31 Biju Kassem, CFA, an analyst at a bank, is asked to write a research report on Karajan Coffee. Kassem's best friend works as a coffee taster at Karajan and shares his professional opinion with Kassem about the company's coffee. Kassem's grandmother, who owns €500,000 worth of Karajan stock, tells Kassem that she named him as the beneficiary of the portfolio in her will. Kassem's uncle is a minor Karajan shareholder and a regular fee-paying client of the bank.

According to the Standards, in his report, Kassem must disclose: