Reporting Insider Trading: Maria's Ethical Dilemma

Maria is a portfolio manager at a well-known investment firm. During her regular compliance training, she learns that one of her close friends has been using non-public information related to a major merger that her firm is advising on to make personal investment decisions. Maria is aware that insider trading is illegal and unethical, but she is concerned about the repercussions of reporting her friend. As she contemplates her actions, Maria is faced with a difficult choice regarding her responsibilities under the CFA Institute Code of Ethics and Standards of Professional Conduct.

What should Maria do regarding her friend's misconduct?