You are working in a country where local securities laws are minimal and trading on nonpublic information is not illegal. Which sentence is correct? If your supervisor approves, you can trade on nonpublic information. The CFA Institute Code and Standards allow you to follow local practices if they are not illegal. The CFA Institute Code and Standards take precedence over local practice and prohibit you from trading on insider information. You can trade on insider information if both your supervisor and law allow it