Roberto Velasco, passed the CFA levels I and II in his first attempt, and he recently registered for the Level III exam. Roberto works for a global investment firm known as Alpha Searchers, and his company adopted the Code of Ethics and the Standards of Professional Conduct three years ago. Which one of the following is most likely a violation of the Code of Ethics and Standards of Professional Conduct?

• a) The local law regarding the use of material and nonmaterial public information is being developed and local regulators reported that it will be ready for application in 4 months. Roberto buy stocks of company Delta for the client accounts using material nonpublic information, because he is sure to sell those stocks before the new regulation is in place.

• b) The local law regarding, trading on new bond issues establish that local investment firms have to register all trades during the first two months of the life of the issue and report that information to the local regulator. Roberto has strictly followed this rule although it has not found information relating these types of trades neither in the Code of Ethics nor in the Standard of Professional Conduct.

• c) Roberto updates his LinkedIn profile with information relating his new status as a candidate for the CFA level III exam.