Ethics - fair dealing - what if you disclose to your client his, customers, standard, because, example

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Schweser Ethics example on fair dealing - specner rivers (example 2, page 41 book 1). Spencer’s moved his pension fund to XYZ corp to be managed, because XYZ had an excellent record on their commingled fund. 5 years later Specer complains the returns were not as good as the commingled fund, because XYZ have been giving the commingled fund the priority on all the IPO issues. Schweser says that XYZ violated standard 2B fair dealing because not all customers got treated fairly.
What if XYZ disclosed upfront that the commingled account will indeed get priority over IPO issues? Would they be exempt from the violation?