A regulator introduces new regulations requiring extensive changes in the way asset managers do business. A small firm that is no longer profitable as a result of higher operational costs decides to ignore the new regulations, with the exception of requiring participation in continuing education. Management justifies this move because it has not received a client complaint in 20 years. Which of the CFA Institute Code of Ethics principles is being violated by the firm?
1) Promotion of integrity
2) Use independent judgment
3) Improving professional competence
