Heidi Krueger, CFA, has discretionary authority over the accounts of Johnson, for whom she manages a portfolio of energy stocks, and Osaki, for whom she manages a diversified portfolio of domestic and international stocks. Krueger always seeks the best price and execution and has disclosed to all of her clients the process she follows to make use of soft dollars and apply them for the benefit of her clients. In the year 2004, Krueger applied soft dollars generated from the Johnson and Osaki accounts to purchase a report on the economic impact of world events, to purchase an analysis of the domestic steel industry, and to purchase a new conference table for her office. Krueger was in compliance with the Code and Standards in the year 2004:（）
A. only if she had not used soft dollars to pay for the conference table.
B. only if she had not used soft dollars to pay for the conference table and had not used soft dollars from the trading of Johnson’s account to pay for the report on the domestic steel industry.
C. because she disclosed her use of soft dollars and applied them for the direct and indirect benefit of her clients.
参考答案：A
解析：
Standard Ⅳ (B) requires members to act for the benefit of their clients and to place their clients interests above their own. Soft dollars may be used for client benefit if the practice is disclosed. It is not required that each element of research purchased benefit each client involved, however, the manager should seek to assure that over time, clients benefit from the use of research purchased with client brokerage. Using soft dollars for the purchase of office furniture does not directly benefit any client and is violation.