章节2经济学讲义从p开始

1、CFA二级培训项目Ethics & Professional standards单金程教育资深培训师Topic Weightings in CFA Level II2-233Session NO.ContentWeightingsStudy Session 1-2Ethics & Professional Standards10-15Study Session 3Qutative Methods5-10Study Session 4Economic Analysis5-10Study Session 5-7Final Statement Analysis15-20Study S

2、ession 8-9Corporate Finance5-15Study Session 10-12Equity Analysis15-25Study Session 13Alternative Investments5-10Study Session 14-15Fixed Income Analysis10-20Study Session 16-17Derivative Investments5-15Study Session 18Portfolio Management and Wealth Planning5-10Total:100Framework of EthicsØ

3、16; Research Objectivity StandardsØ Case studyl Case 1: The Glenarm Companyl Case 2: Preston Partnersl Case 3: Super Selectionl Trade Allocation: Fair Dealing And Disclosurel Case 4: Changing Investment Objectives3-233Code of Ethics and Standards of PracticeProceedingsØPrimary Principles:l

4、 fairness of the process to members and candidateslity of the proceedings.ØCFA Institute Disciplinary Review Committee (DRC) of thhasresponsibility for the Professional Conduct Program (PCP) and enforcement ofthe Code and Standards.lSelf-disclosure on annual Professional Conduct Statements of i

5、nvolvementin civil litigation or a criminal investigation, or that the member or candidate is the subject of a written complaint.Written complaints about professional conduct received by the Professional Conduct staff.Evidence of misconduct by a member or candidate that the Professional Conduct staf

6、f received through public sources, such as a media article or broadcast.A report by a CFA exam proctor of a possible violation during the examination.lll4-233ProceedingsØOnce an inquiry is initiated, Professional Conduct staff requests (in writing) anexplanation from the subject member or candi

7、date:lllinterview the subject member or candidateinterview the complainant or other third partiescollect documents and records relevant to the investigationØThe Designated Officer may decide:l that no disciplinary sanctions are appropriatel to issue a cautionary letterl to discipline the member

8、 or candidate Sanctions imposed may include private censure, public censure, timed suspension, time revocation, suspension, revocation (increasing).The hearing panel reviews materials and presentations from the Designated Officer and from the member or candidate. The hearing panels task is to determ

9、ineØØwhether a violation of the Code and Standards occurredand, if so, what sanction should be imposed.5-233Referred to a panel for a hearing and CFA Institute member volunteers affiliated with the DRCRejectAcceptMember or CandidateProposes a disciplinary sanctionDesignated Officer finds a

10、 violationThe hearing panelØIf the member or candidate does not accept the proposed sanction, the matteris referred to a hearing panel composed of DRC (Discipline Review Committee) members and CFA Institute member volunteers affiliated with the DRC.The hearing panel reviews materials and presen

11、tations from the Designated Officer and from the member or candidate.The hearing panels task is to determine whether a violation of the Code andStandards occurred and, if so, what sanction should be imposed.ØØ6-233Comparisons of AMC and Code and StandardsØAMCl The Asset Manager Code o

12、f Professional Conduct (AMC), which is designed, in part, to help asset managers comply with the regulations mandating codes of ethics for investment advisers.l AMC was drafted specifically for firms. Code and Standardsl Aimed at individual investment professionals who are members of CFA Institute o

13、r candidates in the CFA Program.Ø7-233Ethics & Professional StandardsMembers of CFA Institute (“Members and Candidates”) must: Act with integrity, competence, diligence, respect, and in an ethicalmanner with the public,s, prospectives, employers, employees,colleagues in the investment profe

14、ssion, and other participants in the global capital markets. Place the integrity of the investment profession and the interests ofs above their own al interests. Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations,

15、 taking investment actions, and engaging in other professional activities. Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession. Promote the integrity and viability of the global capital markets for the ultimate bene

16、fit of society. Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.8-233Guidance for Standards I-VIIKnowledge of the law;Independence and objectivity; Misrepresentation; MisconductProfessionalismMaterial nonpublic in

17、formation; Market manipulationIntegrity of capital marketsLoyalty, prudence and care; Fair dealing;Suitability;Performance presentationDuty Tos Preservation of ityStandardsLoyalty;Additional compensation arrangements; Responsibility of supervisorsDuty To employersDiligence and reasonable basis;Inves

18、tmentCommunication with Record retentions;Disclosure of Priority of tran Referral feess; ion;s of interestCondumembers and candidates;Responsibility as membersReference to CFA institute, designation9-233Standard I(A): ContentØContentMembers and Candidates must understand and comply with all app

19、licablelaws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing theirprofessional activities.1.In the event ofregulation., must comply with the m

20、ore strict law, rule, or2.Must not knowingly participate or assist in any violation of such laws, rules,or regulation.3.Must dissociate from any violation of such laws, rules, or regulations.4.10-233Standard I (A): Guidance-Code and Standards vs. local lawØGuidance - Code and Standards vs. loca

21、l law5. Must know and should know the laws and regulations related to their professional activities in all countries in which they conduct business.ivities，not expert6.Not expert on all laws that could govern hion compliance, however，must comply with law directly governing.（不需要成为法律，只需了解和工作相关的法规即可）7.

22、 Always adhere to the most strict rules and requirements ( law orCFA institute Standards) that apply. Do not violate Code or Standards even if the activity is otherwise legal under local laws.8. Comply with the last applicable law if transferable applicability总是遵循要求更严格的法律Tips：这里的更严格，是applicable laws

23、与 CFA Standards相比11-233Standard I (A): Guidance - Participation or association with violations by othersØGuidance - Participation or association with violations by others9.Know à report through supervisor or compliance department à may consider confronting wrongdoersà（if unsucces

24、sful） à dissociate and document à quit （如果有充足证据认为正牵涉在某违法现象之中，应该，即使辞职也在所不惜。）à Consultà but cant be absolved from requirements tocompliance10.确定深陷违法行为后的策略Step 1: 让上司了解该情况的几种表现形式：移除的名字，请求更换一个Step 2:任务，拒绝对当前客户提供服务12-233Standard I (A): Guidance - Participation or association with viol

25、ations by others11.There is no requirement under Standards to report violations togovernmental authorities, but this may be advisable in somecircumstances and required by law in others.（没有要求一定要将汇报，但是鼓励向违法的行为向揭发）汇报，也没有规定一定要向12.Inaction combined with continuing association with those involved inillega

26、l or unethical conduct may be construed as participation orassistance in the illegal or unethical conduct.（等同于继续违法）13-233Standard I(A): Guidance - Investment Products and Applicable LawsØGuidance - Investment Products and Applicable LawsMembers and candidates involved in creating or maintaining

27、 investmentservices, investment products, packages of securities and derivatives should be mindful of where these products or packages will be sold as well as their places of origination. (the place of sales and origination)The applicable laws and regulations of the countries or regions of originati

28、on and expected sale should be understood by those responsible for the supervision of the services or creation and maintenance of the products or packages.Should make reasonable efforts to review whether associated firms that are distributing products or services also abide by the laws and regulatio

29、ns.13.14.15.Should undertake necessary due diligence when traning cross-border16.business to understand the multiple applicable laws and regulations, in orderto protect the reputation of the firm and themselves.Seek appropriate guidance from the firms compliance or legal departments and legal counse

30、l outside the organization when uncertain about which laws or regulations in conducting business in multiple jurisdictions.17.14-233Standard I (A) : Procedures- For members and candidatesØRecommended procedures - For members and candidatesStay informed: Should establish or encourage employers t

31、o establish aprocedure by which employees are regularly informed about changes in laws, rules and regulations. In many instances, the employers compliance department or legal counsel can provide such information in the form of memorandums distributed to employees in the organization. Participation i

32、n an internal or external continuing education program is a practical method of staying current. （鼓励公司更新相关法律的变化，并做成小册子发给员工，使员工随时了解当地法律。也鼓励组织内部或外部培训。）Review procedures: Should review, or encourage their employers to review, the firms written compliance procedures on a regular basis to ensure that the

33、 procedures reflect current law and provide adequate guidance to employees about what is permissible conduct under the law or the Code and Standards. （鼓励上司审核下属提交的文件）18.19.15-233Standard I(A): Case 1-2ØCase 1. (Notification of Known Violations) Allen found overstatement ofearnings in files prepa

34、red for regulators, he seeks advice of firms general counsel, who says it would be difficult for regulator to blame Allen for any wrongdoing involved.l Comment: As the counsel does not give clear justification for the legitimacy of the situation, Allen must report to his supervisor and seek independ

35、ent legal advice and determine whether the regulator should be notified of the error. Cannot be absolved from requirements to comply with law/regulation in spite of having sought advice of legal counsel.Case 2. (Following the Highest Requirements) Jameson is a CFA charterholder based in the US and a

36、lso works as a registered investment advisor in an island nation that prohibits participation in IPOs, he believes the Code and Standards apply and ignores the strict prohibition on IPOs in the island.l Comment: Jameson must follow the stricter requirements of the local law. By ignoring it, he is in

37、 violation of Standard I (A).Ø16-233Standard I(A): Case 3ØCase 3. (Failure to Maintain Knowledge of the Law, New) White uses newtechnology to communicate withs and potentials. She recently page and sends out. Prior tobegan posting investment information to her brief announcements, opinions

38、, and thoughts via her Whites use of these social media platforms, the local regulator had issued newrequirements and guidance governing online electronic communication. with the recent regulatoryWhites communications appear toannouncements.lComment: White is in violation of Standard I(A) because he

39、rcommunications do not comply with the new guidance and regulation governing use of social media. White must be aware of the evolving legalrequirements pertaining to new and dynamic areas of the final servicesindustry that are applicable to her. She should seek guidance fromappropriate, knowledgeabl

40、e, and reliable sources, such as her firms compliance function, service providers, or outside counsel, if she does notally follow legal and regulatory trends affecting her professional responsibilities.17-233Guidance for Standards I-VIIKnowledge of the law;Independence and objectivity;Professionalis

41、mMisrepresentation; MisconductMaterial nonpublic information; Market manipulationIntegrity of capital marketsLoyalty, prudence and care; Fair dealing;Suitability;Performance presentationDuty Tos Preservation of ityStandardsLoyalty;Additional compensation arrangements; Responsibility of supervisorsDu

42、ty To employersDiligence and reasonable basis;InvestmentCommunication with Record retentions;Disclosure of Priority of tran Referral feess; ion;s of interestCondumembers and candidates;Responsibility as membersReference to CFA institute, designation18-233Standard I(B): ContentØContent:1. Member

43、s and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities.2. Must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or anothers i

44、ndependence and objectivity.19-233Standard I(B): GuidanceØGuidance3.Mainly concerning how to deal with internal and external s.4.Reject gift that could be expected to compromise their own or anothersindependence and objectivity. (Best Practice)üOrdinarily, modest and normal gift is OK only

45、 if its purpose is not toinfluence independence.Benefits may include gifts, invitations to lavish functions, tickets, favors, job referrals, and so on.ü5.Gift from corporate: should evaluate both the actual effect on hisindependence and objectivity and in the eyes of s.20-233 涉及到收的案例，先从事的职业（分析师

46、或基）； 再送的目的； 再是事前还是事后奖励，最后看的价值大小Standard I(B): GuidanceØGuidanceGift from s: Receiving a gift, benefit, or consideration from acan be6.distinguished from gifts given by entities seeking to influence independence to thed, if not à violate I(B).detriment of others.s gift should be disüWh

47、en possible, prior to accepting “bonuses” or gifts froms, membersand candidates should diss.to their employers such benefits offered byu If notification is not possible prior to acceptance, members andcandidate must disto their employers benefits previously acceptedfroms.Disclosure allows the employ

48、er of a member or candidate to make anindependent determination about the extent to which the gift may affect the members or candidates independence and objectivity.ü21-233客户作为奖励的可以收（但要向上司披露）若对客户作为奖励的收取了，但没有披露，同时I(B)与IV(B)，若披露了，上司不收，还是收下了，则IV(B)Standard I(B): Guidance -Buy-Sides and portfolio m

49、anagersØGuidance -Buy-Sides7.Buy-Sides may try to pressure sell-side analysts.üInstitutionals are the primary users of sell-side research, eitherdirectly or with soft dollar brokerage.Rating downgrade: some portfolio managers may support sell-side ratings inflation à affect the portfo

50、lios performance and managers compensation.Portfolio performance is subject to media and public scrutiny, affect the managers professional reputation.üü8.For portfolio managers:üüIt is improper to threaten or engage in retaliatory practices.Although most portfolio managers do not

51、 engage in such practices, the perception by the research analyst that a reprisal is possible may cause concern and make it difficult to maintain independence.对买方投资者施加的，分析师不得屈从。22-233Standard I(B): Guidance -Fund manager relationshipsØGuidance -Fund manager relationships and Custodial Relations

52、hips9. Members and candidates responsible for hiring and retaining outside managers and third-party custodians should not accept gifts, entertainment, or travel funding that may be perceived as impairing their decisions.10. Primary and secondary fund managers and third-party custodians often arrange

53、 educational and marketing events to inform others about their business strategies or investment process.ü Must review the merits of each offer individually in determining whether they may attend yet maintain independence.在寻找外部基时，要保持客观性。23-233Standard I(B): Guidance -Investment banking relation

54、shipsØGuidance -Investment banking relationships11.Firewall between research and investment banking should be built to minimize s of interest.ü Separate reporting structures fornel on the research side andnel on the investment banking side.ü Compensation arrangement that minimizes the pressures on research analysts and rewards objectivity and accuracy. Compensation should not link analyst remuneration directly to investment banking assignments in which analyst may participate as a team member.12.It is appropriate to have analysts work with investment bankers only wh