As the Managing Director of a commercial bank, a CFA charterholder sat in on a
board meeting of a publicly listed company that the bank had lent a large sum of
money. The purpose of the board meeting was to renegotiate the terms of the
commercial loan due to the pending restructuring of the company. The next day
all of the Managing Director’s shares of the publicly listed company are sold on
the stock exchange, the sell order having been given two days prior to the
meeting. According to the Standards of Practice Handbook, the CFA
charterholder was least likely in violation of which CFA Institute Standards of
Professional Conduct?

A. Disclosure of Conflicts.
B. Priority of Transactions.
C. Material Nonpublic Information.