An investment bank equity analyst writes a research report on an oil company recommending a "buy." After reviewing the report and not seeing any disclosures a pension fund manager asks the analyst if the investment bank is currently undertaking any corporate finance activity with this oil company. The analyst states that the investment bank is presently not working with the oil company but has done so in the past. The analyst does not mention or include in the research report that she is related to the majority shareholder of the investment bank and that she owns shares in the oil company. According to the Standards, the analyst is least likely to have violated the CFA Institute Standards of Professional Conduct that relates to ______.

Explanation: The analyst most likely violated Standard VI (A) Disclosure of Conflicts which requires members and candidates to fully disclose to clients, potential clients, and employers all actual and potential conflicts of interest, since the analyst did not disclose her relationship with a shareholder of the oil company. In addition, she most likely violated Standard I (B) Independence and Objectivity, since members or candidates should endeavor to avoid situations that could cause or be perceived to cause a loss of independence or objectivity in recommending investments or taking investment actions. By not disclosing the fact that she is a shareholder and related to the majority shareholder of the oil company, she could be perceived to be in a position of conflict of interest and one where she has a loss of independence and objectivity.