me not talk english: fiduciary duty

I don´t understand this, I guess because I am not english speaker and wording sounds strange to me: regarding standard iv A, duties to employers, “loyalty does not include a fiduaciry duty”: what does this mean? it is in sample 2, twice thx

Taking face value…fidu duty is owed to who you are managing the money for…mainly client. That is why fidu duty is not typically owed to your employer (unless you are also managing money for your employer)

does it apply in case we have prop traders or fund managers in the exam?

If you are a fund manager of a MF, your fidu is owed to the fund investor (not the fund sponsor). Prop trader, I would say yes to the firm(employer)