在看CFA Standards of Practice Handbook 10th Edition，在27页的exhibit 1中讲到 Applicable Law ：Member resides in LS country, does business in NS country; LS law applies.duty：Member must adhere to theCode and Standards. Explanation ： Because applicable law is less strict than the Code and Standards, member must adhere to the Code and Standards.
是不是可以这么理解？ 成员居住的国家对证券法的要求严格程度低于cfa的道德准则，成员从事业务的国家对证券法无要求，但是成员要遵守其居住国的法律规定，而其居住国的法律规定低于cfa的道德准则要求，所以成员要遵守cfa的准则。其实我的不解在于，为什么bussiness in ns 了为什么还要ls law applies ？
其中NS: country with no securities laws or regulations。LS: country with less strict securities laws and regulations than the Code and Standards MS: country with more strict securities laws and regulations than the Code and Standards