单选题 Etienne Gagne, CFA, is an independent research analyst covering some unknown small companies and its shares are traded over-the-counter. Gagne is hired to write research report about these small companies who pay him for her service. Gagne issues research reports on these small companies to retail and institutional clients who also pay him for his research report. Gagne doesn' t disclose these small companies' payment to her research clients. Has Gagne most likely violated the Standards of Professional Conduct?
A. No.
B. Yes, relating to refeITal fees.
C. Yes, relating to conflicts of interests.