CFA三级培训项目：道德和专业标准_打印版.docx

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1、EthiCalandProfessional卜Standards4&(2)CFA三级培训项目jw：3ta(|TopicinCFALevelIIISessionContentStudySession12ETHICS&PROFESSIONALSTANDARDS(1)&(2)StudySession3StudySession4StudySession5StudySession6BEHAVIORALRNANCECAPITALMARKETEXPECTATIONS【NEW】ASSETALLOCATIONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVATIVESAN

2、DCURRENCYMANAGEMENT(NEW)StudySession7-8StudySession9-10StudySession11FIXED-INCOMEPORTFOUOMANAGEMENT(1)&(2)EQUITYPORTFOUOMANAGEMENT(1)A(2)ALTERNATIVEINVESTMENTSFORPORTFOUOMANAGEMENTNEWStudySession12-13StudySession14StudySession15StudySession16PRIVATEWEALTHMANAGEMENT121(NEW)PORTFOUOMANAGEMENTFORINSTIT

3、UTIONALINVESTORS(NEWTRADING.PERFORMANCEEVALUATION.ANDMANAGERSELECTIONNEWCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENT(NEWM.ffi刀Ifi FrameworkEthical andProfessionalStandards”SSlEthicalandProfessionalStandards(1)RlCodeofEthicsandStandardsofProfessionalConductR2GuidanceforStandardsI-V11R3ApplicationoftheC

4、odeandStandards:Level11l“SS2EthicalandProfessionalStandards(2)R4:ProfessionalismintheInvestmentIndustryR5:AssetManagerCodeofProfessionalConductR6:OverviewoftheGlobalInvestmentPerformanceStandardsCode of Ethics and Standards of Professional Conduct5-492巨5哥：5tflFramework1.Proceedings2.ThePanel3.Compar

5、isonsofAMCandCodeandStandards4.Ethics&ProfessionalStandardsProceedings，PrimaryPrinciples:fasoftheprocesstomembersandcandidatesconfidentiality.；“TheCFAInstituteBoardOfGovernorsmaintainsoversightandresponsibilityfortheProfessionalConductProgram(PCP).“PCPandDisciplinaryReviewCommittee(DRC)Qleresponsibl

6、efoenforcementoftheCodeandStandards.ProfessionalConductinquiriescomefromanumberofsources.SeIf-disclosuROnJnnUJlPlofRSSionJlCondUClStJtRmRntSOfinvolvumuntinvilIihojtionJ(Jimlnjiesiijion.U能membeorcnddateKthesubletOfaMlttHIComDlJlntWnttRnComDlJim5aboutprofessionalconductreceivedbytheProfessionalConduct

7、staff.EvidenceofmisconductbyamemberorcandidatethattheProfessionalConductstaffreceivedthroughPUbliCSOIHCe，suchasamediaarticleorbroadcastAreportbyJCFAexamproctorofaPQGSI2Cndu110tmii3ion.ProceedingsOnceaninquiryisinitiated.ProfessionalConductstaffmayrequests(inWritinq)anexplanationfromthesubjectmembero

8、rcandidateandmay:interviewthesubjectmemberorcandidateinterviewthecomplainantootherthirdpartiescollectdocumentsandrecordsrelevanttotheinvestigationSJj 3秆：3t0TheDesignatedOfficermaydecide:thatnodisciplinarysanctionsare叩p(toissueJcautionarylettertodisciplinethememberorcandidate8-492ThePanel“Ifthemember

9、orcandidatedoesnotacceptthechargesandproposedsanction,thematterisreferredtoapanelcomposedOfDRC(DkCiDlineReVieWCommittee)membersPanelsreviewmaterialsandpresentationsfromProfessionalConductstaffandfromthememberorcandidate.ThePanaStaskistodeterminewhetheraviolationoftheCodeandStandardsortestingpolicies

10、occurredand,ifso,whatsanctionshouldbeimposed.SanctionsimposedbyCFAInstitutemayhavesignificantconsequences;theyincludeDUbhCCEnSUl已SlJSDenSQnOfmEmbershiDandUSeOftheCFAdesmjtomJndIetVocJonQftheCFAChJrte.CandidatesenrolledintheCFAProgramwhohaveviolatedtheCodeandStandardsortestingpoliciesmaybeSUSDendeldQ

11、lDinhibitedfromfurtherparticipationintheCFAProgram.ComparisonsofAMCandCodeandStandards“AMCTheAssetManagerCodeofProfessionalConduct(AM。whichisdesigned,inpart,tohelpassetmjnjgesComPIywiththeregulationsmandatingcodesofethicsforinvestmentadvisers.AMCWaSdraftedSDedfkaIIvforfirmsCodeandStandards.AimedEind

12、ividualinvestmentprofessionals.vhoaremembersof10-492CFAInstituteorcandidatesintheCFAProgram.Ji3W任心Ethics&ProfessionalStandardsMembersofCFAInstitute(MembersandCandidates)mustActwitlintegritycompetencediligence,respectarinanethicalmannerwiththepublic,clients,prospectiveclients,enployers,employees,coll

13、eaguesintheinvestmentprofession,and6haparticipantsintheglobalcapitalmarkets.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.USeI-JsnncblECareande?口SeIndeaendentPlQfeSSIcnJhiJdamentwhenconductinginvestmentJnaIySsmakinginvestmentrecommendations,takingin

14、vestmentactions,andengaginginotherprofessionalactivities.PracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectCreditonthemselvesandtheprofession.Promotetheintegrityandviabilityoftheglobalcapitalmarketsfortheultimatebenefitofsociety.MaintainandimprovetheirprofessionalConW

15、etenCeandstrivetomaintainandimprovethecompeteeofotherinvestmentprofessionals.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 quote

16、d from 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； .Mdrlt manipulationLoyalty,

17、 prudndissociateanddocumentquit10.SuspectConsultsbutcantbeabsolvedfromrequirementstocompliance11.ThereisnoIeaullenlentUndRl5tJ11dJ出qIWDCMviolationstogovernmentalauthorities,buttis113MJdViSJblelinsomecircumstancesJnduouiiedbyIJnInuthelS12.InJCtianCQmblned【hrontnunjswjq门withIhQSginvolvedinillegalorune

18、thicalconductmaybeconstruedaparticipationorassistanceintheillegalorunethicalconductStandard1（八）:GuidanceGuidance-InvestmentProductsandApplicableLaws13.Membersandcandidatesinvolvedincreatingormaintaininginvestmentservices,investmentproducts,packagesofsecuritiesandderivativesshouldbemindfulOf汽htheseDi

19、oductsQlDaukacius=lh-Fd不IdTrhLip”jzJr门IgM门，Fi.(theDlaCeOfSaleSandQrigination)14.ThlapplicablelawsandregulationsofthecountriesorregionsoforiginationandexpectedSalmshouldbeunderstoodbythoseresponsibleforthesupervisionoftheservicesorcreationandmaintenanceoftheproductsorpackages.Standard1（八）:GuidanceGui

20、dance-InvestmentProductsandApplicableLaws15.ShouldmakereasonableeffortstoreviewwhetherassociatedfirmsthataredistributingproductsorservicesalsoJbldebytheIjWSJndemulations.16.Shouldundertakenecessydudiligencewhentransacting112borderbuonusstounderstandthemultipleapplicablelawsandregulations,inordertopr

21、otectthereputationofthefimandthemselves.19-49217.SeekappropriateguidancefromthefirmscomplianceorlegaldepartmentsandlegalcounseloutsidetheorganizationWhenuncertainaboutwhichlawsoremulationsinconductingbusinessinHiultiplejurisdktions.Sd立秆:8ifiStandard1（八）:Procedures“Recommendedprocedures-Formembersand

22、candidates18.SSVinformedShould-KJIIiMtCHericwaciEemployerstoestablishJmocRdurebywhichemployeesareregularlyinformedaboutchangesinlaws,rulesandregelations.Inmanyinstances,theemployerscompliancedepartmentorlegalcounselCJnprovidesuchinformationintheformofmerandumdistributedtoemployeesintheorganization.P

23、articipationnJnintnjlQlUX曰njSntinuinoeducationprogramisapracticalmethodofstayingcurrent.20-49219.ReVieWPre)CedlIre。：houldreview,orencouragetheiremployerstoreview,thefilmSHencomDlmncuDloCedlHetSOrl3rquIjibjsistoensurethatthuDocuduusuf&tcurrentlawandprovideadequateguidancetoemployeesaboutwhatispermiss

24、ibleconductunderthelawortheCodeandStandards.SJj5哥：3tQStandard1（八）:ProceduresRecommendedprocedures-Formembersandcandidates20.Maintaincurrentfiles:Shouldmaintainorencouragetheiremployerstomaintainreadilyaccessiblecurrentreferencecopiesofapplicablestatutes,rules,regulations.Distributionarealaws:Shouldm

25、akereasonableeffortstounderstandtheapplicablelaws-bothcountryandregional-forthecountriesandIegionLIh曰rhei!INtstmunl口IUdlJetSa止dwu0DudJnddistibutedloclients.LegalcounselWhenindubtabouttheappropriateaction,SUUktheJdVKr-Ofl巳clCnUnSell3cmDijreDelSonr1“IfJDOtUntialViolJticnExStS-ShQUldSeakth?JdvKelQflelo

26、JlCoUnSel.Dissociation:Whendissociate,ShOUldd曰SuJdktheDRl口KratOlSt口IelaSJSuChconduct.Mayhavetoquit:hejob.StandardI（八）:Procedures，Recommendedprocedures-ForFirms21.TheformalityandcomplexitycfcomplianceproceduresforfirmsdDundOnthenjuiieJndSiZRoftheorganizationandtlenatureofitsinvestmentoperations.22.Sh

27、ouldencouragefirmstoconsiderthefollowingpoliciesandprocedures:Developoradoptacodeofethics:Theethicalculturestartsatthetop.ShouldencouragesupervisorsCHmGnagestoadoptWhenInethicaldilcmmsadheringtotheCodefacilitates22-492SolUtiOnSJndDleVent二heneedQfJvhistlebQvinSoIutiQnDubliClVJllRqinoCc)FICRJlUdmiscon

28、duct.AssetManagerCodeofProfessionalConductmybeUSRdasthubassfothuCOdeSSd立秆：8ffiStandard1（八）:Procedures-ForFirms，Recommendedprocedures-ForFirmO23.Shouldencouragefirmstoconsiderthefollowing:(con,t)ProVideinformationOnapplicablelaws:PertinentinformationthathighlightsapplicableIJWSandregulationsmightbeC【

29、血uedtoemployeesormadeavailableinGCenujlICCJtlQn.InfOimJtIonsoUlCeSmightincludeprimaryinformationdevelopedbytherelevantgovernmentalagencies,regulatoryorganizationsandprofessionalassociations(e.g.fromwebsites);Jndassociationpublications(e.g.,CFAMagazine).23-492EStabliShDroCedUreSforreDorti11Qviolation

30、s:FimsmightprovideSmttenDfQtOCaKfcIBDe)rtnoSUSDeCtRdViQlatiQnQSJj5哥：3tQStandardI（八）:Case1CaSe1.(LaWSandReqUlationSBaadOnReliqioUSTenetS)JanneysfirmIeCRiVRSUXDlWSsionsofnteIRStfIgmpotentialclientsfromtheMiddleEastwhoaeseekinginvestmentsthatcor11DWithISlamiClJw.ThemarketingandpromotionalmaterialsCanno

31、tdetRnin?WhRthelQlnQttufundisJappropriateinvestmentforaninvestorseekingcompliancewithIslamiclaw.Thefundisdistributedglobally.InJanneysconcern,thereputationofthefundisveryimportantandshebelievesdisclosureofwhetherornotthefundcomplieswithIslamiclawcouldhelpminimizepotentialmistakeswithplacingthisinves

32、tment.Comment:MembersandcandidateswillneedtobejwjirQfIheJiHhtgRitut% dignation与5.新：staStandardI(B):ContentContent:1.MembersandCandidatesmustusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityintheirprofessionalactivities.2.Mustnotoffersolicitoracceptanygift,benefit,compensatio

33、n,orconsideration【hatea,QnjhlKldbeexneredtcLpmpicniiqitheirownoranothersindependenceandobjectivity.StandardI(B):GuidanceGuidance3.MainlyconcerninghowtodealwithUHEln/IJndEX【曰njlCarIfl(K4.RejectgiftthatCoUldb?RXDRCtedtoComDlOmiSRtheirowno3n0he$independenceandoectivity.BeStPractice)yOrdinarily,modestandnor11JQiftISOKQnlYifitspurposeisnottoinfluenceindependence.Benefitsmayincludegifts,invitationstolavishfunctions,tickets,favorsjobreferrals,andsoon.5.GiftfromCQlDorate:shouldevaluateboththeGCtUdIf115.c心卅hE/WhenDOSSiblepriortoacceptingbonusesorgiftsfomclients,membersandcandidatesshoulddisc