Jessica Walters, CFA, is a portfolio manager and manages portfolios of a number of high-net-worth retail and institutional clients. Walters receives an allocation of oversubscribed initial public offering of a highly-speculative and risky firm manufacturing pharmaceutical. Walters allocates the stock on a pro rata basis to only those clients who are suitable for the stock according to their investment policy statements. Walters most likely violated the Standards of Professional Conduct（）
A. No.
B. Yes, relating to fair dealing.
C. Yes, relating to suitability.
