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David Sanders is the Chief Investment Officer at a money management company that claims it is in compliance with CFA Institute Soft Dollar Standards. Last year he purchased a Bloomberg system for the portfolio managers to get information concerning investment decisions. He used soft dollars from brokers to pay for the system. Because the system has come up for renewal, he has an assistant audit the use of the terminal for a week. The assistant reports that the system is only used about 20 percent of the time for investment decision-making activities and 80 percent for other uses. Sanders: A. can use soft dollars to pay for 20 percent of the system for the next year and must reimburse clients for 80 percent of the cost of last year's system. B. can use soft dollars to pay for 20 percent of the system for the next year and need not take any action concerning last year's soft dollars. C. cannot use soft dollars to pay for any part of the system for the next year, but need not take any action concerning last year's soft dollars. |