Regarding Gretta’s practice of sharing draft research with fund managers before dissemination, which CFA Standard is most directly implicated if not all clients are given the same access?

• A. A I(A) Knowledge of the Law
• B. B III(B) Fair Dealing
• C. C V(B) Communication with Clients and Prospective Clients
• D. D II Ethics and Professionalism

Answer: (B)

Fair Dealing is at the heart of this scenario. It requires treating all clients and prospective clients fairly by providing information and investment recommendations on an equitable basis. Sharing draft research only with some fund managers before others creates an informational advantage for those recipients and disadvantages others who don’t have the same access. That kind of selective disclosure undermines trust and conflicts with the principle of fair treatment of clients. The other standards touch on related duties, but they don’t directly address the fairness of access to information in the way Fair Dealing does.