Question：

During an on-site company visit, Marsha Ward, CFA, accidentally overheard the chief executive officer of Stargazer, Inc. discussing the company's tender offer to purchase Dynamica Enterprises, a retailer of Stargazer products. According to the CFA Institute Standards of Professional Conduct, Ward most likely cannot use the information because:

A. it was overheard and might be considered unreliable.

B. she does not have a reasonable and adequate basis for taking investment action.

C. it relates to a tender offer.

Answer = C

Trading on the information is restricted given that it relates to a tender offer; it is clearly material, nonpublic information as stated in Standard II(A).

CFA Level I

"Guidance for Standards I-VII," CFA Institute

Standard II(A)

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