Part 1: Why would the client want to specify a list of brokers of their own and ask the investment manager to direct a certain percentage of trades, by value or volume, to these specific brokers? (3 marks; no more than 75 words)

Part 2: The brokers specified by the client may not have quality soft dollars to meet the requirements of the investment manager. When this happens, what may the investment manager do out of self-interest to overcome the shortfall? (2 marks; no more than 75 words)

Part 3: To protect the client from the investment managers action that is driven by self-interest to obtain quality soft dollars, what requirement is added to the Soft Dollar Standards? (3 marks; no more than 75 words)