An analyst finds a stock with historical returns that are not correlated with interest rate changes. The analyst writes a report for his clients that have large allocations in fixed - income instruments and emphasizes the observed lack of correlation. The clients with allocations of fixed income instruments are the only clients to see the report. According to Standard Ⅴ (B) , Communication with Clients and Prospective Clients, the analyst has:（）
A. violated the Standard concerning fair dealings with all clients.
B. not violated the Standard.
C. violated the Standard by emphasizing the information concerning the correlation.
参考答案：B
解析：
Recommending a stock whose return is uncorrelated with interest rate changes is appropriate for the clients described in the problem. Emphasizing the lack of correlation is appropriate as long as the analyst makes no guarantees concerning the relationship in the future. Reporting historical correlation is a presentation of fact, and is not in violation. The analyst is free to show the report only to investors for whom the investment is appropriate.