【羿文寄语】努力与付出，总是在不经意间就会取得较大的进步。

CFA考试Level Ⅰ

【单选题】

Hern Investments provides monthly emerging market research to Baker Brokerage in exchange for prospective client referrals and European equity research from Baker.Clients and prospects of Hern are not made aware of the agreement, but clients unanimously rave about the high quality of the research provided by Baker.As a result of the research, many clients with non- discretionary accounts have earned substantial returns on their portfolios.Managers at Hem have also used the research to earn outstanding returns for the firm's discretionary accounts.Hern has most likely:

A.not violated the Code and Standards.

B.violated the Code and Standards by using third-party research in discretionary accounts.

C.violated the Code and Standards by failing to disclose the referral agreement with Baker.

答案：C

【解析】According to Standard VI(C) Referral Fees, Hern must disclose the referral arrangement between itself and Baker so that potential clients can judge the true cost of Hern's services and assess whether there is any partiality inherent in the recommendation of services.