Q1. 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. With respect to this relationship, Smith:

A)   must disclose to his clients that Towers provides services for Smith's personal benefit.

B)   is in violation of both Standard V(B) and III(B).

C)   is only in violation of Standard III(B), Fair Dealing, by not putting the client first.

Q2. 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)   reveal to the prospects referred by Smith that he performs services for Smith, along with the estimated value of those services.

C)   discontinue his services for Smith.

Q3. An analyst who is a member of CFA Institute has composed an introductory information packet for her new clients, which includes information on fees she receives for referring clients to other professionals and those she pays for having clients referred to her. With respect to Standard VI(C), Referral Fees, this action:

A)   is not addressed in the Standard.

B)   exceeds the requirement of the Standard because she does not need to reveal the fees she pays to those that refer clients to her.

C)   may not satisfy the Standard if such information is only provided after the receivers of the information have become clients.

Q4. If a CFA charterholder receives a referral fee, he must:

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

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

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

Q5. Which of the following statements about Standard VI(C), Referral Fees, is TRUE?

A)   Referral fees must be disclosed before proceeding with an agreement for service.

B)   Referral fees may be disclosed before or after proceeding with an agreement for service.

C)   Referral fees must be disclosed after proceeding with an agreement for service.

[此贴子已经被作者于2009-1-4 14:57:02编辑过]

答案和详解如下：

Q1. 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. With respect to this relationship, Smith:

A)   must disclose to his clients that Towers provides services for Smith's personal benefit.

B)   is in violation of both Standard V(B) and III(B).

C)   is only in violation of Standard III(B), Fair Dealing, by not putting the client first.

Correct answer is A)

According to VI(C), Referral Fees, Smith must disclose to his clients that Towers provides services for Smith’s personal benefit. Neither of the Standards listed in the other answers apply.

Q2. 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)   reveal to the prospects referred by Smith that he performs services for Smith, along with the estimated value of those services.

C)   discontinue his services for Smith.

Correct answer is B)         

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.

Q3. An analyst who is a member of CFA Institute has composed an introductory information packet for her new clients, which includes information on fees she receives for referring clients to other professionals and those she pays for having clients referred to her. With respect to Standard VI(C), Referral Fees, this action:

A)   is not addressed in the Standard.

B)   exceeds the requirement of the Standard because she does not need to reveal the fees she pays to those that refer clients to her.

C)   may not satisfy the Standard if such information is only provided after the receivers of the information have become clients.

Correct answer is C)

Standard VI(C) says that a member must reveal information both on fees she receives for referring clients to other professionals and those she pays for having clients referred to her before a prospect becomes a client. This allows the prospect to evaluate any partiality of a recommendation and the full cost of the services.

Q4. If a CFA charterholder receives a referral fee, he must:

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

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

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

Correct answer is B)

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.

Q5. Which of the following statements about Standard VI(C), Referral Fees, is TRUE?

A)   Referral fees must be disclosed before proceeding with an agreement for service.

B)   Referral fees may be disclosed before or after proceeding with an agreement for service.

C)   Referral fees must be disclosed after proceeding with an agreement for service.

Correct answer is A)

According to Standard VI(C), referral fees must be disclosed before proceeding with an agreement for service in order for the client or employer to compute the full cost of the service and to evaluate any potential partiality of the recommendation.

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