Sofa Vega, a portfolio manager for an investment advisory firm, is planning to sell a portion of her personal investment portfolio to make a substantial down payment on the new house she would like to buy. Sofa wants to sell a portion of her holdings in pharmaceutical firm Influenza Protect, but her firm recently upgraded the stock to strong buy.

According to the CFA Code and Standards, which of the following statements are false?

1. To avoid conflicts of interest, Sofa is not allowed to make any personal transactions while she actively manages portfolios for clients.
2. Based on her firms buy recommendation, Sofa cannot sell the shares because she would be improperly prospering from the recently upgraded recommendation.
3. Sofa is free to sell her personal holdings once her firm is properly informed of her intentions.
4. Sofa can sell her personal holdings but only when a client of the firm places an order to buy shares of Influenza Protect.
5. Sofa cannot sell before she has executed all outstanding client orders to sell the same stock.
6. Under certain circumstances the CFA Code and Standards forbids an investment firm and its employees the trading in certain securities.

- Only I, II, V

- Only V, VI

- Only I, II

- Only III, V, VI

- Only I, II, IV

- Only III, IV