GISI Foundation Practice Questions - GISI Securities Course Foundation Level Exam

Law dictates what is legal, whereas ethics outlines what is morally right and professional, often setting a higher standard than the minimum required by law. Law and ethics are identical, meaning that any action that is legal is also ethical. Ethics is enforced by the courts with criminal penalties, whereas law is only monitored by SROs. Ethics only applies to retail clients, whereas securities laws apply exclusively to institutional players.