单项选择题

Jesse, CFA, is an exam proctor for the Level Ⅰ CFA exam. The day before the exam is to be administered, Jesse faxes a copy of one of the questions to two friends, Richard and Patrick, who are Level Ⅰ candidates in the CFA program. Jesse, Richard, and Patrick has planned the distribution of an exam question months in advance. Richard used the fax to prepare for the exam. Patrick, however, had second thoughts and threw the fax away without looking at its contents. Which of the following statements is most likely correct

A. Richard violated the Code and Standards but Patrick did not.
B. Jesse violated the Code and Standards but Richard did not.
C. Richard and Patrick both violated the Code and Standards.

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单项选择题Which of the following statement is inconsistent with Standard Ⅵ (C) Disclosure of Referral Fees

A. Disclosure will help the client evaluate the full cost of the services.
B. Disclosure will help the client evaluate any possible partiality shown in the recommendation of services.
C. Disclosure means advising a prospective client about the referral arrangement once a formal client relationship has been established.

单项选择题As part of an agreement with Johnny, TP&C Investment Company, a money manager for individual clients, provides monthly emerging market overviews in exchange for prospective client referrals and European equity research from Johnny. Clients and prospects of TP&G are not made aware of the agreement, but clients unanimously rave about the high quality of the research provided by Johnny. As a result of the research, many clients with non-discretionary accounts have earned substantial returns on their portfolios. Managers at TP&G have also used the research to earn outstanding returns for the firm’s discretionary accounts. Which of the following statement is most likely correct

A. Johnny has not violated the Code and Standards.
B. has violated the Code and Standards by using third-party research in discretionary accounts.
C. has violated the Code and Standards by failing to disclose the referral agreement with Johnny.