CFA Level I · CFA Level I Exam · Guidance for Standard III: Duties to Clients
Under Standard III(B) Fair Dealing, the requirement that members and candidates treat clients "fairly" when disseminating recommendations is most accurately interpreted to mean that they must:
Fair dealing means taking care not to discriminate against any clients. The Standard does not demand equal treatment, because advisers cannot reach everyone at exactly the same moment and each client has unique needs, so not every opportunity is suitable for every client.
- Atake care not to discriminate against any clientsCorrect
- Breach every client at exactly the same time
- Coffer identical investment opportunities to all clients
Explanation
The Standard says "fairly", not "equally". Members could not reach all clients at exactly the same time, and not all opportunities suit every client's needs and objectives. The duty is to avoid discriminating against any client.
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