ethics - need clarification

guy resides in country A, where securities laws are more strict than SPC. He does business in country B, where securities laws are less strict than SPC. Which countries law does he follow regarding his professional conduct? the place where he resides or the place he does business? or is there more to the story?

it should always be the more strict law. and if CFA conduct is more strict than the strict law, its CFA. CFA trumps all

He should go for the stricter of the APPLICABLE law or the CFA code of ethics. You would need more info to know which one is applicable.

what is the LOS for this “applicable” concept?

They talk about it in L1, but they will tell you which one in the question is the applicable law. It’s case by case.