Professional Standards: Responsibilities to Employers

As an investment analyst, you are presented with an opportunity to work on a project for a private equity firm while being employed at a different firm. The project involves analyzing potential investment opportunities in a sector you are knowledgeable about.

Your current employer has not provided any guidance about working on external projects, and they are not aware of your consideration to contribute to this project. Which of the following actions is most appropriate according to the CFA Institute's Code of Ethics and Standards of Professional Conduct?