For each of the following scenarios, indicate whether in your opinion it is a violation of the HKICPA Code of Ethics. Specifically, for each scenario, choose one of the following options: (1) not likely to be a violation; (2) likely to be a violation; or (3) clearly a violation. For each scenario, clearly explain your reasoning.

1.Mark Wallace is an audit senior in charge of the audit of Chinese Exports Ltd. Mark's wife Michelle owns shares of stock in Chinese Exports; however, this investment is immaterial.