Which of the following is a correct statement regarding Standard I(A) Knowledge of the Law? In the absence of specific applicable legal or regulatory requirements, the CFA Institute's Code of Ethics and Standards of Professional Conduct govern Member's or Candidate's actions. A Member or Candidate is only required to abide by the CFA Institute's Code of Ethics and Standards of Professional Conduct even though applicable legal or regulatory requirements imposes a higher degree of responsibility. A Member or Candidate is only required to abide by specific applicable legal or regulatory requirements even though the CFA Institute's Code of Ethics and Standards of Professional Conduct imposes a higher degree of responsibility