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Dan Lee, CFA, is a portfolio manager with Jewel Investment Advisors. Doris Black, one of Lee's long-time clients, tells Lee that he can use her vacation home in Aspen, Colorado, for a week during skiing season if the return on her portfolio exceeds its benchmark by two percentage points during the next year. Black also offers to reimburse Lee and his wife for their transportation expenses to Aspen. Lee accepts this arrangement. According to CFA Institute Standards of Professional Conduct, what is Lee's obligation, if any, to disclose this arrangement to Jewel? Lee: A. need not disclose either the arrangement to use Black's vacation home or the reimbursement of expenses. B. must disclose both the arrangement to use Black's vacation home and the reimbursement of expenses. C. must disclose in writing the arrangement to use Black's vacation home but not the reimbursement of expenses. |