Which CFA Standard requires members to treat all clients fairly when disseminating investment recommendations or making material changes to prior recommendations?

• A. Standard III(B) Fair Dealing
• B. Standard V(A) Diligence and Reasonable Basis
• C. Standard I(A) Knowledge of the Law
• D. Standard IV(B) Independence and Objectivity

Answer: (A)

Fair treatment of clients when disseminating investment recommendations or updating prior recommendations is required by Standard III(B) Fair Dealing. This standard obligates members and candidates to present information to all clients in a fair, timely, and non-discriminatory manner, avoiding preferential treatment or withholding material updates. The aim is that every client has access to the same material and that any changes to recommendations are communicated promptly and clearly, so no one gains an advantage or is misled by selective disclosure. Other standards focus on how you build a recommendation (diligence and reasonable basis), comply with the law, or maintain independence and objectivity, but they do not specifically govern the fairness of disseminating recommendations to clients.