QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

3. While at a bar in the financial district after work, Ellen Miffitt, CFA overhears several

employees of a competitor discuss how they will manipulate down the price of a thinly

traded micro cap stock's price over the next few days. Miffitt's clients have large

positions of this stock so when she arrives at work the next day she immediately sells all

of these holdings. Because she has determined that the micro cap stock was suitable for

all of her accounts at its previously higher price, Miffitt buys back her client's original

exposure at the end of the week at the new, lower price. Which CFA Institute Standards

of Professional Conduct did Miffitt least likely violate?

A. Market Manipulation

B. Preservation of Confidentiality

C. Material Non Public Information

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