CFA二级-阶段总结与重点精讲-道德

阶段总结与重点精讲直播即将开始L2–Ethics1Ethicsweight:StudySession1-2Ethics&ProfessionalStandardsQuantitativeAnalysisEconomics10%-15%5%-10%5%-10%10%-15%5%-10%10%-15%10%-15%5%-10%5%-10%5%-15%100%StudySession3StudySession4StudySession5-6StudySession7-8StudySessionStudySession12-13StudySession14StudySession15StudySession16-17FinancialReportingandAnalysisCorporateFinanceEquityFixedIncomeDerivativeInvestmentAlternativeInvestmentPortfolioManagementWeights:2Ethics阶段总结L2-Ethics3EthicsContent➢StudySession1:EthicalandProfessionalStandards(1)✓1:ofEthicsandStandardsofProfessional(☆)✓2:GuidanceforStandardsⅠ-Ⅶ(☆☆☆)➢StudySession2:EthicalandProfessionalStandards(2)✓3:ApplicationoftheCodeStandards(☆)✓4:Allocation:andDisclosure(☆)✓5:InvestmentObjectives(☆)45CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate6(☆☆)Ethics➢strict➢First–notifysupervisorcompliance➢confrontwrongdoerdirectly➢Dissociateifnecessary➢Inactionconstruedasparticipation➢Norequirementtoreportviolationstogovernmentalauthorities,butthisappropriateincertaincases7Ethics➢Modestgifts➢Distinguishbetweengiftsfromclientsgiftsfromentitiestryingtoinfluence➢acceptgiftfromclients–disclosetoemployer–permissionifgiftisforfutureperformance➢Investmentbankingrelationships–donotbowtopressuretoissuefavorableresearch➢Forissuer-paidresearch,flatfeestructureispreferred8(☆☆)Ethics➢Standardcoversoral,written,electroniccommunications➢notmisrepresentqualifications,servicesselffirm,performancerecord,characteristicsofaninvestment➢notguaranteeacertainreturn➢plagiarism–writtenoralcommunications9(☆☆)Ethics➢ThisStandardcoversconductthatillegal,couldadverselyamember’sabilitytoperformduties10CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate11(☆☆)Ethics➢“Material”–ifdisclosureinformationwouldimpactapriceorifreasonableinvestorswouldwanttheinformationbeforemakinginvestmentdecision➢Informationis“nonpublic”untilitbeenavailabletothemarketplace➢Informationavailableto“analysts”isconsiderednonpublicuntilitisavailabletoinvestorsingeneral➢MosaicTheory12(☆☆)Ethics➢Donotengageintransaction-basedmanipulation–givefalseimpressionofactivity/pricegaindominantpositioninanassettomanipulatepricetheassetarelatedderivative➢notdistributefalse,misleadinginformation13CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate14(☆☆)Ethics➢investmentactionsinclients'bestinterests➢Exerciseprudence,care,skill,diligence➢Followapplicablefiduciaryduty➢Managepoolsofclientassetsaccordingtotermsofgoverningdocuments➢investmentdecisionsincontexttotalportfolio➢proxiesresponsiblyanddiscloseproxyvotingpoliciestoclients➢“Softdollars”benefitclient15(☆☆)Ethics➢levelsofserviceokayaslongasdisclosed,anddoesnotdisadvantageclients➢Investmentrecommendations:allclientshavefairchancetoacteveryrecommendation➢Investmentactions:treatallclientsfairly–considerinvestmentobjectives,circumstances16(☆☆)Ethicsto➢Wheninadvisoryrelationship,gatherclientinformationattheoutsetandprepareIPS➢UpdateIPSleastannually➢Considerwhetherleverage(derivatives)issuitableforclient➢Ifmanagingafundtoindexothermandate,investaccordingtomandate17(☆☆)Ethicsto➢Donotmisstateperformanceormisleadclientsaboutinvestmentperformance➢notstateimplyabilitytoachievereturnssimilartothoseachievedinthepast18(☆☆)Ethicsto➢Insomecasesitrequiredlawtoreportactivitiestorelevantauthorities➢ThisStandardextendstoformerclients➢Exception:provideconfidentialinformationtoCInstituteforinvestigationunderProfessionalConductProgram19CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate20(☆☆)Ethics➢Loyalty–Independentpractice:✓Ifplanningtoengageinindependentpractice,notifyemployerofservicesprovided,expectedduration,compensation✓notproceedwithoutconsentfromemployer21(☆☆)Ethics➢Loyalty–Leavingan✓Ifseekingemployment,actinbestinterestemployeruntilresignationis✓nottakerecordsfileswithoutpermission✓Simpleknowledgenamesformerclientsis➢Loyalty–Whistle-blowing:✓Permittedonlyifitprotectsclientintegritycapitalmarkets✓permittedforpersonalgain22(☆☆)Ethics➢Compensationbenefitscoverdirectcompensationtheclientotherbenefitsreceivedfromthirdparties➢Forwrittenconsentfrom“allpartiesinvolved,”emailisacceptable23(☆☆)Ethics➢Supervisorstakestepstopreventemployeesfromviolatinglaws,rules,regulations,theandStandards➢Supervisorsreasonabletodetectviolations24CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate25(☆☆)Ethics➢reasonabletocoverallrelevantissuesarrivinganinvestmentrecommendation➢Determinesoundnessusingsecondarythird-partyresearch➢Groupresearchdecisionmaking:longthereisreasonablebasisforopinion,doesnecessarilyhavetoagreewiththeopinion26(☆☆)Ethicswithand➢Distinguishbetweenfactsopinions➢Includebasiccharacteristicsthesecurity➢Informclientsofanychangeininvestmentprocesses➢Suitabilityinvestment–➢Allcommunicationcovered,notjustreports27(☆☆)Ethics➢Maintainrecordstosupportresearch,therationaleforconclusionsactions➢Recordsarepropertycannottakenleaveswithoutconsent➢Ifnoregulatoryrequirement,Instituterecommendsretentionperiodof7years28CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate29(☆☆)Ethics➢Disclosetoclients:✓Allmattersthatcouldimpairobjectivity–allowclientstojudgemotives,biases.Forexample,betweenorfirmandinvestmentbankingrelations,brokeractivities,significantstockownership,boardservice➢Discloseto✓Conflictsinterest–ownershipofstock,boardparticipation,financialotherpressuresthatinfluencedecisions✓Conflictsthatcouldbedamagingtoemployer’sbusiness30(☆☆)Ethics➢“Beneficialowner”–direct/indirectpersonalinterestinthesecurities➢Client,employertransactionstakepriorityoverpersonaltransactions(includingbeneficialownership)➢Familyaccountsthatareclientaccountstreatedotherclientaccounts31(☆☆)Ethics➢Disclosureallowsclientsemployerstoevaluatefullcostserviceanypotentialbiases➢Disclosureistopriortoenteringintoanyformalagreementforservices➢Disclosethenaturetheconsideration32CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate33(☆☆)EthicsaCainC➢Conductincludes:✓Cheatingontheexam✓Disregardingrulesandpoliciesorsecuritymeasuresrelatedtoexamadministration✓Givingconfidentialinformationtocandidatespublic✓Improperuseofdesignationtofurtherpersonalandprofessionalobjectives✓MisrepresentingtheInstituteProfessionalDevelopmentProgramtheProfessionalConductStatement34(☆☆)EthicsaCaCCC➢Completeannually➢membershipduesannually➢Don’tmisrepresentexaggeratethemeaningholdingthedesignation➢partialdesignation➢The“CharteredFinancialAnalyst”marksalwaysusedeitherafteracharterholder’snameorasadjectives,notasnouns35ABOUTUS重点精讲L2–Ethics36EthicsI(A)KnowledgeoftheLaw1(understandandcomply)2职业准则(moststrict)3•(confront)•(notifysupervisorcompliancedepartment)•(dissociate)•协会举报(Norequirementtoreportviolationstogovernmentalauthorities)37EthicsI(B)IndependenceandObjective1•investmentbanking–research•Broker–investmentmanager•–serviceproviders•Sell-sideresearch–buysidemanager38EthicsI(B)IndependenceandObjective2）不能接受或提供任何会影响自身和他人的独立性和客观性的好处•(modestgifts,tokenitems,etc.)•(remote,distant,fareasilyaccessible,etc.)•3(issuer-paidresearch)•报酬事先约定，不能与研报的推荐挂钩，建议固定费用(flatfeestructureispreferred)39EthicsII(A)MaterialNon-pub