单选题 All of the following statements about a manager's use of clients' brokerage commissions are true except:

A. a client may direct a manager to use the client's brokerage commissions to purchase goods and services for that client.
B. client brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received.
C. client brokerage commissions may be directed to pay for the investment manager's operating expenses.

【正确答案】 C

【答案解析】[解析] 本题主要涉及执业操守标准Ⅲ(A)(忠诚，谨慎，关注)的相关规定。客户经纪佣金不能用来支付投资管理者的营业费用，从而选项C的阐述不正确。选项A描述了证券市场中的“定向经纪(directed brokerage)”业务。由于经纪业务是客户的一项资产且服务于客户的利益，而非投资经理，因而该类活动并不违反会员对客户的忠诚义务。在任何情况下，会员均有义务向客户全面披露其对经纪佣金的使用情况。选项B描述了客户经纪佣金的使用原则：经纪佣金的使用应当基于客户的利益，且应当与提供的相关服务的价值相匹配。