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Ronaldo Jenkins, CFA, chief investment officer for Wind watch Advisors, has been helping his local municipality find an investment bank for a bond issue. Jenkins was told in confidence that one investment bank, which is a subsidiary of a commercial bank held in Wind watch client portfolios, is experiencing financial difficulties and will be shut down soon. According to the CFA Institute Standards of Professional Conduct, Jenkins is least likely permitted to:

A share the information received about the investment bank with Wind watch’s head of equity investments.

The information received by Jenkins is covered by Standard 11(A) Material Nonpublic Information, under which members who possess material nonpublic information related to the value of a security are prohibited from trading, or causing others to trade in, that security. For purposes of compliance with Standard 11(A), Jenkins may attempt to achieve public dissemination of the information and may inform his compliance officer of the information. However, under no circumstances should Jenkins share material nonpublic information with other investment personnel. Sharing such information may cause others to trade on the information in violation of Standard 11(A).


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