Show firm command of the Code and Standards by applying them to professional integrity cases under Standard VI, Conflicts of Interest

Most Level III conflicts sit inside the firm. Under VI(A) members and candidates must avoid conflicts or make full and fair disclosure of them, avoidance being preferred where reasonably possible, and one that remains must be disclosed prominently and in plain language: a manager steering client money into the firm's own funds, an incentive fee that rewards extra risk-taking, a board seat at a portfolio company, or a personal holding in the same thinly traded stock. Under VI(B) client and employer transactions come first, so a manager must not trade ahead of a client block order, and family accounts paying normal fees are treated like any other client. Under VI(C), any referral arrangement, such as a fee paid to a consultant for introducing a pension client, must be disclosed before the client signs up.