"morality" exercise:Ethics and Trust in the Investment Profession
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Questions 1:
Firms claiming compliance with GIPS standards are most likely required to:
A 、comply with all updates, interpretations, and clarifications.
B、 make negative assurance disclosures when presenting the firm’s performance.
C 、meet at least 85% of the requirements before claiming compliance.
Questions 2:
The most important factor in promoting ethical decision making among an investment firm’s employees is:
A 、a strong culture of integrity by the firm’s senior management.
B 、adoption of a code of ethics that clearly defines the firm’s ethical principles.
C、 the investment professional’s natural desire to do the right thing.
A is correct. Firms must comply with all requirements of the GIPS standards, including any updates, Guidance Statements, interpretations, Questions & Answers, and clarifications published by CFA institute and the GIPS Executive Committee.
B is incorrect because firms are not required to make negative assurance disclosures.
C is incorrect because firms must comply with all requirements of the GIPS standards, not just 85% if the requirements.
A is correct. The single most important factor in promoting ethical behavior within an investment firm is done by the development, maintenance, and demonstration of a strong culture of integrity by the firm’s senior management.
B is incorrect. While adopting a code that clearly lays out the ethical principles that guide the thought processes and conduct the firm expects of its employees, a code of ethics alone is insufficient.
C is incorrect. while an investment professional’s natural desire to do the right thing can be reinforced by the firm’s culture of integrity, it is not the single most important factor in promoting ethical behavior
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