Final answer:
The correct statement regarding unethical actions in the financial industry is that 'all unethical actions are breaches of the standard of conduct'. This points to the broader understanding that ethical guidelines dictate behavior in professional settings, though not all unethical acts are regulated or punishable. option d.
Step-by-step explanation:
The question pertains to unethical actions in the context of the financial industry and their relationship with regulations and conduct codes. Answering this question requires an understanding of ethical practices within the financial sector, specifically in regard to the conduct expected by regulatory bodies such as the Mutual Fund Dealers Association of Canada (MFDA).
The correct statement is: d) all unethical actions are breaches of the standard of conduct. This is because the standards of conduct are sets of guidelines that define ethical behavior within a profession. Unethical actions by definition go against these standards, even if they are not necessarily illegal or subject to regulation. Not all unethical actions are regulatory breaches because some unethical behaviors may not be explicitly covered under current regulations. Similarly, not all unethical actions are punishable, especially if they do not violate any specific laws or regulations. Lastly, there is no requirement that all unethical actions be reported to the MFDA; some may fall outside the scope of what the MFDA oversees.