"morality" exercise:Ethics of investment industry

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Questions 1:

CFA Institute support of a local country sponsor to drive the adoption of the GIPS standards seeks to:

A、 provide a link between the governing body and the local markets.

B 、promote the standards as mandatory.

C 、translate the standards into the local language for use as the official governing version.

Questions 2:

Under what circumstances could a client possibly win a lawsuit against a financial adviser despite the financial adviser abiding by all regulatory and legal requirements?

A、 The adviser benefiting more from the relationship than the client

B 、The adviser not being subject to a code of ethics

C、 The adviser violating his employer’s published code of ethics

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. Country sponsors provide an important link between the GIPS Executive Committee, the governing body for the GIPS standards, and the local markets in which investment managers operate.

B is incorrect because the standards are promoted as voluntary.

C is incorrect because the official governing version of the standards is the English version and not the local language version.

【Answer to question 2】C

【analysis】

C is correct. If the client could prove the firm marketed its code of ethics (i.e., putting the interests of the client first) as a reason to hire the firm and the adviser violated the code, the court may rule in the client’s favor.

A is incorrect because an adviser can still act in a fiduciary manner while benefiting more than the client. This is particularly true when investment returns are unexpectedly negative and the client pays fees to the adviser.

B is incorrect because unethical behavior is not necessarily illegal. However, if the client could prove the firm marketed their code of ethics (i.e., putting the interests of the client first) as a reason to hire the firm and the adviser violated the code, the court may rule in the client’s favor.

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