1. Xiang Li, CFA, deputy treasurer for BBB College, manages the Student Scholarship Trust. Li issued a Request for Proposals (RFP) for domestic equity managers. Gong Cheng, CFA, a good friend of Li, introduces him to representatives from Capital Investments, who submitted a proposal. Li selected Capital as a manager based on the firm's excellent performance record. Shortly after the selection, Cheng, who had outstanding performance as an equity manager with another firm, accepted a lucrative job with Capital. Have Li and Cheng, respectively, violated any CFA Institute Standards of Professional Conduct?
　　Li　　　　Cheng