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CFA Level I · CFA Level I Exam · Application of the Code and Standards: Level I

A member is asked whether complying with applicable law is enough to satisfy the Code and Standards. The most accurate response is that compliance with applicable law:

Compliance with applicable law is only the minimum threshold. Members and candidates must not engage in conduct that violates the Code and Standards even if it is legal, so legality alone does not satisfy their obligations.

  1. Ais the minimum threshold, and conduct that is legal can still violate the Code and Standards.Correct
  2. Bfully satisfies the Code and Standards in every jurisdiction.
  3. Cmatters only when the law is less strict than the Code and Standards.

Explanation

Complying with applicable law is the minimum threshold of acceptable actions. Members must not engage in conduct that violates the Code and Standards even if it is otherwise legal. Law also matters when it is stricter, as then it must be followed.

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