Tony Roberts, CFA, is part of a team that manages equities accounts. He believes that a teammate, who is not a CFA Institute member or candidate, takes actions that, while not illegal under local law, violate CFA Institute Standards of Professional Conduct. According to the CFA Institute Standards of Professional Conduct, Roberts:

If Roberts suspects someone is engaging in activities that are illegal or violate the Code and Standards, Standard 1(A) Knowledge of the Law requires him to dissociate from the activities if he cannot remedy the situation. In this situation, the teammate is acting within the applicable laws but is violating CFA Institute Standards of Professional Conduct. When the Code and Standards are stricter than applicable law, the Code and Standards apply to members and candidates. However, Roberts is not required by the Code and Standards to report violations of laws or the Code and Standards to CFA Institute or to governmental regulators, although it may be prudent or even required by law that he do so.