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Liz Davis is a portfolio manager for a firm that claims it is in compliance with CFA Institute Soft Dollar Standards. In purchasing bonds for the account of the pension fund of Richards Company, no commissions were paid but there was a spread charged by the broker between the purchase and sale price of the bonds. The brokerage on the trade is not governed by any securities regulation. The specific brokerage from the trade: A. cannot be used to benefit any other client. B. can be used to benefit another client as long as Richards benefits from other the client’s brokerage in the future. C. can be used to benefit another client as long as Davis receives prior consent from Richards. |