VII(B): Reference to CFA Institute, the CFA® Designation, and the CFA® Program

Regarding Kremer's departure from Elara, Kremer has _most likely_ violated Standard IV(A) by:

Incorrect. The interests of a member's or candidate’s employer are secondary to protecting the integrity of capital markets. In situations where an employer is engaged in illegal or unethical activity, certain activities that may otherwise be a violation of the Code and Standards may be justified. Kremer has copied and removed documents from her employer for the sole purpose of providing evidence of wrongdoing (whistleblowing) so as to protect clients and the integrity of the capital markets, and not for personal gain. This is permissible under the Code and Standards.

Incorrect. Kremer is not participating in the activity, and she's already dissociated from it. She has attempted to stop the behavior by bringing it to the attention of her supervisor and the firm’s compliance department. Dissociation may require a member or candidate to leave their employer, but this is only in extreme cases, and the Code and Standards doesn't specify an immediate timeline.

Correct! By updating her LinkedIn profile before her supervisor has had a chance to develop a transition plan and communicate it with Kremer’s clients, she has put her personal interests ahead of her employer’s. With this information available on social media, there's the potential for some of her clients who follow her on social media to find out about her departure before the company would have wanted. By engaging in activities that conflict with her duty to her employer prior to her resignation becoming effective, Kremer has violated Standard IV(A): Loyalty. The copying and removal of documents isn't a violation of Standard IV(A) in this case because it was for the sole purpose of providing evidence of wrongdoing (whistleblowing) so as to protect clients and the integrity of the capital markets, and not for personal gain.

removing documents that belong to her employer without permission.

giving two months’ notice instead of immediately leaving upon discovery of the unethical activity.

updating her LinkedIn profile before her supervisor has had the opportunity to develop and communicate a transition plan.