Anna Jones, a portfolio manager at XYZ Securities, has handled the retirement fund of ABC Industrial, a large institutional client, for several years. ABC now wishes to hire Anna as a consultant and advisor for its strategic planning. Anna likes working at XYZ Securities and feels she can handle the consulting work in her spare time. Which of the following statements regarding Standard IV-A, Loyalty, is true?
a) While she is encouraged to make full disclosure, Anna has no formal obligation to inform XYZ of her consulting work since there is no conflict of interest.
b) Anna must inform both interested parties, in writing, describing the type of service to be rendered, the duration of services and expected compensation.
c) Anna may take the compensation work for ABC Industrial, so long as she formally documents that she is working a minimum of 40 hours a week for her primary employer.
d ) Anna must refuse all consulting work out of loyalty to XYZ.