Timothy Holt, CFA, is a portfolio manager for the Toro Aggressive Growth Fund, a large mutual fund with an aggressive-growth mandate in Fechtman Investments. While having lunch with his colleagues, Holt overheards the manager of Fechtman Investments' trading desk discussing a large sell order for shares of Samuel Corporation that will take the rest of this week to process. Samuel Corporation stocks take a dominant position in the Toro Aggressive Growth Fund. To protect his clients' interests, Holt immediately heads to his office and sells all the Samuel Corporation stocks held iii his fund. Has Holt most likely violated the Standards of Professional Conduct
A. No.
B. Yes, relating only to material nonpublic information.
C. Yes, relating both to material nonpublic information and priority of transactions.
参考答案：B
解析： 在听到公司交易部门要出售大量的某只股票时，基金经理马上将基金中的该股票卖出，明显违反了重大的非公开信息即内幕消息披露条款，但并没有违反优先交易权的条款，因为其本人或其受益人并没有进行任何交易。