Answer: record retention only.

## Explanation Tharushi Ranasinghe has most likely violated the **Standard relating to record retention** only. ### Analysis: 1. **Fair Dealing (Standard III(B))**: - Ranasinghe manages portfolios for longtime associates and family members - She is in regular contact with them - She makes appropriate adjustments following significant life events - There is no indication of unfair treatment or preferential allocation of investment opportunities - No violation of fair dealing is evident 2. **Record Retention (Standard V(C))**: - The CFA Institute Standards require members to maintain appropriate records to support their investment analysis, recommendations, actions, and other professional activities - Standard V(C) - Record Retention states that members must develop and maintain appropriate records to support their investment analysis, recommendations, actions, and other professional activities - The fact that Ranasinghe "rarely updates her clients' records given her familiarity with their investment requirements" suggests a violation - Familiarity with clients does not excuse the requirement to maintain proper documentation - Records should be updated to reflect changes in client circumstances, investment objectives, and portfolio adjustments ### Key Points: - **Record Retention Requirement**: CFA charterholders must maintain adequate records regardless of their familiarity with clients - **Documentation Purpose**: Records serve as evidence of compliance with investment policies, support for recommendations, and documentation of client communications - **Risk of Violation**: Failure to update records could lead to inadequate documentation of investment decisions and client communications **Correct Answer: B (record retention only)**

Author: LeetQuiz .