Article 15 Unless otherwise provided by the laws and regulations, a manager of a securities firm may not serve as a manager of its affiliated enterprises.

第15条证券商之经理人除法令另有规定外，不应与关系企业之经理人互为兼任。

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For example, one large consultant claimed it was not affiliated with any money manager.

FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)

Some funds, especially those with their own trading operations or brokerage policies, find it offensive when managers attempt to persuade them to abandon the brokerage policies or programs they have established and allow the manager to use an affiliated broker instead.

FORBES: Pensions and Brokerage: The Brokerage Battlefield Revisited (October 1, 2000)

This consultant and a money manager shared a common parent company and therefore, under the federal securities laws, they were affiliated.

FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)