Max is a financial advisor at Uber Wealth. Uber Wealth has recently updated its website on which Max has indicated that he has more than ten years' experience as a financial advisor. Max believes that this is reasonably accurate as he has worked as a financial advisor for five years, and prior to that as a business analyst for 7 years. Max completes an Investment Policy Statement for each of his clients when opening their accounts to determine their risk and return appetite, investment needs etc. Max has full discretion to trade stocks on behalf of his clients. Following research conducted by Uber Wealth which suggests that technology stock prices are likely to fall very soon, Max has immediately sold some of his own technology stocks. However, because he has been very busy, after one week he has still not yet sold his clients' technology stocks. Required: a) Drawing on your knowledge, fully explain whether each of Max's actions violate the CFA Institute Standards of Professional Conduct. Your answer should entail identifying the relevant Standard and explaining whether it is violated. (11 marks) b) Max is concerned that one of his client's may not be fully disclosing all sources of income to the South African Revenue Services (SARS). What should Max do according to the CFA Institute Standards of Professional Conduct? (2 marks)