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

A conflict is anything that could reasonably be expected to impair objectivity or interfere with duties to clients or employer. The standard now reads avoid or disclose: a conflict should be avoided where reasonably possible, and one that is kept must be disclosed prominently, specifically and in plain language, so boilerplate buried in a footnote fails. Personal trades rank behind client and employer trades, and they include trades for immediate family and for any account in which the member has a beneficial interest. A fee-paying family account managed like any other must be treated equally, neither favoured nor held back. Referral fees paid or received must be disclosed before any formal agreement, with their nature and estimated value, even when the client pays nothing extra.