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The regulator informs RIS that it will be filing a complaint against the firm for trading based on material nonpublic information. Assuming that the CFO

The regulator informs RIS that it will be filing a complaint against the firm for trading based on material nonpublic information. Assuming that the CFO did not disclose the information he shared with Kate on the company website, the most likely reason is: 


The information given to Kate by the CFO was material 


The information given to Kate by the CFO was not public 


The information given to Kate by the CFO was both material and not public

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