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1、CFA培训项目Ethics & Professional standards单金程教育资深培训师Topic Weightings in CFA Level II2-50Session NO.ContentWeightingsStudy Session 1-2Ethics & Professional Standards10-15Study Session 3Quantitative Methods5-10Study Session 4Economic Analysis5-10Study Session 5-7Financial Statement Analysis15-20Study Sess

2、ion 8-9Corporate Finance5-15Study Session 10-12Equity Analysis15-25Study Session 13Alternative Investments5-10Study Session 14-15Fixed Income Analysis10-20Study Session 16-17Derivative Investments5-15Study Session 18Portfolio Management and Wealth Planning5-10Total:100Framework of Ethics Research Ob

3、jectivity Standards3-50Code of Ethics and Standards of PracticeThe Code of Ethics DRC （纪律l 对 PCP负责l 对code and standards的实行负责 Hearing panel的组成成员委员会）llDRC memberCFA institute member volunteers4-50The Code of EthicsMembers of CFA Institute (“Members and Candidates”) must: Act with integrity, competence

4、, diligence, respect, and in an ethical manner with the 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 ofclients above their

5、own al interests. Use reasonable 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 ethic

6、al manner that will reflect credit on themselves and the profession. Promote the integrity and viability of the global capital markets for the ultimate benefit of society. Maintain and improve their professional competence and strive to maintain and improve the competence of other investment profess

7、ionals.5-50Guidance for Standards I-VIIKnowledge of the law; Independence and objectivity; Misrepresentation; MisconductProfessionalismMaterial nonpublic information; Market manipulationIntegrity of capital marketsLoyalty, prudence and care; Fair dealing;Suitability;Performance presentationDuty To C

8、lients Preservation of ityStandardsLoyalty;Additional compensation arrangements; Responsibility of supervisorsDuty To employersDiligence and reasonable basis; Communication with clients; Record retentionInvestmentDisclosure ofs;s of interestPriority of transaction; Referral feesCondumembers and cand

9、idates;Responsibility as membersReference to CFA institute, designation6-50Standard I. Professionalism I (A) Knowledge of the law7-50Standard I. Professionalism I (D) Misconduct9-50Standard II. Integrity of Capital Markets II (A) Material Nonpublic Information11-50Standard II. Integrity of Capital M

10、arkets II (B) Market Manipulation12-50Standard III. Duty to Clients III (A) Loyalty, prudence and care13-50Standard III. Duty to Clients III (B) Fair dealing14-50Standard III. Duty to Clients III (C) Suitability15-50Standard III. Duty to Clients III (D) Performance presentation16-50Standard III. Dut

11、y to Clients III (E) Preservation ofity17-50Standard IV. Duty to EmployerStandard IV. Duty to Employer IV (B) Additional compensation arrangement19-50Standard IV. Duty to Employer IV (C) Responsibility of supervisor20-50Standard V. Investment V (A) Diligence and reasonable basis21-50Standard V. Inve

12、stment V (B) Communication with clients22-50Standard V. Investment V (C) Record retention23-50Standard VI.s of Interest VI (A) Disclosure ofs24-50Standard VI.s of Interest VI (B) Priority of transaction VI (C) Referral fees25-50Standard VII. Responsibility as members VIII (A) Condulmembers and candi

13、datesl 泄露l 损害CFA信息利益26-50Standard VII. Responsibility as members VII (B) Reference to institute, designation, program27-50Framework of Ethics Code of Ethics and Standards of Practice28-50Research Objectivity StandardsFramework of ROSCompany policies and practices related to research objectivity1.0 R

14、esearch objectivity policy2.0 Public Appearance3.0 Reasonable and Adequate Basis4.0 Investment Banking5.0 Research Analyst Compensation6.0 Relationship With Subject Companies7.0al Investments and Trading8.0 Timeliness of Research Reports and Recommendations9.0 Compliance and Enforcement10.0 Disclosu

15、re11.0 Rating System29-50ROS - Overview *Fundamental principle:l best interests of the investing client must always take precedence over the interests of investment professionals and their employers.30-50CFA Institute Research Objectivity StandardsObjectives of the Research Objectivity Standards;1.0

16、 Research objectivity policy:l Formal written policy: disseminate to all employees, available to all clientsl Supervisory procedures ensure that the firm and covered employees comply with the policy and all applicable lawsl *A senior officer attests annually to comply with the policy2.0 Public Appea

17、rance:l Fully discloseal and firms of interests.3.0 Reasonable and Adequate Basis:l Research reports and recommendations can be substantiated as reasonable and adequate.l An individual or a group must be appointed to review and approve allresearch reports and recommendations.31-50CFA Institute Resea

18、rch Objectivity Standards4.0 Investment Banking:*l In form: Segregate research analysts from investment banking department. In essence: Objectives of investment banking do not have the ability to influence or affect research or recommendations.l Analysts do not report to, are not supervised by or co

19、ntrolled by Investment banking or another department.l Prevent investment banking or corporate finance departments from reviewing ,modifying or approving research reports and recommendations.5.0 Research Analyst Compensation:l Do not directly link compensation to investment banking or corporate fina

20、nce activities on which the analyst collaborated.(individually or in aggregate)l align compensation with the quality of the research and the accuracy of therecommendations over time.32-50CFA Institute Research Objectivity Standards6.0 Relationships with subject Companies*:Prohibit sharing or communi

21、cating with the subject company, prior topublication, any section of a research report concerning recommendation, rating or price target.Prohibit promising a favorable report or a specific price target, or threatening to change reports, recommendations, or price targets.al investments and Trading*:l

22、l7.0llllManageal trading effectively.Do not share information with anyone to prevent front running.Prevent employees and immediate family from trading ahead of clients.*Prohibit employees and immediate family from trading contrary to the firms currently published recommendations, except in extreme f

23、inancial hardship.Prohibit employees and immediate family from purchasing or receiving securities before IPOs of subject companies.l33-50CFA Institute Research Objectivity Standards8.0 Timeliness of Research Reports and Recommendations:l Issue research reports on a timely and regular basis.9.0 Compl

24、iance and Enforcement:llllEffective enforcement of policies and procedures.Appropriate disciplinary sanctions.Monitor and audit the effectiveness of compliance procedures. Maintain records of the results of internal audits.10.0 Disclosure:lFull and fair disclosure of alls of interest.11.0 Rating sys

25、tem:l Useful for investment decisions.l Provide investors with information for assessing the suitability of the security to their own unique circumstances and constraints.34-50CFA Institute Research Objectivity Standards1.0 Research Objectivity Policy: (Recommendation)l Effective Policy clearly iden

26、tify the job title, function and department of covered employees. Also identify whether covered employees are subject to and provide a code of ethics.l Covered employees should be regularly trained and be required to attest annually in writing to their understanding of and adhering to policy.allyl F

27、ully disclosure of the s of interest about Collaboration with investment banking or corporate finance. Participation in marketing activities. Ongoing working relationships with corporate issuers.al investment and trading. Firm investments and trading.l Clearly describe the factors on which compensat

28、ion of research analysts is based.l Disclose how research reports can be purchased or acquired by clients.35-50CFA Institute Research Objectivity Standards2.0 Public Appearance: (Recommendation)l Public Appearance includes participation in a seminar; forum; radio, television, or other media intervie

29、w; or public speaking activity when making recommendation.l Provide audiences with sufficient information to: Make judgment about objectivity of the research and recommendation. Assess the suitability of the investment. Remind audiences to judge the suitability of the investment.l Disclose all s of

30、interest Whether the subject company is an investment banking or corporatefinance client. Whether research analyst has participated or is participating in marketing activities for the subject company.l Provide full research reports at a reasonable price. Should disclose whether a written research is

31、 available to audience who are not clients, the approximate cost, and how to acquire the report.l Make copies of the full research report available for purchase or review.36-50CFA Institute Research Objectivity Standards3.0 Reasonable and Adequate Basis: (Recommendation)lDevelop detailed, written gu

32、idance for judging whether or not there is areasonable and adequate basis.When recommending or changing recommendation, should provide supporting information to clients and disclose the current market price of the security in question.l37-50CFA Institute Research Objectivity Standards4.0 Investment

33、Banking:*(Recommendation)l Communication between the research and investment banking prior topublication: Prohibit sharing any part of the report concerning recommendation. compliance / legal department as intermediary Investment banking or Corporate financenel review a report onlyto verify factual

34、information or to identify potentials of interest. All written and oral communications be documented and conducted withcompliance / legal department as intermediary.l Quiet Period for IPOs and secondary offerings: Sufficient length: IPOs: 30 days; Secondary offerings: 10 days. Firms may issue inform

35、ation-only report concerning the effects of a significant event if authorized by compliance or legal departmentsl Prohibit analysts from participating in marketing activities, including road shows, If permit, should disclose participation in all interviews and public appearances.38-50CFA Institute R

36、esearch Objectivity Standards5.0 Research Analyst compensation:(Recommendation)Develop measurable criteria for assessing the quality (including reasonableand adequate basis) of research and accuracy of recommendations.lCompensation arrangements that depend on these criteria and that areapplied consi

37、stently to all research analysts.It is recommended that such criteria form a part of the Policy and available to clients and prospective clients.lAlthough direct linking of analysts compensation with investment bankingand corporate finance activities is prohibited, should disclose the extent towhich

38、 research analyst compensation in general is dependent upon the firms investment banking revenues.39-50CFA Institute Research Objectivity Standards6.0 Relationships with subject companies:(Recommendation) Establish and implement policies to govern analysts relationship with subjectcompaniesl Materia

39、l gifts, (have a clear, written definition of what constitutes “material.”)l Company-sponsored and paid trips,l Communications with company management. Implement procedures to ensure that only sections of the report containing facts that could be reasonably verified are shared prior to publication.（

40、只能和目标公司share一些事实性的信息）40-50CFA Institute Research Objectivity Standards6.0 Relationships with subject companies: (Recommendation) Communication between research and subject companiesl Compliance or legal department should receive a draft report before it is shared with subject companies, approve in a

41、dvance all changes of recommendations that result from subject-company verification, and that the research analyst provide written justification for any changes that occur after verification by the subject company. Retain supporting documentation including the original report, the sections shared wi

42、th the subject company, and any subsequent changes to the report orrecommendation.（的文档都要保留）41-50CFA Institute Research Objectivity Standards7.0al Investments and Trading: (Recommendation)al trading: *Require notification to, and approval by the compliance or legallal trades.（个人要通知并获得合规departments be

43、fore all部门同意） A complete list of all annually*.al investments on a regular basis, at leastAdequate procedures to prevent “Front Running” .（先于客户）l Restricted periods: At least 30 days before and 5 days after reportissuance.（不股票） with exceptions permitted on the announcement of significant news oreven

44、ts by the subject company if investing clients are given adequate notice and the ability to trade. Restrictions on trading not apply to securities of a diversified investment company or other investment fund over which the employees have no例外 investment discretion or control.42-50CFA Institute Resea

45、rch Objectivity Standards7.0al Investments and Trading:(Recommendation)Prohibit from trading contrary to the published recommendations.Exception: Analysts in extreme financial hardshipu Firms should have clear definitions of what constitutes extreme financial hardship and should require a significan

46、t change in thelemployeesal financial circumstances.u Advance approval and appropriate documentation required.Covered employees should provide to the firm a complete list of all investments in which they or immediate families have a financial interest. List should be provided on a regular basis, at

47、least annuallyPrevent short-term trading: hold securities for at least 60 days, except in extreme financial hardship.lall43-50CFA Institute Research Objectivity Standards8.0 Timeliness of Research Reports and Recommendations:(Recommendation)l Update on a regular basis, issued at least quarterly, wit

48、h additionalupdates after significant news or events.l If coverage is discontinued, should issue a “final” report including a recommendation and the final report should clearly explain the reason for discontinuing coverage.9.0 Compliance and Enforcement: (Recommendation)lDisseminate a list of violat

49、ions and sanctions to all employees and clients.Provide this information and ROS on their website.l44-50CFA Institute Research Objectivity Standards10.0 Disclosure:(Recommendation)l *Disclosure Methods：comprehensive, complete, plain language, presentedprominently with supporting documents or on firm

50、s website.l Disclose whether the subject company is currently an investment banking / corporate finance client of the firm. Recommended: Disclose in research report whether they have received compensation during the previous 12 months or expect to receive compensation in the next 3 months.l Communic

51、ations forms: advertisements, market letters, research reports, sales literature, electronic communications and communications with media.l Disclosure in communication with clients: Market-making activities; Recent manage or co-manage IPOs or secondary offerings; Analysts securities ownership that m

52、ay benefit from recommendation; relationships with subject company (director, officer, advisory board member)45-50CFA Institute Research Objectivity Standards Disclosure in research reports of all subject companies:Whether the subject company is corporate client;Market-making in the securities of th

53、e subject company;Whether the firms stock ownership position 1% as of 5 business days before report issuance;Whether the firm permits the author or immediate families to trade in the securities of the subject company;Ownership or beneficiary interests of employees and their immediate families;Relati

54、onships with the subject company (director, officer, advisory board member);Material gifts from the subject company in previous 12 months. l llllll46-50CFA Institute Research Objectivity Standards Disclosure in reports and websites if the subject company is corporate client:l About the firm The nature of the corporate client relationship (IPO, M&A); Whether receiving compensation during the previous 12 months or the next 3 months;l About the author* Nature of some non-research activities (evaluation for acceptability as a corporate client, mar