16. A CFA charterholder has decided to revise her firm’s written compliance manual.
She checks with counsel regarding changes to applicable laws, rules, and
regulations. She incorporates these changes as well as changes to the Code and
Standards in the new version and distributes copies to her staff along with a
memorandum. The memorandum states that the updated manual includes
compliance procedures designed to meet industry standards, regulatory
requirements, requirements of the Code and Standards, and circumstances of the
firm. According to the Standards of Practice Handbook, did the charterholder
violate any Standard of Professional Conduct?
A. No.
B. Yes, because compliance procedures may not be designed to meet industry
standards.
C. Yes, because compliance procedures should not be altered to meet the
circumstances of the firm.
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