Victor Marginn, CFA, is a highly regarded portfolio manager for Atlantic Advisors(AA), a midsized mutual fund firm. He has watched the hedge fund boom and on numerous occasions pushed his firm to create such a fund. Senior management has refused to commit resources to the area. Frustrated by the inaction, and attracted by the higher fees associated with hedge funds, Victor and several other employees organize a hedge fund in the non-work hours. Victor is careful to work on the fund only on her own time. Because AA management thinks that hedge funds are a fad, he does not inform his supervisor about the hedge fund. According to the Standards of Practice Handbook, Victor least likely violated the Standard relating to:（）
A. loyalty.
B. disclosure of conflicts.
C. priority of transactions.
