What laws,rules, and regulations should be known by members and candidates?

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 agencies governing their professional activities.

In the event of conflict, must comply with the more strict law, rule, or regulation. （总是遵循更严格的法律法规）

Must not knowingly participate or assist in any violation of such laws, rules, or regulation. （不能明知故犯）

Must dissociate from any violation of such laws, rules, or regulations. （从违法违规行为中脱离出来）

Not expert on all laws that could govern his activities，not expert on compliance, however，must comply with law directly governing. （不要求成为所有法律的专家，必须遵守直接相关的法律）

Always adhere to the most strict rules and requirements ( law or CFA institute Standards) that apply. Do not violate Code or Standards even if the activity is otherwise legal under local laws. （Law VS Code）

Comply with the last applicable law if transferable applicability. （Work place law VS Live place law，法律有传递性）

Know=> report through supervisor or compliance department=> may consider confronting wrongdoers=> （if unsuccessful） => dissociate and document=> quit（即使生活窘迫，在情况严重时也必须退出）

Suspect=> Consult=> but can’t be absolved from requirements to compliance（怀疑时要咨询，但咨询不能免责）

There is no requirement under Standards to report violations to governmental authorities, but this may be advisable in some circumstances and required by law in others. （没有要求一定要将违法行为报告政府）

Inaction combined with continuing association with those involved in illegal or unethical conduct may be construed as participation or assistance in the illegal or unethical conduct. （在违法行为中不作为，也会被认为是参与违法行为）

Members and candidates involved in creating or maintaining investment services, investment products, packages of securities and derivatives should be mindful of where these products or packages will be sold as well as their places of origination. （了解产品的来源地与销售地法律）

Should make reasonable efforts to review whether associated firms that are distributing products or services also abide by the laws and regulations. （确保关联公司遵守相关法律法规）

The formality and complexity of compliance procedures for firms depend on the nature and size of the organization and the nature of its investment operations. （程序的复杂程度取决于公司性质和规模，但必须要有）