"morality" exercise: Standards of Professional Conduct
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Questions 1:
Which of the following statements is most likely consistent with the CFA Institute Code of Ethics? CFA Institute members and CFA candidates must:
A、 promote the integrity of and uphold the rules governing capital markets.
B、 practice the highest level of personal and professional integrity and always act in the best interest of their employers.
C 、maintain their professional competence and require investment professionals under their supervision to adopt the CFA Code of Ethics.
Questions 2:
Tibor Figeczky, CFA, is an equity trader at Global Investment Bank (GB). Figeczky traded the bank’s investment portfolio profitably for the past three years and earned significant bonuses for his efforts. Subsequently, internal auditors of GB formally accused Figeczky of exceeding his trading authority and engaging in unauthorized trades. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Figeczky should most likely:
A、 disclose the complaint to CFA Institute.
B 、refuse further bonuses until the issue is resolved.
C、 request a temporary suspension of his CFA Institute membership.
A is correct because the Code of Ethics requires CFA members and candidates to promote the integrity of and uphold rules governing capital markets. While the Code of Ethics requires members and candidates to act with integrity, and the interests of the client are paramount, not all requests of clients are appropriate to follow, particularly if considered unethical or illegal. The Code of Ethics does not require members and candidates to encourage others to pursue the CFA designation, but to improve their professional competence.
B is incorrect because there are times when acting in the best interests of an employer may conflict with the Code and Standards or in the best interests of clients
C is incorrect because there is no such requirement for supervisors.
A is correct as members and candidates must self-disclose on the annual Professional Conduct Statement all matters that question their professional conduct, such as involvement in civil litigation or a criminal investigation or being the subject of a written complaint.
B is incorrect as the Code and Standards do not prohibit a member from accepting a bonus while an investigation into his professional behavior is conducted. In this case, the member’s actions have been questioned but he has not yet had an opportunity to defend his behavior and may in fact have acted within his authority and earned the compensation fairly.
C is incorrect as the Code does not require a member to request a suspension of their membership while a complaint is being investigated.
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