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

Which statement best describes the relationship between the Code and Standards and the CFA Institute Asset Manager Code?

The Code and Standards apply to individual CFA Institute members and candidates, while the Asset Manager Code is designed for firms, covering loyalty to clients, the investment process, trading, compliance, performance, and disclosure. The firm-level code does not replace members' personal obligations.

  1. AThe Asset Manager Code applies to firms, while the Code and Standards apply to individual members and candidatesCorrect
  2. BBoth documents apply only to individual members of CFA Institute
  3. CThe Asset Manager Code replaces the Code and Standards for members employed by asset managers

Explanation

The Code and Standards are aimed at individual members and candidates for CFA and CIPM designations. The Asset Manager Code applies to firms and gives guidance on loyalty to clients, the investment process, trading, compliance, performance, and disclosure. It does not replace the individual obligations.

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