Q5. 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 or soft dollars only.

C)   cash only.

Q6. Standard VI(C), Referral Fees, is applicable to:

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

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

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

Q7. 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.

Q8. 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.

答案和详解如下：

Q5. 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 or soft dollars only.

C)   cash only.

Correct answer is 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.

Q6. Standard VI(C), Referral Fees, is applicable to:

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

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

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

Correct answer is B)

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.

Q7. 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.

Q8. 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.