A CFA is on a conference call with the CFO of an investment banking client. The call is on speaker and his door is open. As a result, salesman and traders overhear the CFO describing problems with material production target dates that have not been publicly disclosed. The salesmen relay this information to clients and have the traders reduce their positions in the stock. With respect to the Standard on material non-public information, the CFA has: not violated the Standard because he has not acted on the information, but the salesmen and traders have violated the Standard. violated the Standard by not making the information public when he realized others had overheard the call, violated the Standard because he should have taken steps to prevent the dissemination of the information