"morality" exercise:moral standards

C is correct as Standard IV(A) calls for employees to be loyal to their employer by not causing harm. If Botha released a contradictory research recommendation report to clients, it could possibly cause confusion amongst clients and embarrassment to the firm. 

 A is incorrect as Botha does not need to disassociate from the research report even though she does not agree with the conclusion made as she acknowledges the process was sound. 

 B is incorrect. While Botha does not need to disassociate from the research report, she could still ask for her name to be removed from the report without violating any Standard.

B is correct because Standard VI(B)–Priority of Transactions dictates that members and candidates give their clients and employer priority when making personal investment transactions. Even when clients allow or insist the manager invest alongside them, the manager’s transactions must never adversely affect the interests of the clients. A popular or “hot” IPO in a frontier market is likely to be oversubscribed. In such cases, Standard VI(B) dictates that the manager should not participate in this event to better ensure that clients would have a higher probability of getting their full subscription allotment, even though clients have allowed or dictated she do so. 

A is incorrect because the clients are unlikely be harmed by the manager also selling a US blue chip value stock in a stable market as the liquidity of the stock is likely to be large enough that a simultaneous sale would not negatively impact on the price of the share. 

C is incorrect because the volume of UK government bonds offered through a primary market is likely to be large and at a fixed price based on the auction outcome. O’Neil’s bid would, however, need to be the same as her clients’ bids.