A chief investment officer for a public pension plan:

Question $26$ options:

Creates a conflict by buying and selling stocks for himself in the same investments he is making for the pension fund.

Is free to trade in stocks that are held by the pension fund as long as he does not hold a $10\%$ or more stake in the company.

Cannot trade stocks while investing the fund.

Does not have the power to move markets with the choices he makes for investments for the pension fund.