$[$This question is attributed to CFA Institute.$]$

Jansen is Principal of a high$-$risk hedge fund that invests in the commercial paper $($CP$)$ of a publicly traded firm. The fund also holds a large equity position in that firm.

Jansen via his research notices that the firm is suffering from liquidity issues. It is not surprising to him that upon maturity of the $CP,$ the firm fails to honour the terms of the $CP$ and refuses to return Jansen's email or telephone messages. Given the situation, Jansen sells the fund's equity position. He also shorts the firm's stock on his own personal account.

Did Jansen violate the CFA Institute Code of Ethics and Standards of Professional Conduct $($Code and Standards$)?$

a$.$ Jansen violated the Code and Standards by selling the fund's equity position in the firm.

b$.$ Jansen violated the Code and Standards by shorting the firm's stock in his personal account.

c$.$ Jansen violated the Code and Standards by both selling the fund's equity position in the firm and shorting the firm's stock in his personal account.

d$.$ Jansen did not violate the Code and Standards.

Clear my choice