Question: Georges is a junior research analyst who provides basic research support for senior analysts at his firm, who in turn make investment recommendations to the

Georges is a junior research analyst who provides basic research support for senior analysts at his firm, who in turn make investment recommendations to the firm's portfolio managers. Under the CFA Institute Code and Standards, Georges

has a duty of loyalty to the firm's clients and mus?act in their best interests.

owes a fiduciary duty to the firm's clients.

does not have a duty of loyalty to the firm's clients because he does not directly interact with them.

Georges is a junior research analyst who provides

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