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1、 2020年度CFA 一级重要知识点总结独家整理，请勿转载 职业伦理1.1 The processforthe enforcement of the Code and Standards1.2 Primary Principles:(1)Fairnessoftheprocess tomembers and candidates(2)Confidentialitoyfthe proceedings.1.3 DisciplinarRyeview Committee has overallresponsibiliftoyrthe ProfessionalConductprogram and enfo
2、rcement ofthe code and standards.1.4 How to detectSelf-disclosureonannualProfessionalConductStatementsofinvolvementincivillitigationoracriminalinvestigation,orthatthememobrecrandidateisthesubjectofawrittencomplaint.Writtencomplaintsabout professionaclonduct receivedby the ProfessionalConductstaff.Ev
3、idence ofmisconductby a member or candidatethattheProfessionaClonduct staffreceivedthrough publicsources,such as a media articloer broadcast.A reportby a CFA exam proctorofa possibleviolatiodnuringthe examination.发现有人违反，经过 CFA 调查后，一般会有三种处理方法1：）不处罚；2）发警告信；）3进行处罚（由轻到重依次为：privatecensorp,ubliccensor,tim
4、ed suspension ）1.5 Hearing panelconsistsofDRC members and CFAInstitutemember volunteersaffiliatweidththeDRC1.6 AMC vs.Code and standardsThe AssetManager Code ofProfessionaClonduct (AMC), which isdesigned,inpart,tohelp asset managers comply with the regulationsmandating codes of ethicsforinvestmentad
5、visers.AMC was draftedspecificallfyorfirms2-118 Code and Standards isaimed atindividuailnvestmentprofessionals1.7 Knowledge of law必须了解与工作直接相关 (directlgyoverningtheirwork) 的法律和规则，但不需要成为 expert on compliance;总是遵守最严格的，但最低限度要遵守 CFA Institut准e 则和标准；如果有传递关系，遵循最后一个生效的 law orregulation；sliveLsComply withLs
6、Code MsMsLsLiveLiveMsGuidance ofcompliance如果你感觉 (feel) 有人违法，你必须 consultforadvice,but not exempt fromrequirementstocompliance;如果你知道(know )有人在违法，还可以采取分步骤的方法：向公司里的适当人员汇报（report）；如果汇报后仍没有改进，则你必须与违法行为划清界限（disassociate），甚至辞职；同时要进一步咨询以便采取进一步的行动；还可以(m ay con sider to persuade to stop )考虑劝说违法的人终止违法行为；（注： Ify
7、ou were a supervisor,how todo? ）当发现有违法行为时，CFA Institute并不要求你向政府管理机构汇报。汇报与不汇报给监管当局完全取决于你个人的判断。但是C，FA 协会又说：such disclosuremay beprudent in certaincircumstances ； There isno requirement under Standards toreportviolationsto governmental authoritiesb,ut thismay be advisable in somecircumstancesand requir
8、edby law inothers.如果一个人新到一家公司工作发现其内部有问题，应该 Quit the job；Inactioncombined with continuingassociationwith those involved in illegalorunethicalconduct may be construed as participatioonr assistanceinthe illegaolrunethicalconduct.进行跨境交易 cross-board时，要注意 law oforiginatioannd distributiosnh,ould beunderst
9、oodby those responsibleforthesupervision，要注意 affiliatedfi是rm否遵守了法律。The formalitaynd complexityof compliance proceduresforfirmsdepend on thenatureand sizeofthe organizationand the natureofitsinvestmentoperations.1.8 Independence and ObjectivityBasicprincipleshouldevaluateboth the actualeffectofsuch s
10、olicitatioonnstheirindependenceand whether theirobjectivitmyight be perceivedtobe compromised intheeyesof theirclients.Investment banking relationshipsFirewallminimizesresultingconflictsof interest.The situationmay beaggravatedifthehead ofthecompanysits onthe bank orinvestmentfirmsboardand attempts
11、tointerferieninvestment decisionmaking.Researcher co-workingwithInvestmentBanking should discloseand manageconflictasdequately andeffectively.Itisappropriateto have analystswork withinvestmentbankers in“roadshow”onlywhentheconflictsareadequatelyandeffectivelymanagedanddisclosed.3-118 Publiccompanies
12、Analystsshould not be pressuredto issuefavorableresearchby thecompaniesthey follow.Donctonfineresearchtodiscussionswithcompany management, butratherusea varietyofsources,includingsuppliersc,ustomers,and competitions.研究报告只卖给单一客户 may violateI(B):Independence and Objectivity.研 究 费 最 好 是 flatfee ， canno
13、t be directllyinkedto the conclusionorrecommendation.Buy-SideclientsSell-sideanalystshould not be pressured by buy-sidefirmstoissuefavorableresearchon currentor prospectiveinvestment-bankingclients.Analystsmust engage inthorough,independent,and unbiasedanalysisand mustfulldyisclosepotentiaclonflicts
14、i,ncludingthenatureoftheircompensation.Giftfrom client& Giftfrom the thirdpartyReject giftthat could be expected to compromise theirown or anothersindependence and objectivi（tybestpractice)M.odest gifitsOK, butas longas itspurpose isnot to compromise theobjectivity.判断的原则：第一是礼物的金额很少（m odest）；第二是礼物不能是
15、单独为你准备的(arrangementnotunusual)Giftfrom client可 以 接 受 ,butshould discloseto employer and obtainconsentfrom allpartiesinvolved(IV(C)i;fnotdisclose,violateI(B)and IV(C).Fund manager relationshipsMembers and candidateswho are responsibleforhiringand retainingoutsidemanagers should notaccepts giftse,nter
16、tainment,ortravelfundingthatmay beperceivedas impairingtheirdecisions.For meeting sponsored by funds,members and candidates must review themeritsof each offerindividualliyn determining whether they may attend yetmaintaintheirindependence ofconduct regardingthe analyticprocess and thedistributioonf t
17、heireports.The ratingagenciesNeed todevelopthenecessaryfirewallasnd protectiontsoallowtheindependentoperationsoftheirdifferenbtusiness lines.abide by theiragenciesand theindustrystsandardsofconduct regardingtheanalyticaplrocess and the distributionftheirreportsWhen using informationprovided by credi
18、tratingagencies, members andcandidatesshould be mindfulofthe potentiaclonflictosfinterest.TravelFundingMembers and candidatesmay be influencedby these discussionswhen flyinogna corporateorcharteredjet.Best practicedictatesthatmembers and candidates always use commercialtransportatiornatherthan accep
19、t paid travelarrangements from an outsidecompany.Should commercial transportatiobne unavailablem,embers and candidatesmayaccept modestly arranged travelto participatein appropriate4-118 information-gatherinegvents,such as a propertytour.Procedures forcomplianceProtectthe integritoyfopinions:unbiased
20、,design compensation systems withintegrityCreate a restricteldisti:funwillingtoissueunfavorable,put iton a restricteldistand only issue factualinformationRestrictspecialcost arrangement: pay charges by themselves when visitingheadquarter,not reimbursed forairfees by corporateissuer,limituse firmsair
21、craftonly when no commercial transportationf,requentlymeeting withcorporateissuer接触会是不好的，会给外人一个想法，觉得影响到主观性和独立性.Should not always be hosted by issuer.Limitgifts:Customary, business-relatedentertainmentis okay as long as itspurpose isnot toinfluencea membersprofessionailndependence orobjectivity;based
22、 on localcustom and whether thelimiitsper gifotrannual totalamount.Restricitnvestments:encourage firmstodevelop formalpolicieasbout employeepurchases ofequityorequity-relateIdPOs, requirepriorapprovalforemployee toparticipatienIPOs, disclosetimelyinvestmentactionsfollowintghe offerings,trictlimiton
23、privatpelacements.Review procedures:implementeffectivseupervisoryand reviewproceduresaboutpersonalinvestmentactivitiesIndependence policy:formalwrittenpolicy,not influencedby any partiesthatcould comprise theirindependence.Appointed officert:o superviseforcompliance;provideprocedures and policiesfor
24、reportingviolatiotnoevery employee.1.9 Misrepresentation下面的形式都与 Misrepresentation 相关Oralrepresentationsa,dvertisinge,lectronicommunications, orwrittenmaterials.（writtenmaterialsincluderesearchreportsm,arket lettersn,ewspaper columns,and books; electronicommunications includesinternetcommunications,
25、webpages, chat room, and e-mail）将“明知故犯（”know ingly）界定为知道或者应该知道。“know in gly”m eans thatthe member or candidate eitherknows or should have known that themisrepresentationwas being made or thatomittedinformationcould altertheinvestmentdecision-makingprocess.Guaranteetheinvestmentperformance:I(C)prohib
26、imtembers and candidatesfrom guaranteeingclientspecificreturnwhich isinherentlyvolatile.But I(C)does not prohibitfrom guaranteeing the returnwhich isbuiltintothestructureofthe productitselofr forwhich an institutihoans agreed tocover anylosses. 如,联邦储蓄利率是 2% ，那么保证 2% 利率是可以的Misrepresentation包 括 保 证 收
27、益 率 which isinherentlyvolatil，eMisrepresentationof serviceand qualificatiopnl,agiarismMisrepresentation of serviceand qualification不可以对客户说 “我们可以提供你需要的所有服务 ”，正确的做法是提供一个5-118 公司所能提供的服务清单；对于发行人付费的研究报告，分析师必须披露被雇做研究这个事实，如果隐瞒这个事实，就违反了 I(C)；Listthe qualificationfindividuaalnd firm.PlagiarismUse excerptsfro
28、m otherseitherverbatimorwithonlyslightchanges inwording,no specificquotationswith “leadinegxperts”p,resent statisticeasltimates offorecastsprepared by othersand identiftyhe source withoutcaveats,chartsandgraphs without stating their source, copying proprietarycomputerizedspreadsheetsor algorithmswit
29、houtseeking cooperationor authorizatioonftheircreators；引用别人的思想需要鸣谢(crediotracknowledgement), 否则就是 Plagiarism；引用他人的模型，分析师作了少许修改，把模型作为自己的，属于plagiarism行为，违反了 I(C)，正确的做法是鸣谢这个模型的出处来源；引用媒体的转载 ,best practiceciteauthoror touse the informationprovidedinmedia and citethe two；无心的打字错误不违反 misrepresentatio，n 但是如果
30、发现错误，却没有纠正，那么就违反了 misrepresentation自己在业余时间开发的模型属于自己所有，可以使用；The firmretainsthe rightto continue using the work completed aftera member orcandidatehas lefthe organizationM.embers cannot,however, reissuea previouslyreleased reportsolelyunder hisor her name.ProceduresVerifyoutsideinformationv:erifyforth
31、ethirdmay impactitsintegritEyn.couragetodevelop policyto verify.Maintainwebpage: currentinformation;protectsiteinstegrityc,onfidentiality,and securityn;ot misrepresentand fulldyisclose.Plagiarismpolicy:maintaincopies of allresearch reportswithresearch ideas,materialwith new methodologies, and other
32、materialsbeing reliedon inpreparing the research report;attributequotations,includingprojections,tables,statisticmso,del/product ideas,and new methodologies prepared bypersons otherthan recognizedfinanciaalnd statisticraelportingserviceor similarservice;attributseummaries orparaphrase.1.10 Misconduc
33、tScope ofapplication凡是有关于欺诈的 (lyingc,heating,stealingand otherdishonestactiviti都es是)misconduct ；所有作弊行为都是 misconduct.但是职业无关的除欺诈以外的行为是不违反 misconduct 的，比如作为某一环保组织成员进行游行 ,Do notabuse thisstandardtosettlepersonal,politicaolr,otherdisputesunrelatedtoprofessionalethics.Excessivedrinkingatlunchduringwork ma
34、king negativeeffecton your abilittyomakesound investment decisionsisa violatioonfStandard I(D).成员和考生不能使用 photocopy，不要将拷贝资料带到考场！个人破产是否需要 disclose？6-118 如果是经营破产（如与欺诈无关），不算；如果是因欺诈引起的高额罚金而导致的破产，算。如果是自己的妻子在经营公司的时候由于欺诈原因破产，不算。RecommendedproceduresCode of ethics:every employee should subscribeand make clea
35、rthattheun-ethicalactivitiewsillnot be tolerated.Listofviolationsp:otentiavliolationasnd associateddisciplinarsyanctions.Employee references:good characterand eligiblfeorwork.1.11 Materialnonpublic information判断 m aterial的条件（竞争对手的预测不能认为是 M N I）:relaible and unam biguou s，对股价有影响的 information是 materia
36、l的，比如：Substance and materialityEarningsM&A, acquisitionst,enderofferso,r jointventuresChanges inassets,Changes inmanagementInnovativeproducts,processes, or discoveriesNew licensesp,atents,registeredtrademarks,or regulatoryapproval/rejectioofna productDevelopments regardingcustomers or suppliers(e.g.
37、t,heacquisitioonr lossofacontract)Changes inauditornotificatiornthefactthattheissuermay no longerrelyon anauditorrseportor qualifieodpinionEvents regardingtheissuersescuritie(se.g.d,efaultson seniorsecuritiecsa,llsofsecuritiefsorredemption,repurchase plans,stock splitsc,hanges individends,changes to
38、 the rightsof securityholders,publicor privatesales of additionalsecuritiesa,nd changes increditratings)BankruptciesSignificanltegaldisputesGovernment reportsof economic trends(employment,housing startsc,urrencyinformatione,tc.)Orders forlargetradesbefore they are executedMaterial的其他情形：有名的公司或者分析师对股价
39、的研究对市场有影响，算是 material。Ifnotaclients,he/he can obtainearlyaccess tothe MNI priorto publicationh,owever,canutse MNI fortrading.在 职 过 程 中 所 获 取 的 信 息 ， 自 己 不 能 使 用 也 不 能 促 使 他 人 使 用 ,misappropriatio。nsupplier：s 从供应商处了解到一个公司的信息，如果来源是可靠的，则算是MNI ，不能使用；如果是自己观察到的，属于 Mosaic 理论，可以使用。竞争者的分析，不算 material。不管通过什么途
40、径，公开发行的报告就是publi（c 失误引起的提前发行，算不算做公开发布？算,can use fortrading）如果公司在分析师会议上内幕信息，怎么办？ Cantuse.一个原来是 researcher，现在调到投行部门工作，不能分享部门的信息7-118 Mosaic Theory ： 使 用 materialpublicinformationand non-materialnon-publicinformation.Selectivedisclosurmeay violatMeNI. Analystsmust be aware thata disclosurmeade toa room
41、 fulolfanalystsdoes not necessarilymake the disclosedinformation“public.”Analysts should also be alertto the possibilittyhatthey are selectivelryeceivingmaterialnonpublic informationwhen a company provides them with guidance orinterpretatioonf such publiclyavailableinformationas financialstatements
42、orregulatoryfilings.如果公司拥有 MNI对于自营交易，分为两种情况：如果做 market maker ，firmsthatcontinuemarket-maker activitsyhould instructtheirmarket makers toremain passivetothemarket-thatis,takeonlythecontrasideofunsolicitecdustomer trades；InriskarbitragetradingT,he most prudentcourse istosuspend arbitrageactivit；yIfcon
43、tinuearbitrageactivityt,hefirmfacea highhurdleinprovingtheadequacyof theirinternalprocedures and must demonstrate stringentreview anddocumentation offirmtrades.Watch lissthown tosolelythe few people incompliance department isused toreviewthe transactionofspecificsecurities.Even at small firms,proced
44、ures concerning interdepartmentalcommunication, thereview of tradingactivitya,nd the investigationof possibleviolationshould becompiled and formalized.Achieve publicdisseminationIfmaterial,should trytoachieve publicdissemination.Encourage the firmto make itpublic,ifnot possible,reportonlytodesignate
45、dsupervisoryand compliance personnel withinher firm.not investon MNI, orinduce insidertodiscloseMNIAdopt compliance procedures.Should encourage theirfirmsto adopt compliance procedures to prevent themisuse ofMNI.Particularliymportantisimproving compliance insuch areas as the review ofemployee and pr
46、oprietarytrading,documentation offirmprocedures,and thesupervisionofinterdepartmentaclommunications inmulti-servicfeirms.Compliance procedures should suitthe particularcharacteristicosf a firm,includingitssizeand the natureofitsbusiness.The minimum elements ofsuch firewallinclude,butare notlimitedto
47、,thefollowing:substantialcontrolof relevantinterdepartmentalcommunications, preferablythrough a clearance area withinthe firm in eitherthe compliance or legaldepartment;review of employee tradingthrough the maintenance of “watch,“”restricted,”and “rumorl”ists;documentation of the procedures designed to limitthe flow of informationbetween departments and oftheactionstaken toenforcethose procedures;heightened review or restrictioonf proprietarytradingwhilea firmis in8-118 possession of materialnonpublic informat