Are sites that have a referral exchange allowed by Google Adsense?

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I was thinking of adding a referral exchange to my site that i'm working on & now with more thought I think I might be infringing on some of the TOS of Google Adsense. Anyone familiar with this kind of situation that could help me? The idea behind the referral exchange I wanted to implement was a fairly simple, and reasonable one. Basically, one person would say for example, "Hey, i'm looking for a referral for Mylot & if you join under me, i'll join under a survey site you're a part of." Then an exchange would occur and both parties would be happy. Is this OK when it comes to Google Adsense? I'm not looking into a link exchange or anything like that. Just a referral exchange. Thanks to anyone who helps.