问题如下：
Faith Yang is an investment advisor in City Securities. Recently, he cooperates with Shine Bank in a referral arrangement. If Shine Bank could refer some potential clients to him, he will give them some bond research reports in return. Soon, Faith gets a client Tom, and he shares one of his bond research report to Shine Bank without any disclosure. Faith most likely:
选项：
A.complies with the Code and Standards.
B.violates the Code and Standards by giving the bond research reports to Shine Bank.
C.violates the Code and Standards by failing to disclose this referral arrangement to his employer and client.
解释：
C is correct.
Standard VI(C) Referral Fees requires that Faith must disclose to his employer and clients about this referral arrangement so that they could make an accurate evaluation.
这种情况是不是Shine bank也需要披露？
