Explanation

According to the CFA Institute Standards of Professional Conduct, specifically Standard IV(A) - Loyalty to Employer, members who plan to engage in independent practice for compensation must provide written notice to their employer describing:

1. The types of services they will render to prospective independent clients
2. The expected duration of the services
3. The compensation for the services

This requirement is designed to ensure transparency and prevent conflicts of interest between the member's employment duties and their independent practice. The employer needs to be fully informed about the nature, scope, and compensation of the independent work to properly assess whether it might conflict with the member's employment responsibilities.

Key points:

• The notification must be in writing
• All three items (types of services, expected duration, and compensation) must be disclosed
• This applies when engaging in independent practice for compensation
• The purpose is to maintain loyalty to the employer while allowing for outside activities

Therefore, the correct answer is C - Item 1, Item 2, and Item 3.