Q21. CFA Institute believes:

A)   that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

B)   that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

C)   that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets, regardless of foreign laws and requirements.

Q22. Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee who researches Japanese stocks. According to the CFA Institute Standards of Professional Conduct, Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in:

A)   both the U.S. and Japan, but not the CFA Institute Standards of Professional Conduct.

B)   both the U.S. and Japan and the CFA Institute Standards of Professional Conduct.

C)   Japan, but not the U.S., and the CFA Institute Standards of Professional Conduct.

Q23. CFA Institute members should encourage their employers to do all of the following EXCEPT:

A)   make clear that dishonest personal behavior reflects poorly on the profession.

B)   require employees to write personal ethics statements.

C)   conduct background checks on potential employees to ensure that they are of good character and eligible to work in the investment industry.

Q24. For an employee with the CFA designation who works for a firm, which of the following is NOT necessary to meet the requirements of the Code and Standards?

A)   Deliver a copy of the Code and Standards to their employer.

B)   It is recommended that their employer is aware of the Code and Standards.

C)   Recommend notifying their employer of their responsibility to follow the Code and Standards.

答案和详解如下：

Q21. CFA Institute believes:

A)   that a minimum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

B)   that a maximum level of professional responsibility and conduct dictates that members be aware of and comply with laws, rules, and regulations governing their conduct.

C)   that firms should comply with all domestic laws and regulations and that these laws also govern behavior in foreign markets, regardless of foreign laws and requirements.

Correct answer is A)

CFA Institute’s Code and Standards dictate a minimum level of conduct. Standards should not be based on ethics of upper management and the board of directors of a company. Firms must comply with the strictest applicable standards, whether they be foreign or domestic laws and regulations.

Q22. Robe Advisory Services operates an office in San Francisco, where it manages portfolios for its clients based in the United States. The firm also maintains an office in Tokyo, where it employs Sam Lee who researches Japanese stocks. According to the CFA Institute Standards of Professional Conduct, Lee is required to maintain knowledge of and comply with all applicable laws, rules, and regulations in:

A)   both the U.S. and Japan, but not the CFA Institute Standards of Professional Conduct.

B)   both the U.S. and Japan and the CFA Institute Standards of Professional Conduct.

C)   Japan, but not the U.S., and the CFA Institute Standards of Professional Conduct.

Correct answer is B)

To abide by the Standards, employees who work for foreign-based firms are required to apply the stricter of the foreign (here, U.S.) law, the domestic (here, Japanese) law, or CFA Institute standards.

Q23. CFA Institute members should encourage their employers to do all of the following EXCEPT:

A)   make clear that dishonest personal behavior reflects poorly on the profession.

B)   require employees to write personal ethics statements.

C)   conduct background checks on potential employees to ensure that they are of good character and eligible to work in the investment industry.

Correct answer is B)

There is no reason to have employees write personal ethics statements. CFA Institute encourages all of the other actions.

Q24. For an employee with the CFA designation who works for a firm, which of the following is NOT necessary to meet the requirements of the Code and Standards?

A)   Deliver a copy of the Code and Standards to their employer.

B)   It is recommended that their employer is aware of the Code and Standards.

C)   Recommend notifying their employer of their responsibility to follow the Code and Standards.

Correct answer is A)

It is no longer required but recommended that CFA members and candidates notify their employer that they are required to follow the Code and Standards.