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Country x has no applicable local laws or stock exchange rules that regulate the use of material nonpublic information. Which of the following statements is

Country x has no applicable local laws or stock exchange rules that regulate
the use of material nonpublic information. Which of the following statements
is true regarding the conduct of a CFA Institute member?
It is illegal and unethical for a CFA institute member to use information to trade
securities in this market.
It is legal but unethical for a CFA institute member to use information to trade
securities in this market.
It is legal and ethical for a CFA institute member to use information to trade
securities in this market.
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