An investment adviser is working with a customer who is a citizen of Tonga, a country with few securities regulations. The contract between the adviser and the customer states that the law of the neighboring country Namabi applies. Namabi has more strict securities regulations than the CFA Institute Code and Standards.

a.The adviser can choose between the Code and Standards and the Namabi regulations.

bThe Code and Standards apply as they are stricter than the regulations in Tonga.

cThe less strict regulations apply as the customer is a citizen of Tonga.

dThe more strict regulations of Namabi apply.