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Up3
If you are doing business in a country with the most strict laws, and yet the law includes something like: “only follow the laws of your home country”. However, your home country is not as strict as the business country, then which laws do you follow? the less strict ones, because the more strict one said so? or the more strict ones because they are otherwise “more strict”. You could throw CFAI standards into this if you wanted, but I am trying to keep the catch 22 simple to illustrate the “follow the more strict” logic circle I found in a few practice questions.
Any feedback on the right answer in these types of questions?
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Up4
you would follow the code of ethics. technically speaking, you are following the rules of the more strict law in this scenario by applying the laws of the less strict laws (more strict tells you to follow less strict, so follow less strict). however, the standards say you need to follow the more strict law; since in this case, the more strict law tells you to follow the less strict law, you would apply the code and standards (law of country with more strict rules than code and standards is telling you to apply law of country with less strict rules; since that country’s rules are less strict than the code and standards follow the code).
i hope that makes sense…i know the explanation may be a bit confusing, if so let me know and i can try to clarify
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Up3
i didn’t want to leave out the CFAI standards since its very important in this scenario since that is the one you would end up going with.
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Up2
I think you follow the laws of your home country.
I’m saying this because there was a question I came across wrt Loyalty to Employers. It said that the CFA was gifted a basketball game ticket worth $90. His employer’s Code of Ethics however mentions that employees are meant to disclose gifts and compensation only above $100 in value. Thus he need not disclose this gift. As you can see this goes against the CFAI Standards which says you must disclose any gifts or benefits. -
Up0
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