【羿文寄语】不积跬步无以至千里，考试并没有我们想象中那么难，要相信自己的能力！只有坚持才能取得最后的胜利！

CFA考试Level Ⅰ

【单选题】

Which of the following actions is most likely a violation of the Standard on fair dealing?

A.A portfolio manager allocates IPO shares to all client accounts, including her brother's fee-based retirement account.

B.An investment firm routinely begins divading for its own account immediately after announcing recommendation changes to clients.

C.After releasing a general recommendation to all clients, an analyst calls the firm's largest institutional clients to discuss the recommendation in more detail.

答案：B

【解析】The firm must give its clients an opportunity to act on recommendation changes.Firms can offer different levels of service to clients as long as this is disclosed to all clients.The largest institutional clients would likely be paying higher fees for a greater level of service.The portfolio manager's brother's account should be treated the same as any other client account.