问题如下：
Which of the followings most likely violated the Code and Standards recommended by the CFA Institute?
选项：
A. Manager should not disclose informations received from clients without permission unless required by law.
B. Manager can make an investment conclusion by analyzing public information and non-material nonpublic information
C. As long as the manager send a written report to the employer which details any gifts from clients, the manager is allowed to accept the gifts.
解释：
C is correct.
A complies with Standard III(E) Preservation of Confidentiality. B is so called mosaic theory, which is not a violation of the standard. Disclose any gifts from clients to the employer is required in Standard I(B) Independence and Objectivity. However, luxury gifts may have effects on manager's independence and objectivity. Therefore, only token items can be accepted.
B为什么不选？非公开信息啊。
