软美元作为CFA考试道德科目中极易丢分的知识点，很多考生始终无法梳理清楚它的真正定义，那我们就从一道题目开始分析一下软美元的知识点吧。
Stafford is a portfolio manager for a specialized real estate mutual fund.Her firm clearly describes in the fund’s prospectus its soft dollar policies.Stafford decides that entering the CFA Program will enhance her investment decision-making skill and decides to use the fund’s soft dollar account to pay the registration and exam fees for the CFA Program.Which of the following statements is most likely correct?
A.Stafford did not violate the Code and Standards because the prospectus informed investors of the fund’s soft dollar policies.
B.Stafford violated the Code and Standards because improving her investment skills is not a reasonable use of the soft dollar account.
C.Stafford violated the Code and Standards because the CFA Program does not meet the definition of research allowed to be purchased with brokerage commissions.
Solution:C
According to Standard III(A)—Loyalty,Prudence,and Care,the CFA Program would be considered a personal or firm expense and should not be paid for with the fund’s brokerage commissions.Soft dollar accounts should be used only to purchase research services that directly assist the investment manager in the investment decision-making process,not to assist the management of the firm or to further education.Thus,answer A is incorrect.Answer B is incorrect because the reasonableness of how the money is used is not an issue the issue is that educational expense is not research.
本题是在B和C选项中较难选择，B说的是提升投资技能并非软美元账户的合理使用方式，C说的是CFA考试费并不是客户佣金所允许购买的研究服务。
原版书原文：
An investment manager often has discretion over the selection of brokers executing transactions.Conflicts may arise when an investment manager uses client brokerage to purchase research services,a practice commonly called“soft dollars”or“soft commissions.”A member or candidate who pays a higher brokerage commission than he or she would normally pay to allow for the purchase of goods or services,without corresponding benefit to the client,violates the duty of loyalty to the client.
软美元是一个行为，而不是某一个东西。客户会把一笔钱（brokerage）给到投资经理，当投资经理要让broker来下单交易时，就会从这笔钱中拿出一部分给到broker作为佣金。例如，broker要求支付5元的佣金，而投资经理拿出了7元给到broker，用多出的2元向其购买研究相关的服务或产品，这就属于软美元行为。由于这个佣金是客户出的钱，那么这个研究服务和产品就必须要有利于客户才行，否则就违规。例如客户是投资于中国股市，但分析师却购买了美国债市的研究报告，那就违反III(A)。
如果投资经理并没支付更多的佣金，而是broker白送给投资经理研究服务或产品，那么就不属于软美元的定义了。由于这个报告并非是花费了客户的钱来购买的，于是就没有必要有利于该客户了。
因此软美元要满足以下条件：额外多支付了佣金、购买研究服务和产品，否则就不属于软美元的定义。客户的佣金账户也只允许购买研究服务和产品。回到题目中，主人公将客户的佣金费用支付CFA考试费，那这就不属于研究服务，是不允许购买的，于是就选C。
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