luda002

It will be the applicable law.
In a more… intuitive reasoning. CFA institute is just an organization recognized by the investment community and holds no regulatory power. The Institute will have no say in legal matters and will not be able to over-rule any legal action sanctioned by the government. Therefore the CFA Institute will not be asking you be break any laws. Only abide by the stricter rule if no laws are being broken. And abide by the law at all times (hence the “Knowledge of the Law” Standard).