can someone please explain what are commingling compliance procedures in the second paragraph? first line Thanks
hi, did anyone look at that paragraph and the one before it please? It is confusing.
i don’t even have the standards of practice handbook… am i violating the code by NOT having it while being a candidate?? some wise people told me I should have a copy…
you do not need to have it. It is embedded in the cfa readings Volume 1. Dont bother buying it!!!
Ok cfa readings volume 1 page 77 - Bottom of page Recommended Procedures for Compliance - paragraphh before the last and the last one… I dont understand the concept of what they are saying! Thanks Mumu
ok…i haven’t done ethics from the cfai text…just read those two paras for the first time…but here’s my understanding of it… all they are trying to say is…1. there is a code of ethics and 2. there are procedures (compliance) to follow to make sure you are being ethical as specified by the code You gota keep the two separate…so 1. Draft a Code of Ethics for your employees - This will basically make them swear something like a. Thou shall not do this b. Thou shall not do that 2. Separately you should have Compliance procedures which include day to day operations and tasks and things they need to do to make sure they are not violating the code of ethics (above). Do not mix the two - so don’t have the procedures listed in your code of ethics. Code of Ethics should be very basic and simple. Your procedures will be more detailed and will outline specific measures to be taken.
am stepping out for a break…be back in a couple hours!
Thank you so much mumu. For ethics I am reading one sub standard per day to keep on top of the topic. I have three days of FSA so i am not practicing good ethics these three days:)