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Bo o k 1 – Et h i c a l a n d Pr o f E s s i o n a l
st a n d a r d s , BE h a v i o r a l fi n a n c E , a n d
Pr i v a t E WE a l t h Ma n a g E M E n t
Readings and Learning Outcome Statements 10
Study Session 1 – Code of Ethics and Professional Standards 17
Study Session 2 – Ethical and Professional Standards in Practice 86
Self-Test – Ethical and Professional Standards 128
Study Session 3 – Behavioral Finance 151
Self-Test – Behavioral Finance 187
Study Session 4 – Private Wealth Management 190
Self-Test – Private Wealth Management and Behavioral Finance 351
Formulas 354
Index 356
Level 3 Book 1.indb 1 8/9/2010 5:51:17 PM
Page 2 ©2010 Kaplan, Inc.
SCHWESERNOTES™ 2011 CFA LEVEL 3 BOOK 1: ETHICAL AND PROFESSIONAL
STANDARDS, BEHAVIORAL FINANCE, AND PRIVATE WEALTH MANAGEMENT
©2010 Kaplan, Inc. All rights reserved.
Published in 2010 by Kaplan Schweser.
Printed in the United States of America.
ISBN: 978-1-4277-2731-2 / 1-4277-2731-7
PPN: 3200-0074
If this book does not have the hologram with the Kaplan Schweser logo on the back cover, it was
distributed without permission of Kaplan Schweser, a Division of Kaplan, Inc., and is in direct violation
of global copyright laws. Your assistance in pursuing potential violators of this law is greatly appreciated.
Required CFA Institute
®
disclaimer: “CFA
®
and Chartered Financial Analyst
®
are trademarks owned
by CFA Institute. CFA Institute (formerly the Association for Investment Management and Research)
does not endorse, promote, review, or warrant the accuracy of the products or services offered by Kaplan
Schweser.”
Certain materials contained within this text are the copyrighted property of CFA Institute. The following
is the copyright disclosure for these materials: “Copyright, 2011, CFA Institute. Reproduced and
republished from 2011 Learning Outcome Statements, Level 1, 2, and 3 questions from CFA
®
Program
Materials, CFA Institute Standards of Professional Conduct, and CFA Institute’s Global Investment
Performance Standards with permission from CFA Institute. All Rights Reserved.”
These materials may not be copied without written permission from the author. The unauthorized
duplication of these notes is a violation of global copyright laws and the CFA Institute Code of Ethics.
Your assistance in pursuing potential violators of this law is greatly appreciated.
Disclaimer: The SchweserNotes should be used in conjunction with the original readings as set forth by
CFA Institute in their 2011 CFA Level 3 Study Guide. The information contained in these Notes covers
topics contained in the readings referenced by CFA Institute and is believed to be accurate. However,
their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success. The
authors of the referenced readings have not endorsed or sponsored these Notes.
Level 3 Book 1.indb 2 8/9/2010 5:51:17 PM
©2010 Kaplan, Inc. Page 3
We l c o m e t o t h e 2011 le ve l 3
Sc h W e S e r No t e S
™
Thank you for trusting Kaplan Schweser to help you reach your goals. We are all very
pleased to be able to help you prepare for the Level 3 CFA Exam. In this introduction,
I want to explain the resources included with the SchweserNotes, suggest how you
can best use Schweser materials to prepare for the exam, and direct you toward other
educational resources you will find helpful as you study for the exam.
Besides the SchweserNotes themselves, there are many educational resources available at
Schweser.com. Just log in using the individual username and password that you received
when you purchased the SchweserNotes.
SchweserNotes™
These consist of five volumes with complete coverage of all 18 Study Sessions and all
Learning Outcome Statements (LOS) with examples, Key Concepts, and Concept
Checkers. At the end of several of the major topic areas, we include a Self-test. Self-
test questions are created to be exam-like in format and difficulty in order to help you
evaluate your progress. The Level 3 SchweserNotes Package also includes a sixth volume,
the Level 1 and 2 Refresher, a review of important Level 1 and 2 material.
As you progress through the SchweserNotes, you will find three important study aids:
(1) Professor’s Notes contain additional information or tips to help you learn a topic,
concept, or particularly difficult calculation; (2) For the Exam notes contain suggestions
on how to study for the exam as well as opinions on how a topic might be tested and
whether calculations are likely; (3) Warm-up sections that provide necessary background
material not always found in the Level 3 curriculum.
The Level 3 Schweser Standards Pack (the Pack) is in the back of SchweserNotes
Book 5. At Level 3, standards come in two forms: the Code and Standards (Ethics) and
Global Investment Performance Standards (GIPS
®
). Ethics will be tested in two selected
response item sets in the afternoon of the Level 3 exam and account for 10% (36 points)
of the 360 possible points. GIPS will be tested either in the afternoon in an item set
(18 points and 5%) or in a constructed response essay question in the morning worth at
least 18 points. In other words, standards at Level 3 will account for at least 15% (≥ 54
points) of your exam.
To help you earn as many of those points as possible, I constructed the Pack. The first
section in the Pack, written by Mr. Dave Wiley, CFA, contains an outline of Ethics,
focusing on the differences from Levels 1 and 2. It contains the requirements of all the
standards as well as what you need to know for the Level 3 exam. The second section
contains an outline of the GIPS. I prepared the GIPS outline using every requirement
of the GIPS, including GIPS Guidance statements released prior to June 2010. The
Standards Pack is the perfect tool for final review.
Level 3 Book 1.indb 3 8/9/2010 5:51:17 PM
Page 4 ©2010 Kaplan, Inc.
Welcome to the 2011 SchweserNotes™
Practice Questions
To retain what you learn, it is important that you quiz yourself often. We offer CD,
download, and online versions of the SchweserPro™ QBank, which contains thousands
of Level 3 practice questions, item sets, and explanations. Quizzes are available for each
LOS, topic, or Study Session. Build your own exams by specifying the topics and the
number of questions you choose.
Practice Exams
Schweser offers six complete 6-hour practice exams. Practice Exams Volume 1 and
Volume 2 each contain three 360-point exams. Like the actual Level 3 CFA exam, the
morning section of each exam contains all constructed response essay questions worth
a total of 180 points. Each of the afternoon sections contains 10 item set questions.
The practice exams will help you develop the speed and skills you will need to pass
the Level 3 exam. Each book contains answers with full explanations for self-grading
and evaluation. By entering your item set answers at Schweser.com, you can use our
Performance Tracker to find out how you have performed compared to other Schweser
Level 3 candidates.
Schweser Library
We have created reference videos and documents, some of which are available to all
SchweserNotes purchasers. Schweser Library video volumes range from 20 to 60
minutes in length and cover such topics as: “Quantitative Methods,” “Mortgage-Backed
Securities,” “Introduction to Portfolio Theory,” and “Determining an Individual
Investor’s Risk Tolerance.” The full Schweser Library is included with our 16-week
live or online classes and with our video instruction (online or CDs). The library also
contains a master index for the 2011 Level 3 SchweserNotes, which is free with any
SchweserNotes purchases.
Online Schweser Study Planner
Use your Online Access to tell us when you will start and what days of the week you can
study. The online Schweser Study Planner will create a study plan just for you, breaking
each study session into daily and weekly tasks to keep you on track and help you
monitor your progress through the curriculum.
Additional Resources
Purchasers of the Essential Self-Study or Premium Instruction Packages also receive
access to our Instructor-led Office Hours. Office Hours allow you to get your questions
about the curriculum answered in real time and to see others’ questions (and instructor
answers) as well. Office Hours is a text-based live interactive online chat with our team
of Level 3 experts. Archives of previous Office Hours sessions can be sorted by topic or
date and are posted shortly after each session.
The Level 3 CFA exam is a formidable challenge (48 topic reviews and 360+ Learning
Outcome Statements), and you must devote considerable time and effort to be properly
prepared. There is no shortcut! You must learn the material, know the terminology,
understand the concepts, and be able to score at least 252 points (70%) out of the 360
possible. Fifteen to 20 hours per week for 20 weeks is a good estimate of the study time
required on average, but some candidates will need more or less time, depending on
their individual backgrounds and experience.
Level 3 Book 1.indb 4 8/9/2010 5:51:17 PM
©2010 Kaplan, Inc. Page 5
Welcome to the 2011 SchweserNotes™
To help you master this material and be well prepared for the CFA Exam, we offer
several other educational resources, including:
Live Weekly Classroom Programs
We offer weekly classroom programs around the world. Please check Schweser.com for
locations, dates, and availability.
16-Week Online Classes
Our 16-Week Online Classes are available at New York time (6:30–9:30 pm) or London
time (6:00–9:00 pm) beginning in January. The approximate schedule for the 16-Week
Online Classes (3-hour sessions) is as follows:
Class # Class #
1) Intro/Ethics/Behavioral Finance; SS1, 2, 3 9) Equity Portfolio Management; SS11, 12
2) Private Wealth Management; SS4 10) Alternative Investments; SS13
3) Private Wealth Management; SS4 11) Risk Management; SS14
4) Institutional Portfolio Management; SS5 12) Risk Management Applications of
Derivatives; SS15
5) Institutional PM / Capital Markets; SS5, 6 13) Risk Management Applications of
Derivatives; SS15
6) Economics / Asset Allocation; SS7, 8 14) Execution / Monitoring and Rebalancing;
SS16
7) Asset Allocation / Fixed Income; SS 8, 9 15) Evaluation and Attribution; SS17
8) Fixed Income Derivatives; SS10 16) GIPS
®
; SS18
Archived classes are available for viewing at any time throughout the season. Candidates
enrolled in the 16-Week Online Classes also have full access to supplemental on-demand
video instruction in the Schweser Library and an e-mail address to use to send questions
to the instructor at any time.
Late Season Review
Whether you use self-study or in-class, online, or video instruction to learn the CFA
curriculum, a late-season review and exam practice can make all the difference. Our
most complete late-season review courses are our residence programs in Windsor,
Ontario (WindsorWeek) and Dallas/Fort Worth, Texas (DFW 5-day program). Each
covers the entire curriculum at all three levels. We also offer 3-day Exam Workshops in
many cities (and online) that combine curriculum review with an equal component of
hands-on practice with hundreds of questions and problem-solving techniques. Please
visit us at Schweser.com for complete listings and course descriptions for all our late-
season review offerings.
Mock Exam and Multimedia Tutorial
On May 21, 2011, the Schweser Mock Exam will be offered live in many cities around
the world and as an online exam as well. The optional Multimedia Tutorial provides
extended explanation and topic tutorials to get you exam-ready in areas where you
miss questions on the Mock Exam. Please visit Schweser.com for a listing of cities and
locations.
Level 3 Book 1.indb 5 8/9/2010 5:51:17 PM
Page 6 ©2010 Kaplan, Inc.
Welcome to the 2011 SchweserNotes™
How to Succeed
There are no shortcuts; depend on the fact that CFA Institute will test you in a way that
will reveal how well you know the Level 3 curriculum. You should begin early and stick
to your study plan. You should first read the SchweserNotes and complete the Concept
Checkers for each topic review. You should prepare for and attend a live class, an online
class, or a study group each week. You should take quizzes often using SchweserPro
Qbank and go back to review previous topics and Study Sessions as well. At the end of
each topic area, you should take the Self-test to check your progress. You should finish
the overall curriculum at least four weeks (preferably five weeks) before the Level 3 exam
so that you have sufficient time for Practice Exams and for further review of those topics
that you have not yet mastered.
I would like to thank Kurt Schuldes, CFA Level 3 Content Specialist; Stephanie
Downey, Director of Print Production; and Jeff Faas, Lead Editor, for their contributions
to the 2011 Level 3 SchweserNotes for the CFA Exam.
Best regards,
Bruce Kuhlman
Dr. Bruce Kuhlman, CFA, CAIA
VP and CFA Level 3 Manager
Kaplan Schweser
Level 3 Book 1.indb 6 8/9/2010 5:51:17 PM
©2010 Kaplan, Inc. Page 7
Welcome to the 2011 SchweserNotes™
loS co m m a N d Wo r d S
Every LOS in the Level 3 curriculum has at least one command word, which describes
how you will be expected to answer exam questions on the related topic(s). For example,
LOS 45.d from Monitoring and Rebalancing, Study Session 16 says, “The candidate
should be able to discuss the benefits and costs of rebalancing a portfolio to the investor’s
strategic asset allocation.” The command word in the LOS is discuss and its definition
(from the list below) is “to discourse about through reasoning or argument; to present
in detail.” In other words, you could be asked to write an answer in essay form as part of
a morning case for an individual investor. The question could be quite direct, basically
repeating the LOS by asking you to discuss associated costs and benefits. Alternatively,
you might have to determine whether you agree or disagree with a statement made by
an analyst, a financial adviser, or even the client and explain why (if you disagree). In
addition or alternatively, questions from LOS 45.d could show up in the afternoon,
where you have to identify the correct statement from a set of answers in an item set.
In other words, the command word by itself does not specify how (i.e., constructed
response essay or selected response item set) questions on the topic will be asked or how
you will be required to answer.
LOS 39.e has three, quite different command words: “The candidate should be able to
interpret and compute value at risk (VAR) and explain its role in measuring overall and
individual position market risk.” The interpretation of compute is quite straightforward;
calculate VAR from the data provided. Interpret could mean you have to write out (i.e.,
explain) what the calculated VAR figure means. Explain means you might have to be able
to write an essay answer about the relevance and importance of VAR, et cetera. In other
words, this LOS is quite open-ended indicating questions about VAR could show up in
either or both the morning and afternoon sessions of the exam.
Please note: Since candidates have historically been interested in what calculations will
be required on the exam, I have bolded the command words in the list that could be
interpreted as requiring calculations or setting up and discussing equations (note that
not all bolded command words are in the Level 3 LOS). However, I do not recommend
skipping over calculations I have provided in the SchweserNotes when the LOS requires
no calculations. I personally have found that understanding the underlying mathematics
goes a long way towards truly understanding the related topics and being able to write a
coherent, correct answer.
To emphasize my suggestion for understanding all calculations in the Level 3
curriculum, a question on the 2009 exam relating to an LOS requiring the candidate to
“discuss” a topic required calculations!
Before you read through the list, please read the following note from CFA Institute:
The reading-specific learning outcome statements (LOS) contained in the study sessions
are carefully designed to indicate what you should learn from each assignment. Although
the format of the exam may not lend itself to using the following command words in the
actual questions, you should be able to answer the exam questions if you can successfully
accomplish the learning outcomes described by these command words in the LOS.
Level 3 Book 1.indb 7 8/9/2010 5:51:17 PM
Page 8 ©2010 Kaplan, Inc.
Welcome to the 2011 SchweserNotes™
co m m o N l y US e d co m m a N d Wo r d S
1
Analyze To study or determine the nature and relationship of the parts of by analysis.
Appraise To judge and analyze the worth, significance, or status of.
Arrange To put into a proper order or into a correct or suitable sequence, relationship, or
adjustment.
Calculate To ascertain or determine by mathematical processes.
Characterize To describe the essential character or quality of.
Cite To quote by way of evidence, authority, or proof.
Classify To arrange in classes; to assign to a category.
Combine To bring into such close relationship as to obscure individual characteristics.
Comment To observe, remark, or express an opinion or attitude concerning what has been
seen or heard about the subject at hand.
Compare To examine the character or qualities of, for the primary purpose of discovering
resemblances.
Compose To form by putting together; to form the substance of.
Compute To determine, especially by mathematical means.
Conclude To make a decision about; to reach a logically necessary end by reasoning.
Construct To create by organizing ideas or concepts logically and coherently.
Contrast To compare in respect to differences.
Convert To change from one form or function to another.
Create To produce or bring about by a course of action or imaginative skill.
Criticize To consider the merits and demerits of and judge accordingly; to find fault with.
Critique To offer a critical review or commentary.
Define To set forth the meaning of; specifically, to formulate a definition of.
Demonstrate To prove or make clear by reasoning or evidence; to illustrate and explain,
especially with examples.
Describe To transmit a mental image, an impression, or an understanding of the nature and
characteristics of.
Design To conceive or plan out in the mind.
Determine To come to a decision as the result of investigation or reasoning; to settle or decide
by choice among alternatives or possibilities.
Diagram To represent by or put into the form of a diagram.
Differentiate To mark or show a difference in; to develop different characteristics in.
Discriminate To mark or perceive the distinguishing or peculiar features of; to distinguish by
discerning or exposing differences.
Discuss To discourse about through reasoning or argument; to present in detail.
Distinguish To perceive a difference in; to separate into kinds, classes, or categories.
Draft To draw up, compose, prepare, frame.
Draw To express graphically in words; to delineate.
Estimate To judge the value, worth, or significance of.
Evaluate To determine or fix the value of; to determine the significance or worth of, usually
by careful appraisal and study.
Explain To give the meaning or significance of; to provide an understanding of; to give the
reason for or cause of.
1. Source: http://www.cfainstitute.org/cfaprog/courseofstudy/commandwords.html
Level 3 Book 1.indb 8 8/9/2010 5:51:18 PM
©2010 Kaplan, Inc. Page 9
Welcome to the 2011 SchweserNotes™
Formulate To put into a systematized statement or expression; to prepare according to a
formula.
Give To yield or furnish as a product, consequence, or effect; to offer for the
consideration, acceptance, or use of another.
Identify To establish the identity of; to show or prove the sameness of.
Illustrate To make clear, especially by giving examples or instances.
Indicate To point out or point to with more or less exactness; to show or make known with
a fair degree of certainty.
Infer To derive as a conclusion from factors or premises.
Interpret To explain or tell the meaning of; to present in understandable terms.
Judge To form an opinion about through careful weighing of evidence and testing of
premises.
Justify To prove or show to be valid, sound, or conforming to fact or reason; to furnish
grounds or evidence for.
List To enumerate.
Match To pair up or put in a set as possessing equal or harmonizing attributes.
Modify To make minor changes to give a new orientation to or to serve a new end.
Name To mention or identify by name.
Order To put in order; to arrange.
Outline To indicate the principal features or different parts of.
Predict To declare in advance; to foretell on the basis of observation, experience, or reason.
Prepare To put into written form; to draw up.
Present To offer or convey by way of message; to furnish or provide.
Rearrange To put back into proper order or into a correct or suitable sequence, relationship,
or adjustment.
Recommend To bring forward as being fit or worthy; to indicate as being one's choice for
something or as otherwise having one’s approval or support.
Record To set down in writing; to make an answer.
Relate To show or establish logical or causal connection between.
Respond To say or write something in return; to make an answer.
Restate To state again in a new form.
Review To make a formal or official examination of the state of; to go over or examine
critically or deliberately.
Revise To make a new, amended, improved, or up-to-date version of.
Select To choose from a number or group—usually, by fitness, excellence, or other
distinguishing feature.
Separate To set or keep apart; to make a distinction between; to sort.
Show To set forth in a statement, account, or description; to make evident or clear.
Solve To find a solution for a problem.
State To express in words.
Subdivide To divide the parts into more parts.
Summarize To tell in or reduce to a summary.
Support To provide with verification, corroboration, or substantiation.
Write To put on paper; to record, state, or explain.
Level 3 Book 1.indb 9 8/9/2010 5:51:18 PM
Page 10 ©2010 Kaplan, Inc.
Readings and
Learning Outcome Statements
Readings
The following material is a review of the Ethical and Professional Standards, Behavioral
Finance, and Private Wealth Management principles designed to address the learning
outcome statements set forth by CFA Institute.
st u d y sE s s i o n 1
Reading Assignments
Code of Ethics and Standards of Professional Conduct, CFA Program Curriculum,
Volume 1, Level 3 (CFA Institute, 2011)
1. Code of Ethics and Standards of Professional Conduct page 17
2. Guidance for Standards I–VII page 17
st u d y sE s s i o n 2
Reading Assignments
Ethical and Professional Standards in Practice, CFA Program Curriculum,
Volume 1, Level 3 (CFA Institute, 2011)
3. Ethics in Practice page 86
4. The Consultant page 100
5. Pearl Investment Management (A), (B), and (C) page 103
6. Asset Manager Code of Professional Conduct page 117
st u d y sE s s i o n 3
Reading Assignments
Behavioral Finance, CFA Program Curriculum, Volume 2 (CFA Institute, 2011)
7. Heuristic-Driven Bias: The First Theme page 151
8. Frame Dependence: The Second Theme page 151
9. Inefficient Markets: The Third Theme page 151
10. Portfolios, Pyramids, Emotions, and Biases page 162
11. Investment Decision Making in Defined Contribution Pension Plans page 173
12. Global Equity Strategy: The Folly of Forecasting: Ignore All Economists,
Strategists, and Analysts page 162
13. Alpha Hunters and Beta Grazers page 180
Level 3 Book 1.indb 10 8/9/2010 5:51:18 PM
[...].. .Book 1 – Ethical and Professional Standards, Behavioral Finance, and Private Wealth Management Readings and Learning Outcome Statements Study Session 4 Reading Assignments Private Wealth Management, CFA Program Curriculum, Volume 2 (CFA Institute, 2 011 ) 14 Managing Individual Investor Portfolios 15 Taxes and Private Wealth Management in a Global Context 16 Estate Planning in a Global Context 17 ... Ethics and Standards of Professional Conduct by interpreting the Code and Standards in various situations involving issues of professional integrity (page 22) b recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct (page 22) ©2 010 Kaplan, Inc Level 3 Book 1. indb 11 Page 11 8/9/2 010 5: 51: 18 PM Book 1 – Ethical and Professional Standards,. .. investment objectives and constraints (page 214 ) n compare and contrast traditional deterministic versus Monte Carlo approaches to retirement planning and explain the advantages of a Monte Carlo approach (page 217 ) Page 14 Level 3 Book 1. indb 14 ©2 010 Kaplan, Inc 8/9/2 010 5: 51: 18 PM Book 1 – Ethical and Professional Standards, Behavioral Finance, and Private Wealth Management Readings and Learning Outcome... Theme The candidate should be able to evaluate the impact of heuristic-driven biases (including representativeness, overconfidence, anchoring -and- adjustment, aversion to ambiguity) on investment decision making (page 15 1) Page 12 Level 3 Book 1. indb 12 ©2 010 Kaplan, Inc 8/9/2 010 5: 51: 18 PM Book 1 – Ethical and Professional Standards, Behavioral Finance, and Private Wealth Management Readings and Learning... forecasts have been inaccurate (page 16 7) ©2 010 Kaplan, Inc Level 3 Book 1. indb 13 Page 13 8/9/2 010 5: 51: 18 PM Book 1 – Ethical and Professional Standards, Behavioral Finance, and Private Wealth Management Readings and Learning Outcome Statements The topical coverage corresponds with the following CFA Institute assigned reading: 13 Alpha Hunters and Beta Grazers The candidate should be able to: a contrast... exemption, and deduction) that a country may use to provide relief from double taxation (page 2 91) l describe the impact of increasing international transparency and information exchange on international estate planning (page 295) ©2 010 Kaplan, Inc Level 3 Book 1. indb 15 Page 15 8/9/2 010 5: 51: 18 PM Book 1 – Ethical and Professional Standards, Behavioral Finance, and Private Wealth Management Readings and. .. Recommendations, and Actions VI: Conflicts of Interest VII: Responsibilities as a CFA Institute Member or CFA Candidate 1 Copyright 2 010 , CFA Institute Reproduced and republished from “The Code of Ethics,” from Standards of Practice Handbook, 10 th Ed., 2 010 , with permission from CFA Institute All rights reserved Page 18 Level 3 Book 1. indb 18 ©2 010 Kaplan, Inc 8/9/2 010 5: 51: 18 PM Study Session 1 Cross-Reference... Assigned Readings #1 & 2 – Standards of Practice Handbook LOS 1. c: Summarize the ethical responsibilities required by the Code of Ethics and the Standards of Professional Conduct, including the multiple sub-sections of each standard Standards of Professional Conduct2 I PROFESSIONALISM A Knowledge of the Law Members and Candidates must understand and comply with all applicable laws, rules, and regulations... Inc Level 3 Book 1. indb 21 Page 21 8/9/2 010 5: 51: 18 PM Study Session 1 Cross-Reference to CFA Institute Assigned Readings #1 & 2 – Standards of Practice Handbook Study Session 1 B Priority of Transactions Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner C Referral Fees Members and Candidates must... “members” in the following, note that all of the Standards apply to candidates as well Page 22 Level 3 Book 1. indb 22 ©2 010 Kaplan, Inc 8/9/2 010 5: 51: 19 PM Study Session 1 Cross-Reference to CFA Institute Assigned Readings #1 & 2 – Standards of Practice Handbook Guidance—Code and Standards vs Local Law Members must know the laws and regulations relating to their professional activities in all countries in . (page 15 1)
Level 3 Book 1. indb 12 8/9/2 010 5: 51: 18 PM
©2 010 Kaplan, Inc. Page 13
Book 1 – Ethical and Professional Standards, Behavioral Finance, and Private. (page 16 7)
Level 3 Book 1. indb 13 8/9/2 010 5: 51: 18 PM
Page 14 ©2 010 Kaplan, Inc.
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