A portfolio manager fails to obtain proper consent for using a client's personal information in marketing materials.

• A. Standard IV.E Preservation of Confidentiality
• B. Standard V.B Communication with Clients and Prospective Clients
• C. Code of Ethics and Standards
• D. Standard III.C Responsibilities of Supervisors

Answer: (A)

Preserving confidentiality is the key idea here. Using a client’s personal information in marketing materials counts as disclosing confidential data about the client. The standard requires that client information be kept confidential unless the client provides explicit consent to disclose it (or disclosure is otherwise permitted by law). So obtaining consent before using personal data in marketing is essential, making this standard the appropriate one.

The other options don’t directly address this obligation: using marketing communications with clients and prospects speaks to how information is presented but not the need for consent to reveal private data; the Code of Ethics and Standards set broad guidelines, not the specific rule about confidential disclosures; and responsibilities of supervisors focus on oversight and ensuring others comply, not the act of using a client’s information in marketing.