I also think C makes sense. Any advice given to friends who are not clients could technically (though not practically) result in market impacts that would disadvantage his clients.

I remember that question. I didn’t pick C then but now it makes sense.

Can any charterholders chime on on this?

The key to the ethics stuff on Level 1 is to not overthink it. Read the Standards of Practice Handbook a few times. They have examples that iron out pretty much everything that is/is not permissable or is a violation. Most of the ethics stuff is a lot more black and white than it appears. You just need to put the work in and read and it should become a lot clearer.

I find ethics pretty straight forward for the most part and have been doing well on the questions, but this one just throws me off. As stated, I guess the fact that it was for ‘several’ friends’ portfolio’s is what is material in this question, instead of it just being for a friend or family member. It just seems like for certain questions, the data provided could be manipulated any which way. It seems like for some things, the spirit of the law (ie: behaving ethically) is followed, and for others the letter of the law (such as this) is followed. Meh.