Rupert is based in EU and works covering the EU market for her HK based employer. She is invited to a meeting with the top 20 shareholders of a biotechnology company to meet with the management team. During that meeting the finance director mentions that the company will expect its workforce to go on strike next week, which will halt manufacturing and distribution of products. Can Rupert use this information to update her analyst forecast on the company from a “buy” to a “sell”?

• Yes, as she was invited to the meeting and told by company management
• Yes, as there are other people in the room so the information is public
• No, because she must first determine if the information is public knowledge

The CFA standard breached is: ______________