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Correct answer is A) Place the order as told by the client, without revealing the change in recommendation, since other clients have not received the report yet and hence the recommendation is still considered material nonpublic information.


Most of the clients will receive the report after 24 hours. Hence they have not had the opportunity to act on the new recommendation. Recommendations and Research reports are considered Material Non Public information till the time they are disseminated AND the clients have had the opportunity to act on it. Trading by employee for personal account/leaking the recommendation before other clients have had the opportunity to act on the revised recommendation would be in violation of Standards.