Which statement regarding Standard II(A), Material, Nonpublic Information, is least accurate?

The statement that is least accurate relates to the nature of insider information and the rules surrounding it. While it is true that if information is received in a public forum and has indeed been disseminated, it is generally permissible to trade on that information because it’s no longer "nonpublic."

However, the crux of the issue with the selected statement hinges on the idea that information from an insider who is not breaching their fiduciary duty can be freely traded upon. This is misleading because the mere fact that an insider is not breaching their fiduciary duty does not grant permission to trade on the information they provide. The critical aspect of Standard II(A) is that material nonpublic information, regardless of its source, cannot be used by anyone to trade until it has been publicly disclosed. "Material" information refers to information that could influence an investor's decision, and "nonpublic" indicates that it has not been released to the general market.

In contrast, the other statements provided reflect more accurate interpretations of Standard II(A). For example, tender offers are indeed considered material nonpublic information, meaning trading on such information before it is released to the public is prohibited. Thus, the selected answer incorrectly implies that there are circumstances under which nonpublic insider