The president of an investment advisory firm is also a registered representative of a broker-dealer. this fact is disclosed in the adviser's disclosure document. the president buys 50 partnership units for his clients who are suitable. the president does not disclose to the clients that he receives a commission on each partnership unit purchased by his clients. under nasaa rules on unethical business practices for investment advisers and federal covered advisers, is this permitted?

a. yes, because the president is properly registered as an agent of a broker-dealer and this fact is disclosed in the adviser's disclosure document
b. yes, because the adviser determined the suitability of the investment for each of his clients
c. no, because the adviser should have specifically informed each client that he would earn a commission on each limited partnership unit sold
d. no, because officers of investment advisers are not permitted to receive commissions on recommended transactions in addition to collecting an advisory fee