🔙 第001-002课回顾
- 道德准则的六大组成部分——道德指南针
- 七大职业行为标准（I-VII）——路线图，用 PIM-VICE 记忆
- 自测成绩：2/3 ✅
🎯 学习目标
- 理解标准 I(A) 的核心要求：了解并遵守所有适用法律
- 掌握"更严格"原则——法律与 CFA 准则冲突时如何处理
- 学会冲突解决的正确步骤：咨询 → 法律意见 → 考虑辞职
一、标准 I(A)：法律知识
会员和考生必须了解并遵守任何对职业活动具有管辖权的政府、监管机构、许可机构或专业协会的所有适用法律、法规和条例（包括 CFA 协会的道德准则和职业行为标准）。如果存在冲突，会员和考生必须遵守更严格的法律、法规或条例。
简单说：
- 你必须知道适用于你工作的所有法律和法规
- 你必须遵守这些法律和法规
- 如果 CFA 准则比当地法律更严格 → 遵守 CFA 准则
- 如果当地法律比 CFA 准则更严格 → 遵守当地法律
💡 核心原则：始终遵守"更严格"的标准。 这是 CFA 考试中反复出现的考点。
二、关键决策框架
当地法律 vs. CFA 准则 → 哪个更严格？ CFA 更严格？ └─ 遵守 CFA 准则 └─ 同时通知当地监管机构存在问题 当地法律更严格？ └─ 遵守当地法律 无法确定？ └─ 宁可保守，偏更严格的一方
三、当法律与 CFA 准则冲突时
| 错误做法 | 正确做法 |
|---|---|
| 直接遵守当地法律披露 | ✅ 拒绝披露 |
| 声称"法律要求我这样做" | ✅ 如果必须披露，先咨询法律顾问 |
| 辞职了事 | ✅ 如果违反 CFA 准则的压力持续存在，可辞职——但这不是首选 |
💡 CFA 立场：即使当地法律允许，如果行为违反 CFA 准则 → 不能做。 在"更严格"的原则下，CFA 准则优先。
四、咨询与辞职
如果面临无法解决的法律/道德冲突：
- 首先，咨询公司的法律和合规部门
- 如果仍无法解决，考虑寻求外部法律意见
- 如果冲突持续，考虑辞职——但前提是你已经用尽了所有其他选择
- 记录一切——你采取的步骤、咨询的对象、你做出决定的依据
五、例题解析
例题 1：法律 vs. CFA 准则冲突
情景：一位 CFA 持证人在一个国家管理投资组合，当地法律允许公司内部人员进行一些 CFA 准则禁止的交易行为。她应该怎么做？
👉 点击查看答案
分析：这是标准 I(A)的典型场景。核心原则：遵守更严格的标准。CFA 准则禁止该行为，即使当地法律允许，因此她必须遵守 CFA 准则。
❌ 答案：她必须遵守 CFA 准则，因为 CFA 准则比当地法律更严格。
例题 2：发现潜在违法行为
情景：一位分析师发现她公司的一些做法可能违反证券法规，但她不确定。她应该先做什么？
👉 点击查看答案
分析：这属于标准 I(A)。当你不确定某事是否违法时，正确的第一步是咨询。首选：公司的法律/合规部门。如果公司没有相关资源，寻求独立法律意见。
❌ 答案：她应该首先咨询公司的法律和合规部门。
六、自测练习
自测题 1
一位 CFA 持证人在一个新市场工作，当地法律要求投资顾问向监管机构披露客户信息，而 CFA 准则要求对客户信息保密。该持证人应该：
- A. 遵守当地法律并披露信息
- B. 遵守 CFA 准则并拒绝披露 ✅
- C. 辞职
- D. 两种要求都违反
自测题 2
以下哪项不是标准 I(A) 要求的？
- A. 了解适用的法律法规
- B. 当 CFA 准则与当地法律冲突时，遵守更严格的标准
- C. 在所有情况下都必须遵守当地法律，即使它不如 CFA 准则严格 ✅
- D. 当面临不确定时，寻求法律/合规咨询
自测题 3
一位会员发现她所在公司的另一部门可能违反证券法规。根据标准 I(A)，她应该：
- A. 立即向监管机构举报
- B. 首先咨询公司合规部门 ✅
- C. 辞职以避免牵连
- D. 无视此问题——因为它不在她的部门
📌 今日总结
- 标准 I(A)：法律知识——你必须了解并遵守所有适用法律
- "更严格"原则——CFA 与当地法律冲突时，遵守更严格的那个
- 冲突解决层级：咨询合规 → 寻求法律意见 → 考虑辞职（最后手段）
- 常见陷阱："法律允许 = 道德允许"——这不对
参考答案：1-B · 2-C · 3-B
🔙 Review from Lessons 1–2
- Six components of the Code of Ethics — the moral compass
- Seven Standards (I–VII) — the roadmap, memorized with PIM-VICE
- Quiz result: 2/3 ✅
Warm-up: A member follows all 6 components of the Code of Ethics but violates a specific Standard. Can they be disciplined?
Yes. The Standards are directly enforceable. The Code sets the tone; the Standards set the rules. Breaking a rule = discipline.
🎯 Learning Objectives
- Understand the core requirement of Standard I(A): know and comply with all applicable laws.
- Master the "strictest rule" principle — what to do when laws and CFA Standards conflict.
- Learn the correct escalation steps: consult → legal opinion → consider resigning.
1. Standard I(A): Knowledge of the Law
Members and Candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities.
In simple terms:
- You must know all laws and regulations applicable to your work.
- You must comply with these laws and regulations.
- If CFA Standards are stricter than local law → follow CFA Standards.
- If local law is stricter than CFA Standards → follow local law.
💡 Core principle: Always follow the stricter standard. This is a recurring exam topic.
2. Key Decision Framework
Local law vs. CFA Standards → which is stricter? CFA stricter? └─ Follow CFA Standards └─ Notify local regulators of the issue Local law stricter? └─ Follow local law Unsure? └─ Play it safe — go with the stricter side
3. When Laws Conflict with CFA Standards
| Wrong approach | Right approach |
|---|---|
| Simply follow local law | ✅ Refuse to disclose if it violates CFA Standards |
| Claim "the law requires it" | ✅ Consult legal counsel first if disclosure is mandatory |
| Quit immediately | ✅ Resignation is a last resort, not the first step |
💡 CFA position: Even if local law permits it, if the action violates CFA Standards → don't do it. Under the "stricter rule" principle, CFA Standards take priority.
4. Consultation & Resignation
If facing an unresolved legal/ethical conflict:
- First, consult your firm's legal and compliance department.
- If unresolved, consider seeking external legal advice.
- If the conflict persists, consider resigning — but only after exhausting all other options.
- Document everything — the steps you took, who you consulted, and the basis for your decisions.
5. Example Questions
Example 1: Conflicting Laws
Scenario: A CFA charterholder manages portfolios in a country where local law permits certain trading activities that CFA Standards prohibit. What should she do?
👉 Click to reveal answer
Analysis: This is a classic Standard I(A) scenario. Core principle: follow the stricter standard. CFA Standards prohibit the activity even though local law allows it, so she must follow CFA Standards.
❌ Answer: She must follow CFA Standards because they are stricter than local law.
Example 2: Discovering a Potential Violation
Scenario: An analyst discovers that some practices at her firm may violate securities regulations, but she's not sure. What should she do first?
👉 Click to reveal answer
Analysis: This falls under Standard I(A). When you're unsure whether something is illegal, the correct first step is to consult. Priority: the firm's legal/compliance department. If the firm has no such resources, seek independent legal advice.
❌ Answer: She should first consult the firm's legal and compliance department.
6. Self-Test
Question 1
Under Standard I(A), a CFA candidate works in a country where local securities law is less strict than the CFA Code and Standards. Which should the candidate follow?
- A. Local law, because they are working in that country
- B. CFA Code and Standards, because they are stricter ✅
- C. Whichever is more convenient for business
- D. Neither — the candidate should quit
Question 2
A portfolio manager discovers that her firm has been misreporting client returns to regulators. She reports it to her supervisor, who dismisses the concern. Under Standard I(A), what is her next best step?
- A. Accept the supervisor's decision and continue working
- B. Report to the firm's compliance department or senior management ✅
- C. Immediately report to the media
- D. Ignore it — she already reported it to her supervisor
Question 3
Which of the following best describes a CFA member's obligation regarding knowledge of applicable laws?
- A. Know only the laws that directly affect their daily work
- B. Know all CFA Standards, but not necessarily local laws
- C. Actively understand and comply with all applicable laws, rules, and regulations ✅
- D. Rely on their firm's legal department to stay informed
📌 Key Takeaways
- Standard I(A): Knowledge of the Law — you must understand and comply with all applicable laws
- "The strictest rule wins" — when law and CFA Standards conflict, follow the stricter one
- Escalation hierarchy: consult compliance → seek legal opinion → consider resigning (last resort)
- Common trap: "legal = ethical" — this is wrong
Answer Key: 1-B · 2-B · 3-C