Question
Why does the REFLECT step matter after an ethical decision is made?
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Answer
It reinforces learning and ethical culture over time.
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Question
Why is trust called the currency of the investment profession?
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Answer
Clients and markets function only when professionals are trusted.
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Question
Why is the I.C.A.R. framework described as cyclical rather than linear?
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Answer
New facts can require revisiting earlier steps.
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Question
If an action is legal but violates the CFA Code and Standards, has a member violated ethics standards?
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Answer
Yes — legality does not excuse an ethics violation.
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