Judge whether given practices, policies and conduct measure up to CFA Institute's Code and Standards

Level III ethics vignettes usually centre on a firm and its written policies rather than a single analyst, so evaluation has two layers. First, test each policy against what the Standards require: an allocation policy that fills the portfolio manager's own account first, soft-dollar spending on services that help only the firm, or a compliance manual nobody is trained on, all fall short. Second, test each person's conduct, since members answer for their own acts even when following policy. For each act, name the actor, the duty owed and the subsection engaged, then decide whether the conduct is required, recommended or prohibited. A policy stricter than the Standards is fine; a looser one never excuses the member who follows it.