Smith is a financial analyst with XYZ Brokerage Company. She is preparing a purchase recommendation on JNI Corporation. Which of the following situations would represent a conflict of interest for Smith and, therefore, would have to be disclosed? I. Smith is on retainer as a consultant to JNI. II. XYZ holds for its own account a substantial common stock position in JNI. III. Smith has material beneficial ownership of JNI through a family trust. IV. Smith's brother-in-law is a supplier to JNI. a. II and III only. b. I and IV only. c. I, II and III only. d. I, II and IV only