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E. Preservation of Confidentiality.
#analyst-notes #code-of-ethics-and-standards-of-professional-conduct #iii-duties-to-clients
E. Preservation of Confidentiality.

You must keep information about current, former, and prospective clients confidential unless:

  • The information concerns illegal activities on the part of the client or prospective client.
  • Disclosure is required by law.
  • The client or prospective client permits disclosure of the information.

You must preserve confidentiality when the following two criteria are met:

  • You must be in a relationship of TRUST with the client who has engaged you.
  • The information received must result from or be relevant to the part of the client's business that is the subject of the confidential relationship.

You are required to:

  • Avoid discussing any information received from a client, except to fellow employees working with the same client.
  • Ask yourself if the disclosure is necessary and beneficial to the client in cases where you have to disclose information.
  • Forward confidential information to the PCP (CFA Institute's Professional Conduct Program) if the PCP requests, even if the client and you have a settlement agreement with confidentiality clauses. This is because any information turned over to the PCP is kept in the strictest confidence. Members and candidates who will not provide necessary information because of confidentiality will be seen as failing to co-operate with the investigation and will be subject to summary suspension of membership under CFA Institute's bylaws.

However, if the information concerns illegal activities by the client, the analyst may be required to consult with his supervisor and with legal counsel before deciding whether to report the activities to the appropriate governmental organization.
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