You and a few of your friends who have been working for an investment management company have planned to leave the current employer and to form a new funds management firm. You hear that one of the clients of your current employer has sent a request to hire a new investment consultant to your current employer and all its competitors. The submission to this request would be concluded before you leave the current employer. You and your friends (who contemplate to leave the current employer) believe that the new investment company that you are going to form is qualified to respond to this clients request and eligible to do business with that client if your offer is successful.

Referring to the CFA standard of professional conducts applicable in this scenario, explain whether you and your friends are permitted to respond to clients proposal on behalf the new firm you are going to form.