B is correct as the CFA Program has been properly referenced while the CFA Institute and CFA Designation have been improperly referenced in violation of Standard VII(B)– Reference to the CFA Institute, the CFA Designation, and the CFA Program. CFA Institute cannot be referred to as the most elite group of professionals within the investment management business as this is an opinion that cannot be objectively determined. The CFA acronym should be used an adjective rather than a noun, i.e. CFA Charterholder. 

 A is incorrect as individuals must not exaggerate the meaning or implications of membership in CFA Institute. 

C is incorrect because Klum has indicated that he is a CFA and improperly referenced the designation.

A is correct as the money should not be accepted without receiving written consent from all parties involved; therefore, Zagoreos is in violation of Standard IV(B)–Additional Compensation Arrangements. The manager has acted for her own benefit by receiving compensation that competes with or might reasonably be expected to create a conflict of interest with her employer’s interest without receiving written consent from all parties involved. This action is a violation of Standard III(A)–Loyalty, Prudence, and Care, which requires that members act for the benefit of their clients, and places their client’s interests before their employer’s or their own interests. However, there is no indication that the member has received compensation, consideration, or benefit received from, or paid to, others for the recommendation of products or services and therefore has not violated Standard VI(C) related to referral fees. 

B is incorrect because the manager has acted for their own benefit by receiving compensation that competes with or might reasonably be expected to create a conflict of interest with her employer’s interest without receiving written consent from all parties involved. This action is a violation of Standard III(A)–Loyalty, Prudence, and Care, which requires that members act for the benefit of their clients, and places their client’s interests before their employer’s or their own interests.

 C is incorrect as the manager has accepted compensation that competes with or might reasonably be expected to create a conflict of interest with her employer’s interest without receiving written consent from all parties involved, in violation of Standard IV(B)– Additional Compensation Arrangements.