Lionel is manager of the fast-growing individual account division of a bank and treats all clients equally. When the bank's research department issues a buy or sell recommendation on a security, he ensures that the recommended action is implemented in all accounts. Do his investment actions violate any CFA Institute Standards?

Explanation: Members must consider the needs, circumstances and objectives of clients when taking investment action for their accounts. By treating all accounts as if they were the same, Lionel failed to consider the uniqueness of each client's circumstances.