Show a deep grasp of CFA Institute's Code and Standards by using them to resolve particular cases

Clients come first. Loyalty extends to client brokerage, which belongs to the client, so extra commission may buy only research that benefits the client, and to informed proxy voting, where a cost-benefit view can justify not voting. Fair dealing means fair, not identical: premium service tiers are allowed if disclosed and available to all, but recommendations must reach clients without favouritism, and an oversubscribed issue is prorated across suitable accounts, with the member's own orders dropped and family accounts managed like any other kept in. Suitability means knowing the client, reviewing the IPS at least annually and judging each holding within the whole portfolio. Performance must be fair, accurate and complete, and client information stays confidential unless illegality, law or consent says otherwise.