伦理与职业道德讲义

SS1-EthicsandProfessionalCFAExamTotally36questionsdividedinto18questionseachformorningsessionandafternoonsession.EthicsandProfessionalStandardsaremainlytestedincasestudywithcomprehensionofeachstandard,whileGIPSarehighlylikelytestedindefinitionandmemory.SignificantimpactonwhetheryoupassorNominimumpassingscoreinStronglysuggesttoreadtheoriginalProfessionConductProgram(PCP)Process(10%)+EthicsCase(Mostlikelyorleastlikelyviolatewhichstandard60%)+ insCase(Howtodo15%)+GIPS(DetailedDefinition

SS1-EthicsandProfessionalCodeofEthicsandStandardsofProfessionalConduct.StandardsofPracticeHandbook,TenthEdition.“Guidance”forStandardsI-VII.StandardsofPracticeHandbook,TenthEdition.IntroductiontotheGlobalInvestmentPerformanceStandards(GIPS®）.GlobalInvestmentPerformanceStandardsAllLOSsare 1SS1-EthicsandProfessional13

SummaryofChangesintheTenthClarificationofStandardStandardIII(A)Dutiesto s–Loyalty,Prudence,andCarewasshortenedtoimproveclarity.Thethirdsentencewasdeletedtoavoidpossiblemisinterpretationsofthemembers’orcandidates’requireddutiestotheir s.TheprinciplecontainedinthedeletedsentencealreadyhasbeenestablishedinStandardI(A)regardingtheresponsibilitytoadheretothemoststrictlegal,regulatory,orCFAInstituterequirements.4Deletion:Inrelationshipswith s,MembersandCandidatesmustdetermineapplicablefiduciarydutyandmustcomplywithsuchdutyto sandintereststowhomitisowed.4SummaryofChangesintheTenthWhyEthicsAnewsectionwasaddedtotheHandbooktobroadenthediscussionoftheimportanceofethicstotheinvestmentTestCFAInstitutehaseliminated,modified,oraddedlanguageforclarity,eventhoughitisnottheintenttochangethemeaningofaparticularprovision.GuidanceTokeeptheHandbookasaprimaryresourceformembersandcandidatesastheytackleethicaldilemmas,bulletedtableswereaddedtohelpthereaderlocatetheguidancewithinastandardthatismostapplicabletothesituations

SummaryofChangesintheTenthIna efforttoassistreadersinlocatingexamplesofsituationssimilartoissuestheyarefacing,thisupdateincludesabriefdescriptiveheadingforeachexampleinthe“ApplicationoftheStandard”sections.Tofurtherhighlighttheapplicabilityofmultiplestandardstoasinglesetoffacts,someexamplesareusedseveraltimes.Thesingleorslightlymodifiedfactsarepaniedbycommentsdirectedtothestandardthatmayoccurindailyprofessional 7 CFAInstituteEthics&TheCFAInstituteProfessionalConductProgram(PCP)iscoveredbytheCFAInstituteBylawsandtheRulesofProcedureforProceedingsRelatedtoProfessionalConduct.TheCFAInstituteBoardof ernorsmaintainsoversightandresponsibilityfortheProfessionalConductProgram(PCP),which,inconjunctionwiththeDisciplinaryReviewCommittee(DRC),isresponsibleforen mentoftheCodeandTheProgramisbasedontheprinciplesoffairnessoftheprocesstomembersandcandidatesandmaintainingthe ityoftheproceedings9.

CFAInstituteEthics&StandardsTheCFAInstituteDesignatedOfficer,throughtheProfessionalConductstaff,conductsinquiriesrelatedtoprofessionalconduct.Severalcircumstancescanpromptsuchaninquiry: CFAInstituteEthics&StandardsSelf-disclosurebymembersorcandidatesontheirannualProfessionalConductStatementsofinvolvementincivillitigationoracriminalinvestigation,orthatthememberorcandidateisthesubjectofawrittencom Writtencom intsaboutamemberorcandidate’sprofessionalconductthatarereceivedbytheProfessionalConductstaff.EvidenceofmisconductbyamemberorcandidatethattheProfessionalConductstaffreceivedthroughpublicsources,suchasamediaarticleorbroadcast.AreportbyaCFAexamproctorofa

CFAInstituteEthics&StandardsOnceaninquiryisbegun,theProfessionalConductstaffmayrequest(inwriting)anex nationfromthesubjectmemberorcandidate,andmay:interviewthesubjectmemberorinterviewthecom inantorotherthirdparties, sandrecordsrelevanttotheviolationduringthe TheDesignatedOfficermaydecide:i)thatnodisciplinarysanctionsareappropriate,ii)toissueacautionaryletter,oriii)todisciplinethememberorcandidate(includingA.PublicCensure,B.SuspensionofCandidacyorMembership,C.RevocationofCandidacyorMembership,D.VoidofCFAExamresult).InacasewheretheDesignatedOfficerfindsaviolationhasoccurredandproposesadisciplinarysanction,thememberorcandidatemayacceptorrejectthesanction.Ifthememberorcandidatechoosestorejectthesanction,thematterwillbereferredtoapanelofCFAInstitutemembersforahearing.AhearingpaneliscomposedofDRCmembersandCFAInstitutemembervolunteersaffiliatedwiththeDRC.ThehearingpanelreviewsmaterialsandpresentationfromtheDesignatedOfficerandfromthememberofcandidate.Sanctionsimposedmayincludecondemnationbythemember’speersorsuspensionofcandidate’s

Onceaparty-nonmemberoffirm–ensuresitscodeofethicsmeetstheprinciplesoftheCodeandStandards,thatpartyshouldmakethefollowingstatementwheneverclaiming“[Insertnameofparty]claimscompliancewiththeCFAInstituteCodeofEthicsandStandardsofProfessionConduct.ThisclaimhasnotbeenverifiedbyCFAInstitute.”CFAInstitutehasalsopublishedtheAssetManagerCodeofProfessionalConduct(AMC),whichisdesigned,inpart,tohelpassetmanagerscomplywiththeregulationsmandatingcodesofethicsforinvestmentadvisors.TheCodeandStandardsareaimedatindividualprofessionswhoareCFAmembersorcandidates,thewasdraftedspecificallyforparticipationintheCFA CFAInstituteEthics&Standards

TheCodeofActwithintegrity,competence,diligence,respect,andinanethicalmannerwiththepublic, s,employers,employees,colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapitalmarkets. cetheintegrityoftheinvestmentprofessionandtheinterestsof sabovetheirown Usereasonablecareandexerciseprofessionaljudgmentwhenconductinginvestmentysis,making mendations,investmentactions,andengaginginother TheCodeofPracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.Promotetheintegrityof,andupholdtheruleserning,capitalmarkets.Maintainandimprovetheirprofessionalcompetenceandstrivetomaintainandimprovethecompetenceofotherinvestmentprofessionals. StandardsofProfessionalIntegrityofCapitalDuties Dutiesto sofResponsibilitiesasaCFAInstituteMemberorCFACandidate

StandardsofProfessionalEthicalResponsibilitiesofthesub-sectionsofI.Professionalism-A)KnowledgeoftheLaw,B)IndependenceandObjectivity,C)Misrepresentation,andD)II.IntegrityofCapitalMarkets-A)MaterialNonpublicInformation,andB)MarketManipulation.III.Duties s-A)Loyalty,Prudence,andB)FairDealing,C)Suitability,D)Presentation,andE)Preservation IV.DutiestoEmployers-A)Loyalty,B)AdditionalCompensationArrangements,andC)Responsibilitiesof StandardsofProfessionalEthicalResponsibilitiesofthesub-sectionsofV. mendations,and-A)DiligenceandReasonableBasis,B)Communication sandProspective s,andC)Record sofInterest-A)Disclosureof s,B)PriorityofTransactions,andC)ReferralFees.VII.ResponsibilitiesasaCFAInstitutememberorCFACandidate-A)ConductasMembersandCandidatesintheCFAProgram,andB)ReferencetoCFAInstitute,theCFAdesignation,andtheCFAProgram.

22StandardsofProfessional 1.A.KnowledgeoftheMembersmustunderstandandcomplywithlaws,rules,regulations,andCodeandStandardsofanyauthorityerningtheiractivities.Intheeventofa ,followthemorestrictlaw,rule,orregulation.Mustnotknowinglyparticipateorassistinandmustdisassociatefromanyknown

1.A.KnowledgeoftheRelationshipbetweentheCodeandStandardsandApplicablelawParticipationinorAssociationwithViolationsbyInvestmentProductsandApplicableThestandarddoesnotrequiremembersandcandidatesto eexperts,however,in CodeandStandardsvs.LocalMembersandcandidatesmustcomplywithapplicableorregulationrelatedtotheirprofessionalMembersandcandidatesmustnotengageinconductthatconstitutesaviolationoftheCodeandStandards,eventhoughitmayotherwisebelegal.IntheabsenceofanyapplicablelaworregulationofwhentheCodeandStandardsimposeahigherdegreeofresponsibilitythanapplicablelawandregulation,membersandcandidatesmustadheretotheCodeand

ParticipationorAssociationWithViolationsbyMembersorcandidatesmaynotrecognizeviolationiftheyarenotawareofallthefactsgivingrisetotheMembersorcandidatesmustdissociate,orseparatetheillegalorunethicalInextremecases,dissociationmayrequireamemberorcandidatetoleavehisorheremployment.Thefirststep:stopthebehaviorbybringingittheattentionoftheemployerthroughasupervisorofthefirm’scompliancedepartment如果不成功，则：Havearesponsibilitytostepawayanddissociate the ParticipationorAssociationWithViolationsbyInactioncombinedwithcontinuingassociationwiththoseinvolvedinillegalorunethicalconductmaybeconstruedasparticipationofassistanceintheillegalorunethicalReportviolationstotheir ernmentorregulatoryorganizationsisnotamustunlesssuchdisclosureismandatoryunderapplicablelaw,suchdisclosuremaybeprudentundercertaincircumstances.ConsulttheirlegalandcomplianceadvisersforReportviolationstoCFAInstituteisnotamust,though

InvestmentProductsandApplicableShouldbemindfulofwheretheseproductsorpackageswillbesoldaswellastheir cesoforigination注意投Reviewwhetherassociatedfirmsthataredistributingproductsorservicesdevelopedbytheiremployingfirmalsoabidebythelawsandregulationsofthecountriesandregionsofdistribution.核查那些 Underthenecessaryduediligencewhentransactioncross-borderbusinesstounderstandthemultipleapplicablelawsandregulations.对于 KnowledgeofthemendedProceduresforMembersandStayReviewMaintaincurrentDistributionAreaLegal

KnowledgeofthemendedProceduresforDevelopand/oradoptacodeofProvideinformationonapplicableEstablishproceduresforreporting

Knowledgeofthe

IndependenceandMembersandCandidatesmustusereasonablecaretoexerciseindependenceandobjectivityinprofessionalactivities.MembersandCandidatesarenottooffer,solicit,oracceptanygift,benefit,compensation,orconsiderationthatwouldcompromiseeithertheirownorsomeoneelse’sindependenceandobjectivity. 1.IndependenceandBuy- PublicCreditRatingAgencyOpinions.信 机Issuer-PaidTravelFunding上市公司调研最

Donotlettheinvestmentprocessbeinfluencedbyanyexternalsources.ModestgiftsandentertainmentareAllocationofsharesinoversubscribedIPOs accountsisNOTBestpracticedictatesthatmembersandcandidatesrejectanyofferofgiftorentertainmentthatcouldbeexpectedtothreatentheirindependenceandobjectivity.Distinguishbetweengiftsfrom sandgiftsfromentitiesseekinginfluencetothedetrimentofthe Ifnotificationisnotpossiblepriortoacceptance,membersandcandidatesmustdisclosetotheiremployersbenefitpreviouslyacceptedfroms.Usesubtleandambiguouslanguageintheir orthetemperthetoneoftheirresearchreport不独立客观34B.IndependenceandInvestment-BankingDonotbepressuredbysell-sidefirmstoissuefavorableresearchoncurrentorprospective Itisappropriateto ystsworkinvestmentbankersin"roadshows"onlywhensareadequa yandeffectivelymanagedandBesurethereareeffective"firewalls"betweenresearch/investmentmanagementandinvestmentbankingactivities.

B.Independenceand ystsshouldnotbepressuredtoissuefavorableresearchbythecompaniestheyfollow.Donotconfineresearchtodiscussionswithmanagement,butratheruseavarietyofsources, rs,customers,and B.IndependenceandBuy- smaytrytopressuresell-sideysts.Portfoliomanagersmayhavelargepositionsinaparticularsecurity,andadowngrademayhaveaneffectontheportfolioAsaportfoliomanager,thereisaresponsibilitytorespectandfosterin lectualhonestyofsell-side

IndependenceandIssue-PaidRememberthatthistypeofissuer-paidresearchisfraughtwithpotential ysts’compensationforpreparingsuchresearchshouldbelimited,andthepreferenceisforaflatfee,withoutregardtoconclusionsorthereport’s事前决符合标与观点无 与结果无 B.IndependenceandmendedProceduresforProtecttheintegrityofCreatearestrictedlist只发布事实信Restrictspecialcostarrangements上市公司调Limitgifts.公司可以设定可 IPO或非上Review 1.C.Mustnotknowinglymakeanymisrepresentationsrelatingtoinvestmentysis, actions,orotherprofessionalactivities.

C..WorkCompletedforEmployer员工的研究成果 TrustisafoundationintheinvestmentDonotmakeanymisrepresentationsorgivefalseimpressions.Thisincludesoralandelectronic Misrepresentationsincludeguaranteeinginvestmentperformanceand passesusingsomeoneelse’swork(reports,forecasts,charts,graphs,andspreadsheetmodels)withoutgivingthemcredit.

C.mendedProceduresforFactualVerifyOutsideMaintain .Maintain D.MembersandCandidatesmustnotengageinanyprofessionalconductinvolvingdishonesty,fraud,ordeceitorcommitanyactthatreflectsadverselyontheirprofessionalreputation,integrity,or

D.CFAInstitutediscouragesunethicalbehaviorinallaspectsofmembers’andcandidates’lives.DonotabuseCFAInstitute’sProfessionalConductProgrambyseekingen mentofthisStandardto al,political,orotherdisputesthatarenotrelatedtoprofessionalethics.工作日中午酗双休日中午酗个 环保注意 D.mendedProceduresforCodeofListofEmployee

IntegrityofCapitalA.MaterialNonpublicWhoeverpossessmaterialnonpublicinformationthatcouldaffectthevalueofaninvestmentmustnotactorcauseotherstoactontheinformation. IntegrityofCapitalMaterialNonpublicWhatIs“Material”MosaicInvestmentResearchReports知名分析师的报告和 2.IntegrityofCapitalA.MaterialNonpublicWhatIs“Material”Mergers,acquisitions,tenderoffers,orjointChangesinassetsorassetsInnovationproducts,processesorNewlicenses,patents,registeredtrademarks,orDevelopmentsregardingcustomers Changesin

2.IntegrityofCapitalA.MaterialNonpublicWhatIs“Material”Changesinauditornotificationorthefactthattheissuermaynolongerrelyonanauditor’sreportorqualifiedopinionEventsregardingtheissuer’sSignificantlegalernmentreportsofeconomicOrdersforlargetradesbeforetheyare2.IntegrityofCapitalA.MaterialNonpublicInformationis"material"ifitsdisclosurewouldimpactthepriceofasecurityorifreasonableinvestorswouldwanttheinformationbeforemakinganinvestmentdecision.Ambiguousinformation,asfarasitslikelyeffectonprice,maynotbeconsideredmaterial.Informationis"non-public"untilithasbeenmadeavailabletothemarketce.Anystconferencecallisnotpublicdisclosure.Selectivelydisclosinginformationbycorporationscreatesthepotentialforinsider-tradingviolations.

2.IntegrityofCapitalA.MaterialNonpublicMosaictheory:Thereisnoviolationwhena ystreachesaninvestmentconclusionaboutacorporateactionoreventthroughan ofpublicinformationtogetherwithitemsofnon-materialnon-publicinformation.IntegrityofCapitalA.MaterialNonpublicmendedProceduresforAchievePublicAdoptComplianceAdoptDisclosureIssuePressReleases先 会FirewallAppropriateInterdepartmentalPhysicalSeparationof

IntegrityofCapitalMaterialNonpublicmendedProceduresfor nelAReportingSystem alTradingRecordMaintenance部门间交流的信息要保ProprietaryTradingProcedures当掌握重大非公信息时做市 仅 CommunicationtoAll 2.IntegrityofCapitalMarketMustnotengageinpracticesthatdistortpricesorartificiallyinflatetradingvolumewiththeintenttomisleadmarketparticipants.2.IntegrityofCapitalMarketInformation-BasedTransaction-Based不限制合法 策略基于预测的市场不有ThisStandardappliestotransactionsthatdeceivethemarketbydistortingtheprice-settingmechanismoffinancialinstrumentsorbysecuringacontrollingpositiontomanipulatethepriceofarelatedderivativeand/ortheassetitself.SpreadingfalserumorsisalsoTransactionsthatartificiallyaffectpricesorvolumetogivetheimpressionofactivityorpricemovementinafinancialinstrument,whichrepresentadiversionfromtheexpectationofafairandefficientmarket;Securingacontrolling,dominantpositioninafinancialinstrumentexploitandmanipulatethepriceofarelated

3.Duties Loyalty,Prudence,andMembersandCandidateshaveadutyofloyaltyto sandmustactwithreasonablecareandexerciseprudentjudgment.Mustactforthebenefitoftheirsandcetheirs’interestsbeforetheiremployer’sortheirowninterests.Inrelationshipswith s,mustdetermineapplicablefiduciarydutyandmustcomplywithsuchdutyto sandintereststowhomitisderivativeand/ortheunderlying Duties

Duties Loyalty,Prudence,andIdentifyingtheActual s’SoftCommissionVoting

A.Loyalty,Prudence,andinterestsalwayscomeExercisetheprudence,care,skill,anddiligenceunderthecircumstancesthata actinginalikecapacityandfamiliarwithsuchmatterswoulduse.Managepoolsof assetsinaccordancewiththetermsof s,suchastrust sorinvestmentmanagementagreements.MakeinvestmentdecisionsinthecontextofthetotalVoteproxiesinaninformedandresponsiblemanner.Duetocostbenefitconsiderations,itmaynotbenecessarytovoteallbrokerage,or"softdollars"or"softcommissions" beusedtobenefit 3.Duties Loyalty,Prudence,andmendedProceduresforRegularAccountFirmFollowallapplicableEstablishtheinvestmentobjectivesofConsideralltheinformationwhentakingCarryandregularDealfairlywithall swithrespecttoinvestment

3.Duties A.Loyalty,Prudence,andmendedProceduresforFirm sofVote Seekbest interests 3.Duties FairMustdealfairlyandobjectivelywith sprovidinginvestment ysis,makinginvestmentmendations,takinginvestmentaction,orengaginginotherprofessional 3.Duties B.Fair

3.Duties B.FairDonotdiscriminateagainstany mendationsortakinginvestmentaction.Fairlydoesnotmeanequally.Inthenormalcourseofbusiness,therewillbedifferencesinthetimes,faxes,etc.arereceivedby Differentservicelevelsareokay,buttheymustnotnegativelyaffectordisadvantageany Disclosethedifferentservicelevelstoall prospects,andmakepremiumlevelsofserviceavailabletoallwhowishtopayforthem.3.Duties B.Fair mendation:giveall safairopportunitytoactuponevery swhoareunawareofachangeinamendationshouldbeadvisedbeforetheorderisInvestmentAction:treat sfairlyinlightoftheirinvestmentobjectivesandcircumstances.Treatbothindividualandinstitutional sinafairandimpartialmanner.MembersandCandidatesshouldnottakeadvantageoftheirpositionintheindustryto

Duties B.FairmendedProceduresforDevelopFirmLimitthenumberofpeopleShortenthetimeframebetweendecisionandPublishguidelineforpre-disseminationSimultaneousMaintainalist sandtheirDevelop tradeallocationDiscloseTradeAllocationEstablishSystematicAccount DiscloseLevelsof 3.Duties C.1.Wheninanadvisoryrelationshipwith

,

Duties C.

Makeareasonableinquiryinto ’sors’investmentexperience,riskandreturnobjectives,andfinancialconstraintspriortomakingany mendationortakinginvestmentactionandmustreassessandupdatethisinformationDeterminethataninvestmentissuitabletothe financialsituationandconsistentwiththe writtenobjectives,mandates,andconstraintsbeforemakinganinvestment mendationortakinginvestmentaction.Judgethesuitabilityofinvestmentsinthecontextofthe’stotalportfolio.

2.WhenMembersandCandidatesareresponsibleformanagingaportfoliotoaspecificmandate,strategy,orstyle,theymustmakeonlyinvestmentmendationsortakeinvestmentactionsthatareconsistentwiththestatedobjectivesandconstraintsoftheportfolio.Duties C. anUnderstanding ’sRiskUpdatinganTheNeedforManagingtoanIndexor

Duties C.Inadvisoryrelationships,besuretogatherinformationatthebeginningoftherelationship,intheformofaninvestment statement(IPS). ’sn