2013 1级 sample exam 道德问题 material, includes, partner, marketing, permission

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Gregor Pavlov, CFA, is a fund manager working for the general partner of a new private equity
fund. Pavlov includes in the fund marketing material his performance history from his previous
employer. He received permission from his former employer to take his historical return figures and
the supporting research reports he used to make the related investment decisions. Did Pavlov most likely violate the
CFA Institute Code of Ethics and Standards of Professional Conduct?
A No.
B Yes, regarding Loyalty.
C Yes, regarding Record Retention

请老师指点一下为什么答案是C， 原题给的说明是 Answer: Yes because even though Pavlov had his former employer’s permission to take his performance
record and supporting research reports with him, he does not have the underlying performance data to
support those historical return calculations and is, therefore, most likely in violation of Standard V (C)
Record Retention.

我还是不明白，请高人指点


谢谢！！！！！！！！！

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Record Retention states that members and candidates must develop and maintain appropriate records to support their investment analysis, recommendations, actions and other investment related communications with clients and prospective clients. Usually, member and candidates can not use historical recommendations or research reports created at previous firm because the supporting documentation is unavailable. In this regard, Pavlov's performance figures and research reports are not supported by adequate data and their analysis. Therefore, it is a violation of record of retention.