CFAL1考试重点总结Book1Ethics

1、? InquiryCircumstance:- Self-disclosure- Written complaints by members- Evidence of misconduct- 考试作弊方法：interview 被告 interview 原告，第三方 收集证据Decision:- No disciplinary sanctions- Issue a cautionary letter- Discipline the member or candidate处分? Codes of ethics1. Act with integrity, competence, diligence,

2、 respect and in an ethical manner with the public,clients, prospective clients, employees, employers, colleagues in the investment profession and other participants in the global capital markets.对利益相关者正直道德2. Place the integrity of the investment profession and the interests of clients above their ow

3、n personal interest.客户利益高于自己利益3. Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions and engaging in other professional activities.做决策时专业、尽职4. Practice and encourage others to practice in

4、 a professional and ethical manner that will reflect credit on themselves and the profession.鼓励他人正直5. Promote the integrity of, and uphold the rules governing capital markets.维护资本市场的诚信、威严6. Maintain and improve their professional competence and strive to maintain and improve the competence of other

5、investment professionals巩固提升自己和同行的专业能力? The standards of professional conduct1. Professionalisma. Knowledge of law-从严不从宽-CFA不要求对政府机构汇报违法行为，但建议这样做b. Independence and objectivity: no prese nt-将IPO超额认购的股票分配到个人账户-不要迫于sell-side pressure,去发行有利于投行客户的研究报告，ensure effective firewallbetween research mgt and in

6、vestment banking activities-不应撰写有利于上市公司的报告，不应局限于管理层调研，还有供应商客户研究等-去对目标公司进行研究的时候，尽量自己岀差旅费-发行人支付酬金的研究报告，研究结论应与酬金无关-建立一个限制名单，名单上的公司只岀具事实类的信息，而不岀具意见（当有关联关系时）c. Misrepresentation: 故意做投资分析的不当陈述- 鼓励公司检验提供给客户的第三方信息- 合理引用不抄袭d. Misconduct: 不诚实、欺诈的行为2. Integrity of capital marketa. Material nonpublic informatio

7、n: 不能利用非公开信息盈利- 马赛克理论：分析员根据 非重大 nonpublic information 得出的投资结论，不违反准则- 先判断是否 material, 再判断是否 public, 若为 public 则不违反准则b. Market manipulation： 不得进行误导市场、扭曲股价的行为- client brokerage or soft dollars or soft commissions客户佣金必须用来为客户谋利3. Duties to clientsa. Loyalty, prudence and careb. Fair dealing: 公平对待所有客户- 服务

8、水平的差别要披露- 若客户不知道 recommendation 的变化时，应告知- 由于 minimum lot size restriction 导致没有 pro rata allocation 不算违反道德，因为有 reasonc. Suitability1. When providing advisory, CFA must make a reasonable inquiry in investment experience, risk and return objectives and financial constraints了解客户- IPS investment policy s

9、tatement, 投资需求应写入 IPS- 主要看投资建议和 IPS 以及客户需求是否相符，是否让客户知晓相关风险- 客户情况改变，随时更新 IPS- high income mutual fund 不适合购买 zero-dividend stock- large cap 大盘股- small cap大盘股 Large cap share ，一般流通股本在一个亿以上的个股称为大盘股。实际上，大盘股 没有统一的标准，一般约定俗成指股本比较大的股票。中盘股 Mid-cap share ， 指流通市值比蓝筹股或大盘股要小，但高于小盘股的一类型股票， 数量上占据整个股票市场的主体。一般流通股本在 5

10、000 万至 1 个亿的个股称为中盘股。小盘股 Small cap share ，发行在外的流通股份数额较小的上市公司的股票，中国现阶段一 般不超 1 亿股流通股票都可视为小盘股。- subadvisor 第三方不能选最便宜的，要选最适合客户的 determine that investment is suitable to clientMatch 客户要求 judge the suitability in the context of client' s total portfolio从客户的投资组合来看适宜性2. When manage portfolio, must make r

11、ecommendation consistent with stated objectives and constraints of the portfoliod. Performance presentation如实汇报业绩- 陈述投资表现时，要考虑到听众的金融水平-计算历史表现，要包括terminate account（流失的客户）-large cap growth composite高价股组合e. Preservation of confidentiality保密-embezzle 盗用-主要看是否违法，若违法应举报-divulge 泄露4. Duties to employers-并不

12、是说公司的利益、雇主责任高于雇员责任，但是客户利益是高于一切的-CS codes of standardsa. Loyalty-不能再离开前争取前雇主客户（除非雇主同意），但客户名字这种简单信息不算机密-带走公司书籍、记录、材料，是不允许的，除非雇主同意-不禁止联系前客户，除非有非竞争性协议-雇员join employee-led buyout（收购）不违反道德-intern也要受到约束-若之后的工作不是金融行业，则不会受到约束-solicit 招揽-languish 萎缩-申请政府职位且不 solicit previous client并不违反准则-离开公司后，利用公众信息招揽原来的客户，若

13、无非竞争性条款，则不违反道德b. Additional compensation arrangements:不接受额夕卜报酬-额外的报酬一定要向上司披露，不披露则违反道德c. Responsibilities of supervisors : 监督他人-作为领导有义务向公司提出adequate procedure 的不足，并对雇员做 adequate procedure的培训-注意accountable表明上下级关系-下属犯错，上级有责任，视同违反道德5. Investment analysis, recommendations and actionsa. Diligence and reas

14、onable basis1. Exercise diligence, independence and thoroughnessin analyzing investments2. Supported by research and investigations-using secondary or third-party research:要审查这些是否有充分根据：如时效性、客观性、假设合理性-external adviser:确保有对 external adviser performance评估程序-要有sufficient scenario testing,如不同产量水平上的价格-gro

15、up research:有一人与小组意见不同时，他的名字不用去掉-using max production level without说明这不是预计产量，则违背道德-第三方报告一定要检查-不能因为proprietary（所有权）就不披露投资策略的细节-要做足够的DD， researchb. Communication with clients and prospective clientsto their1. Disclose To clie nts the basic format and general principles of the investme nt process2. Use

16、 reasonable judgment in identifying which factors are important investment analyses3. Distinguish between fact and opinion-和客户沟通-一定要披露：决策过程、相关风险因素、量化的模型-推算是opinion, 不是fact-改变投资策略要告诉现有客户-有变动，通知客户！- 不能只通知 perspective client, but also existing clientc. Record retention-最少七年保存6. Conflicts of interestsa.

17、 Disclosure of Conflicts of interests- 向客户披露： broker/dealer market making activities, board service,自己持有同样股票,证券公司所有权变动，聘用朋友当投资经理-向雇主披露b. Priority of transactions:为客户和雇主执行的交易应优先于自己的交易-black-out period不能在预期客户或者雇主进行交易之前交易-当被要求时，要披露私人交易流程-即使先人后己，也要披露私人交易-closed circuit report 内部流通报告-short term trader in

18、termediate investor短线中线客户c. Referral fees披露介绍费-如果是和员工业绩相关的奖金，则不用披露-只要支付介绍费就该披露7. Responsibilities as a CFA Institute Members or Candidatesa. Conduct as members and candidates in the CFA program-和考试违规、兼职相关b. Reference to CFA institute, the CFA designation and the CFA program（仔细看区别）-不过分承诺-不能说自己是CFA 2持有人-CFA可以跟在证书持有人后面，可以当形容词，不能当名词-不能说有 superior ability-CFA 不能挂在 company letterhead, 可以挂在个人 letterhead? GIPS global investment perf