A client has terminated an investment advisory contract one week after signing the agreement. The adviser informs the client that a prorated portion of the advisory fee will be retained by the adviser, and the remainder will be sent to the client. Under the USA:
a) The adviser is not allowed to retain any portion of the fee.
b) The adviser can retain the entire fee as a termination penalty.
c) The adviser can retain a reasonable prorated portion.
d) The adviser must return the full fee without any deductions.