Q28. Which of the following is a CORRECT statement of a member's duty under the Code and Standards?

A)   A member who trades securities in a country with less strict laws, rules, regulations, or customs may follow those laws if he discloses this information to his client.

B)   In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.

C)   A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute code and Standards may impose a higher degree of responsibility or a higher duty on the member.

Q29. John Martin, an analyst, discovers that Jurix Co. has knowingly misstated information in its prospectus. To comply with CFA Institute’s Code of Ethics and Standards of Professional Conduct, Martin's most appropriate course of action is to:

A)   call the appropriate regulatory agency and report the action.

B)   report the finding to the appropriate supervisory person in his firm.

C)   resign from his job in order to disassociate from the potentially illegal activity.

Q30. Mary Kim practices in the economically advanced country of Oldasia as well as in the emerging market country of Newasia. By regulation, Oldasia prohibits licensed investment advisors from trading in securities ahead of their clients. Newasia has no laws or regulations in this area. According to the CFA Institute Standards of Professional Conduct, Kim may:

A)   not trade ahead of her clients in either country.

B)   trade ahead of her clients in Newasia only.

C)   trade simultaneously with her clients in Newasia only, as long as she has made full disclosure to her clients that she reserves the right to do this.

答案和详解如下：

Q28. Which of the following is a CORRECT statement of a member's duty under the Code and Standards?

A)   A member who trades securities in a country with less strict laws, rules, regulations, or customs may follow those laws if he discloses this information to his client.

B)   In the absence of specific applicable law or other regulatory requirements, the Code and Standards govern the member's actions.

C)   A member is required to comply only with applicable local laws, rules, regulations, or customs even though the CFA Institute code and Standards may impose a higher degree of responsibility or a higher duty on the member.

Correct answer is B)

Members are always, at a minimum, subject to the Code and Standards.

Q29. John Martin, an analyst, discovers that Jurix Co. has knowingly misstated information in its prospectus. To comply with CFA Institute’s Code of Ethics and Standards of Professional Conduct, Martin's most appropriate course of action is to:

A)   call the appropriate regulatory agency and report the action.

B)   report the finding to the appropriate supervisory person in his firm.

C)   resign from his job in order to disassociate from the potentially illegal activity.

Correct answer is B)

To comply with the Code and Standards, John should notify the appropriate supervisory person in his firm of the violation.

Q30. Mary Kim practices in the economically advanced country of Oldasia as well as in the emerging market country of Newasia. By regulation, Oldasia prohibits licensed investment advisors from trading in securities ahead of their clients. Newasia has no laws or regulations in this area. According to the CFA Institute Standards of Professional Conduct, Kim may:

A)   not trade ahead of her clients in either country.

B)   trade ahead of her clients in Newasia only.

C)   trade simultaneously with her clients in Newasia only, as long as she has made full disclosure to her clients that she reserves the right to do this.

Correct answer is A)

Under Standard I(A) Knowledge of the Law must apply the CFA Institute Code and Standards or the controlling law, whichever is stricter. Because Standard VI(B) Priority of Transactions requires members to put client trades ahead of their own transactions, Kim must follow the standard in the absence of governing law or where the law is less strict than the Standard.