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1、 CFA 职业道德 HANDBOOK 划线版 1 / 68 金囿学堂 APP CFA 学员使用指南 扫码即可获得最新版本金囿学堂 APP （苹果和安卓系统可直接进入 App store 搜索“ 金囿学堂”） 进入 “首页” 后找到 CFA 课程图标 ， 进入学习即可！ 1、新用户手机号码 注册 后，登 录即可！ 2、 老用户可选择 短信验证 登陆！ CFA 职业道德 HANDBOOK 划线版 2 / 68 学习网址： http:/ 选择 “学生登录” 之后输入您的手机号码 ， 再点 击 “手机动态码登录” ， 校验码会以短信的形式 发给你，填写好校验码和验证码就可以登录啦！ 客服电话： 400
2、0-910-910 在右上角找 到 “我的课表 ” 之后选择 “我的视频课程 ” 就能在线学习咱们 的课程啦 （课程有效期为 1 年） CFA 职业道德 HANDBOOK 划线版 3 / 68 CFA 职业道德 Handbook 划线版 (第 11版 ) Preamble The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to lea
3、d the investment profession globally by setting high standards of education, integrity, and professional excellence. High ethical standards are critical to maintaining the publics trust in financial markets and in the investment profession. Since their creation in the 1960s, the Code and Standards h
4、ave promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst CF
5、A designation) and CFA candidates must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, revocation of candidacy in the CFA Program, and
6、 revocation of the right to use the CFA designation. The Code of Ethics (了解 ) Members of CFA Institute (including CFA charterholders) and candidates for the CFA designation ( Members and Candidates) must: Act with integrity, competence, diligence, respect, and in an ethical manner with the CFA 职业道德
7、HANDBOOK 划线版 4 / 68 public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets. Place the integrity of the investment profession and the interests of clients above their own personal interests. Use reasona
8、ble care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities. Practice and encourage others to practice in a professional and ethical manner that will reflect c
9、redit on themselves and the profession. Prom ote the integri ty a nd viability of the global capital markets for the ultimate benefit of society. (11版更新 ) Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals. Standards
10、 of Professional Conduct I. PROFESSIONALISM A. Knowledge of the Law. Members and Candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licen
11、sing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in and must dissociate from any violation of s
12、uch laws, rules, or CFA 职业道德 HANDBOOK 划线版 5 / 68 regulations. Guidance This standard does not require members and candidates to become experts, however, in compliance. Additionally, investment professionals are not required to have detailed knowledge of or be experts on all the laws that could poten
13、tially govern the members or candidates activities. When applicable law and the Code and Standards require different conduct, members and candidates must follow the more strict of the applicable law or the Code and Standards. 规定太多，互相冲突时，选择更严 格的那个规定。 Members and candidates must not engage in conduct
14、that constitutes a violation of the Code and Standards, even though it may otherwise be legal. CFA Institute acknowledges that members may not recognize violations if they are not aware of all the facts giving rise to the violations. Standard I(A) applies when members and candidates know or should k
15、now that their conduct may contribute to a violation of applicable laws, rules, regulations, or the Code and Standards. The first step should be to attempt to stop the behavior by bringing it to the attention of the employer through a supervisor or the firms compliance department. If this attempt is
16、 unsuccessful, then members and candidates have a responsibility to step away and dissociate from the activity. CFA Institute strongly encourages members and candidates to report potential violations of the Code and Standards committed by fellow members and candidates. Although a failure to report i
17、s less likely to be construed as a violation than a failure to dissociate from unethical conduct, the impact of inactivity on the integrity of capital CFA 职业道德 HANDBOOK 划线版 6 / 68 markets can be significant. Although the Code and Standards do not compel members and candidates to report violations to
18、 their governmental or regulatory organizations unless such disclosure is mandatory under applicable law, such disclosure may be prudent under certain circumstances. Members and candidates should consult their legal and compliance advisers for guidance. CFA Institute encourages members, nonmembers,
19、clients, and the investing public to report violations of the Code and Standards by CFA Institute members or CFA candidates by submitting a complaint in writing to the CFA Institute Professional Conduct Program via e-mail (pcprogramcfainstitute.org) or the CFA Institute website (www.cfainstitute.org
20、). B. Independence and Objectivity. Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that rea
21、sonably could be expected to compromise their own or anothers independence and objectivity. Guidance 礼品的范围包括： Benefits may include gifts, invitations to lavish functions, tickets, favors, or job referrals. Modest gifts and entertainment are acceptable, but special care must be taken by members and c
22、andidates to resist subtle and not-so-subtle pressures to act in conflict with the interests of their clients. Standard I(B) does not preclude customary, ordinary business-related entertainment as long as its purpose is not to influence or reward CFA 职业道德 HANDBOOK 划线版 7 / 68 members or candidates. F
23、irms should consider a strict value limit for acceptable gifts that is based on the local or regional customs and should address whether the limit is per gift or an aggregate annual value. 礼物是可以收的，但须是礼节性的，不得另有企图。最 好由公司规定一个可以收取的礼品的限额。 Receiving a gift, benefit, or consideration from a client can be d
24、istinguished from gifts given by entities seeking to influence a member or candidate to the detriment of other clients. A gift from a client could be considered supplementary compensation. The potential for obtaining influence to the detriment of other clients, although present, is not as great as i
25、n situations where no compensation arrangement exists. When possible, prior to accepting bonuses or gifts from clients, members and candidates should disclose （ 没有规定必须 in writing） to their employers such benefits offered by clients. If notification is not possible prior to acceptance, members and ca
26、ndidate must disclose to their employers benefits previously accepted from clients. (如 果没法在收礼前告诉雇主，也得在收礼后告诉他 ) Members and candidates may also come under pressure from their own firms to, for example, issue favorable research reports or recommendations for certain companies with potential or continu
27、ing business relationships with the firm. One of the ways that research analysts have coped with these pressures in the past is to use subtle and ambiguous language in their recommendations or to temper the tone of their research reports. Such subtleties are lost on some investors, however, who reas
28、onably expect research reports and recommendations to be straightforward and transparent and to communicate clearly an analysts views based on unbiased analysis and independent judgment.公司可能为维持与被分析公司的生意关系而对分析师的研究工作施加压力。很多 研究 分 析 师 的 应 对 之 道 是 ： 既 不 直 接 违 背公 司 意 愿 ， 但 也 不 完 全 屈从 公 司 意 愿 。 具 体 做 法 就 是
29、在 报 告 中 运 用 微 妙 而 模 糊的 语 言 委 婉 地 表 达 自 己 的本 来 意 见 。 但 是 ， 根 据 CFA协 会 的 要求， CFA 职业道德 HANDBOOK 划线版 8 / 68 这样 做 是 不 应 该 的 。 因 为 不能 要 求 所 有 的 客 户 都 能 读懂 分 析 师 的 暗 示 。 客 户 有权 利 阅 读 分析 师用平白朴素的语言写成的报告，而不必去 猜分析师的心思。 Recommendations must convey the members or candidates true opinions, free of bias from inter
30、nal or external pressures, and be stated in clear and unambiguous language. Buy-Side Clients. One source of pressure on sell-side analysts is buy-side clients. Institutional clients are traditionally the primary users of sell-side research, either directly or with soft dollar brokerage. Portfolio ma
31、nagers may have significant positions in the security of a company under review. A rating downgrade may adversely affect the portfolios performance, particularly in the short term. A downgrade may also affect the managers compensation, which is usually tied to portfolio performance. Moreover, portfo
32、lio performance is subject to media and public scrutiny, which may affect the managers professional reputation. Consequently, some portfolio managers implicitly or explicitly support sell-side ratings inflation. 卖方 ， 或 者 指 以 出 卖 成 果 为目 的 的 独 立研 究 者 ， 或 者指 将 研 究 作 为 创 造 业 务 手段 的 投 资 银行 /经纪公司。问题是，卖方分析
33、师的买方客户（比如基金经理），可能大量持有被分析公司 的 股 票 。 分 析 报 告 的 结 论 ， 可 能 是 正 面 的 ， 也 可 能 是负 面 的 。 如 果 分 析 结 论 是下 调 被 分 析公 司的评级，则不仅可能影响投资组合的短期业绩，也会影响基金经理的报酬以及职业声誉。 因此，基金经理倾向于或明或暗地支持虚高的卖方评级。 Portfolio managers have a responsibility to respect and foster the intellectual honesty of sell-side research. Therefore, it is i
34、mproper for portfolio managers to threaten or engage in retaliatory practices, such as reporting sell-side analysts to the covered company in order to instigate negative corporate reactions. 投资经理报复分析师的手段可以是向被下 调评级的公司打小报告。 Although most portfolio managers do not engage in such practices, the percepti
35、on by the research analyst that a reprisal is possible may cause concern and make it difficult CFA 职业道德 HANDBOOK 划线版 9 / 68 for the analyst to maintain independence and objectivity. Fund Manager Relationships. Research analysts are not the only people who must be concerned with maintaining their ind
36、ependence. Members and candidates who are responsible for hiring and retaining outside managers should not accepts gifts, entertainment, or travel funding that may be perceived as impairing their decisions. Both the primary and secondary fund managers often arrange educational and marketing events t
37、o inform others about their business strategies or investment process. Members and candidates must review the merits of each offer individually in determining whether they may attend yet maintain their independence. Investment Banking Relationships. Some sell-side firms may exert pressure on their a
38、nalysts to issue favorable research reports on current or prospective investment banking clients. For many of these firms, income from investment banking has become increasingly important to overall firm profitability because brokerage income has declined as a result of price competition. These comp
39、anies are often covered by the firms research analysts because companies often select their investment banks on the basis of the reputation of their research analysts, the quality of their work, and their standing in the industry. 卖方公司（比如证券公司）通常既有研究部门 ，也有投行部门。假设 JY企业准备上市，选 择卖 方 公 司 提 供 的 投 行 服 务时 ，
40、也 会 考 虑 该 公 司 研 究部 门 分 析 师 的 声 誉 及 立 场 。 如 果 卖 方公 司的分析师之前对 JY企业的态度不友好，或者评价偏向负面， JY企业绝对不会选择该证券 公司，证券公司的投行业务就可能会泡汤。 Although collaboration between research analysts and investment banking colleagues may benefit the firm and enhance market efficiency (e.g., by allowing firms to assess risks more accura
41、tely and make better pricing assumptions), it requires firms to carefully balance the conflicts of interest inherent in the collaboration. Having analysts work with investment bankers is appropriate only when the conflicts are CFA 职业道德 HANDBOOK 划线版 10 / 68 adequately and effectively managed and disc
42、losed. Firm managers have a responsibility to provide an environment in which analysts are neither coerced nor enticed into issuing research that does not reflect their true opinions. Firms should require public disclosure of actual conflicts of interest to investors. 研究部门和投行部门合作是允许 的，但前提条件是潜在的利益冲突得
43、到良好管理并且被充分披露。 The firewalls traditionally built between these two functions must be managed to minimize conflicts of interest; indeed, enhanced firewall policies may go as far as prohibiting all communications between these groups. 防火墙甚至可以严格到禁止两 个部门间进行任何交流的程度。 A key element of an enhanced firewall i
44、s separate reporting structures for personnel on the research side and personnel on the investment banking side. 严格的防火墙的一个关键是部门之间的汇报路线或架构。 For example, investment banking personnel should not have any authority to approve, disapprove, or make changes to research reports or recommendations. Another e
45、lement should be a compensation arrangement that minimizes the pressures on research analysts and rewards objectivity and accuracy. Compensation arrangements should not link analyst remuneration directly to investment banking assignments in which the analyst may participate as a team member. The hig
46、hest level of transparency is achieved when disclosures are prominent and specific rather than marginalized and generic. Performance Measurement and Attribution（ 11版更新） Members and candidates working within a firms investment performance measurement department may also be presented with situations t
47、hat challenge their independence and objectivity（ 负责业绩考核的 部门 当然面临各种压力或诱惑 ） . The member or candidate must not allow internal or external influences to affect their independence and objectivity as they faithfully complete their performance calculation and analysis-related responsibilities. CFA 职业道德 H
48、ANDBOOK 划线版 11 / 68 Public Companies. Analysts may be pressured to issue favorable reports and recommendations by the companies they follow. Not every stock is a “buy,” and not every research report is favorablefor many reasons, including the cyclical nature of many business activities and market fl
49、uctuations. Many company managers, however, believe that their companys stock is undervalued, and these managers may find it difficult to accept critical research reports or ratings downgrades. Company managers compensation may also be dependent on stock performance. 被分析公司的 管理 层 总 是 希 望 分 析 师 对 自己 公 司 （ 股 票 ） 的 分析 结论 是 正 面的 ， 因 为 这 关 系到 他 们 的 切身 利益。 Due diligence in financial research and analysis involves