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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