The second step of the structured methodology consists of gathering all relevant information, including objective facts, stakeholders concerned, the applicable regulatory context, history and similar precedents. This step is crucial for a complete and informed analysis of the dilemma.

The fourth step of the structured methodology involves analysing four contexts simultaneously: legal (which laws and regulations apply?), professional (what is the appropriate professional practice?), organisational (what is the company's policy?), and personal (what is the situation of the individuals involved?). This analysis provides a comprehensive understanding of the dilemma.

The absolute priority in the hierarchy of obligations is compliance with the law. This means that all other considerations must yield to compliance with applicable laws and regulations. For example, professional secrecy must yield to the obligation to report market abuse if required by law.

This statement is false. According to the hierarchy of obligations, the obligation to report market abuse prevails over professional secrecy. This means that if a professional becomes aware of market abuse, they must report it, even if this involves breaching professional secrecy.

According to the hierarchy of obligations, compliance with the law always prevails. In a financial conflict of interest, this means that the obligation to act in the best interests of the client must take precedence over financial incentives, such as retrocessions or commercial objectives. This prioritisation is essential for maintaining integrity and client trust.

An ethical dilemma is a situation where two important values or two regulatory obligations appear to conflict, making the decision difficult. Unlike a simple ethical problem, which has a clear solution, an ethical dilemma involves a complex trade-off between legitimate considerations.

Legal obligations include laws and regulations that must be complied with. Organisational values include the principles and standards upheld by the company. For example, compliance with the law is a legal obligation, while integrity is an organisational value.

This statement is false. A simple ethical problem is characterised by an immediate risk with a clear solution. Unlike an ethical dilemma, it does not require a complex trade-off between legitimate considerations.