CFA二级基础班培训项目：经济学（标准版）

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． ．. ．.••••．CFA二级培训项目TopicWeightingsinCFALevel

IIIISession

NO.ContentWeightingsStudySession

1Ethical!&Professional

Standards10-15StudySession

2-3Quantitative

Methods5-10StudySession

4Economics5-10StudySession

5-6FinancialReportingand

Analysis10-15StudySession

7-8Corporate

Finance5-10StudySession

9-11Equity10-15StudySession

12-13Fixed

Income10-15StudySession

14Derivatives5-10StudySession

15AlternativeInvestme

nts5-10StudySession

16-17PortfolioManageme

nt10-153-392芸业．创新．增值,

'11，1

1｀｀｀｀｀｀｀｀，@

FrameworkEthicalandProfessional、｀、、、、、、Sta

nda

rd

s►，lI1

1，，，I，，，，I，，，，，，，I

I、、｀、2，二夕

，，，，，，，，，，，，，，-

夕

----SSl EthicalandProfessionalStandardsRlCodeofEthicsandStandardsofProfessionalConductR2GuidanceforStandardsI-

VIIR3ApplicationoftheCodeandStandards:Level

II4-392芸业

．创新

．增值, Reading1••

•Codeof

Ethics

and StandardsofProfessional

Conduct5-392芸业

．创新

．增值Framework1. ProceedingsThe

PanelComparisonsofAMCandCodeandStandardsEthics&Professional

Standards6-392亏业

．创新

．增值Proceedings►TheCFAInstituteBoardofGovernorsmaintainsoversightandresponsibilityfortheProfessionalConductProgram

(PCP).PCPandDisciplinaryReviewCommittee(DRC)areresponsibleforenforcementoftheCodeandStandards.ProfessionalConductinquiriescomefromanumberof

sources.Self-disclosureonannualProfessionalConduct

Statementsofinvolvementincivillitiationoracriminalinvestiationorthatthememberorcandidateisthesubjectofawritten

complaint.WrittencomplaintsaboutprofessionalconductreceivedbytheProfessionalConduct

staff.EvidenceofmisconductbyamemberorcandidatethattheProfessionalConductstaffreceivedthroughpublicsources,suchasamediaarticleorbroadcast.AreportbyaCFAexamproctorofapossibleviolationduringthe

examination.7-392芸业．创前．增值Proceedings►

Once

an

inquiry

is

initiated,

Professional

Conduct

staff

may

requests血writing)anexplanationfromthesubjectmemberorcandidateandmay:interview

the

subject

member

or

candidateinterview

the

complainant

or

other

third

partiescollect

documents

and

records

relevant

to

the

investigation►

The

Designated

Officer

may

decide:.,,.、that

no

disciplinary

sanctions

are

appropriate,,D�sinate_d

Officerf1n�sa

violationto

issue

a

cautionary

letterto

discipline

the

member

or

candidateProposes

adisciplinar+y

sanctionMember

or

Candidate Accept

l

Reject \

I

Referred

to

a

panel飞omposed．咖of

DRC

members ，

II8-392芸业．创新．增值The

Panel►

Ifthememberorcandidatedoesnotacceptthechargesandproposedsanction,thematterisreferredtoapanelcomposedofDRC(DisciplineReviewCommittee)

members.► PanelsreviewmaterialsandpresentationsfromProfessionalConduct

staffandfromthememberor

candidate.►

Thepanel'staskistodeterminewhetheraviolationoftheCode

andStandardsortestingpoliciesoccurredand,ifso,whatsanctionshould

beimposed.►

SanctionsimposedbyCFAInstitutemayhavesignificantconsequences;

theyinclude ublic

censure

sus ension

of

membershi anduseofthe

CFAdesignation,andrevocationoftheCFAcharter.CandidatesenrolledintheCFAProgramwhohaveviolatedtheCodeandStandardsortestingpoliciesmaybesuspendedorprohibitedfromfurtherparticipationintheCFAProgram.9-392芸业．创新．增值ComparisonsofAMCandCodeand

Standards►

AMCTheAssetManagerCodeofProfessionalConduct(AMC),whichis

designed,inpart,tohelpassetmanagerscomplywiththeregulationsmandatingcodesofethicsforinvestment

advisers.AMCwasdraftedspecificallyfor

firms.Codeand

StandardsAimedatindividualinvestmentprofessionalswhoaremembers

ofCFAInstituteorcandidatesintheCFA

Program.10-392芸业．创新．增值Ethics

& Professional Standards► MembersofCFAInstitute("MembersandCandidates")

must:Actwithintegrity,competence,diligence,respect,andinanethicalmannerwiththepublic,clients,prospectiveclients,employers,employees,colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapital

markets.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonal

interests.Usereasonablecareand

exercise

inde endent rofessional·udgmentwhenconductinginvestmentanalysis,makinginvestmentrecommendations,takinginvestmentactions,andengaginginotherprofessional

activities.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectg:gm!onthemselvesandtheprofess

ion.Promotetheintegrityandviabilityoftheglobalcapitalmarketsfor

theultimatebenefitof

society.MaintainandimprovetheirprofessionaIcompetenceandstnvetomaintainandimprovethecompetenceofotherinvestment

professionals.11

-392亏业

．创新

．增值＾＾Reading2••

•GuidanceforStandards

I-VII12-392芸业

．创新

．增值FrameworkProfessionalismIntegrityofCapital

MarketsDutyTo

ClientsDutyTo

EmployersInvestmentConflictsof

InterestResponsibilityas

MembersP.S.:Casesinthisreadingarequotedfrom<Standardsofpracticehandbook>2015Eleventh

edition.13-392亏业．创新．增值GuidanceforStandards

I-VIIProfession

al

ismIntegrityofCapital

MarketsStandardsResponsibilityas

Members

Duty

To

Clients

Duty

To

Employers

Investment

Conflicts

of

InterestKnowledgeofthelaw;Independenceandobjectivity;Misrepresentation;MisconductMaterialnonpublicinformation;Market

manipulationLoyalty,prudenceandcare;Fair

dealing;Suitability;Performancepresentation;Preservationof

confidentialiLoyalty;Additionalcompensationarrangements;Responsibilityof

supervisorsDiligenceandreasonablebasis;Communicationwithclients;Record

retentionDisclosureofconflicts;Priorityoftransaction;Referral

feesConductasmembersand

candidates;

ReferencetoCFAinstitute,

designation 14-392芸业

．创新

．增值GuidanceforStandards

I-VIIProfession

al

ismIntegrityofCapital

MarketsStandardsResponsibilityas

Members

Duty

To

Clients

Duty

To

Employers

Investment

Conflicts

of

InterestKnowledgeofthelaw;Independenceandobjectivity;Misrepresentation;MisconductMaterialnonpublicinformation;Market

manipulationLoyalty,prudenceandcare;Fair

dealing;Suitability;Performancepresentation;Preservationof

confidentialiLoyalty;Additionalcompensationarrangements;Responsibilityof

supervisorsDiligenceandreasonablebasis;Communicationwithclients;Record

retentionDisclosureofconflicts;Priorityoftransaction;Referral

feesConductasmembersand

candidates;

ReferencetoCFAinstitute,

designation 15-392芸业

．创新

．增值StandardI(A):

Content► ContentMembersandCandidatesmustunderstandandcomplywithallapplicablelaws,rules,andregulations(includingtheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct)ofanygovernment,regulatoryorganization,licensingagency,orprofessionalassociationgoverningtheirprofessional

activities.Intheeventofconflict,MembersandCandidatesmustcomplywiththemorestrictlaw,rule,or

regulationMustnotknowinglyparticipateorassistinanyviolationofsuchlaws,rules,or

regulation.Mustdissociatefromanyviolationofsuchlaws,rules,or

regulations.16-392亏业．创新．增值StandardI(A):

Guidance► Guidance-CodeandStandardsvs.local

lawMustknowandshouldknowthelawsandregulationsrelatedtotheirprofessionalactivitiesinallcountriesinwhichtheyconduct

business.Not expertonalllawsthatcouldpotentiallygovernhisactivities,正1expertoncompliance,however,mustcomplywithlawdirectlygoverning.Alwaysadheretothemoststrictrulesandrequirements(laworCFAinstituteStandards)thatapply.MembersandcandidatesmustnotengageinconductthatconstitutesaviolationoftheCodeandStandards,eventhoughitmayotherwisebe

legal.Complywiththelastapplicablelawiftransferable

applicability.17-392芸业

．创新

．增值StandardI(A):

Guidance► Guidance-Participationorassociationwithviolationsby

othersKnow attempttostopthebehaviorbybringingittotheattentionoftheemployerthroughsupervisororcompliance

depart

ment (ifunsuccess

ful) dissociate and

document quitSuspect Consult butcan'tbeabsolvedfromrequirementstocomplianceThere

is

no requirementunderStandardstoreportviolationstogovernmentalauthorities,butthismaybeadvisableinsomecircumstancesandrequiredbylawin

others.Inactioncombinedwithcontinuingassociationwiththoseinvolvedinillegalorunethicalconductmaybeconstruedasparticipationorassistanceintheillegalorunethical

conduct.18-392芸业．创新．增值StandardI(A):

Guidance► Guidance-InvestmentProductsandApplicable

LawsMembersandcandidatesinvolvedincreatingormaintaininginvestmentservices,investmentproducts,packagesofsecuritiesandderivativesshouldbemindfulofwheretheseproductsorpackageswillbesoldaswell

as

their laces

of

ori ination. the laceofsalesandorigination)Theapplicablelawsandregulationsofthecountriesorregionsoforiginationandexpectedsaleshouldbeunderstoodbythoseresponsibleforthesupervisionof

the

services orcreationandmaintenanceoftheproductsor

packages.19-392芸业

．创新

．增值StandardI(A):

Guidance► Guidance-InvestmentProductsandApplicable

LawsShouldmakereasonableeffortstoreviewwhetherassociated

firmsthataredistributingproductsorservicesalsoabidebythelawsandregulations.Shouldundertakenecessaryduediligencewhentransacting

cross­borderbusinesstounderstandthemultipleapplicablelaws

andregulations,inordertoprotectthereputationofthefirmandthemselves.Seekappropriateguidancefromthefirm1scomplianceor

legaldepartmentsandlegalcounseloutsidetheorganizationwhenuncertainaboutwhichlawsorregulationsinconductingbusinessinmultiple

jurisdictions.20-392亏业．创新．增值StandardI(A):

Procedures► Recommendedprocedures-Formembersand

candidatesStayinformed:Shouldestablishorencourageemployerstoestablishaprocedurebywhichemployeesareregularlyinformedaboutchangesinlaws,rulesandregulations.Inmanyinstances,

theemployer'scompliancedepartmentorlegalcounselcanprovidesuchinformationintheformofmemorandumsdistributedtoemployees

intheorganization.Participationinaninternalorexternalcontinuingeducationprogramisapracticalmethodofstaying

current.Reviewprocedures:Shouldreview,orencouragetheiremployerstoreview,thefirm'swrittencomlianceroceduresonareularbasistoensurethattheproceduresreflectcurrentlawandprovideadequateguidancetoemployeesaboutwhatispermissibleconductunder

thelawortheCodeand

Standards.21-392芸业

．创新

．增值StandardI(A):

Procedures► Recommendedprocedures-Formembersand

candidatesMa1nta1ncurrentfiles:Shouldma1nta1norencouragetheiremployerstomaintainreadilyaccessiblecurrentreferencecopiesofapplicablestatutes,rules,

regulations.Distributionarealaws:Shouldmakereasonableeffortstounderstandtheapplicablelaws-bothcountryandregional-forthecountriesandregionswheretheirinvestmentproductsaredevelopedanddistributedto

clients.Legal

counsel:

When

in

doubt

about

the

appropriate

action,

军达theadvice

of

le alcounsel

or

com liance ersonnel.Ifapotential

violationexistsshouldseektheadvice

of

le al

counsel.Dissociation:Whendissociate,shoulddocumenttheviolationandur etheir

firmsto ersuade

the er etratorstoceasesuchconduct.Mayhavetoquitthe

job.22-392亏业

．创新

．增值StandardI(A):

Procedures► Recommendedprocedures-For

FirmsTheformalityandcomplexityofcomplianceproceduresforfirmsdependonthenatureandsizeoftheorganizationandthenatureofitsinvestment

operations.Shouldencouragefirmstoconsiderthefollowingpoliciesandprocedures:Developoradoptacodeofethics:Theethicalculturestartsatthe

top.Shouldencouragesupervisorsormanagersto

adopt.Whenin

ethical

dilemmas adheringtotheCodefacilitatessolutionsandpreventtheneedofa"whistleblowing"solutionpubliclyallegingconcealedmisconduct.AssetManagerCodeofProfessionalConduct,maybeusedasthebasisforthecodes23-392芸业

．创新

．增值StandardI

(A):

Procedures -For

Firms► Recommendedprocedures-For

FirmsShouldencouragefirmstoconsiderthefollowing:

(can't)Provideinformationonapplicable

laws:Pertinentinformationthathighlightsapplicablelawsandregulationsmightbedistributedtoemployeesormadeavailableinacentral

location.Informationsourcesmightincludeprimaryinformationdevelopedbytherelevantgovernmentalagencies,regulatoryorganizationsandprofessionalassociations(e.g.,fromwebsites);andassociationpublications(e.g.,CFA

Magazine).Establishproceduresforreportingviolations:Firmsmightprovide

written rotocols

for

re ortin sus ected

violations.24-392芸业

．创新

．增值Standard l(A):Case

1-2►

Case

1. (NotificationofKnownViolations)Allenfoundoverstatement

ofearningsinfilespreparedforregulators,heseeksadviceoffirm'sgeneralcounsel,whosaysitwouldbedifficultforregulatortoblameAllenforanywrongdoing

involved.Comment:Asthecounseldoesnotgiveclearjustificationforthelegitimacyofthesituation,Allenmustreporttohissupervisorandseekinde endent

le aladviceanddeterminewhether

the

re ulatorshouldbenotifiedoftheerror.Cannotbeabsolvedfromrequirementstocomplywithlaw/regulationinspiteofhavingsoughtadviceoflegalcounsel.►

Case2.(DissociatingfromaViolation)Brownfindshiscustomerconcealedlossesinforeignbranchandthepreliminaryprospectushas

beendistributedforthe

underwriting.Comment:It'sclearviolation,Brownmustreporttosupervisor.Ifnotremedied,healsomustdissociateandseekfurtherlegaladvicetodetermineappropriate

action.25-392亏业

．创新

．增值Standard l(A):Case

3-4► Case3.(DissociatingfromaViolation)Washingtonfindshis

employeromitssomeperformanceincalculatingcompositetoinflateperformance,andisaskedtousepromotionalmaterialthatincludeserroneousnumbertosolicit

business.Comment:Theemployercommitsmisrepresentation;Washingtonmustdissociatefromthatandbringthefacttosupervisororcompliancedept.Ifit'snotremedied,heshouldconsiderwhetherresignationisappropriate,evenconsiderotheremployment,becauseusingtheerroneousnumberwouldbeconstruedasassistingin

violation.► Case4.(FollowingtheHighestRequirements)Collins,aWallStreetanalystworksinadevelopingcountrywithlittlelawsconcerning

insidertrading.Comment:CollinsshouldbeawareoftheriskandadheretotheCodeandStandardswhichismorestrictandaddressmaterialnonpublicinformation

officially.26-392亏业

．创新

．增值Standard l(A):Case

5► Case5.(FollowingtheHighestRequirements)JamesonisaCFAcharterholderbasedintheUSandalsoworksasaregisteredinvestmentadvisorinanislandnationthatprohibitsparticipationinIPOs,he

believestheCodeandStandardsapplyandignoresthestrictprohibitiononIPOsinthe

island.Comment:Jamesonmustfollowthestricterrequirementsofthe

locallaw.Byignoringit,heisinviolationofStandardl(A)-knowledgeofthelaw.27-392芸业

．创新

．增值Standard l(A):Case

6► Case6.(LawsandRegulationsBasedonReligiousTenets)Janney's

firmreceivesexpressionsofinterestfrompotentialclientsfromtheMiddleEastwhoareseekinginvestmentsthatcomplywithIslamiclaw.ThemarketingandpromotionalmaterialscannotdeterminewhetherornotthefundisaappropriateinvestmentforaninvestorseekingcompliancewithIslamiclaw.Thefundisdistributedglobally.In丿anney'sconcern,thereputationofthefundisveryimportantandshebelievesdisclosureofwhetherornotthefundcomplieswithIslamiclawcouldhelpminimizepotentialmistakeswithplacingthis

investment.Comment:Membersandcandidateswillneedtobeawareofthedifferencesbetweenculturalandreligiouslawsandrequirementsaswellasthedifferentgovernmentallawsandregulations.Intheireffortstoacknowledgeareaswithdifferentlawsystems,Janneyandthefirmcouldbeproactiveindeterminingthesuitabilityofthenewfundinthat

area.28-392芸业

．创新

．增值Standard l(A):Case

7► Case7.(ReportingPotentialUnethicalActions)Blume,ajuniorportfoliomanager.Sheobservesanumberofnewportfolioscomingfromacountry

1nEuropeanwherethefirmdidnothavepreviousbusinessandistoldthatabrokerinthatcountryisresponsibilityforthenewbusiness.Atameetingonallocationofresearchresourcestothird-partyresearchfirms,Blumenotesthatthisbrokerhasbeenaddedtothelistandisallocatedfundforresearch.However,sheknowstheportfoliosdonotinvestinsecuritiesinthebroker'scountry.And的ghasnotseenanyresearchcomefromthisbroker.BlumeaskshersupervisoraboutthenamebeingonthelistandistoldthattheresearchhasbeendistributedtothemarketingdepartmentandthatthenamebeingonthelistisOK.Shebelievesthatwhatmaybegoingonisthatthebrokerisbeingpaidfornew

business

throu h

the

ina ro riate

research amentsandshewishestodissociatefromthe

misconduct.Comment:Whenreportingthissituation,Blumemustcomplywiththefirm'spoliciesandprocedures.Theproceduresmayincludediscussionswithher

su ervisororsomeonein

a

desi nated

com liancedeartment.Sheshouldcommunicateherconcernsappropriatelywhileadvocatingfordisclosurebetweenthenewbrokerrelationshipandtheresearch

payments.29-392亏业

．创新

．增值Standard l(A):Case

8► Case8.(FailuretoMaintainKnowledgeoftheLaw)Whiteusesnewtechnologytocommunicatewithclientsandpotentialclients.She

recentlybeganpostinginvestmentinformationtoherFacebookpageandsendsoutbriefannouncements,opinions,andthoughtsviaherTwitteraccount.PriortoWhite'suseofthesesocialmediaplatforms,thelocalregulatorhadissuednewrequirementsandguidancegoverningonlineelectroniccommunication.White'scommunicationsappeartoconflictwiththerecentregulatory

announcements.Comment:WhiteisinviolationofStandardI(A)-knowledgeofthelawbecausehercommunicationsdonotcomplywiththenewguidanceandregulationgoverninguseofsocialmedia.Whitemustbeawareoftheevolvinglegalrequirementspertainingtonewanddynamicareasofthefinancialservicesindustrythatareapplicabletoher.Sheshould

seekuidance

from

a ro riate

knowled eableandreliablesourcessuchasherfirm'scompliancefunction,serviceproviders,oroutside

counsel,ifshedoesnotpersonallyfollowlegalandregulatorytrendsaffectingherprofessional

responsibilities.30-392芸业

．创新

．增值GuidanceforStandards

I-VIIProfession

al

ismIntegrityofCapital

MarketsStandardsResponsibilityas

Members

Duty

To

Clients

Duty

To

Employers

Investment

Conflicts

of

InterestKnowledgeofthelaw;Independenceandobjectivity;Misrepresentation;MisconductMaterialnonpublicinformation;Market

manipulationLoyalty,prudenceandcare;Fair

dealing;Suitability;Performancepresentation;Preservationof

confidentialiLoyalty;Additionalcompensationarrangements;Responsibilityof

supervisorsDiligenceandreasonablebasis;Communicationwithclients;Record

retentionDisclosureofconflicts;Priorityoftransaction;Referral

feesConductasmembersand

candidates;

ReferencetoCFAinstitute,

designation 31-392芸业

．创新

．增值Standardl(B):

Content► Content:MembersandCandidatesmustusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityintheirprofessionalactivities.Mustnotoffer,solicit,oracceptanygift,benefit,compensation,orconsiderationthatreasonablycouldbeexpectedtocompromisetheirownoranothe(sindependenceand

objectivity.32-392芸业．创新．增值Standardl(B):

Guidance► GuidanceMainlyconcerninghowtodealwithinternalandexternal

conflicts.Rejectgiftthatcouldbeexpectedtocompromisetheirownoranother1sindependenceandobjectivity.(Best

Practice)Ordinarily,modestandnormalgiftisOK

卢itspurposeis

nottoinfluenceindependence.Benefitsmayincludegifts,invitationstolavishfunctions,tickets,favors,jobreferrals,andso

on.5. Giftfromcorporate:shouldevaluateboththeactualeffectonhisindependenceandobjectivityandintheeyesof

clients.33-392芸业．创新．增值Standardl(B):

Guidance► GuidanceGiftfromclients:Receivingagift,benefit,orconsiderationfromaclientcanbedistinguishedfromgiftsgivenbyentitiesseekingtoinfluenceindependencetothedetrimentofotherclients.Client'sgiftshouldbedisclosed,

if

not violate

l(B).Whenpossible,priortoaccepting"bonusesorgiftsfromclients,membersandcandidatesshoulddisclosetotheiremployerssuchbenefitsofferedby

clients.Ifnotification

is

not possiblepriortoacceptance,membersandcandidatemustdisclosetotheiremployersbenefitspreviouslyacceptedfrom

clients.Disclosureallowstheemployerofamemberorcandidatetomakeanindependentdeterminationabouttheextenttowhichthegiftma affectthemember'sor

candidate's

inde endenceandobjectivity.34-392亏业

．创新

．增值Standardl(B):

Guidance► Guidance-Buy-Side

clientsBuy-SideClientsmaytrytopressuresell-side

analysts.Institutionalclientsaretheprimaryusersofsell-sideresearch,eitherdirectlyorwithsoftdollar

brokerage.Ratingdowngrade:someportfoliomanagersmaysupportsell­sideratingsinflat

io

n affecttheportfolio'sperformanceandmanager's

compensation.Portfolioperformanceissubjecttomediaandpublicscrutiny,affectthemanager'sprofessional

reputation.Forportfolio

managers:It

is

im ro ertothreaten

or

en a ein

retaliatorractices

.Althoughmostportfoliomanagersdonotengageinsuchpractices,theperceptionbytheresearchanalystthatareprisalispossiblemaycauseconcernandmakeitdifficulttomaintainindependence.35-392芸业

．创新

．增值Standardl(B):Guidance► Guidance

-Fund

mana

er

relationshi s

and

Custodial

Relationshi sMembersandcandidatesresponsibleforhiringandretainingoutsidemanagersandthird-partycustodiansshouldnotacceptgifts,entertainment,ortravelfundingthatmaybeperceivedasimpairingtheir

decisions.Primaryandsecondaryfundmanagersandthird-partycustodiansoftenarrangeeducationalandmarketingeventstoinformothersabouttheirbusinessstrategiesorinvestment

process.Mustreviewthemeritsofeachofferindividuallyindeterminingwhethertheymayattendyetmaintain

independence.36-392芸业．创新．增值Standardl(B):

Guidance► Guidance-Investmentbanking

relationshipsFirewallbetweenresearchandinvestmentbankingshouldbebuilttominimizeconflictsof

interest.Separatereportingstructures