Explain what the Code and Standards expect of members ethically, covering every standard and its subsections

The Code of Ethics sets broad principles, and the Standards turn them into seven groups of enforceable duties. Professionalism covers law, independence, misrepresentation, misconduct and competence, and Integrity of Capital Markets covers inside information and manipulation. Duties to Clients cover loyalty, fair dealing, suitability, performance presentation and confidentiality, and Duties to Employers cover loyalty, additional compensation and supervision. Investment Analysis covers reasonable basis, communication and records, Conflicts of Interest covers avoiding or disclosing conflicts, priority of transactions and referral fees, and the seventh group is Responsibilities as a Member or Candidate. The revision that took effect on 1 January 2024 added Competence as I(E), added a duty under V(B) to disclose the nature and cost of services, and reworded VI(A) so that conflicts must be avoided or given full and fair disclosure. The skill tested is mapping an act to the subsection it engages; one act can breach several.