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This is what the standard says:
“Members and Candidates must understand and comply with all applicable laws, rules, and regulations
(including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization,
licensing agency, or professional association governing their professional activities. In the event of conflict, Members and
Candidates must comply with the more strict law, rule, or regulation.”
So, I guess the question comes down to whether or not the laws of the person’s home country “govern their professional activities”.

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