What did Dawson fail to do that constituted a violation of Standards of Professional Conduct?

The correct answer highlights that Dawson violated Standards of Professional Conduct by failing to inform Ascott about his committee involvement. This situation typically underscores the importance of transparency and the necessity for professionals to disclose any relationships or activities that could potentially influence their decisions or create a conflict of interest.

In many professional settings, especially in finance and investment, individuals are expected to maintain a clear line of communication regarding any affiliations that might affect their objectivity or the interests of their clients. By not informing Ascott about his committee involvement, Dawson missed an opportunity to ensure that all potential conflicts were fully disclosed, which is critical in maintaining trust and integrity in professional relationships.

While the other options address important aspects of ethical conduct, such as the necessity to disclose financial interests or avoid conflicts, they are not the specific rationale for the violation in this context. Dawson's failure to disclose his committee involvement directly related to transparency with a client and ensuring that potential conflicts are known, thus making this the key violation.