Before revision:  we prove that the partial information financial market is locally viable, in the sense that the problem of maximizing the expected utility of terminal wealth has a solution up to a stopping time, if and only if the  marginal utility of the terminal wealth is the density of a partial information equivalent martingale measure (PIEMM).
After revision:  we prove that the partial information financial market is locally viable, in the sense that the problem of maximizing the expected utility of terminal wealth has a solution up to a stopping time, if and only if the marginal utility of the terminal wealth generates a partial information equivalent martingale measure (PIEMM).