Ali Aznar, a CFA Level II candidate, works as a trader for Barcelona Securities. Ali informed his supervisor Jose Gomez of his obligation to abide by CFA Institute Code of Ethics and Standards after he passed Level I, during his first job interview. As an experienced trader, Ali developed an interest in emerging markets securities. He proposed to Jose to invest in Global Depository Receipts (GDR). Jose decided it was not the time to invest in GDRs. Ali went on to buy the GDRs of a major German auto manufacturer for his own account. Two months later, Barcelona Securities decided to invest in GDRs. Jose asked Ali to recommend 10 GDRs in which to invest. Ali prepared a list of recommended GDRs within one week that included the GDR of the German auto manufacturer that he owns in his own account. In addition, Ali has been referring clients to Barcelona securities asset management division. Ali receives a referral fee for every account that is established through him. Ali does not inform his clients of the referral fee arrangement. Which of the following statements best describes Ali's actions with respect to conflicts of interest?
Group of answer choices
Ali violated the Standards by not disclosing the referral fees to his supervisor and his ownership of the GDR to his clients.
B. Ali violated the Standards by not disclosing the referral fees to his clients and his ownership of the GDR to his supervisor.
Ali violated the Standards by accepting referral fee