Reading 2-VI: Standards of Professional Conduct & Guida

答案和详解如下：

1、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 must be disclosed after proceeding with an agreement for service.

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

D)   Referral fees need not be disclosed unless required by federal or state statute.

The correct answer was 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.

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

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

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

D)   is only in violation of Standard V(B), Communication with Clients and Prospective Clients, by trading his services for those of a CPA.

The correct answer was B)

According to VI(C), Referral Fees, Smith must disclose to his clients that Towers provides services for Smith’s personal benefit. None of the Standards listed in the other answers apply.

3、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 paid to her for clients she refers to others.

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

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

The correct answer was 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.

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

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

The correct answer was C)

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.

5、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.