David Beckham, CFA, is a portfolio manager at a hedge fund company. David has an arrangement with a close friend who is an investment consultant, whereby he refers clients who need investment advice to the friend, who in turn refers clients to Beckham. Beckham believes there is no referral fees involved, and he does not disclose this arrangement to his existing or prospective clients. Has Beckham most likely violated the Standards（）
A. No.
B. Yes, only by failing to disclose the arrangement to his prospective clients.
C. Yes, both by failing to disclose the arrangement to his existing clients and to his prospective clients.
