Alvise Lorenzo is a portfolio manager and a close friend of Mario Sabatini, the CEO of LOS Corporation. During a private conversation with Sabatini, Lorenzo found out that LOS is likely to lose an important lawsuit. This information has not been made public. Lorenzo advises his clients to reduce their investment in LOS Corporation. Which standard did Lorenzo least likely violate:

1. Material Non-public Information.

2. Independence and Objectivity.

3. Preservation of Confidentiality.