If a covered person is the beneficiary of a trust that has a financial interest in a restricted entity, the independence of a member firm ordinarily would be impaired if:

(a) The indirect financial interest in the restricted entity is material to the covered person

(b) The trust was created by the covered person who is named as beneficiary, or

(c) The beneficiary had direct control over the investment decisions or assets of the trust

(d) The beneficiary had indirect control over the investment decisions or assets of the trust

(e) All of the above