答案和详解如下： Q1. Toni Florence, CFA, CAIA, leases office space to her best friend, Tom Rigs. Florence is an independent investment advisor specializing in high net worth clients and Rigs is a licensed real estate broker. In lieu of paying rent, Rigs refers his real estate clients to Florence, but only with the clients’ permission. For clients referred by Rigs, Florence: A) need not disclose the referral fee if Rigs discloses the lease arrangement to the clients first. B) need not disclose the terms of the lease arrangement because Rigs obtained the clients’ permission for the referral. C) must disclose the terms of the lease arrangement. Correct answer is C) Standard VI(C), Referral Fees, requires members to disclose to clients and prospects any consideration or benefit received by the member or delivered to others for the recommendation of any services to the client or prospect. Florence has delivered a benefit (free rent) to Rigs, which must be disclosed to the clients referred by Rigs. Florence must not rely on Rigs to make the disclosure. Q2. Joe James, CAIA, CPA, is a CFA Level II candidate living in Boston. In the course of his accounting practice, James often refers clients to a local law firm specializing in estate planning. James does not violate client confidentiality and does not receive compensation for the referral. However, the law firm often gives James tickets to the theater and major sporting events.
Which of the following statements regarding disclosure is TRUE? James: A) must disclose the benefits received for referring clients to the law firm. B) need not disclose the benefits received for referring clients because no compensation is received. C) need not disclose the benefits received for referring clients because the clients were developed in the course of his accounting practice. Correct answer is A)
Standard VI(C), Referral Fees, requires members to disclose to clients and prospects any consideration or benefit received by the member or delivered to others for the recommendation of any services to a client or prospect. James has received a benefit (free tickets), which must be disclosed to the clients referred by James. Disclosure will allow the clients to determine any partiality of the recommendation. Q3. Wes Smith, CFA, refers many of his clients to Bill
Towers, CPA, for accounting services. In return, Towers performs routine services for Smith, such as his tax returns, for no charge. Towers has just become a member of CFA Institute. With this development, Towers must: A) only reveal to the prospects referred by Smith that he performs services for Smith. B) discontinue his services for Smith. C) reveal to the prospects referred by Smith that he performs services for Smith, along with the estimated value of those services. Correct answer is C) According to VI(C), Referral Fees, as a member of CFA Institute, Towers must tell his clients about the payment in kind to Smith along with an estimate of the value of those services. | 
发表于 2009-1-9 17:17
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