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Juan Perez, CFA, is a research analyst for a large Wall Street brokerage firm where he follows the pharmaceuticals industry. While a large pharmaceuticals convention is in town, Perez happens to be in a restaurant where several analysts he has never met before are discussing their investment recommendations. Perez overhears the analysts agree that PharmCo, Inc. is a strong “Buy,” but cannot hear the details of why they are recommending purchasing stock in the company. The next day, Perez changes his “Sell” recommendation on PharmCo to “Buy,” based solely on the conversation he overheard between the analysts the night before. Perez most likely violated the Standard concerning: