Andrew pollard, CFA, is employed by a prominent investment bank. While on the elevator one evening, he overhears two executives from a multinational oil company discussing an unexpectedly large earnings increase the company is preparing to announce the following morning. When pollard gets home, he immediately places an order to buy shares in this oil company. Which of the following best describes this situation?
A:Pollard violated the standards by acting on material nonpublic information.
B:There is no violation of CFA Institute Standards, since this was simply an overheard conversation.
C:Pollard violated CFA Institute Standards by not contacting internal counsel for advice before placing the trade.