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The term "material" in the phrase "material nonpublic information" refers to information that is likely to affect significantly the market price of the issuing company's securities or that: A. is acquired by the financial analyst from a special or confidential relationship with the issuing company. B. is likely to be considered important by reasonable investors in determining whether to trade a particular security. C. is derived by the financial analyst from direct communication with an issuing company's management. |