Explain why these actions do or do not violate Standard III(B): Fair dealing

CFA Level II Ethics
#21

individual clients are definitely not institutional clients, that i know, otherwise they wouldn’t have individual asset allocation and the institutional separate in L3.

Anyway, my point is, the way they distribute the information is still relatively “fair”, in the sense that they try their best to distribute the information at the same time. You cannot expect people to sit in front of the computer and receive the news right away yes, but there are also many institutional clients and you cannot call them all at the same time. I don’t think the rule from CFAI is that strict - "every client must receive the information at EXACTLY the same second and through EXACTLY the same medium.

So that’s why i think #1 is not a violation.

#22

What’s the official answer to the question?

#23

#1 – to me sounds like it’s refering to two types of investors… (i) individuals or retail (my mom, pops, cousin…neighbor…etc) and (ii) institutional (fidelity, vanguard…pensions… etc)

I think the question is clearly trying to differentiate between individual clients and institutional clients. Had it been written saying " all clients" then I would have said no violation.

so I would say it is a violation, even if the question says it is not!