{"id":11299,"date":"2021-02-17T16:09:48","date_gmt":"2021-02-17T16:09:48","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=11299"},"modified":"2025-12-03T14:56:24","modified_gmt":"2025-12-03T14:56:24","slug":"standard-iii-b-fair-dealing","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/standard-iii-b-fair-dealing\/","title":{"rendered":"Standard III (B) \u2013 Fair Dealing"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/49q4XUzEqNw\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which of Dudek\u2019s actions are most likely in conflict with Standard III(B) \u2013 Fair Dealing?\",\n    \"text\": \"Application 1: Selective Disclosure\\nMari Dudek is a widely followed automobile analyst. She frequently has lunch meetings with clients who have subscribed to the firm\u2019s \u201cPlatinum\u201d service tier. In a lunch meeting, she discloses that she is about to issue a change in her investment recommendation on T-Electric to a 'sell' \u2013 pending approval from her boss and the firm\u2019s internal fact-checkers. She receives approval three days after the meeting and goes on to disseminate her recommendation to her other clients.\\n\\nWhich of Dudek\u2019s actions are most likely in conflict with Standard III(B) \u2013 Fair Dealing?\\n\\nA) No actions conflict with Standard III(B) \u2013 Fair Dealing.\\nB) Her frequent lunch meetings with \u201cPlatinum\u201d tier clients can be interpreted as favoritism.\\nC) Her disclosure of the change in her recommendation of T-Electric.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is C: Dudek violated Standard III(B) \u2013 Fair Dealing by selectively disclosing a pending change in recommendation to only some clients before informing others.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A is incorrect: Dudek's selective disclosure is a violation of Standard III(B) \u2013 Fair Dealing.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"B is incorrect: Differentiated service levels such as lunch meetings with premium-tier clients are permissible if disclosed and applied fairly.\"\n      }\n    ]\n  }\n}\n<\/script><br \/>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Has McNarry violated Standard III(B) \u2013 Fair Dealing?\",\n    \"text\": \"Application 2: IPO Distribution\\nAdam McNarry is the CFO of Astra Capital Advisors (ACA). ACA specializes in corporate advisory and capital raising activities. His client, GreenFarm Ltd., is looking to go public. ACA receives an overwhelming amount of expression of interest from both retail and institutional investors. The new issue is twice oversubscribed. McNarry proceeds to remove all shares allocated to fee-paying family-member accounts. The shares are then prorated among all the clients.\\n\\nHas McNarry violated Standard III(B) \u2013 Fair Dealing?\\n\\nA) No, because his exclusion of family-member accounts would increase the allocation to his other clients.\\nB) Yes, because fee-paying family accounts should be treated the same way as all his other clients.\\nC) No, because he was prioritizing his client\u2019s accounts over his family member accounts.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B: McNarry has violated Standard III(B) \u2013 Fair Dealing because fee-paying family-member accounts must be treated the same as all other fee-paying clients.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A is incorrect: Increasing allocations to other clients does not justify unfair treatment of fee-paying family-member accounts.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"C is incorrect: Prioritizing client accounts does not permit discrimination against fee-paying family-member accounts, which must receive equal treatment.\"\n      }\n    ]\n  }\n}\n<\/script><br \/>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Would Clark\u2019s actions violate Standard III(B) \u2013 Fair Dealing?\",\n    \"text\": \"Application 3: Additional Services for Select Clients\\nJosephine Clark sends an email to all her clients to inform them about a change in her investment recommendation of Nix Technologies. She then calls her two biggest clients to go over her conclusions and respond to any queries.\\n\\nWould Clark\u2019s actions violate Standard III(B) \u2013 Fair Dealing?\\n\\nA) Yes, because she is giving greater consideration to her two biggest clients.\\nB) No, because she informed all her clients about the change in her recommendation.\\nC) Yes, because she has discriminated against some clients and favored others.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B: Clark has not violated Standard III(B) \u2013 Fair Dealing because she disseminated her change in recommendation to all clients. Offering additional personal service to larger clients is permitted as long as all clients receive fair and timely dissemination of recommendations.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A is incorrect: Clark is allowed to offer additional personal services to larger clients as long as the core recommendation is distributed fairly to all clients.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"C is incorrect: Clark did not favor only select clients with the recommendation; she informed all clients equally before offering optional follow-up discussions to her largest clients.\"\n      }\n    ]\n  }\n}\n<\/script><\/p>\n<p>Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.<\/p>\n<p>Members and Candidates are required to treat all clients fairly when sharing investment recommendations, taking investment actions, or making material changes to older research recommendations.<\/p>\n<p>In this context, \u201cfairly\u201d means that Members and Candidates <span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>must not<\/em><\/strong><\/span> discriminate against any of their clients. Discrimination may take on various forms \u2013 dissemination of investment recommendations to some clients, prioritizing investment actions for some clients, and not the rest. Members and Candidates must take note that \u201cfairly\u201d and \u201cequally\u201d cannot be interpreted as the same thing.<\/p>\n<p>Members and Candidates cannot ensure that dissemination of any information would reach clients at the same time and provide them all with <strong><em>equal<\/em><\/strong> opportunity to take action. Additionally, there may be some investment opportunities that are suitable for one client and not another.<\/p>\n<p>Members and Candidates are permitted to provide specialized services and charge higher management or brokerage fees. Members or Candidates who offer differentiated services must disclose this to all potential and current clients. <strong><em>All<\/em><\/strong> clients should be able to access differentiated service levels.<\/p>\n<h2>Investment Recommendations<\/h2>\n<p>This conduct relates to members or candidates who work on preparing investment recommendations that are disseminated to the public or shared internally to inform investment decisions.<\/p>\n<p>Each member and candidate should:<\/p>\n<ul>\n<li>Ensure that information is disseminated in such a way that all clients have a fair opportunity to take investment action.<\/li>\n<li>Encourage their firms to implement dissemination structures and policies that allow for fair disclosures among all clients.<\/li>\n<\/ul>\n<p>Standard III(B) \u2013 Fair Dealing may be even more important when it relates to material changes in initial recommendations. Members and Candidates should inform all clients of changes in recommendations, with greater consideration to those who acted upon earlier information. Members should inform clients who may be unaware of a change in recommendation before accepting and placing any orders on their behalf.<\/p>\n<h2>Investment Action<\/h2>\n<p>This conduct relates to Members and Candidates who take investment actions based on recommendations prepared internally or received from external sources.<\/p>\n<p>Each member and candidate should:<\/p>\n<ul>\n<li>Treat all clients fairly relative to their investment objectives and circumstances.<\/li>\n<li>Distribute all new issues\/secondary financings \u2013 to all clients for whom this may be suitable \u2013 in a manner consistent with their firm\u2019s allocation policies.<\/li>\n<li>Forgo any personal and family allocations if an issue is oversubscribed.<\/li>\n<li>Treat family-member accounts that are managed similarly to client accounts equally. In this case, family members can still participate in purchasing shares in oversubscribed issues.<\/li>\n<li>Disclose to prospective and current clients the firm\u2019s documented allocation policies.<\/li>\n<\/ul>\n<h2>Compliance Recommendations<\/h2>\n<h3>Develop Firm Policies<\/h3>\n<p>Members and Candidates should encourage their firms to develop compliance policies that require Members and Candidates to disseminate investment recommendations fairly.<\/p>\n<p>Members and Candidates should consider the following when creating fair dealing compliance procedures:<\/p>\n<ul>\n<li><i><span style=\"font-weight: normal !msorm;\"><strong>Limit the number of people involved<\/strong><\/span><\/i><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Limit the number of people aware of an upcoming change in recommendation.<\/li>\n<li><i><span style=\"font-weight: normal !msorm;\"><strong>Shorten the time frame<\/strong><\/span><\/i><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Limit the time between the decision of a change or initial investment recommendation and dissemination or publishing.<\/li>\n<li><i><span style=\"font-weight: normal !msorm;\"><strong>Guidelines for pre-dissemination actions<\/strong><\/span><\/i><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Encourage firms to develop policies that forbid employees with knowledge of investment recommendation changes from taking action or discussing the recommendation.<\/li>\n<li><i><span style=\"font-weight: normal !msorm;\"><strong>Simultaneous dissemination<\/strong><\/span><\/i><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Create procedures that ensure that the timing of the dissemination of all recommendations happens approximately at the same time for all clients.<\/li>\n<li><i><span style=\"font-weight: normal !msorm;\"><strong>List of client holdings<\/strong><\/span><\/i><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Maintain a list of all clients and their holdings of securities and other investments to enable easy communications of any changes in investment recommendations.<\/li>\n<li><i><span style=\"font-weight: normal !msorm;\"><strong>Develop and document trade allocation policies<\/strong><\/span><\/i><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Develop a set of policies that ensure:\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>Fairness to all clients;<\/li>\n<li>Timeliness and efficiency in execution of orders; and<\/li>\n<li>Accurate client records.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<h3>Disclose Trade Allocation Procedures<\/h3>\n<p>Trade allocation procedures should be fair and equitable. Members and Candidates should disclose to all prospective and current clients their firm\u2019s allocation practices.<\/p>\n<h3>Establish Systematic Account Reviews<\/h3>\n<p>Members and Candidates should encourage their firms to establish review procedures to ensure or to identify that there has been no favoritism in trading practices and allocation.<\/p>\n<h3>Disclose Levels of Service<\/h3>\n<p>Members and Candidates should disclose to all clients if their firm offers differentiated services at different fees. Different service levels should be available to <strong><em>all<\/em><\/strong> clients.<\/p>\n<blockquote>\n<h3>Application 1: Selective Disclosure<\/h3>\n<p>Mari Dudek is a widely followed automobile analyst. She frequently has lunch meetings with clients who have subscribed to the firm\u2019s \u201cPlatinum\u201d service tier.\u00a0 In a lunch meeting, she discloses that she is about to issue a change in her investment recommendation on T-Electric to a \u201csell\u201d \u2013 pending approval from her boss and the firm\u2019s internal fact-checkers. She receives approval three days after the meeting and goes on to disseminate her recommendation to her other clients.<\/p>\n<p>Which of Dudek\u2019s actions are <span style=\"font-style: normal !msorm;\"><em>most likely<\/em><\/span> in conflict with Standard III(B) \u2013 Fair Dealing?<\/p>\n<p>\u00a0 \u00a0 A. No actions conflict with Standard III(B) \u2013 Fair Dealing.<\/p>\n<p>\u00a0 \u00a0 B. Her frequent lunch meeting with \u201cPlatinum\u201d tier clients can be interpreted as favoritism.<\/p>\n<p>\u00a0 \u00a0 C. Her disclosure of the change in her recommendation of T-Electric.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is C.<\/em><\/strong><\/p>\n<p>Dudek is permitted to offer differentiated service levels provided that she discloses this to her current and prospective clients. In this instance, her lunch meeting with \u201cPlatinum\u201d tier clients would not be a violation of Standard III(B) \u2013 Fair Dealing. She has violated Standard III(B) \u2013 Fair Dealing, because she disclosed her change in the recommendation to some clients before others.<\/p>\n<h3>Application 2: IPO Distribution<\/h3>\n<p>Adam McNarry is the CFO of Astra Capital Advisors (ACA). ACA specializes in corporate advisory and capital raising activities. His client, GreenFarm Ltd., is looking to go public. ACA receives an overwhelming amount of expression of interest from both retail and institutional investors. The new issue is twice oversubscribed. McNarry proceeds to remove all shares allocated to fee-paying family-member accounts. The shares are then prorated among all the clients.<\/p>\n<p>Has McNarry violated Standard III(B) \u2013 Fair Dealing?<\/p>\n<p>\u00a0 \u00a0 A. No, because his exclusion of family-member accounts would increase the allocation to his other clients.<\/p>\n<p>\u00a0 \u00a0 B. Yes, because fee-paying family accounts should be treated the same way as all his other clients.<\/p>\n<p>\u00a0 \u00a0 C. No, because he was prioritizing his client\u2019s accounts over his family member accounts.<\/p>\n<h4>Solution<\/h4>\n<p><em><strong>The correct answer is B.<\/strong><\/em><\/p>\n<p>McNarry has violated Standard III(B) \u2013 Fair Dealing. McNarry should treat all his fee-paying clients equally. In this case, McNarry should not have removed his family members\u2019 allocation in GreenFarm Ltd.<\/p>\n<h3>Application 3: Additional Services for Select Clients<\/h3>\n<p>Josephine Clark sends an email to all her clients to inform them about a change in her investment recommendation of Nix Technologies. She then calls her two biggest clients to go over her conclusions and respond to any queries.<\/p>\n<p>Would Clark\u2019s actions violate Standard III(B) \u2013 Fair Dealing?<\/p>\n<p>\u00a0 \u00a0 \u00a0A. Yes, because she is giving greater consideration to her two biggest clients.<\/p>\n<p>\u00a0 \u00a0 \u00a0B. No, because she informed all her clients about the change in her recommendation.<\/p>\n<p>\u00a0 \u00a0 \u00a0C. Yes, because she has discriminated against some clients and favored others.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is B.<\/em><\/strong><\/p>\n<p>Clark has not violated Standard III(B) \u2013 Fair Dealing. Clark disseminated her change in the recommendation to all her clients. Clark is allowed to offer personal services to clients that may have a significant amount of assets in the firm. Clark would be in violation if she failed to disseminate her recommendation to all her clients but a select few.<\/p>\n<\/blockquote>\n<p>Reading 46: Guidance for The Standards of Professional Conduct (I-VII)<\/p>\n<p><em>LOS 46 (a) <\/em><em>Demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situation<\/em><em>s.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. Members and Candidates are required to treat all clients fairly when sharing investment&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,196],"tags":[216,193,200],"class_list":["post-11299","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-ethical-and-professional-standards","tag-cfa-level-2","tag-guidance-for-the-standards-of-professional-conduct-i-vii","tag-standard-iii-b-fair-dealing","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Standard III (B) \u2013 Fair Dealing - CFA, FRM, and Actuarial Exams Study Notes<\/title>\n<meta name=\"description\" content=\"Learn about avoiding discrimination, disclosing differentiated services, and implementing fair dissemination and allocation policies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/standard-iii-b-fair-dealing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard III (B) \u2013 Fair Dealing - 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