In what ways does fair dealing manifest itself?

Fair dealing：Fair != Equal

Fairly: Not to discriminate against any clients when disseminating recommendations or taking investment action. （不能歧視性對(duì)待客戶）

Equally: Not required to treat all clients exactly the same, e.g. reach all clients exactly the same time, by e‐mail or telephone. （無(wú)需對(duì)客戶完全一樣）

Premium level service is okay, if not disadvantage or negatively affect other clients. Should be disclosed to clients and available to everyone (should not be selective). （可以對(duì)客戶進(jìn)行分級(jí)，如VIP等，但必須披露并使所有客戶均有機(jī)會(huì)）

Trade: equitable system, pro rata on order size, not on account size. （超募時(shí)不能按“account size”應(yīng)按“order size”）

If clients place orders contrary to, or have acted on, been affected by earlier recommendation, should notify them updated recommendation. So a list of clients and holdings of securities of clients should be needed. （客戶交易與推薦相反，要提醒）

When making investments in new offerings or in secondary financings, should distribute the issues to all customers who are suitable for the investment and consistent with the policies of allocating blocks of stock.

If the issue is oversubscribed, should be prorated to all subscribers.

should be taken on a round-lot basis to avoid odd-lot distributions.（有時(shí)要湊整數(shù)而給部分客戶多一些是可以的）

if the issue is oversubscribed, should forgo any sales to themselves or immediate families in order to free up additional shares for clients.

If the investment professional’s family member accounts are managed similarly to the accounts of other clients of the firm, these accounts should not be excluded from buying such shares. （家庭賬戶要作為一般客戶對(duì)待，前提是家庭不住一起且正常繳費(fèi)）

Must make every effort to treat all individual and institutional clients in a fair and impartial manner. （對(duì)機(jī)構(gòu)客戶和普通客戶要一視同仁）

Disclose to clients and prospective clients the documented allocation procedures in place and how the procedures would affect them.

Should not take advantage of their position to the detriment of clients.

Simultaneous dissemination

Should not give favored clients info when such action may disadvantage other clients. （不能因?yàn)殛P(guān)系好，就先將信息提供給某部分客戶）

Discuss with some clients after email dissemination, okay. （郵件都發(fā)出后和個(gè)別客戶討論是可以的）

Disclosure of inequitable allocation methods does not relieve of the obligation. Trade allocation procedures must be fair and equitable.（不合理的分配方式，即使披露也不能免責(zé)）