CFA Practice Question

There are 361 practice questions for this study session.

CFA Practice Question

According to CFA Institute's Standards of Professional Conduct, what is the responsibility of members in terms of Standard I (A) Knowledge of the Law?
A. Members are not responsible for violations they knowingly participate in or assist if they did not have all the correct facts at the time.
B. Members are responsible for violations they knowingly participate in or assist.
C. Members are only responsible for gross negligence but not other violations.
Explanation: Members are responsible for violations they knowingly participate in or assist.

User Contributed Comments 7

User Comment
krisscfa Members (not) are responsible for violations they (not)knowingly participate in or assist...??
sheenalim what if the member knowingly participated meaning he knows he's participating in an activity but he doesn't know it's in violaton of the Codes. That's what "doesnt have all of the facts at the time" means... that still constitutes violation of the Code?
sheenalim I mean, why does that still constitute a violation of the Code if he doesn't know
ppjar yes it would be a violation. Just like if you kill somebody and you don't know it's crime, it is still considered as a crime.
aggabad knowingly implies that you know it's a violation
ashish100 Basically you HAVE to be aware of the laws/rules in place. No excuses for violating or assisting a violation.

This is the CFA damn it .
gyee2012 More Likely if you are doing business, you need to know all applicable laws or you will have your but in jail or worse.
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