What role does the CFA Institute Code and Standards play?
A. The economic impacts of the crisis have been discussed a great deal, but considerably less attention has been paid to the ethical dimension. An examination of the root causes of the crisis highlights a number of ethical concerns about which the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) can provide guidance. Among the fundamental tenets of the CFA Institute Code of Ethics that may have been ignored are those that state (in part): • “Act with integrity, competence, diligence, respect, and in an ethical manner”; • “Use reasonable care and exercise independent professional judgment”; and, • “Practice and encourage others to practice in a professional and ethical manner.” While there are many players and regulatory flaws that contributed to the turmoil, only CFA charterholders and CFA Program candidates are obligated to abide by the Code and Standards. We believe that the industry could have benefited, and the severity of the crisis been miti
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