"morality" exercise:Guidance for Standards I–VII

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Questions 1:

Sato Kashingaki, CFA, is a financial advisor who practices in multiple jurisdictions. In his resident country, Country A, he is not required by law to hold a financial advisor’s license but he is required to uphold a fiduciary duty to his clients. In Country B, authorities require him to hold a financial advisor’s license, but he is not expected to uphold a fiduciary duty to his clients. In Country C, authorities require both a financial advisor’s license and an asset management license in addition to upholding a fiduciary responsibility toward clients. In which of the three countries does Kashingaki have the duty to adhere to the CFA Code and Standards over local laws?

A 、Country A.

B、 Country B.

C、 Country C.

Questions 2:

When Jefferson Piedmont, CFA, joined Branch Investing, Branch began using a quantitative stock selection model Piedmont had developed on his own personal time prior to his employment with Branch. One year later when Piedmont left the firm, he found the original copy of the model he had developed in a file at his home and presented it to his new employer, who immediately began using the model.According to the Standards of Practice Handbook, did Piedmont most likely violate any CFA Institute Standards of Professional Conduct?

A、 No.

B、 Yes, because he misappropriated property now belonging to Branch.

C、 Yes, because he failed to inform his new employer the model was the same one used by his previous employer.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct because Standard I–Professionalism requires members and candidates to comply with the more strict law, rule, or regulation in the event of conflicts of any applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct). Country B does not require a financial advisor to uphold a fiduciary duty (as is required by Country A and C), i.e., put the client’s interest before their own, therefore the CFA Code of Ethics and Standards of Professional Conduct (Duty to Clients) would be applicable as it is the stricter of the two.

A is incorrect because Country A requires the upholding of fiduciary duties that creates a higher standard than that of the Code and Standards.

C is incorrect because Country C requires two licenses and the upholding of fiduciary duties that creates a higher standard than that of the Code and Standards. Thus Country C’s laws are the governing law.

【Answer to question 2】A

【analysis】

A is correct because although departing employees may not take employer property when departing [Standard IV(A)–Duties to Employers (Loyalty)], the model Piedmont presented to his new employer was not Branch’s property. It was created by Piedmont prior to his employment with Branch. The model was not created for Branch in the course of his employment, but was adopted by Branch.

B is incorrect. The model Piedmont presented to his new employer was not Branch’s property. It was created by Piedmont prior to his employment with Branch.

C is incorrect because the model was not created for Branch in the course of his employment, but was adopted by Branch.

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