Brenda is an investment advisor who recently learned from her client that he plans to retire as the CEO of a publicly-traded company. Knowing that his retirement will negatively impact the share price of his company, she informs her colleagues who hold the shares in client accounts of the impending retirement, so that they can sell the shares prior to the anticipated decline. What ethical violation, if any, has Brenda committed?

		Disclosure of material non-public information.
		Not disclosing the information to the firm's research department prior to informing her colleagues.
		None, since the information is material to the well-being of her firm's clients.
		Not advising her client to postpone his retirement in the interest of the firm's investors.