6、Joe James is a Certified Public Accountant and 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)   need not disclose the benefits received for referring clients because no compensation is received.

B)   must disclose the benefits received for referring clients to the law firm.

C)   must disclose the benefits received for referring clients but only if the law firm fails to do so.

D)   need not disclose the benefits received for referring clients because the clients were developed in the course of his accounting practice.

7、Standard VI(C), Referral Fees, is applicable to:

A)   only cash consideration received for the recommendation of products or services.

B)   only cash consideration paid for the recommendation of products or services.

C)   only consideration paid in soft dollars for the recommendation of products or services.

D)   all consideration received or paid for the recommendation of products or services.

8、A member or candidate that receives consideration from others for the recommendation of products or services, must disclose the estimated dollar value of the consideration paid in:

A)   cash, soft dollars, or in kind.

B)   cash only.

C)   cash or soft dollars only.

D)   cash or in kind only.

9、If a CFA charterholder receives a referral fee, he must:

A)   disclose the nature of the fee arrangement to the client only if any service is actually performed.

B)   disclose the fee to the supervisor, in written form, as an additional benefit.

C)   consult with the firm's compliance officer, and follow his or her instructions concerning disclosure.

D)   disclose the nature of the fee arrangement to the client before entering into a formal agreement.

答案和详解如下：

6、Joe James is a Certified Public Accountant and 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)   need not disclose the benefits received for referring clients because no compensation is received.

B)   must disclose the benefits received for referring clients to the law firm.

C)   must disclose the benefits received for referring clients but only if the law firm fails to do so.

D)   need not disclose the benefits received for referring clients because the clients were developed in the course of his accounting practice.

The correct answer was B)

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.

7、Standard VI(C), Referral Fees, is applicable to:

A)   only cash consideration received for the recommendation of products or services.

B)   only cash consideration paid for the recommendation of products or services.

C)   only consideration paid in soft dollars for the recommendation of products or services.

D)   all consideration received or paid for the recommendation of products or services.

The correct answer was D)

According to Standard VI(C), Referral Fees, consideration includes all fees that are paid in cash, soft dollars, and in kind. Referral fees must be disclosed to the client or employer whether the consideration is received by or paid to others for the recommendation.

8、A member or candidate that receives consideration from others for the recommendation of products or services, must disclose the estimated dollar value of the consideration paid in:

A)   cash, soft dollars, or in kind.

B)   cash only.

C)   cash or soft dollars only.

D)   cash or in kind only.

The correct answer was  A)

According to Standard VI(C), Referral Fees, consideration includes all fees that are paid in cash, soft dollars, and in kind. Referral fees must be disclosed to the client or employer before engaging in an agreement to provide services.

9、If a CFA charterholder receives a referral fee, he must:

A)   disclose the nature of the fee arrangement to the client only if any service is actually performed.

B)   disclose the fee to the supervisor, in written form, as an additional benefit.

C)   consult with the firm's compliance officer, and follow his or her instructions concerning disclosure.

D)   disclose the nature of the fee arrangement to the client before entering into a formal agreement.

The correct answer was D)

According to Standard VI(C), the nature as well as the value of the fee must be disclosed to the client before entering into a formal agreement. The compliance officer and/or the employee’s supervisor should be contacted for consultation.

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