Confidential Information and Responsibility Conduct

As a financial analyst at a mid-sized investment firm, you have access to privileged information regarding a private equity deal that has not yet been publicly disclosed. Your friend, who works in a different sector, asks you for advice on investing in the industry affected by this deal. While discussing your thoughts, you mention that the company involved in the transaction is likely to perform exceptionally well after the announcement.

In this scenario, how should you act in accordance with the CFA Institute Code of Ethics and Standards of Professional Conduct, particularly regarding your responsibilities and conduct?