James Martin, CFA, is a portfolio manager in charge of several mutual funds with Global First Investments. Martin receives an oversubscribed initial public offering (IPO) and allocates it proportionately to his largest clients. Martin discloses this arrangement to all of his clients and obtains their written consent. Has Martin most likely violated the Standards of Professional Conduct()
A. No.
B. Yes, relating to fair dealing.
C. Yes, relating to diligence and reasonable basis.