Guidance for Standards I & II – CFA Ethics Standards Level 1 MCQs
When applicable law and the Code and Standards require different conduct, members and candidates must follow the more strict of the applicable law or the Code and Standards. Here in MCQs.club we have made easy and useful exam focus Multiple-Choice Questions (MCQs) on CFA Guidance for Standards I to VII that fully cover MCQs on cfa level i ethics, covering ethics syllabus, cfa standards of conduct, ethics summary. The MCQs are Your Cheat Sheet to CFA Level I: Ethical & Professional Standards. These ethics quiz is useful for Business management exams, competitive exams and professional accountancy exams.
Relationship between the Code and Standards and Applicable Law
- When applicable law and the Code and Standards require different conduct, members and candidates must follow the more strict of the applicable law or the Code and Standards.
- “Applicable law” – is the law that governs the member’s or candidate’s conduct.
- The “more strict” law or regulation – is the law or regulation that imposes greater restrictions on the action of the member or candidate or calls for the member or candidate to exert a greater degree of action that protects the interests of investors.
- The above statement is correct
- The above statement is incorrect
- The principles that CFA Members and candidates must adhere to include:
- Members and candidates must not engage in conduct that constitutes a violation of the Code and Standards, even though it may otherwise be legal.
- Members and candidates must comply with applicable laws or regulations related to their professional activities.
- Both A&B
Participation in or Association with Violations by Others
- Which of the following is correct?
- Members and candidates are responsible for violations in which they knowingly participate or assist.
- CFA Institute acknowledges that members may not recognize violations if they are not aware of all the facts giving rise to the violations.
- Both A&B
- Standard I(A) applies when members and candidates know or should know that their conduct may contribute to a violation of applicable laws, rules, or regulations or the Code and Standards.
- The above is correct
- The above is incorrect
- If a member or candidate has reasonable grounds to believe that imminent or ongoing client or employer activities are illegal or unethical, the member or candidate must_____________, from the activity.
- Both A or B