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CFA Level I · CFA Level I Exam · Code of Ethics and Standards of Professional Conduct

A portfolio manager who is a CFA charterholder works in a country with no law governing a particular disclosure that the Code and Standards require. The manager most appropriately should:

The manager should follow the Code and Standards. In the absence of any applicable law, or when the Code and Standards impose a higher degree of responsibility than the law, members and candidates must adhere to the Code and Standards.

  1. Afollow the Code and StandardsCorrect
  2. Bfollow local practice because no law applies
  3. Cseek a regulator's approval before disclosing

Explanation

Where no applicable law or regulation exists, or the Code and Standards impose a higher degree of responsibility, members and candidates must adhere to the Code and Standards. Absence of law does not remove the obligation.

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