这道题为什么选C可以仔细解答下吗

问题如下：

Did Collins most likely receive insider information as defined by the CFA Institute Code and Standards?

选项：

A.Yes.

B.No, because the information is considered public.

C.No, because the information is considered non-material.

解释：

1. Incorrect because an industry or trade newsletter that speculates on the benefits of a merger between two companies does not necessarily mean the two companies are actually planning on merging.

2. Incorrect because the newsletter is only available via subscription and is selectively disclosed, so the information contained in it could not be considered public.

3. Correct. When determining whether information is considered “insider,” the source of the information must be assessed as required by Standard II(A)–Material Nonpublic Information. Having an industry or trade newsletter speculate on the benefits of a merger between two companies does not necessarily mean the two companies are actually merging. The two CEOs are overheard discussing the newsletter but never provide their perspectives or opinions on the article, so the information is only related to the newsletter. Thus, the information is not considered material.

• demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations