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The ROS says members should not go against firm recommendations for personal trades, but nothing about a portfolio under their management. This may go more along the lines of duties to clients; diligence and reasonable basis.
Only personal? what if company manages many funds and trades against recommendatios of its analysts…?
I’ve read somewhere in the curriculum that trades against IPS or reccommendations (or both, don’t remember) are allowed for rebalancing purposes (they are acceptable within the whole portfolio context).