Fred Valley, CFA, is an analyst at a commercial bank. Valley receives compensation for referrals to the bank’s brokerage and personal financial-planning divisions. His recent referrals are long-time clients from his previous employer, and Valley does not mention the bank’s referral arrangement. Does Valley violate any CFA Institute Standards()
A. No.
B. Yes, with respect to misrepresentation.
C. Yes, with respect to conflicts of interest.