CFA Level I Guidance for Standards I–VII question

Guidance for Standards I–VII sample question

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Ethical and Professional Standards

Guidance for Standards I–VII

Leandro Costa, CFA, is an investment adviser based in Country P, which has no rules governing disclosure of referral fees. He also serves clients residing in Country Q, whose securities law requires written disclosure of every referral arrangement before an engagement begins and is stricter on this point than the CFA Institute Standards. Country Q law applies to advisers serving its residents. Regarding his Country Q clients, Costa's referral-fee disclosures must most likely conform to: