CFA二级基础班_职业伦理.docx

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1、PEthicsandProfessional卜StandardsCFA口3割也纱者叫W0丝削Jfcfli5u11tEHW0LJ词口口口.、日口口二工,113rtrcWr2-391QTopicWeightingsinCFALevelIISessionNO.ContentWeightings，StudySession1-2Ethical&ProfessionalStandards10-15StudySession3QuantitativeMethods5-10StudySession4Economics5-10StudySession5-6FinancialReportingandAnalysis

2、10-15StudySession7-8CorporateFinance5-10StudySession9-11Equity10-15StudySession12-13FixedIncome10-15StudySession14Derivatives5-10StudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement5-153-391 FrameworkEthics andProfessionalStandards4-391SSlEthicalandProfessionalStandardsRlCode

3、ofEthicsandStandardsofProfessionalConductR2GuidanceforStandardsI-V11SS2EthicalandProfessionalStandards:ApplicationR3ApplicationoftheCodeandStandardsR4TradeAllocation:FairDealingandDisclosureR5ChangingInvestmentObjectives马皿&新11115T91CodeofEthicsandStandardsofProfessionalConduct百业&，ira_ProceedingsPrim

4、aryPrinciples:fairnessoftheprocesstomembersandcandidatesConfidentialityOftheproceedings.TheCFAInstituteBoardofGovernorsmaintainsoversightandresponsibilityfortheProfessionalConductProgram(PCP).PCPandDisciplinaryReviewCommittee(DRC)andresponsibleforenforcementoftheCodeandStandards.ProfessionalConducti

5、nquiriescomefromanumberofsources.Self-disclosureonannualProfessionalConductStatementsofinvolvementincivillitigationoracriminalinvestigation,orthatthememberOrCandidateicthesubjectOfaWrittenComPlaintWrittenComPlaintSaboutprofessionalconductreceivedbytheProfessionalConductstaff.Evidenceofmisconductbyam

6、emberorcandidatethattheProfessionalConductstaffreceivedthroughpublicsources,suchasamediaarticleorbroadcast.AreportbyaCFAexamproctorofapossibleviolationduringtheexamination.耳业色新AllProceedingsOnceaninquiryisinitiated.ProfessionalConductstaffmayrequests(inwriting)anexplanationfromthesubjectmemberorcand

7、idateandmay:interviewthesubjectmemberorcandidateinterviewthecomplainantorotherthirdpartiescollectdocumentsandrecordsrelevanttotheinvestigation丐业 & !Wl TheDesignatedOfficermaydecide:thatnodisciplinarysanctionsareappropriatetoissueacautionaryletter7-391todisciplinethememberorcandidateThePanelIfthememb

8、erorcandidatedoesnotacceptthechargesandproposedsanction,thematterisreferredtoapanelcomposedofDRC(DisciplineReviewCommittee)members.PanelsreviewmaterialsandpresentationsfromProfessionalConductstaffandfromthememberorcandidate.ThepanelstaskistodeterminewhetheraviolationoftheCodeandStandardsOrtestingpol

9、iciesoccurredand,ifso,whatsanctionshouldbeimposed.SanctionsimposedbyCFAInstitutemayhavesignificantconsequences;theyincludepubliccensure,suspensionofmembershipanduseoftheCFAdesignation,andrevocationoftheCFAcharter.CandidatesenrolledintheCFAProgramwhohaveviolatedtheCodeandStandardsortestingpoliciesmay

10、besuspendedorprohibitedfromfurtherparticipationintheCFAProgram.ComparisonsofAMCandCodeandStandardsAMCTheAssetManagerCodeofProfessionalConduct(AMC),whichisdesigned,inpart,tohelpassetmanagerscomplywiththeregulationsmandatingcodesofethicsforinvestmentadvisers.AMCwasdraftedspecificallyforfirmsCodeandSta

11、ndardsAimedatindividualinvestmentprofessionalswhoaremembersofCFAInstituteorcandidatesintheCFAProgram.Ethics&ProfessionalStandardsMembersofCFAInstitute(MembersandCandidates*1)mustActwithintegrity,competence,diligence,respectandinanethicalmannerwiththepublic,clients,prospectiveclients,employers,employ

12、ees；colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapitalmarkets.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.Usereasonablecareandexerciseindependentprofessionaljudgmentwhenconductinginvestmentanalysis,makinginvestmentrecommend

13、ations,takinginvestmentactions,andengaginginotherprofessionalactivities.Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.Promotetheintegrityandviabilityoftheglobalcapitalmarketsfortheultimatebenefitofsociety.Maintainandimprovetheirp

14、rofessionalcompetenceandstrivetomaintainandimprovethecompetenceofotherinvestmentprofessionals.10-391号业国新NB1I_ProceedingsWhichofthefollowingisnotoneofthetwoprimaryprinciplesoftheCFAInstituteRulesofProcedureforProceedingsRelatedtoProfessionalConduct?A.ConfidentialityofproceedingsB.Publicdisclosureofdi

15、sciplinarysanctionsc.FairprocesstothememberandcandidateCorrectAnswerBBiscorrectbecausethetwoprinciplesoftheRulesofProcedureforProceedingsRelatedtoProfessionalConductareconfidentialityofproceedingsandfairprocesstothememberandcandidate.U391与亚医新MH一Reading2Knowledgeofthelaw;-IProfessionalismIndependence

16、andobjectivity;Misrepresentation;Misconduct-jIntegrityofcapitalmarketsMaterialnonpublkinformation;MarkCtmanipulation1.oyalty,prudenceandcare：DutyToClientsFairdealing;Suitability;PerformancepresentationStandardsPreservationOfconfidentialityDutyToemployersLoyalty;Additionalcompensationarrangements;Res

17、ponsibilityofsupervisorsInvestment-Diligenceandreasonablebasis;Communicationwithclients;Recordretention-Conflictsofinterest一Disclosureofconflicts;Priorityoftransaction;ReferralfeesResponsibilityasmembersConductasmembersandcandidates;ReferencetoCFAinstitute,designation丐业HTiIWI专业国葡 !ra .GuidanceforSta

18、ndardsI-VIIProfessionalismKnowledgeofthelaw;Independenceandobjectivity;Misrepresentation;MisconductIntegrityofcapitalmarkets，DutyToClientsMaterialnonpublicinformation;MarketmanipulationStandardsLoyalty,prudenceandcare;Fairdealing;Suitability;PerformancepresentationPreservationofconfidentialityDutyTo

19、employersInvestmentConflictsofinterestLoyalty;Additionalcompensationarrangements;ResponsibilityofsupervisorsDiligenceandreasonablebasis;Communicationwithclients;RecordretentionDisclosureofconflicts;PriorityOftransaction;ReferralfeesResponsibilityasmembersConductasmembersandcandidates;ReferencetoCFAi

20、nstitute,designation14-391StandardI（八）:ContentContent1.MembersandCandidatesmustunderstandandcomplywithallapplicablelaws,rules,andregulations(includingtheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct)ofanygovernmentregulatoryorganization,licensingagency,orprofessionalassociationgoverningt

21、heirprofessionalactivities.2.Intheeventofconflict,mustcomplywiththemorestrictIawzrule,orregulation.3.Mustnotknowinglyparticipateorassistinanyviolationofsuchlaws,rules,orregulation.4.Mustdissociatefromanyviolationofsuchlaws,rules,orregulations.StandardI（八）:GuidanceGuidance-CodeandStandardsvs.locallaw

22、5.Mustknowandshouldknowthelawsandregulationsrelatedtotheirprofessionalactivitiesinallcountriesinwhichtheyconductbusiness.6.Notexpertonalllawsthatcouldpotentiallygovernhisactivitiestexpertoncompliance,howevermustcomplywithlawdirectlygoverning.7.Alwaysadheretothemoststrictrulesandrequirements(laworCFA

23、instituteStandards)thatapply.DonotviolateCodeorStandardseveniftheactivityisotherwiselegalunderlocallaws.8.Complywiththelastapplicablelawiftransferableapplicability.work(applicable)complianceMsLive(LS)LsCodeMs16-391StandardI（八）:GuidanceGuidance-Participationorassociationwithviolationsbyothers9.Knowre

24、portthroughsupervisororcompliancedepartmentmayconsiderconfrontingwrongdoersifunsuccessfuldissociateanddocumentquit10.SuspectConsultbutcan,tbeabsolvedfromrequirementstocompliance11.ThereisnorequirementunderStandardstoreportviolationstogovernmentalauthorities,butthismaybeadvisableinsomecircumstancesan

25、drequiredbylawinothers.17-39112.Inactioncombinedwithcontinuingassociationwiththoseinvolvedinillegalorunethicalconductmaybeconstruedasparticipationorassistanceintheillegalorunethicalconduct.与亚国新MH.StandardI（八）:GuidanceGuidance-InvestmentProductsandApplicableLaws13.Membersandcandidatesinvolvedincreati

26、ngormaintaininginvestmentservices,investmentproducts,packagesofsecuritiesandderivativesshouldbemindfulofwheretheseproductsorpackageswillbesoldaswellastheirplacesoforigination,(theplaceofsalesandorigination)14.Theapplicablelawsandregulationsofthecountriesorregionsoforiginationandexpectedsaleshouldbeu

27、nderstoodbythoseresponsibleforthesupervisionoftheservicesorcreationandmaintenanceoftheproductsorpackages.StandardI（八）:GuidanceGuidance-InvestmentProductsandApplicableLaws15.Shouldmakereasonableeffortstoreviewwhetherassociatedfirmsthataredistributingproductsorservicesalsoabidebythelawsandregulations.

28、16.ShouldundertakenecessaryduediligencewhentransactingcrossborderbusinesstounderstandthemultipleapplicablelawsandreguIationsjinordertoprotectthereputationofthefirmandthemselves.19-39117.Seekappropriateguidancefromthefirm*scomplianceorlegaldepartmentsandlegalcounseloutsidetheorganizationwhenuncertain

29、aboutwhichlawsorregulationsinconductingbusinessinmultiplejurisdictions.丐业HTiIWlStandardI（八）:ProceduresRecommendedprocedures-Formembersandcandidates18.Stayinformed:Shouldestablishorencourageemployerstoestablishaprocedurebywhichemployeesareregularlyinformedaboutchangesinlaws,rulesandregulations.Inmany

30、instances,theemployerscompliancedepartmentorlegalcounselcanprovidesuchinformationintheformofmemorandumsdistributedtoemployeesintheorganization.Participationinaninternalorexternalcontinuingeducationprogramisapracticalmethodofstayingcurrent19.Reviewprocedures:Shouldreview,orencouragetheiremployerstore

31、view,thefir,swrittencomplianceproceduresonaregularbasistoensurethattheproceduresreflectcurrentlawandprovideadequateguidancetoemployeesaboutwhatispermissibleconductunderthelawortheCodeandStandards.专业国葡!ra.StandardI（八）:ProceduresRecommendedprocedures-Formembersandcandidates20.Maintaincurrentfiles:Shou

32、ldmaintainorencouragetheiremployerstomaintainreadilyaccessiblecurrentreferencecopiesofapplicablestatutes,rules,regulations.Distributionarealaws:Shouldmakereasonableeffortstounderstandtheapplicablelaws-bothcountryandregional-forthecountriesandregionswheretheirinvestmentproductsaredevelopedanddistribu

33、tedtoclients.1.egalcounsel:Whenindoubtabouttheappropriateaction,seektheadviceOflngalcounselOfComDlianCepersonnel.Ifapotentialviolationexists,shouldseektheadviceoflegalcounsel.Dissociation:Whendissociate,shoulddocumenttheviolationandUrgetheirfirmstoPerSUadetheDerPetratorStoCeaSeSUChconduct.Mayhavetoq

34、uitthejob.StandardI（八）:ProceduresRecommendedprocedures-ForFirms21.Theformalityandcomplexityofcomplianceproceduresforfirmsdependonthenatureandsizeoftheorganizationandthenatureofitsinvestmentoperations.22.Shouldencouragefirmstoconsiderthefollowingpoliciesandprocedures:Developoradoptacodeofethics:Theet

35、hicalculturestartsatthetop.Shouldencouragesupervisorsormanagerstoadopt22-391Wheninethicaldilemmas,adheringtotheCodefacilitatessolutionsandpreventtheneedofawhistleblowingsolutionpubliclyallegingconcealedmisconduct.AssetManagerCodeofProfessionalConduct,maybeusedasthebasisforthecodes.耳业国新muStandardI（八）

36、:Procedures-ForFirmsRecommendedprocedures-ForFirms23.Shouldencouragefirmstoconsiderthefollowing:(con,t)Provideinformationonapplicablelaws:Pertinentinformationthathighlightsapplicablelawsandregulationsmightbedistributedtoemployeesormadeavailableinacentrallocation.Informationsourcesmightincludeprimary

37、informationdevelopedbytherelevantgovernmentalagencies,regulatoryorganizationsandprofessionalassociations(e.g.rfromwebsites);andassociationpublications(e.g.,CFAMagazine).23-391Establishproceduresforreportingviolations:Firmsmightprovidewrittenprotocolsforreportingsuspectedviolations.与亚国新MH.StandardI（八

38、）:Case1-2Case1*.(NotificationofKnownViolations)Allenfoundoverstatementofearningsinfilespreparedforregulators,heseeksadviceoffirmsgeneralcounselwhosaysitwouldbedifficultforregulatortoblameAllenforanywrongdoinginvolved.Comment:Asthecounseldoesnotgiveclearjustificationforthelegitimacyofthesituation,All

39、enmustreporttohissupervisorandseekindependentlegaladviceanddeterminewhethertheregulatorshouldbenotifiedoftheerror.Cannotbeabsolvedfromrequirementstocomplywithlaw/reguIationinspiteofhavingsoughtadviceoflegalcounsel.Case2*.(DissociatingfromaViolation)Brownfindshiscustomerconcealedlossesinforeignbranch

40、andthepreliminaryprospectushasbeendistributedfortheunderwriting.Comment:Itsclearviolation,Brownmustreporttosupervisor.Ifnotremedied,healsomustdissociateandseekfurtherlegaladvicetodetermineappropriateaction.StandardI（八）:Case3-5Case3.(DissociatingfromaViolation)Washingtonfindshisemployeromitssomeperfo

41、rmanceincalculatingcompositetoinflateperformance,andisaskedtousepromotionalmaterialthatincludeserroneousnumbertosolicitbusiness.Comment:Theemployercommitsmisrepresentation;Washingtonmustdissociatefromthatandbringthefacttosupervisororcompliancedept.Ifitsnotremedied,heshouldconsiderwhetherresignationi

42、sappropriate,evenconsiderotheremployment,becauseusingtheerroneousnumberwouldbeconstruedasassistinginviolation.Case4.(FollowingtheHighestRequirements)CollinslaWallStreetanalystworksinadevelopingcountrywithlittlelawsconcerninginsidertrading.Comment:CollinsshouldbeawareoftheriskandadheretotheCodeandSta

43、ndardswhichismorestrictandaddressmaterialnonpublicinformationofficially.Case5.(FollowingtheHighestRequirements)JamesonisaCFAcharterholderbasedintheUSandalsoworksasaregisteredinvestmentadvisorinanislandnationthatprohibitsparticipationinIPOs,hebelievestheCodeandStandardsapplyandignoresthestrictprohibi

44、tiononIPOsintheisland25-391Comment:Jamesonmustfollowthestricterrequirementsofthelocallaw.ByignoringitheisinviolationofStandardI（八）.丐业HTiIWIStandardI（八）:Case6Case6.(LawsandRegulationsBasedonReligiousTenets)Janney,sfirmreceivesexpressionsofinterestfrompotentialclientsfromtheMiddleEastwhoareseekinginve

45、stmentsthatcomplywithIslamiclaw.ThemarketingandpromotionalmaterialsdonotspecifywhetherornotthefundisasuitableinvestmentforaninvestorseekingcompliancewithIslamiclaw.Becausethefundisbeingdistributedglobally,Janneyisconcernedaboutthereputationofthefundandthefirmandbelievesdisclosureofwhetherornotthefun

46、dcomplieswithIslamiclawcouldhelpminimizepotentialmistakeswithplacingthisinvestment.26-391Comment:Membersandcandidateswillneedtobeawareofthedifferencesbetweenculturalandreligiouslawsandrequirementsaswellasthedifferentgovernmentallawsandregulations.Janneyandthefirmcouldbeproactiveintheireffortstoackno

47、wledgeareaswherethenewfundmaynotbesuitableforclients.专业国新!ra.StandardI（八）:Case7Case7.(ReportingPotentialUnethicalActions)Blumefaportfoliomanager,notesthatabrokerisresponsibleforthenewbusinessandisallocatedpaymentsforresearch.However,sheknowstheportfoliosdonotinvestinsecuritiesinthebroker,scountry.Andshehasnotseenanyresearchcomefromthisbroker.Blumeaskshersuperviso