Alex Wu, CFA, a portfolio manager at FAST Funds, calls a friend to join him for dinner. The friend, a financial analyst at Calvin Klein (CK) declines the invitation and explains that she is performing due diligence on Orca Electronics, a company that CK is about to acquire. After the phone call, Alex searches the Internet for any news of the acquisition but finds nothing. Upon verifying that Orca is on FAST's approved stock list, Alex purchases Orca's common stock and call options for the FAST fund. Two weeks later, CK announces its intention to acquire Orca. The next day, Alex sells all of the Orca securities, giving the fund a profit of $3 million. According to the Standards of Practice Handbook, did Alex violate any CFA Institute Standards of Professional Conduct?

A.No.

B.Yes,because he traded on material non-public information.

C.Yes,because he allowed his friend to pass on insider information.