CFA二级基础班_职业伦理.docx

PEthicsandProfessional卜StandardsCFA口3割也纱者叫W0丝削Jfcfli5u11>tEH'W0LJ词口口口.、日口口二工,113rtrcWr'2-391QTopicWeightingsinCFALevelIISessionNO.ContentWeightings，StudySession1-2Ethical&ProfessionalStandards10-15StudySession3QuantitativeMethods5-10StudySession4Economics5-10StudySession5-6FinancialReportingandAnalysis10-15StudySession7-8CorporateFinance5-10StudySession9-11Equity10-15StudySession12-13FixedIncome10-15StudySession14Derivatives5-10StudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement5-153-391 FrameworkEthics andProfessionalStandards4-391SSlEthicalandProfessionalStandardsRlCodeofEthicsandStandardsofProfessionalConductR2GuidanceforStandardsI-V11SS2EthicalandProfessionalStandards:ApplicationR3ApplicationoftheCodeandStandardsR4TradeAllocation:FairDealingandDisclosureR5ChangingInvestmentObjectives马皿&新11115T91CodeofEthicsandStandardsofProfessionalConduct百业&，ira_ProceedingsPrimaryPrinciples:fairnessoftheprocesstomembersandcandidatesConfidentialityOftheproceedings.TheCFAInstituteBoardofGovernorsmaintainsoversightandresponsibilityfortheProfessionalConductProgram(PCP).PCPandDisciplinaryReviewCommittee(DRC)andresponsibleforenforcementoftheCodeandStandards.ProfessionalConductinquiriescomefromanumberofsources.Self-disclosureonannualProfessionalConductStatementsofinvolvementincivillitigationoracriminalinvestigation,orthatthememberOrCandidateicthesubjectOfaWrittenComPlaintWrittenComPlaintSaboutprofessionalconductreceivedbytheProfessionalConductstaff.EvidenceofmisconductbyamemberorcandidatethattheProfessionalConductstaffreceivedthroughpublicsources,suchasamediaarticleorbroadcast.AreportbyaCFAexamproctorofapossibleviolationduringtheexamination.耳业色新AllProceedingsOnceaninquiryisinitiated.ProfessionalConductstaffmayrequests(inwriting)anexplanationfromthesubjectmemberorcandidateandmay:interviewthesubjectmemberorcandidateinterviewthecomplainantorotherthirdpartiescollectdocumentsandrecordsrelevanttotheinvestigation丐业 &« !Wl TheDesignatedOfficermaydecide:thatnodisciplinarysanctionsareappropriatetoissueacautionaryletter7-391todisciplinethememberorcandidateThePanelIfthememberorcandidatedoesnotacceptthechargesandproposedsanction,thematterisreferredtoapanelcomposedofDRC(DisciplineReviewCommittee)members.PanelsreviewmaterialsandpresentationsfromProfessionalConductstaffandfromthememberorcandidate.Thepanel'staskistodeterminewhetheraviolationoftheCodeandStandardsOrtestingpoliciesoccurredand,ifso,whatsanctionshouldbeimposed.SanctionsimposedbyCFAInstitutemayhavesignificantconsequences;theyincludepubliccensure,suspensionofmembershipanduseoftheCFAdesignation,andrevocationoftheCFAcharter.CandidatesenrolledintheCFAProgramwhohaveviolatedtheCodeandStandardsortestingpoliciesmaybesuspendedorprohibitedfromfurtherparticipationintheCFAProgram.ComparisonsofAMCandCodeandStandardsAMCTheAssetManagerCodeofProfessionalConduct(AMC),whichisdesigned,inpart,tohelpassetmanagerscomplywiththeregulationsmandatingcodesofethicsforinvestmentadvisers.AMCwasdraftedspecificallyforfirmsCodeandStandardsAimedatindividualinvestmentprofessionalswhoaremembersofCFAInstituteorcandidatesintheCFAProgram.Ethics&ProfessionalStandardsMembersofCFAInstitute("MembersandCandidates*1)mustActwithintegrity,competence,diligence,respectandinanethicalmannerwiththepublic,clients,prospectiveclients,employers,employees；colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapitalmarkets.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.Usereasonablecareandexerciseindependentprofessionaljudgmentwhenconductinginvestmentanalysis,makinginvestmentrecommendations,takinginvestmentactions,andengaginginotherprofessionalactivities.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.Promotetheintegrityandviabilityoftheglobalcapitalmarketsfortheultimatebenefitofsociety.Maintainandimprovetheirprofessionalcompetenceandstrivetomaintainandimprovethecompetenceofotherinvestmentprofessionals.10-391号业国新NB1I_Proceedings§WhichofthefollowingisnotoneofthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProceedingsRelatedtoProfessionalConduct?A.ConfidentialityofproceedingsB.Publicdisclosureofdisciplinarysanctionsc.FairprocesstothememberandcandidateCorrectAnswerBBiscorrectbecausethetwoprinciplesoftheRulesofProcedureforProceedingsRelatedtoProfessionalConductareconfidentialityofproceedingsandfairprocesstothememberandcandidate.U391与亚医新MH一Reading2Knowledgeofthelaw;-IProfessionalismIndependenceandobjectivity;Misrepresentation;Misconduct-jIntegrityofcapitalmarketsMaterialnonpublkinformation;MarkCtmanipulation1.oyalty,prudenceandcare：DutyToClientsFairdealing;Suitability;PerformancepresentationStandardsPreservationOfconfidentialityDutyToemployersLoyalty;Additionalcompensationarrangements;ResponsibilityofsupervisorsInvestment-Diligenceandreasonablebasis;Communicationwithclients;Recordretention-Conflictsofinterest一Disclosureofconflicts;Priorityoftransaction;Referralfees'ResponsibilityasmembersConductasmembersandcandidates;ReferencetoCFAinstitute,designation丐业HTiIWI专业国葡 !ra .GuidanceforStandardsI-VIIProfessionalismKnowledgeofthelaw;Independenceandobjectivity;Misrepresentation;MisconductIntegrityofcapitalmarkets，DutyToClientsMaterialnonpublicinformation;MarketmanipulationStandardsLoyalty,prudenceandcare;Fairdealing;Suitability;PerformancepresentationPreservationofconfidentialityDutyToemployersInvestmentConflictsofinterestLoyalty;Additionalcompensationarrangements;ResponsibilityofsupervisorsDiligenceandreasonablebasis;Communicationwithclients;RecordretentionDisclosureofconflicts;PriorityOftransaction;ReferralfeesResponsibilityasmembersConductasmembersandcandidates;ReferencetoCFAinstitute,designation14-391StandardI（八）:ContentContent1.MembersandCandidatesmustunderstandandcomplywithallapplicablelaws,rules,andregulations(includingtheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct)ofanygovernmentregulatoryorganization,licensingagency,orprofessionalassociationgoverningtheirprofessionalactivities.2.Intheeventofconflict,mustcomplywiththemorestrictIawzrule,orregulation.3.Mustnotknowinglyparticipateorassistinanyviolationofsuchlaws,rules,orregulation.4.Mustdissociatefromanyviolationofsuchlaws,rules,orregulations.StandardI（八）:GuidanceGuidance-CodeandStandardsvs.locallaw5.Mustknowandshouldknowthelawsandregulationsrelatedtotheirprofessionalactivitiesinallcountriesinwhichtheyconductbusiness.6.Notexpertonalllawsthatcouldpotentiallygovernhisactivitiestexpertoncompliance,howevermustcomplywithlawdirectlygoverning.7.Alwaysadheretothemoststrictrulesandrequirements(laworCFAinstituteStandards)thatapply.DonotviolateCodeorStandardseveniftheactivityisotherwiselegalunderlocallaws.8.Complywiththelastapplicablelawiftransferableapplicability.work(applicable)complianceMsLive(LS)Ls<CodeCodeLsLive,MsJMs>CodeMs16-391StandardI（八）:GuidanceGuidance-Participationorassociationwithviolationsbyothers9.Knowreportthroughsupervisororcompliancedepartmentmayconsiderconfrontingwrongdoers÷ifunsuccessfuldissociateanddocumentquit10.SuspectConsultbutcan,tbeabsolvedfromrequirementstocompliance11.ThereisnorequirementunderStandardstoreportviolationstogovernmentalauthorities,butthismaybeadvisableinsomecircumstancesandrequiredbylawinothers.17-39112.Inactioncombinedwithcontinuingassociationwiththoseinvolvedinillegalorunethicalconductmaybeconstruedasparticipationorassistanceintheillegalorunethicalconduct.与亚国新MH.StandardI（八）:GuidanceGuidance-InvestmentProductsandApplicableLaws13.Membersandcandidatesinvolvedincreatingormaintaininginvestmentservices,investmentproducts,packagesofsecuritiesandderivativesshouldbemindfulofwheretheseproductsorpackageswillbesoldaswellastheirplacesoforigination,(theplaceofsalesandorigination)14.Theapplicablelawsandregulationsofthecountriesorregionsoforiginationandexpectedsaleshouldbeunderstoodbythoseresponsibleforthesupervisionoftheservicesorcreationandmaintenanceoftheproductsorpackages.StandardI（八）:GuidanceGuidance-InvestmentProductsandApplicableLaws15.Shouldmakereasonableeffortstoreviewwhetherassociatedfirmsthataredistributingproductsorservicesalsoabidebythelawsandregulations.16.ShouldundertakenecessaryduediligencewhentransactingcrossborderbusinesstounderstandthemultipleapplicablelawsandreguIationsjinordertoprotectthereputationofthefirmandthemselves.19-39117.Seekappropriateguidancefromthefirm*scomplianceorlegaldepartmentsandlegalcounseloutsidetheorganizationwhenuncertainaboutwhichlawsorregulationsinconductingbusinessinmultiplejurisdictions.丐业HTiIWlStandardI（八）:ProceduresRecommendedprocedures-Formembersandcandidates18.Stayinformed:Shouldestablishorencourageemployerstoestablishaprocedurebywhichemployeesareregularlyinformedaboutchangesinlaws,rulesandregulations.Inmanyinstances,theemployer'scompliancedepartmentorlegalcounselcanprovidesuchinformationintheformofmemorandumsdistributedtoemployeesintheorganization.Participationinaninternalorexternalcontinuingeducationprogramisapracticalmethodofstayingcurrent19.Reviewprocedures:Shouldreview,orencouragetheiremployerstoreview,thefir,swrittencomplianceproceduresonaregularbasistoensurethattheproceduresreflectcurrentlawandprovideadequateguidancetoemployeesaboutwhatispermissibleconductunderthelawortheCodeandStandards.专业国葡!ra.StandardI（八）:ProceduresRecommendedprocedures-Formembersandcandidates20.Maintaincurrentfiles:Shouldmaintainorencouragetheiremployerstomaintainreadilyaccessiblecurrentreferencecopiesofapplicablestatutes,rules,regulations.Distributionarealaws:Shouldmakereasonableeffortstounderstandtheapplicablelaws-bothcountryandregional-forthecountriesandregionswheretheirinvestmentproductsaredevelopedanddistributedtoclients.1.egalcounsel:Whenindoubtabouttheappropriateaction,seektheadviceOflngalcounselOfComDlianCepersonnel.Ifapotentialviolationexists,shouldseektheadviceoflegalcounsel.Dissociation:Whendissociate,shoulddocumenttheviolationandUrgetheirfirmstoPerSUadetheDerPetratorStoCeaSeSUChconduct.Mayhavetoquitthejob.StandardI（八）:ProceduresRecommendedprocedures-ForFirms21.Theformalityandcomplexityofcomplianceproceduresforfirmsdependonthenatureandsizeoftheorganizationandthenatureofitsinvestmentoperations.22.Shouldencouragefirmstoconsiderthefollowingpoliciesandprocedures:Developoradoptacodeofethics:Theethicalculturestartsatthetop.Shouldencouragesupervisorsormanagerstoadopt22-391Wheninethicaldilemmas,adheringtotheCodefacilitatessolutionsandpreventtheneedofa"whistleblowing"solutionpubliclyallegingconcealedmisconduct.AssetManagerCodeofProfessionalConduct,maybeusedasthebasisforthecodes.耳业国新muStandardI（八）:Procedures-ForFirmsRecommendedprocedures-ForFirms23.Shouldencouragefirmstoconsiderthefollowing:(con,t)Provideinformationonapplicablelaws:Pertinentinformationthathighlightsapplicablelawsandregulationsmightbedistributedtoemployeesormadeavailableinacentrallocation.Informationsourcesmightincludeprimaryinformationdevelopedbytherelevantgovernmentalagencies,regulatoryorganizationsandprofessionalassociations(e.g.rfromwebsites);andassociationpublications(e.g.,CFAMagazine).23-391Establishproceduresforreportingviolations:Firmsmightprovidewrittenprotocolsforreportingsuspectedviolations.与亚国新MH.StandardI（八）:Case1-2Case1*.(NotificationofKnownViolations)Allenfoundoverstatementofearningsinfilespreparedforregulators,heseeksadviceoffirm'sgeneralcounselwhosaysitwouldbedifficultforregulatortoblameAllenforanywrongdoinginvolved.Comment:Asthecounseldoesnotgiveclearjustificationforthelegitimacyofthesituation,Allenmustreporttohissupervisorandseekindependentlegaladviceanddeterminewhethertheregulatorshouldbenotifiedoftheerror.Cannotbeabsolvedfromrequirementstocomplywithlaw/reguIationinspiteofhavingsoughtadviceoflegalcounsel.Case2*.(DissociatingfromaViolation)Brownfindshiscustomerconcealedlossesinforeignbranchandthepreliminaryprospectushasbeendistributedfortheunderwriting.Comment:Itsclearviolation,Brownmustreporttosupervisor.Ifnotremedied,healsomustdissociateandseekfurtherlegaladvicetodetermineappropriateaction.StandardI（八）:Case3-5Case3.(DissociatingfromaViolation)Washingtonfindshisemployeromitssomeperformanceincalculatingcompositetoinflateperformance,andisaskedtousepromotionalmaterialthatincludeserroneousnumbertosolicitbusiness.Comment:Theemployercommitsmisrepresentation;Washingtonmustdissociatefromthatandbringthefacttosupervisororcompliancedept.Ifit'snotremedied,heshouldconsiderwhetherresignationisappropriate,evenconsiderotheremployment,becauseusingtheerroneousnumberwouldbeconstruedasassistinginviolation.Case4.(FollowingtheHighestRequirements)CollinslaWallStreetanalystworksinadevelopingcountrywithlittlelawsconcerninginsidertrading.Comment:CollinsshouldbeawareoftheriskandadheretotheCodeandStandardswhichismorestrictandaddressmaterialnonpublicinformationofficially.Case5.(FollowingtheHighestRequirements)JamesonisaCFAcharterholderbasedintheUSandalsoworksasaregisteredinvestmentadvisorinanislandnationthatprohibitsparticipationinIPOs,hebelievestheCodeandStandardsapplyandignoresthestrictprohibitiononIPOsintheisland25-391Comment:Jamesonmustfollowthestricterrequirementsofthelocallaw.ByignoringitheisinviolationofStandardI（八）.丐业HTiIWIStandardI（八）:Case6Case6.(LawsandRegulationsBasedonReligiousTenets)Janney,sfirmreceivesexpressionsofinterestfrompotentialclientsfromtheMiddleEastwhoareseekinginvestmentsthatcomplywithIslamiclaw.ThemarketingandpromotionalmaterialsdonotspecifywhetherornotthefundisasuitableinvestmentforaninvestorseekingcompliancewithIslamiclaw.Becausethefundisbeingdistributedglobally,JanneyisconcernedaboutthereputationofthefundandthefirmandbelievesdisclosureofwhetherornotthefundcomplieswithIslamiclawcouldhelpminimizepotentialmistakeswithplacingthisinvestment.26-391Comment:Membersandcandidateswillneedtobeawareofthedifferencesbetweenculturalandreligiouslawsandrequirementsaswellasthedifferentgovernmentallawsandregulations.Janneyandthefirmcouldbeproactiveintheireffortstoacknowledgeareaswherethenewfundmaynotbesuitableforclients.专业国新!ra.StandardI（八）:Case7Case7.(ReportingPotentialUnethicalActions)Blumefaportfoliomanager,notesthatabrokerisresponsibleforthenewbusinessandisallocatedpaymentsforresearch.However,sheknowstheportfoliosdonotinvestinsecuritiesinthebroker,scountry.Andshehasnotseenanyresearchcomefromthisbroker.Blumeaskshersuperviso