A municipality hires Enzo Gianni, CFA, to design and manage its pension plan for a flat fee. Gianni often uses Isabella Bellini of Bellini Capital, which specializes in short-term investments, as a subadvisor for clients. Bellini speaks to Gianni about a new short-term investment portfolio to be specifically designed for the municipality. If hired, Bellini will charge a 0.20% annual management fee to the municipality and offers to pay Gianni a 0.05% annual administration fee. To comply with Standard VI(A) Disclosure of Conflicts, which fee(s) is Gianni required to disclose to the municipality? A Both Bellini's management and administration fees. B Only Bellini's administration fee since it is the only hidden fee. C Only Bellini's management fee since the municipality does not pay the administration fee