easy · CFA Level I Ethical and Professional Standards
A manager at Meridian Pack receives an advance copy of a highly influential industry report that will likely cause Vesper Foods' stock to drop.
If she sells the stock for her personal account before the report is public, she has:
- Violated Standard II(A) regarding material nonpublic information.
- Violated Standard III(B) Fair Dealing but not Standard II(A).
- Not violated the Standard because the report is not from the issuer.
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