3. Provide your answers to the following questions about Ethical and Professional Standards. a. John, a portfolio manager for an investment advisory firm, is planning to sell a portion of his portfolio. He wants to sell his holdings in XYZ stock, but his firm recently upgraded the stock to "strong buy." Will he violate the Code and Standards if he sells the stock, and why? b. Mary works for a regional brokerage firm. She estimates that ABC firm will increase its dividends next year but this increase is contingent on pending legislation. The legislator from her district told her that he is making efforts to pass the legislation but some members of legislative body are not so willing. The company hasn't made any announcements about a change in dividend policy. Mary write in her report: "We expect ABC stock price to rise by ar least $10 by the end of the year because of the dividend increase. Investors buying the stock now should expect to realize a total return of at least 15% on the stock." Did Mary violate the Code and Standards in this report, and why? c. Andy is an analyst at Fargo brokerage and investment banking firm that works with Moorhead Inc. Andy is writing a research report on Moorhead Inc. Two of the Fargo's senior managers are directors at Moorhead's subsidiaries. Should Andy write a research report on Moorhead? If no, why, and yes, how can he make sure that his actions comply with the Code and Standards