Firm X, because of portfolio underperformance relative to its stated benchmark, decides to switch to a passive asset management strategy and does not inform its clients. At Firm Y, where individual asset managers are responsible for security selection, a new policy is implemented in which only stocks on an approved list constructed by the firm's senior manager may be purchased for client accounts. Several portfolio managers do not inform their respective clients. Firm Z recently changes its external manager of property investments and provides information of this change in the firm's annual report where external advisers are listed. The annual report is due for publication in seven months. Which firm(s) violated Standard V(B)? A. Firm Y and Firm Z.
B. Firm X, Firm Y, and Firm Z.
C. Firm X and Firmy.