Asset Manager Code (AMC) Guidance

Osborne’s remark about taking actions in regard to an IPS _most likely_ violates the CFA Institute Standards of Professional Conduct in regard to:

Incorrect. It would be a potential violation to pursue an objective that is inconsistent with an IPS. Also, the ultimate plan beneficiaries are indicated as the ones to whom a duty of care is owed.

Incorrect. Using risk-mitigation strategies with derivatives would be an appropriate objective for an institutional client.

Correct. IPS objectives are designed to stand up over longer periods of time and are not discretionary. The direction provided in the IPS should not be ignored or overridden. Any discussion or appetite for risk should be discussed and documented in the risk tolerance section of the IPS.

duty of care.

suitability of investments.

nothing; his comment does not violate the Standards.