1) If an investment bank offers both underwriting/distribution functions and investment advisory or management functions, which situation would be acceptable under U.S. Securities and Exchange regulations and ethics guidelines with regard to material non-public information (MNPI)?

a. Allowing MNPI acquired in the sell side of the business to influence the recommendations made by the buy side of the business.

b. Trading of personal securities based on MNPI available only to the buy side of the business and not to the sell side due to a "wall."

c. "Bringing someone over the wall" to provide value to underwriting, who does not comment on MNPI until it has been made public.

d. Acquiring MNPI in the buy side of the business and disseminating it to the sell side of the business.