QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

15. Ken Kawasaki, CFA shares a building with a number of other professionals who are also

involved in the investment management business. Kawasaki makes arrangements with

several of these professionals, including accountants and lawyers, to refer clients to each

other. There is an expectation that an informal score is kept so that the referrals will equal

out over time, so there are no cash payments. Kawasaki never mentions this arrangement

to clients or prospective clients. Does Kawasaki's agreement with the other building

occupants most likely violate any CFA Institute Standards of Professional Conduct?

A. No.

B. Yes, related to referral fees.

C. Yes, related to communication with clients.

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