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The following information assumes that the CFA Institute Code of Ethics and Standards are applicable. Serena just visited a restaurant for dinner. During the dinner

The following information assumes that the CFA Institute Code of Ethics and Standards are applicable.

Serena just visited a restaurant for dinner. During the dinner time, she overheard two customers saying that company TXL will expect its workforce to go on strike next week, which will halt manufacturing and distribution of products. When Serena gets back home, she immediately uses this information to update her analyst forecast on company TXL from a buy to a sell. Please explain which Standard is violated.

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