A CFA Institute member conscientiously maintains records of changes in security regulations. The member notices that his colleagues do NOT, and does NOT say anything. Is this a violation of Standard I(A)? A) Yes, and the member should disassociate from these colleagues. B) No, as long as the colleagues do not violate the new rules. C) No, as long as he allows the colleagues access to his files. D) Yes, because the member is bound by the Code of Ethics.
I would lean towards C.
it’s laughable if A or D is right, but in the strict ethical code that we’re all bound to… i probably should build a fortress around all of my co-workers now and dissociate immediately. or come to work in a bubble? i’d go D, i’m a slave to the code.
i would say D
D
B, is maintaining records of regulations part of the code?? I could see if it was records of security recommendations but regs??
B. I believe you are suppose to be familiar with them, but I don’t think you have to “conscientiously maintains records”
B As I think maintaining record for security regulation does not seem to be reqired.
I am B for this?
B, nothing tells you to force people to maintain records of changes in security regulations…or maybe I missed it?
The correct answer was D. The last bullet point of the Code says that a member shall “Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.” Ignoring the neglect of rule changes of others would clearly be incongruent with this component. Simply allowing the colleagues access to the files is not enough effort to constitute “striving.” As long as the colleagues do not violate the laws, the member does not have to disassociate himself from the colleagues. ****************************************************************** This seems like a bad question to me. Not keeping a file of changes doesn’t mean that the collegues aren’t keeping up with rules. What do you guys think?
D. Have to improve competence in self and others.
wanderingcfa Wrote: ------------------------------------------------------- > I would lean towards C. Go with our gut wandering. You had it right at first.
mwvt9 Wrote: ------------------------------------------------------- > What do you guys think? I f@#%@# hate the ethics minutae BS.
Sorry guys. See my edit above. Correct answer is D. The answers were in a different order when I went back to paste in the answer. Again the answer is D.
> This seems like a bad question to me. Not keeping > a file of changes doesn’t mean that the collegues > aren’t keeping up with rules. > > What do you guys think? It is clearly no violation here. There is plenty of examples in CFAI book against this argument. “Strive” means that you are encouraged to do so but not required.
well I think their point was that he should have encouraged them to maintain record of new regulation crap i would have chosen B
I said D BUT… I thought the code of ehics goes with the standards but it is still a seperate set of guidelines. How is a violation of the Code of Ethics a violation of standard I(A)?
I(A) is knowledge of the law. This includes the code of ethics and the standards.
mwvt9 Wrote: ------------------------------------------------------- > wanderingcfa Wrote: > -------------------------------------------------- > ----- > > I would lean towards C. > > Go with our gut wandering. You had it right at > first. I know, I changed it since I thought it was going to be tricky.