In a mutual fund sales representative's interaction with clients, what term best describes a set of moral principles that incorporate both the letter of the law and the spirit of the law?
Ethics in the securities industry are defined as moral principles that go beyond simple compliance with the law, incorporating both the letter and the spirit of the law .
Compliance = following rules only.
Fiduciary duty = acting in the best interest of clients.
Professional responsibility = broader conduct obligations.
The correct term here is Ethical conduct.
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