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.
参考答案：C
解析：
By establishing a hedge fund separate form AA, Victor violated several Standards. The hedge fund may conflict with her employer’s interests and must be disclosed according to Standards Ⅵ (A) Disclosure of Conflicts. The hedge fund also provides additional compensation and must be disclosed according to Standards Ⅳ (B) Additional Compensation Arrangements. Finally, according to Standard Ⅳ (A) Loyalty, members must act for the benefit of their employer, not deprive their employer of the advantage of their skills and abilities, or otherwise cause harm to their Employer. In setting up the new fund, Victor was not acting for the benefit of her employer. He should have informed AA that she wanted to organize a hedge fund and come to same mutual agreement on how this would occur.