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Don Roberts, a CFA Institute member, resides in Country L, where the securities laws and regulations are less strict than the CFA Institute Code and Standards. Roberts also does business in Country N, which has no securities laws or regulations. Thus, Country N has no laws prohibiting the use of material nonpublic information. Roberts has clients in both Country L and N. Country L's law states that the law of the locality where business is conducted governs. According to CFA Institute Standards of Professional Conduct about the use of material nonpublic information, Roberts may:
A)not take investment action on the basis of this information.
B)take investment action based on this information for clients in both Country N and Country L and for himself.
C)take investment action based on this information only for his clients in Country N but not for his clients in Country L or himself.
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