rules, and regulations including AIMRs Code of Ethics and Standards of Professional Conduct.   Standard II: Responsibilities to the Profession Professional Misconduct. Members shall not engage in any professional conduct involving dishonesty, fraud, deceit, or misrepresentation. Prohibition against Plagiarism.   Standard III: Responsibilities to the Employer Obligation to Inform Employer of Code and Standards. Members shall inform their employer that they are obligated to comply with these Code and Standards. Disclosure of Additional Compensation Arrangements. Members shall disclose to their employer all benefits that they receive in addition to compensation from that employer.   Standard IV: Responsibilities to Clients and Prospects Investment Process and Research Reports. Members shall exercise diligence and thoroughness in making investment recommendations . . . distinguish between facts and opinions in research reports . . . and use reasonable care to maintain objectivity. Interactions with Clients and Prospects. Members must place their clients interests before their own. Portfolio Investment Recommendations. Members shall make a reasonable inquiry into a clients financial situation, investment experience, and investment objectives prior to making appropriate investment recommendations. . . . Priority of Transactions. Transactions for clients and employers shall have priority over transactions for the benefit of a member. Disclosure of Conflicts to Clients and Prospects. Members shall disclose to their clients and prospects all matters, including ownership of securities or other investments, that reasonably could be expected to impair the members ability to make objective recommendations.   Standard V: Responsibilities to the Public Prohibition against Use of Material Nonpublic [Inside] Information. Members who possess material nonpublic information related to the value of a security shall not trade in that security. Performance Presentation. Members shall not make any statements that misrepresent the investment performance that they have accomplished or can reasonably be expected to achieve.   Source: Abridged from The Standards of Professional Conduct of the Association for Investment Management and Research.         Of course, circuit breakers have no bearing on trading in non-U.S. markets. It is quite possible that they simply have induced those who engage in program trading to move their operations into foreign exchanges.     Insider Trading