I am trying to figure out the differences between Standard 3(B) Fair Dealing and Standard 6(B) Priority of Transactions. To me, they seem very similar so I was wondering if anyone has any insight on how to tell them apart?
From what I have seen on this forum and others is that Fair Dealing deals with actions taken among the client base (large clients vs. small clients). Alternatively, Priority of Transactions seems to deal with action taken for all clients (placing personal trades before any client trade).
I mainly get tripped up when looking at oversubscribed IPOs as it seems like this topic could fall into Fair Dealing or Priority of Transactions. For example, allocating a larger share of the “hot issue” to larger clients is an obvious Fair Dealing violation but what about retaining some of the issue for personal use? Would that fall under Fair Dealing or Priority of Transactions?
Thanks for your help!