How should a CFA charterholder respond to a request for non-public information?

A CFA charterholder must prioritize the ethical principles of confidentiality and trust when responding to requests for non-public information. The correct response to refrain from sharing any non-public information aligns with the CFA Institute's Code of Ethics and Standards of Professional Conduct, which emphasize the importance of maintaining the confidentiality of material non-public information.

This principle protects markets and investors by preventing the misuse of sensitive information that could lead to unfair advantages in financial transactions. Sharing such information, regardless of the perceived intent or benefit, compromises the integrity of the financial markets and the trust that clients and other stakeholders place in professionals in the field. The prohibition is absolute; charterholders should avoid any situation that could be seen as insider trading or unethical behavior.

While alternatives might suggest seeking legal advice or considering the context of the request, the underlying rule is clear: non-public information must remain confidential to uphold ethical standards. This ensures compliance with regulations and safeguards the effectiveness and fairness of the financial markets.