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| Pennington would like to continue to direct trades from Elise’s portfolio to his sister’s brokerage firm. In order to continue with this arrangement and comply with the CFA Institute Standards, which of the following disclosures are required? A. Pennington must clearly disclose that his duty as the investment manager is to continue to seek to obtain best execution. B. Pennington must disclose that directed brokerage arrangements that require the investment manager to commit a certain percentage of brokerage might affect his ability to seek to obtain best execution. C. Pennington must disclose policies with respect to all soft dollar arrangements and receive written consent from Elise that she understands the consequences if he is not seeking best price and execution through First Brokerage. |