单选题 As part of an agreement with Johnny, TP&C Investment Company, a money manager for individual clients, provides monthly emerging market overviews in exchange for prospective client referrals and European equity research from Johnny. Clients and prospects of TP&G are not made aware of the agreement, but clients unanimously rave about the high quality of the research provided by Johnny. As a result of the research, many clients with non-discretionary accounts have earned substantial returns on their portfolios. Managers at TP&G have also used the research to earn outstanding returns for the firm"s discretionary accounts. Which of the following statement is most likely correct?

A、 Johnny has not violated the Code and Standards.
B、 has violated the Code and Standards by using third-party research in discretionary accounts.
C、 has violated the Code and Standards by failing to disclose the referral agreement with Johnny.

【正确答案】 C

【答案解析】[解析] 本题主要涉及执业操守标准Ⅵ(C)(举荐费)的相关规定。
根据执业操守标准Ⅵ(C)的规定，TP&G公司必须向客户和潜在客户披露其与乔尼达成的相关协议，从而使客户和潜在客户可以对TP&G公司提供服务的真实成本及相关建议是否存在误导性做出客观的判断。