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Maria Jennings, CFA, overhears the CEO of United Retail disclosing that the upcoming quarterly report will fall short of analysts' expectations. She promptly informs her brother, who owns the stock, about this information. Later, she issues a "buy" recommendation for KTD Retail based on public and non-material nonpublic information. Has Jennings most likely violated the CFA Institute Standards?
A
No
B
Yes, by informing her brother about the material nonpublic information she overheard
C
Yes, by utilizing both public and non-material nonpublic information in her analysis to issue a "buy" recommendation