Give the reasons a practice, policy or action complies with, or breaches, CFA Institute's Code and Standards

A complete explanation of a verdict names the Standard and then the fact that decides the case. The manager traded before filling client orders, so VI(B) is breached; the composite quietly dropped terminated accounts with poor returns, so III(D) is breached; the referral fee was disclosed only after the mandate was signed, so VI(C) fails. For compliant conduct, name the safeguard that makes it acceptable, such as the client's written consent or a mosaic built from public data. Keep requirements and recommendations apart: a firm that discloses a conflict rather than avoiding it, or keeps records for the period local law sets, has breached nothing. The trap is a correct verdict attached to the wrong Standard or the wrong reason.