"morality" exercise:The six components of the CFA Code of Ethics
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Questions 1:
Which of the following statements most likely reflects one of the six components of the CFA Code of Ethics? Candidates must:
A、 place the integrity of the investment profession above their own interests.
B、 promote the viability of the global capital markets for their employer’s benefit.
C、 ignore unprofessional conduct displayed by others within the profession.
Questions 2:
Tamlorn Mager, CFA, is an analyst at Pyallup Portfolio Management. CFA Institute recently notified Mager that his CFA Institute membership was suspended for a year because he violated the CFA Code. A hearing panel also came to the same conclusion. Mager subsequently notified CFA Institute that he does not accept the sanction or the hearing panel’s conclusion. Which of the following actions by Mager is most consistent with the CFA Institute Standards of Professional Conduct Program?
A 、Presenting himself to the public as a CFA charterholder.
B 、Providing evidence for his position to an outside arbitration panel.
C 、Using his CFA designation upon expiration of the suspension period.
A is correct. CFA charterholders and candidates must place the integrity of the investment profession and the interests of clients above their own personal interests.
B is incorrect. CFA charterholders and candidates must promote the integrity and viability of the global capital markets for the ultimate benefit of society.
C is incorrect. Charterholders and candidates must practice and encourage others to participate in a professional and ethical manner that will reflect credit on themselves and the profession. By ignoring unprofessional conduct of others, a member or candidate is not encouraging others to behave in a manner that reflects well on the profession.
C is correct because the Designated Officer may impose a summary suspension on a member or candidate, which may be rejected or accepted by the member or candidate. If the member or candidate does not accept the proposed sanction, the matter is referred to a hearing panel composed of DRC members and CFA Institute member volunteers affiliated with the DRC. In this case, the hearing panel also affirmed the suspension decision by the Designated Officer and therefore the member loses the right to use his designation for a one-year period. Upon expiration of the suspension period, the analyst would be able to use his CFA designation.
A is incorrect because even though the member or candidate does not accept the proposed sanction, the hearing panel review process has affirmed the original disciplinary action, so the member loses the right to use his designation for a one-year period. The analyst would not be able to continue use of his CFA designation because he disagrees with the sanction.
B is incorrect because all members agree to abide by the CFA Institute Code and Standards, and there is no process for adjudication by an outside arbitration panel.
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