CFA三级培训项目：道德和专业标准_打印版.docx

EthiCalandProfessional卜Standards4&(2)CFA三级培训项目jw：3ta(§|TopicinCFALevelIIISessionContentStudySession12ETHICS&PROFESSIONALSTANDARDS(1)&(2)StudySession3StudySession4StudySession5StudySession6BEHAVIORALRNANCECAPITALMARKETEXPECTATIONS【NEW】ASSETALLOCATIONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVATIVESANDCURRENCYMANAGEMENT(NEW)StudySession7-8StudySession9-10StudySession11FIXED-INCOMEPORTFOUOMANAGEMENT(1)&(2)EQUITYPORTFOUOMANAGEMENT(1)A(2)ALTERNATIVEINVESTMENTSFORPORTFOUOMANAGEMENTNEWStudySession12-13StudySession14StudySession15StudySession16PRIVATEWEALTHMANAGEMENT121(NEW)PORTFOUOMANAGEMENTFORINSTITUTIONALINVESTORS(NEWTRADING.PERFORMANCEEVALUATION.ANDMANAGERSELECTIONNEWCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENT(NEWM.ffi刀Ifi® FrameworkEthical andProfessionalStandards”SSlEthicalandProfessionalStandards(1)RlCodeofEthicsandStandardsofProfessionalConductR2GuidanceforStandardsI-V11R3ApplicationoftheCodeandStandards:Level11l“SS2EthicalandProfessionalStandards(2)R4:ProfessionalismintheInvestmentIndustryR5:AssetManagerCodeofProfessionalConductR6:OverviewoftheGlobalInvestmentPerformanceStandardsCode of Ethics and Standards of Professional Conduct5-492巨5哥：5tflFramework1.Proceedings2.ThePanel3.ComparisonsofAMCandCodeandStandards4.Ethics&ProfessionalStandardsProceedings，PrimaryPrinciples:fasoftheprocesstomembersandcandidatesconfidentiality.；“TheCFAInstituteBoardOfGovernorsmaintainsoversightandresponsibilityfortheProfessionalConductProgram(PCP).“PCPandDisciplinaryReviewCommittee(DRC)QleresponsiblefoenforcementoftheCodeandStandards.ProfessionalConductinquiriescomefromanumberofsources.SeIf-disclosuROnJnnUJlPlofRSSionJlCondUClStJtRmRntSOfinvolvumuntinvilIihojtionJ(Jimlnjiesiijion.U能membeorcnddateKthesubletOfaMlttHIComDlJlntWnttRnComDlJim5aboutprofessionalconductreceivedbytheProfessionalConductstaff.EvidenceofmisconductbyamemberorcandidatethattheProfessionalConductstaffreceivedthroughPUbliCSOIHCe，suchasamediaarticleorbroadcastAreportbyJCFAexamproctorofaPQGSI2'Cndu110tmii3ion.ProceedingsOnceaninquiryisinitiated.ProfessionalConductstaffmayrequests(inWritinq)anexplanationfromthesubjectmemberorcandidateandmay:interviewthesubjectmemberorcandidateinterviewthecomplainantootherthirdpartiescollectdocumentsandrecordsrelevanttotheinvestigationSJj 3秆：3t0TheDesignatedOfficermaydecide:thatnodisciplinarysanctionsare叩p(toissueJcautionarylettertodisciplinethememberorcandidate8-492ThePanel“Ifthememberorcandidatedoesnotacceptthechargesandproposedsanction,thematterisreferredtoapanelcomposedOfDRC(DkCiDlineReVieWCommittee)membersPanelsreviewmaterialsandpresentationsfromProfessionalConductstaffandfromthememberorcandidate.ThePanaStaskistodeterminewhetheraviolationoftheCodeandStandardsortestingpoliciesoccurredand,ifso,whatsanctionshouldbeimposed."SanctionsimposedbyCFAInstitutemayhavesignificantconsequences;theyincludeDUbhCCEnSUl已SlJSDenSQnOfmEmbershiDandUSeOftheCFAdesmjtomJndIetVocJ>onQftheCFAChJrte.CandidatesenrolledintheCFAProgramwhohaveviolatedtheCodeandStandardsortestingpoliciesmaybeSUSDendeldQlDinhibitedfromfurtherparticipationintheCFAProgram.ComparisonsofAMCandCodeandStandards“AMCTheAssetManagerCodeofProfessionalConduct(AM。whichisdesigned,inpart,tohelpassetmjnjgesComPIywiththeregulationsmandatingcodesofethicsforinvestmentadvisers.AMCWaSdraftedSDedfkaIIvforfirmsCodeandStandards.AimedEindividualinvestmentprofessionals.vhoaremembersof10-492CFAInstituteorcandidatesintheCFAProgram.Ji3W任心Ethics&ProfessionalStandardsMembersofCFAInstitute(MembersandCandidates)mustActwitlintegritycompetencediligence,respectarinanethicalmannerwiththepublic,clients,prospectiveclients,enployers,employees,colleaguesintheinvestmentprofession,and6haparticipantsintheglobalcapitalmarkets.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.USeI-JsnncblECareande?口SeIndeaendentPlQfeSSIcnJhiJdamentwhenconductinginvestmentJnaIySsmakinginvestmentrecommendations,takinginvestmentactions,andengaginginotherprofessionalactivities.PracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectCreditonthemselvesandtheprofession.Promotetheintegrityandviabilityoftheglobalcapitalmarketsfortheultimatebenefitofsociety.MaintainandimprovetheirprofessionalConWetenCeandstrivetomaintainandimprovethecompeteeofotherinvestmentprofessionals.Guidance for Standards I-V1. PiofessionalismFramework2. Integrity of Capital Markets3. DJtyToCIients4. Duty To EFiipIoyersS. Investment6. Conflicts of Interest7. Responsibility as MembersRS.: Cases in this reading are quoted from <Standards of practice handbook> 2015 Eleventh edition.13-492写 &.w - sta Guidance for Standards I-VIIProfeMionAlitmKnowledge of th law; lndMdnc and objectivity; Misrepresentation;MigCondUCtIntegrity Of CaPital MQrkH 卜Duty To ClientsStandarchDuty To Employtrt卜TInvstEctMaurial nonpublic information； .Mdrl<t manipulationLoyalty, prudn< and car;Fair da"ng;Suitability;Performance presentation;PrtMrvation of confidentialityLoyaltyjAdditional compensation arrangements;Ruponsibility。！ supervisorsDilignc and rasonabl basis;Communication with client*;Rcord rtntonfConfHCtg Of Intrst 卜Diclosureofconflicts;PriorityOftransaction：RferEfsResponsibility as Membersk-Conductasmmbrsandcandidate;14-492RfrnctoCFAin"itut,dsignationJ:5秆：staStandard1（八）:ContentContent1.MemberSandCandidatesmustIInd曰SQndJndComD卜ithallapplicablelaws,rules,andregulations(includingrheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct)ofanygovernment,regulatoryorganization,licensingagency,orprofessionalassociationgoverningtheirprofessionalactivities.2.Intheeventofconflict.MembersandCandidatesmustcomplywiththemorestrictlaw,rule,orregulation3.Mustnotknowin¾lyPartiCiPJteorassistinanyviolationofSUChlaws,rules,orregulation.4.MustdEufromanyviolationofsuchlaws,rules,orregulations.StandardI（八）:Guidance“Guidance-CodeandStandardsvs.locallaw5.MuStknowJndShoiJldknewtlelawsJndregulationsrelatedtotheirprofessionalactivitiesinallcountriesinwhichtheyconductbusiness.6.Notexpertonalllawstintcouldpotentiallygovernhisactivities,U2iexDertOnComDliJnC日howeve,mustcomplywithIJWdirectlygovRninq.7.AlwaysadheretothemostSuiClrulesandrequirements(laworCFAinstituteStandards)thatapply.MembersandcandidatesmustnotengageinConduCtthatconstitutesaviolationOftheCodeandStandards,eventhoughit)yotherwisebelegal.164928.Complywiththelastapplicablelawiftransferableapplicability写&.w-staStandard1（八）:GuidanceGuidance-Participationorassociationwithviolationsbyothers9.Know÷attempttostopthebehaviorbybringingittotheattentionoftheemployerthroughSUPerViSQOrcompliancedepartment÷(ifunsuccessfull->dissociateanddocument÷quit10.Suspect÷Consultsbutcantbeabsolvedfromrequirementstocompliance11.ThereisnoIeaullenlentUndRl5tJ11dJ出qIWDCMviolationstogovernmentalauthorities,buttis113MJdViSJblelinsomecircumstancesJnduouiiedbyIJnInuthelS12.InJCtianCQmblned"【hrontnunjswjq门withIhQSginvolvedinillegalorunethicalconductmaybeconstruedaparticipationorassistanceintheillegalorunethicalconductStandard1（八）:GuidanceGuidance-InvestmentProductsandApplicableLaws13.Membersandcandidatesinvolvedincreatingormaintaininginvestmentservices,investmentproducts,packagesofsecuritiesandderivativesshouldbemindfulOf'汽htheseDioductsQlDaukacius=lh-Fd不IdTrhLip”jzJr门IgM门，Fi.(theDlaCeOfSaleSandQrigination)14.ThlapplicablelawsandregulationsofthecountriesorregionsoforiginationandexpectedSalmshouldbeunderstoodbythoseresponsibleforthesupervisionoftheservicesorcreationandmaintenanceoftheproductsorpackages.Standard1（八）:GuidanceGuidance-InvestmentProductsandApplicableLaws15.ShouldmakereasonableeffortstoreviewwhetherassociatedfirmsthataredistributingproductsorservicesalsoJbldebytheIjWSJndemulations.16.Shouldundertakenecessydudiligencewhentransacting112borderbuonusstounderstandthemultipleapplicablelawsandregulations,inordertoprotectthereputationofthefimandthemselves.19-49217.SeekappropriateguidancefromthefirmscomplianceorlegaldepartmentsandlegalcounseloutsidetheorganizationWhenuncertainaboutwhichlawsoremulationsinconductingbusinessinHiultiplejurisdktions.Sd立秆:8ifiStandard1（八）:Procedures“Recommendedprocedures-Formembersandcandidates18.SSVinformedShould-KJIIiMtCHericwaciEemployerstoestablishJmocRdurebywhichemployeesareregularlyinformedaboutchangesinlaws,rulesandregelations.Inmanyinstances,theemployerscompliancedepartmentorlegalcounselCJnprovidesuchinformationintheformofmer>andumdistributedtoemployeesintheorganization.ParticipationnJnintnjlQlUX曰njSntinuinoeducationprogramisapracticalmethodofstayingcurrent.20-49219.ReVieWPre)CedlIre。：houldreview,orencouragetheiremployerstoreview,thefilmSHencomDlmncuDloCedlHetSOrl3rquIjibjsistoensurethatthuDocuduusuf&tcurrentlawandprovideadequateguidancetoemployeesaboutwhatispermissibleconductunderthelawortheCodeandStandards.SJj5哥：3tQStandard1（八）:ProceduresRecommendedprocedures-Formembersandcandidates20.Maintaincurrentfiles:Shouldmaintainorencouragetheiremployerstomaintainreadilyaccessiblecurrentreferencecopiesofapplicablestatutes,rules,regulations.Distributionarealaws:Shouldmakereasonableeffortstounderstandtheapplicablelaws-bothcountryandregional-forthecountriesandIegionLIh曰rhei!INtstmunl口IUdlJetSa止dwu0DudJnddistibutedloclients.LegalcounselWhenindubtabouttheappropriateaction,SUUktheJdVKr-Ofl巳clCnUnSell3cmDijreDelSonr1“IfJDOtUntialViolJticnExStS-ShQUldSeakth<?JdvKelQfleloJlCoUnSel.Dissociation:Whendissociate,ShOUldd<xumntIhEBQlJtlnnJndWQEthufilmsIQl>曰SuJdktheDRl口KratOlSt口IelaSJSuChconduct.Mayhavetoquit:hejob.StandardI（八）:Procedures，Recommendedprocedures-ForFirms21.TheformalityandcomplexitycfcomplianceproceduresforfirmsdDundOnthenjuiieJndSiZRoftheorganizationandtlenatureofitsinvestmentoperations.22.Shouldencouragefirmstoconsiderthefollowingpoliciesandprocedures:Developoradoptacodeofethics:Theethicalculturestartsatthetop.ShouldencouragesupervisorsCHmGnagestoadoptWhenInethicaldilcmmsadheringtotheCodefacilitates22-492SolUtiOnSJndDleVent二heneedQfJvhistlebQvinSoIutiQnDubliClVJllRqinoCc)FICRJlUdmisconduct.AssetManagerCodeofProfessionalConductm>ybeUSRdasthub<assfothuCOdeSSd立秆：8ffiStandard1（八）:Procedures-ForFirms，Recommendedprocedures-ForFirmO23.Shouldencouragefirmstoconsiderthefollowing:(con,t)ProVideinformationOnapplicablelaws:PertinentinformationthathighlightsapplicableIJWSandregulationsmightbeC【血uedtoemployeesormadeavailableinGCenujlICCJtlQn.InfOimJtIonsoUlCeSmightincludeprimaryinformationdevelopedbytherelevantgovernmentalagencies,regulatoryorganizationsandprofessionalassociations(e.g.fromwebsites);Jndassociationpublications(e.g.,CFAMagazine).23-492EStabliShDroCedUreSforreDorti11Qviolations:FimsmightprovideSmttenDfQtOCaKfcIBDe)rtnoSUSDeCtRdViQlatiQnQSJj5哥：3tQStandardI（八）:Case1CaSe1.(LaWSandReqUlationSBaadOnReliqioUSTenetS)JanneysfirmIeCRiVRSUXDlWSsionsofnteIRStfIgmpotentialclientsfromtheMiddleEastwhoaeseekinginvestmentsthatcor11DWithISlamiClJw.ThemarketingandpromotionalmaterialsCannotdetRnin<?WhRthelQlnQttufundisJappropriateinvestmentforaninvestorseekingcompliancewithIslamiclaw.Thefundisdistributedglobally.InJanneysconcern,thereputationofthefundisveryimportantandshebelievesdisclosureofwhetherornotthefundcomplieswithIslamiclawcouldhelpminimizepotentialmistakeswithplacingthisinvestment.Comment:MembersandcandidateswillneedtobejwjirQfIhe<JiHht<<?SheKmnCijlurjlGnd止卜QlQUSla,5andrequirementsaswellJSthedifferentgovernmentallawsandregulations.Intheireffortstoacknowledgeareaswithdifferentlawsystems,Janneyandthefirmcouldbeproactiveindeterminingthesuitabilityofthenewfundinthatarea.StandardI（八）:Case2，Case2.(FailuretoMUintainKnnWledQeOftheLdW).Vhiteusesnewtechnologytocommunicatewithclientsandpotentialclients.SherecentlybeganpostinginvestmentinformationtoheFccebookPJQRJndSRndSOUlbriefannouncements,opinions,andthoughtsviaherTwitteraccount.PriortoWhitesUSeofthesesocialmediaplatforms,thelocalregulatorhadissuednewrequirementsJndguidancegoverningonlineelectroniccommunication.WhitesCommUniGrionSJDDeItoCOnfliCtWiththercriNIegulJtOlyJnnOUnCernenK,25492Comment:WhiteisinviolationofStandardIA)-knowledgeofthelav;becausehercommunicationsdonotComPIyWiththeneguidanceJndregulation°oVeminqUSeOfSOCialmediaWhitemustbeawareoftheevolvinglegalrequirementspertainingtonewanddynamicareasofthefinancialservicesindustrythatareapplicabletoher.SheshouldSeekguidancefromJDDiomiJtRkno*edet3bl巳JndreliableSoUlCRsuchJSherfirmscompliancefunctionserviceproviders,oroutsidecounsel,ifshedoesnotpersonallyfollowlegalandregulatorytrendsaffectingherprofessionalresponsibilities.Sd立秆：8ffiGuidanceforStandardsI-VIIKnowSdgoofthlaw;-1PrMmionaHsmT lntgriy Of QPttal MQrkH1lndnd*nc*andobjectivity;JMisrepresentation;MigConCiUaT_Maurialnonpublicinformation；J.Mdrktmanipulation1.oyalty,PrUd*andcar。；Cjr)iecStandarchTDuty To Employer#InvstEctConflicts of IntrttResponsibility as MembersPr*trvation of confidentialityLoyaltyj卜 Additional compensation arrangements; Roponsibility o/ SUP*rvirorsDilignc and rasonabl basis;-Communication with clients;csd rtntionDiclosure Of conflicts;J- Priority of transaction:Rfe,cl fsT_ Conduct as m*Eb*rs and candidates;J Rfrnc *o CFA ir>gRitut% dignation与5.新：staStandardI(B):ContentContent:1.MembersandCandidatesmustusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityintheirprofessionalactivities.2.Mustnotoffersolicitoracceptanygift,benefit,compensation,orconsideration【hatea,QnjhlKldbeexneredtc>Lpmpicniiqitheirownoranother'sindependenceandobjectivity.StandardI(B):GuidanceGuidance3.MainlyconcerninghowtodealwithUHEln/IJndEX【曰njlCarIfl(K4.RejectgiftthatCoUldb<?RXDRCtedtoComDlOmiSRtheirowno3n0he$independenceandoectivity.BeStPractice)yOrdinarily,modestandnor11JQiftISOKQnlYifitspurposeisnottoinfluenceindependence.Benefitsmayincludegifts,invitationstolavishfunctions,tickets,favorsjobreferrals,andsoon.5.GiftfromCQlDorate:shouldevaluateboththeGCtU<aleffectonhisindependenceandobjectivity/intheevesQfdientSStandardI(B):GuidanceGuidance6.GittfrenMtes.Receivingagift,benefitorconsiderationfromaclientCQnbedistinguishedfromgiftsgivenbyentitiesseekingtoinfluenceindependencetothedetrimentofotherclients,ie11rsgiftShQUld3dscks>dIf115.c心卅hE/WhenDOSSiblepriortoacceptingbonusesorgiftsfomclients,membersandcandidatesshoulddisc