Under the Uniform Securities Act, which of the following is LEAST likely to be considered an acceptable use of soft dollar arrangements by a broker-dealer?

1. APaying for third-party research used to benefit client accounts
2. BCovering the cost of travel and lodging for a client conference✓ Correct answer
3. CPurchasing data analytics software that assists in portfolio management
4. DPaying for a subscription to a market news service that informs trading decisions

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