ADMS 4502 Ethics for Investment Managers Lecture #1 2024

1 ADMS 4502 Ethics for Investment Lecture #1 Managers 2024 W ETHICS ADMS 4502 M CD Ack...

1 ADMS 4502 Ethics for Investment Lecture #1 Managers 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired).  2 Professor: Charles A. Dreezer, CFA Email address: [email protected] Introduction 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Introduction Weekly Agenda Structure Course Objectives Course Outline Introductio Marks Distribution n PLEASE NOTE: This is a participatory class. You are expected to contribute, participate, and discuss in class. You must turn on your camera to get participation grades. 3 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD IMPORTANT This course is constructed and based on 3 key points of learning: NOTICE: TO 1. Students learn, know and understand the Framework of UNDERSTAND Ethical Decision-Making Model as described in the course, the CFA Code of Ethics and the CFA Standards of THE Practice. 2. Students apply the Framework of Ethical Decision-Making TEACHING Model, The Code of Ethics, and The Standards of Practice to selected case studies and news discussions. PROCESS OF 3. Students learn the skills and the disciplines in presenting, THIS COURSE defending and arguing their positions on ethics through class discussion, and debate, by using the Decision- Making Model, the CFA Code of Ethics and the CFA Standards of Practice. To manage all three key points of learning in this course the instructor will intervene or stop some discussions and debates to ensure correct understanding or interpretation of the Principles, Codes, and Standards. In addition, the instructor may limit, intervene, or stop the discussion in order to remain on topic and to allow for the completion of the course material in a timely manner for the benefit of all students. 4 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Format Each class will have three parts: Agenda followed in Discussion of current news related to ethics and compliance… you must come prepared!!!! You are to Part A: participate in class! Part of your mark will depend on each this. lecture Part B: Discussion of assignments, or problems if any. Lecture dealing with the topic outlined in the Course Part C: Outline. The course outline may change depending on the progress of the class. 5 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Rite Aid banned You will need to present from using AI the story, and be able to facial recognition argue both sides of the Examples by FTC. ethical question of News Cyberattack on a major U.S. Items for pipeline that choked the Present the story, discuss why this is an ethical issue Discussion transportation of oil to the eastern U.S. Debris from Rocket that fell Present the story, discuss back to earth on the ethical issue. Sunday. 6 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Importance of making ethical decisions How to make an ethical decision Course Know and understand the CFA’s Code of Ethics and Standards of Professional Objectives Conduct Know the law and the regulatory bodies that govern the investment and financial services industry Know the penalties when unethical decisions are made 7 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Investment Ethics, Sarah Peck, Wiley Standards of Practice Handbook, CFA Institute Interesting Books (not mandatory) The Battle for the Soul of Capitalism; John C. Bogle; Texts Yale University Press Leadership on Trial; Gandz, Crossan, Seijts, Stephanson; Richard Ivey School of Business Psychology of Ethics in the Finance and Investment Industry; Oberlechner; CFA Institute Cheats Charlatans and Chicanery; Andreas Schroeder; McClelland and Stewart. 8 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Lecture #1: Introduction The Role of Ethics 4502 Course in the investment Business, The need for outline ethical decision making. Ethics and Note: Course Regulations. Ethics and Regulations outline may be Lecture #2: CFA Code of Ethics Framework altered during for Ethical decision making. How to present the semester to an ethics case. Use of Terminology. meet class Lecture # 3: Standard 1 Professionalism, Ethical reporting needs or Lecture #4: Standard 2 Integrity of schedule Capital Markets, Ethical use of information Lecture #5: Standard 3 Duties to the client Lecture #6: Midterm Exam 9 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD 4502 Course outline Note: Course outline may be altered during Lecture #7 Duties to Employers the semester to Lecture #8 Conflicts of Interest meet class Lecture #9 Corporate Governance needs or Lecture #10 Ethics & Creating schedule Sustainable Value Lecture #11 The Rise of ESG Lecture # 12 Course Review 10 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Class Participation…………………..10% Midterm………………………………….40% Final Exam …………………………....50% Distribution Total……………………………………..100% of Marks The Midterm Exam and the Final Exam will be Multiple Choice. 11 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Finance Area policy on DSA (Deferred Standing Agreement) It is the policy of the Admin Studies Finance Area that the Area Coordinator will NOT approve a DSA form if you miss both the midterm and final exams. Students in this DSA situation will need to petition for a deferred exam, late withdrawal, or a remedy appropriate to their circumstances. 12  13 Why bother? What is it ? Ethics 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired).  The Trolley. Do you turn the wheel? Why? Case Study 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 14  The Very Fat Man. Do you push the man? Why or why not? Case Study 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 15  The ER Doctor. Do you push the man? Why or why not? Case Study 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 16  The Transplant Doctor. Do you push the man? Why or why not? Case Study 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 17 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Two types of moral reasoning: Consequentialist – locates morality in Ethics the state of the world that will result from what you’ll do. Categorical – locates morality in certain absolute duties and rights. 18 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD principles that govern a person's behavior or the conducting of an activity. the principles of conduct governing an individual or a group. Ethics the belief of how people should act. ethical behaviour is what holds professional organizations, companies, societies together. It makes them work. 19 How many names do you recognize on this list? Grant Graham Bernie Madoff Scott Sullivan Nigel Wright John Walker Denis Kozlowski David Myers Pamela Wallin Samual Wahal Rajat Gupta Mac Harb Andrew Rankin Martha Stewart General Petreus Mike Duffy Conrad Black Kenneth Lay Merryl Lynch Anil Kumar Nick Leeson Jeffery Skilling Arthur Anderson Weizhen Tang David Berry Andrew Fastow Kareem Serageldin Julian Assange Bruno Iksil John Regas Lawrence Bloomberg Bruce Walter Timothy Regas Tony Hayward Dave Duncan Lance Armstrong Martin Winterkorn Jeffrey MacMahan Tom Brady Rob Ford 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 20 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD People who Martin Shkreli CEO of Turing Pharmaceuticals, quickly went from utter obscurity to being the world’s most hated chief executive by buying a company that makes a life- were in the saving pharmaceutical and promptly raising the price from $13.50 to $750 per tablet news in Sepp Blatter ex Head of FIFA banned, for 8 years, from participation in any soccer-related activities, by FIFA’s ethics due to their committee for corruption Anna Antseliovich acting director of Russia’s anti doping unethical agency “conceding that Russian officials carried out one of the biggest conspiracies in sports history: a far-reaching behaviour doping operation that implicated scores of Russian athletes, tainting not just the 2014 Winter Olympics in Sochi but also the entire Olympic movement” Hans Dieter Poetsch CFO for VW when emission scandal was discovered also CEO was VW CEO Martin Winterkorn and VW brand chief Herbert Diess named as suspects Les Moonves, chairman and chief executive of CBS Corp Many many others!!! 21 Name Company Found Guilty of: Penalty Grant Graham Qwest (Tel services) Securities fraud/ inflated Fine and Jail corp. revenues John Walker Qwest Securities fraud Fine and Jail Rajat Gupta Goldman Sachs Leaked corporate Jail secrets ( insider trading) Samual Wahal Imclone Securities fraud/ perjury Fine and Jail Pharmaceuticals Martha Stewart Martha Stewart Living Sold 4,000 shares of Fine and Jail Imclone day before FDA announcement 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 22 Kenneth Lay Enron (energy) Securities fraud Fine and Jail Jeffrey Skilling Enron Securities fraud Fine and jail Andrew Fastow Enron Securities fraud Fine and jail Jeffrey McMahon Enron Securities fraud Fine and jail Dave Duncan Arthur Anderson Destruction of evidence Jail (accounting) Conrad Black Hollinger Int’l Misappropriation of Fine and Jail funds; Destruction of evidence John Regas Adelphia Defrauding investors Fine and Jail (TV Cable provider) Denis Kozlowski TYCO International Securities Fraud, Fine and Jail misappropriation of funds, 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 23 Ernie Ebers WorldCom Hid 3.8 mill. Expenses Fine and Jail (long distance tel serv Fraud Anvil Kumar McKinley $ Co. Insider information, leaked Jail ( director) for profit Bernie Bernard L. Madoff Ponzi Scheme Fine and Jail Madoff Securities Weizhen Weizhen Tang Alleged Ponzi Scheme ????? Tang Corp Scott WorldCom Securities fraud Sullivan Andrew RBC Dominion Passing investment Fine /Appeal Rankin Securities information to friend (insider trading) Merryl Brokerage Firm Misleading advice to Fine Lynch Corp investors Arthur Accounting Destroyed documentation Company Fined Anderson for Enron 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 24  25 people behave the What made these way they did? 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). Questions for discussion? Did any of these people behave inappropriately? Did they act illegally? Did they behave unethically? Did they behave immorally? Note: When discussing Ethics you must be quite specific: Inappropriate not the same as unethical Unethical not the same as Illegal Unethical not the same as immoral 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 26 Questions for discussion? Did others suffer as a result of their actions? Was their action deliberate or did it just happen? Could their behavior be avoided? Did anyone learn anything as a result? Does society need to protect itself against actions that hurt others? What does society do to protect itself against people who behave unethically? ETHICS IS THE KEY UPON WHICH SOCIETY FUNCTIONS. IF WE DO NOT HAVE ETHICAL BEHAVIOUR IN SOCIETY, SOCIETY FAILS. WHERE THERE IS UNETHICAL BEHAVIOUR, SOMEONE ALWAYS GETS HURT. 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 27 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Inappropriate behaviour: Behaviour that is not in keeping with the occasion, the time, or the place (not necessarily unethical, not illegal). Illegal behaviour: Behaviour or acts that contravene the laws of the jurisdiction in which the person acts (may or may not be unethical). Some Immoral behaviour: Behaviour that contravenes someone’s or some groups definitions established and accepted practices or rules (not necessarily unethical and not necessarily illegal) Unethical behaviour: Behaviour that does not conform to acceptable standards of behaviour in society or in a profession (not necessarily illegal). 28 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Financial Crisis of 2007 The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It – 2008 also concluded that…"the crisis was avoidable and was caused by: widespread failures in financial known as the regulation, including the Federal Reserve’s failure subprime to stem the tide of toxic mortgages; dramatic breakdowns in corporate governance including mortgage too many financial firms acting recklessly and taking on too much risk; an explosive mix of crisis excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; key policy makers that were ill prepared for the crisis, lacking a full understanding of the financial system oversaw; systemic breaches in accountability and ethics at all levels". 29 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD People choose to behave in a way that is either good or bad, right or wrong, ethical or unethical, legal or illegal. Behaviour Behaviour is chosen. It is deliberate. Unethical behaviour has victims and Choice 30  31 What is Ethical Behaviour? 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Definition: Ethics are moral principles that govern a person's behavior or their conduct Making a choice between right and wrong Ethics is about making a decision to act on the choice made Ethics is not necessarily about acting legally or illegally There can be unethical behaviour that is perfectly legal, it does not break any laws What is right and what is wrong is not always Ethics clear Right and wrong may be defined differently by different people depending on upbringing, cultures, religious beliefs, domestic values, social behaviours Some ethical behaviour is considered to be universal, Some is cultural based. Some is professional based In order to protect themselves, societies have passed laws, organizations and professions have passed rules, regulations on behaviour and have assessed penalties 32 Business Ethics Business ethics is the Business ethics are usually implementation and coded in polices, rules, control of appropriate and regulations and cover business policies and things such as, insider practices with regard to a trading, bribery, company's governance, discrimination, social and the bahaviour of its responsibility, and senior officers and fiduciary responsibilities. employees. 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 33 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Why is ethical behaviour important Ethics is the “glue” that holds our society together Ethical behaviour impacts society Family leads to Divorce Corporations leads to loss of moral, high turnover, poor financial results, loss of investors, loss of credibility Teaching institutions leads to poor reputation, loss of students, loss of credibility, loss of teaching or research staff Financial Institutions leads to loss of clients, loss of shareholder’s capital, loss of staff, poor performance results, ultimate demise of company Government leads to loss of votes, loss of financial support, loss of credibility with other countries, loss of national or international support, currency value loss, war World Institutions leads to destabilization of monetary standards, financial or political order in the world, possible war 34 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Examples of unethical behaviour in society: Cheating on exams Taking performance enhancing drugs in sports Corruption in government Using government funds for personal use Unethical by government officials Misappropriating personal expenses Behaviour Misleading accounting Misleading Marketing Using confidential information for personal gain Disclosing confidential information Fake news stories Invading other countries 35  Ethical Our society depends on people behaving ethically e.g. telling the truth, not accepting bribes, not being influenced by third parties Behaviour Our entire financial system is based and the on TRUSTING the other person to do Financial the right thing. System Because the basis for ethical decision making may differ from one person to another we have rules, regulations, laws, regulators, courts and judges. Each person has the power to make a right and a wrong decision. Every client or person has the right to demand ethical behaviour from a service provider, a politician, a corporate president, a manager etc. 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 36 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Ethical Behaviour Ethical behaviour can be Ethical behaviour begins If your behaviour is described as “doing the with YOU unethical who will be right thing” effected You and your reputation Your family The client Your career The community The company The industry The profession Other employees 37 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD When you act unethically… THERE IS ALWAYS A YOUR ACTION IS A THE UNETHICAL ACT YOU WILL PAY FOR YOUR WHEN YOU ACT VICTIM. SOMEONE RESULT OF A COULD HAVE BEEN ACTION UNETHICALLY YOU ARE SUFFERS AS A RESULT PREMEDITATED AND AVOIDED BEHOLDEN TO SOMEONE OF YOUR ACTION. DELIBERATE CHOICE ELSE, YOU NEED SOMEONE ELSE TO COVER FOR YOU 38 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Other ways Unethical behaviour can be described as the opposite of behaviour that is “the right thing to of looking do” at Key indicators of Unethical behaviour… when an act or a decision: unethical a) Results in harm to someone or something b) Is done with the purpose of benefitting behaviour oneself at the risk of loss to someone else c) Knowingly hides or conceals information or evidence pertinent to the decision d) Places your own interest above that of a person you are intended to serve 39 Can behaviour be regulated to be ethical? 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 40 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Regulation In Canada, there are thousands of people of Ethical employed regulating the financial services industry. Behaviour There are over 24 different government in Financial organizations regulating the financial services industry. Services There are hundreds of self-regulating bodies. The CFA Institute is a self-regulating body. Does this mean that we are protected from unethical bahaviour? 41 Federal Regulators 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 42 Provincial Regulators 2024 W ETHICS ADMS 4502 M CD Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 43 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Federal Regulator: Office of the OSFI’s Mandate: “to contribute to public Superintende confidence in the Canadian financial system.” nt of The sole regulator of banks and the primary Financial regulator of insurance companies, trust companies, loan companies and pension plans Institutions in Canada. (OSFI) Protect depositers, policyholders, financial institution creditors and pension plan members while allowing financial institutions to compete and take reasonable risks. 44 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Federal Regulator: OSFI Regulates and provides guidelines for… Office of the Insurance Companies (Life & P&C), Trust & Superintende Loan Companies authorized by the nt of Insurance Companies Act (ICA), all banks in Canada and pension plans to oversee Financial legislative compliance including: Institutions Solvency, Dividend policy requirements, capital results etc. (OSFI) Legislative Compliance System (LCS) Corporate Governance, Board of Directors, Audit Committee, Conduct Review Committee 45 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD OSFI’s Mandate Supervise federally Advise institutions of Advance and administer Monitor and evaluate Contributes to public regulated financial material deficiencies and regulatory framework industry issues that may confidence in the institutions for financial require management and that promotes policies impact institutions financial system soundness and boards take corrective and procedures designed negatively compliance with laws measures to manage risk and requirements 46 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Brings provincial and territorial Canadian securities regulators together to share Securities ideas and work at designing policies and regulations that are consistent and Administrator harmonized across the country Helps avoid duplication of work and s (CSA) streamlines the regulatory process for companies seeking to raise investment capital Regulates all Market Registrants and participants 47 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD CSA’s Composition Securities regulators from each province The CSA Regulates (10) and territory (3) dealers, portfolio have joined forces to managers and fund create the Canadian companies Securities Administrators (CSA) 48 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD CSA’s Mission Provides a regulatory system that protects investors Fosters fair, efficient and vibrant capital markets, from unfair, improper or fraudulent practices through developing the Canadian Securities Regulatory System (CSRS), a national system of harmonized securities regulation, policy and practice 49 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD CSA’s Objectives… Protecting investors from fraudulent, Ensure investors have fair access to Reducing systemic risk of failure of manipulative or misleading practices markets through regulation that can market intermediaries and reducing the detect, deter and penalize market impact on investors manipulation and unfair trading practices 50 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Responsible either directly or through SROs Self Regulatory Organizations: Registration of all securities dealers, advisors and intermediaries Provincial Compliance supervision and review of fund Securities managers, dealers, advisors and branch Regulators managers for market conduct and sales practices Enforcement actions against market participants for non-compliance Investor complaint resolution 51 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Mandate Provincial Securities Commissions Protect investors from unfair, Foster fair and efficient capital improper or fraudulent markets and confidence in practices their integrity by providing fair, vigorous and timely enforcement taking actions that reflect the needs of the retail investor promoting a harmonized/simplified securities regulatory system contributing to Canada’s role as an active player in the global capital market 52 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Functions of a Securities Commission INTERMEDIARY AND FINANCIAL MARKET REGULATION INVESTOR ADVISOR REPORTING FOR AND ENFORCEMENT EDUCATION REGISTRATION PUBLIC COMPANIES 53 Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD CFA Institute and the CFA Institute enforces ethical Regulation of conduct in its members through the Professional Conduct Program Ethical Every CFA member and candidate must sign annually and always Behaviour abide by the Code of Ethics and Standards of Professional Conduct (CFA Institute 2005 ) 54  Useful CFA Code of Ethics Websit http://www.cfainstitute.org/ethics/codes/Pag es/index.aspx es Canadian Securities Administrators and Provincial Regulatory Authorities Canadian and Provincial Insurance Regulators 55 Self-Regulatory Organizations International Securities Regulatory Authorities, Associations Industry Associations and Forums Acknowledgement: This course was built and developed by Prof. Jury Kopach Federal Government Regulatory Authorities Ombudsman for Banking Services and 2024 W ETHICS ADMS 4502 M CD Investments https://www.obsi.ca/en/index.aspx (retired). Acknowledgement: This course was built and developed by Prof. Jury Kopach (retired). 2024 W ETHICS ADMS 4502 M CD Please see readings listed in course outline Read the news - keeping an eye out for stories containing ethical issues Read about Ombudsman for Banking Services and Investments (OBSI) – come prepared to discuss what OBSI does and how they do it.