Financial Risk Manager Part 1
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A GARP member working in a certain country establishes that the GARP Code of Conduct, the country's laws, and the local law applicable within the region where she conducts business all specify different requirements. The member must abide by:
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A
The GARP Code of Conduct.
B
The highest standard of local law, her country's laws, or the GARP Code of Conduct.
C
The GARP Code of Conduct or the local law, whichever is higher.
D
The country's law.
Explanation:
Explanation
According to GARP's Code of Conduct and professional ethics standards, when a member faces conflicting requirements from:
- GARP Code of Conduct
- Country's laws
- Local/regional laws
The member must abide by the highest standard among all applicable requirements. This ensures that the member maintains the highest level of professional conduct and compliance, regardless of which source imposes the most stringent requirements.
Key Points:
- Professional standards require adherence to the most stringent applicable requirement
- This approach protects both the professional and the public interest
- It ensures compliance with all legal and ethical obligations
- Option B correctly captures this principle by requiring adherence to the highest standard among all three sources
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