cfa一级2015复习道德

ExamExpress-CFAL1

Ethics

Weight:15%

SS1:EthicalandProfessionalStandards

StudySession1

Ethics&ProfessionalStandards

15%

StudySession2‐3

QuantitativeAnalysis

12%

StudySession4‐6

Economics

10%

StudySession7‐10

FinancialReportingandAnalysis

20%

StudySession11

CorporateFinance

8%

StudySession12

PortfolioManagementandWealthPlan

5%

StudySession13‐14

EquityInvestment

10%

StudySession15‐16

FixedIncome

12%

StudySession17

Derivatives

5%

StudySession18

AlternativeInvestments

3%

Weights: 100%

GuidanceforStandardsI-VII

SESSION1

CONTENTS

Mind-Map

TheCodeandStandards

Writtencomplaints;

Ethicalresponsibilities

Test-PointsDescription–LOS1.a

DisciplinaryReviewCommitteeofCFAInstituteBoardofGovernorshasresponsibilityfortheProfessionalConductProgramandforenforcementoftheCodeandStandardsCFAInstituteDesignatedOfficer,throughProfessionalConductstaff,conductsinquiriesrelatedtoprofessionalconduct

Inquirycanbepromotedby:

Self‐disclosurebymembersorcandidates

Writtencomplaintsaboutamemberorcandidate’s

professionalconduct

Evidenceofmisconductbyamemberorcandidate

ReportbyaCFAexamproctor

Test-PointsDescription–LOS1.a

TheDesignatedOfficermaydecide:

ThatnodisciplinarysanctionsareappropriateToissueacautionaryletter

Todisciplinethememberorcandidate

Sanctionsmayincludecondemnation(publiccensure),suspensionofmembershipanduseoftheCFAdesignation,revocationoftheCFAcharter,andsuspensionof

candidate’sparticipationintheCFAProgram.

Ifthemember/candidaterejectstheproposedsanction,thematterisreferredtoahearingpanel,whoseconclusionisfinal.

Practice1

Answer:C

CiscorrectbecauseCharmaineshouldhavereportedthecheatingallegationwhenmakingherannualProfessionalConductStatement.Eventhoughshesuccessfullydefendedherselfagainstthechargesandthechargesweredropped,shehasaresponsibilitytoreportthewrittencomplaintinvolvingherintegrity.TheCodeofEthicsrequiresCFAcharterholderstopracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.

Practice1

PrudenceCharmaine,aCFAcharterholder,wasrecentlyaccusedinwritingofcheatingonaprofessionalaccountingexam.Shedeniedcheatingandsuccessfullydefendedherselfagainsttheallegation.Aspartofherdefenseandasevidenceofhercharacter,CharmainestatedsheisaCFAcharterholderandupholdstheCFAInstituteCodeofthicsandStandardsofProfessionalConduct.OnhernextannualProfessionalConductStatement,CharmainedoesnotreportthisallegationtoCFAInstitute.DidCharmainemostlikelyviolatetheCFAInstituteCodeofEthicsorStandardsofProfessionalConduct?

No

Yes,sheimproperlyusedtheCFAInstituteCodeandStandardstodefendherself.

Yes,shedidnotreporttheallegationonherannual

ProfessionalConductStatement.

CodeofEthics

Actwithintegrity,competence,diligence,respect,andinanethicalmanner–public,clients,prospects,employers,employees,colleagues.Actinanethicalmanner

Integrityofinvestmentprofessionandclientinterestsabovepersonalinterests.Integrityisparamountandclientsalwayscomefirst

Reasonablecare,independentprofessionaljudgment–whenconductinganalysis,makingrecommendations,takinginvestmentactions,andinotherprofessionalactivities.Usereasonablecare.Beindependent

CodeofEthics

Practice,encourageother–inaprofessional,ethicalmanner–reflectcreditonthemselvesandprofession.Beacredittotheinvestmentprofession

Promoteintegrity,upholdrulesgoverningcapitalmarkets.Upholdcapitalmarketrulesandregulations

Maintain,improveprofessionalcompetenceandstrivetodothesameforotherinvestmentprofessionals.Becompetent

GuidanceforStandardsI-VII

SESSION1

CONTENTS

Mind-Map

GuidanceforStandardsI‐VII

StandardI:Professionalism

Guidance

Moststrict

First–notifysupervisororcomplianceMayconfrontwrongdoerdirectlyDissociateifnecessary

InactionmaybeconstruedasparticipationNorequirementtoreportviolationstogovernmentalauthorities,butthismaybeappropriateincertaincases

I(A):KnowledgeoftheLaw

Understandandcomplywithalllaws,rules,regulations(includingCode&Standards)governingprofessionalactivities

Complywithmorestrictlaw,rule,regulation

Donotknowinglyassistinviolation,otherwisedissociatefromactivity

StandardI:Professionalism

Guidance

ModestgiftsOK

Distinguishbetweengiftsfromclientsandgiftsfromentitiestryingtoinfluence

Mayacceptgiftfromclients–mustdisclosetoemployer–mustgetpermissionifgiftisforfutureperformanceInvestmentbankingrelationships–donotbowtopressuretoissuefavorableresearch

Forissuer‐paidresearch,flatfeestructureispreferred

I(B):IndependenceandObjectivity

Usereasonblecare,judgmenttoachieve,maintainindependenceinprofessionalactivities

Donotoffer,solicit,acceptanycompensationthatcouldcompromiseindependence,objectivity

StandardI:Professionalism

I(C):Misrepresentation

Donotmakemisrepresentationsrelatingtoinvestmentanalysis,recommendations,actionsorotherprofessionalactivities

Guidance

Standardcoversoral,written,orelectroniccommunications

Donotmisrepresentqualifications,servicesofselforfirm,orperformancerecord,characteristicsofaninvestment

Donotguaranteeacertainreturn

Noplagiarism–writtenororalcommunications

StandardI:Professionalism

Guidance

ThisStandardcoversconductthatmaynotbeillegal,butcouldadverselyaffectamember’sabilitytoperformduties

I(D):Misconduct

Donotengageinanyprofessionalconductinvolvingdishonesty,fraud,deceit,orcommitanyactthatreflectsadverselyonprofessionalreputation,integrity,orcompetence

StandardII:IntegrityofCapitalMarkets

Guidance

“Material”–ifdisclosureofinformationwouldimpactasecurity’spriceorifreasonableinvestorswouldwanttheinformationbeforemakinganinvestmentdecisionInformationis“nonpublic”untilithasbeenmadeavailabletothemarketplace

Informationmadeavailableto“analysts”isconsiderednonpublicuntilitismadeavailabletoinvestorsingeneral

MosaicTheory

II(A):MaterialNon‐publicInformationMembersinpossessionofnonpublicinformationthatcouldaffectaninvestment’svaluemustnotactorcausesomeoneelsetoactontheinformation

StandardII:IntegrityofCapitalMarkets

Guidance

Donotengageintransaction‐based

manipulation–givefalseimpressionofactivity

/pricemovement;gaindominantpositioninanassettomanipulatepriceoftheassetorarelatedderivative

Donotdistributefalse,misleadinginformation

II(B):MarketManipulation

Donotengageinpracticesthatdistortpricesorartificiallyinflatetradingvolumewithintenttomisleadmarketparticipants

StandardIII:DutiestoClients

III(A):Loyalty,Prudence,andCare

ActwithreasonablecareandexerciseprudentjudgmentActforbenefitofclientsandplacetheirinerestsbeforeemployer’sorowninterests

Determineandcomplywithanyapplicablefiduciaryduty

Guidance

Exerciseprudence,care,skill,anddiligenceFollowapplicablefiduciaryduty

Voteproxiesresponsiblyanddiscloseproxyvotingpoliciestoclients

StandardIII:DutiestoClients

Guidance

Differentlevelsofserviceokayaslongasdisclosed,anddoesnotdisadvantageanyclients

Investmentrecommendations:allclientsmusthavefairchancetoactoneveryrecommendationInvestmentactions:treatallclientsfairly–considerinvestmentobjectives,circumstances

III(B):FairDealing

Dealfairly,objectivelywithallclientswhen:Providinginvestmentanalysis

MakinginvestmentrecommendationsTakinginvestmentaction

Engaginginotherprofessionalactivities

StandardIII:DutiestoClients

III(C):Suitability

Knowclient’sriskandreturnobjectives,andfinancialconstraintsUpdateinformationregularly

MakeinvestmentrecommendationsortakeinvestmentactionsthatareconsistentwiththestatedobjectivesandconstraintsLookatsuitabilityinaportfoliocontext

Guidance

Wheninadvisoryrelationship,gatherclientinformationattheoutsetandprepareIPS

UpdateIPSatleastannually

Considerwhetherleverage(derivatives)issuitableforclientIfmanagingafundtoanindexorothermandate,investaccordingtomandate

StandardIII:DutiestoClients

Guidance

Donotmisstateperformanceormisleadclientsaboutinvestmentperformance

Donotstateorimplyabilitytoachievereturnssimilartothoseachievedinthepast

III(D):PerformancePresentation

Whencommunicatinginvestmentperformanceinformation,ensurethatinformationisfair,accurate,andcomplete

StandardIII:DutiestoClients

III(E):PreservationofConfidentiality

Keepcurrentandprospectiveclientinformationconfidential,unless:

IllegalactivitiesaresuspectedDisclosureisrequiredbylaw

Clientorprospectallowsdisclosureoftheinformation

Guidance

Insomecasesitmayberequiredbylawtoreportactivitiestorelevantauthorities

ThisStandardextendstoformerclients

Exception:MayprovideconfidentialinformationtoCFAInstituteforaninvestigationunderProfessionalConductProgram

StandardIV:DutiestoEmployers

Guidance

Loyalty–Independentpractice:

Ifplanningtoengageinindependentpractice,notifyemployerofservicesprovided,expectedduration,andcompensation

Donotproceedwithoutconsentfromemployer

Loyalty–Leavinganemployer:

Ifseekingnewemployment,actinbestinterestofemployeruntilresignationiseffective

Donottakerecordsorfileswithoutpermission

SimpleknowledgeofnamesofformerclientsisOK

Noprohibitiononuseofexperienceorknowledgegainedatformeremployer

Loyalty–Whistleblowing:

Permittedonlyifitprotectsclientorintegrityofcapitalmarkets

Notpermittedforpersonalgain

IV(A):Loyalty

StandardIV:DutiestoEmployers

Guidance

Compensationandbenefitscoversdirectcompensationbytheclientandotherbenefitsreceivedfromthirdparties

Forwrittenconsentfrom“allpartiesinvolved,”

emailisacceptable

IV(B):AdditionalCompensationArrangements

Donotacceptgifts,benefits,compensation,considerationthatcompeteswith,orcreatesaconflictofinterestwith,employer’sinterestunlesswrittenconsentisobtainfromallpartiesinvolved

StandardIV:DutiestoEmployers

GuidanceSupervisorsmusttakestepstopreventemployeesfromviolatinglaws,rules,regulations,ortheCodeandStandards

Supervisorsmustmakereasonableeffortstodetectviolations

IV(C):ResponsibilitiesofSupervisors

Mustmakereasonableeffortstodetectandpreventviolations

StandardV:InvestmentAnalysis,Recommendations,andActions

V(A):DiligenceandReasonableBasis

Exercisediligence,independence,andthoroughness

Haveareasonableandadequatebasis,supportedbyappropriateresearch,foranyinvestmentanalysis,recommendation,oraction.

Guidance

Makereasonableeffortstocoverallrelevantissueswhenarrivingataninvestmentrecommendation

Determinesoundnesswhenusingsecondaryorthird‐party

research

Groupresearchanddecisionmaking:Aslongasthereisreasonablebasisforopinion,memberdoesnotnecessarilyhavetoagreewiththeopinion

StandardV:InvestmentAnalysis,Recommendations,andActions

V(B):CommunicationwithClientsandProspectiveClients

Guidance

Distinguishbetweenfactsandopinions

Allcommunicationcovered,notjustreports

StandardV:InvestmentAnalysis,Recommendations,

andActions

Guidance

Maintainrecordstosupportresearch,andtherationaleforconclusionsandactions

Recordsarefirm’spropertyandcannotbetaken

whenmemberleaveswithoutfirm’sconsentIfnoregulatoryrequirement,CFAInstituterecommendsretentionperiodof7years

V(C):RecordRetention

Developandmaintainappropriaterecordstosupporttheirinvestmentanalysis,recommendations,actions,andotherinvestment‐relatedcommunications

StandardVI:ConflictsofInterest

Guidance

Disclosetoclients:

Allmattersthatcouldimpairobjectivity–allowclientstojudgemotives,biases

Forexample,betweenmemberorfirmandissuer,investmentbankingrelations,broker/dealermarket‐makingactivities,significantstockownership,boardservice

Disclosetoemployers:

Conflictsofinterest–ownershipofstockanalyzed/recommended,boardparticipation,financialandotherpressuresthatmayinfluencedecisions

Alsocoversconflictsthatcouldbedamagingtoemployer’sbusiness

VI(A):DisclosureofConflicts

StandardVI:ConflictsofInterest

Guidance

“Beneficialowner”–hasdirect/indirectpersonalinterestinthesecurities

Client,employertransactionstakepriorityoverpersonaltransactions(includingbeneficialownership)Familymemberaccountsthatareclientaccountsmustbetreatedasotherclientaccounts

VI(B):PriorityofTransactions

InvestmenttransactionsforclientsandemployersmusthavepriorityoverinvestmenttransactionsinwhichaMemberorCandidateisthebeneficialowner

StandardVI:ConflictsofInterest

Guidance

DisclosureallowsclientsandemployerstoevaluatefullcostofserviceandanypotentialbiasesDisclosureistobemadepriortoenteringintoanyformalagreementforservices

Disclosethenatureoftheconsideration

VI(C):ReferralFees

Mustdisclosetoemployer,clients,andprospectiveclients

StandardVII:ResponsibilitiesasaCFAInstitute

MemberorCFACandidate

Guidance

Conductincludes:

Givingconfidentialinformationtocandidatesorpublic

VII(A):ConductasMembersandCandidatesintheCFAProgram

MustnotengageinanyconductthatcompromisesthereputationorintegrityofCFAInstituteortheCFAdesignationortheintegrity,validity,orsecurityoftheCFAexaminations.

StandardVII:ResponsibilitiesasaCFAInstitute

MemberorCFACandidate

Guidance

FAInstitutemembership:

CompletePCSannually

PaymembershipduesannuallyUsingtheCFAdesignation:

​

Failuretocomplywithaboveresultsinaninactivememberstatus

Mayreferenceparticipationbutnopartialdesignation

​

​

VII(B):ReferencetoCFAInstitute,theCFADesignation,andtheCFAProgram

MustnotmisrepresentorexaggeratethemeaningorimplicationsofmembershipinCFAInstitute,holdingtheCFAdesignation,orcandidacyintheCFAprogram

Practice1

Answer:A

Aiscorrectbecausemakingfullandfairdisclosureofallmattersthatcouldreasonablybeexpectedtoimpairone’sindependenceandobjectivityorinterferewithrespectivedutiestoone’sclientsisrequiredbyStandardVIConflictsofInterestoftheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct.

Practice1

AdiraBadawi,CFA,whoownsaresearchandconsultingcompany,isanindependentboardmemberofaleadingcementmanufacturerinasmalllocalmarketBecauseofBadawi’sexpertiseinthecementindustry,aforeigncementmanufacturerlookingtoenterthelocalmarkethashiredhimtoundertakeafeasibilitystudy.UnderwhatcircumstancescanBadawimostlikelyundertaketheassignmentwithoutviolatingtheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?Ifhe:

makesfulldisclosuretobothcompanies.

receiveswrittenpermissionfromthelocalcompany.signsconfidentialityagreementswithbothcompanies.

Practice2

NoorMawar,CFA,managesatrustfundwiththebeneficiarybeinganorphaned18‐year‐oldstudent.Theinvestmentpolicydictatesthattrustassetsareexpectedtoprovidethestudentwithastablelowrisksourceofincomeuntilshereachestheageof30years.Basedoninformationfromaninternetblog,thestudentasksMawartoinvestinanewbusinessventuresheexpectswillprovidehighreturnsoverthenext5years.Mawarignorestherequest,insteadsecuringconservativeinvestmentstoprovidesufficientincome.DidMawarmostlikelyviolatetheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct?

Yes

No,becausetheclient’sobjectivesweremet

No,becausetheinvestmenttimeframedoesnotmatchtheinvestmenthorizon

Practice2

Answer:B

Biscorrectbecausetheclientisthetrust/trustees,notthebeneficiary.MawarfollowedStandardIII(C)Suitabilitybymanagingthetrustassetsinawaythatwouldlikelyresultinastablesourceofincomewhilekeepingtheriskprofilelow,therebycomplyingwiththeinvestmentobjectivesofthetrust.

Practice3

Answer:C

CiscorrectbecausethereisnoevidenceChandaranaviolatedStandardVII(B)withregardtohisbeingaCFAcandidate.Specifically,ChandaranadoesnotoverstatehiscompetencyorimplyhewillachievesuperiorperformanceasaresultofhisCFAdesignation.ItdoesappearChandaranadidnotactwithintegritywhenhehidinformationthatcouldpotentiallyharmhisnewemployer’sreputation,thusviolatingStandardI(D)Professionalism(Misconduct)andStandardIV(A)DutytoEmployers(Loyalty).

Practice3

VishalChandarana,anunemployedresearchanalyst,recentlyregisteredfortheCFALevelIexam.Aftertwomonthsofintenseinterviewing,heacceptsajobwithastockbrokeragecompanyinadifferentregionofthecountry.ChandaranapostsonasocialmediabloghowbeingaCFAcandidatereallyhelpedhimgetajob.Healsonoteshowrelievedhewaswhenhisnewemployerdidn’taskhimaboutbeingfiredfromhisformeremployer.WhichCFAInstituteCodeofEthicsorStandardsofProfessionalConductdidChandaranaleastlikelyviolate?

Misconduct

LoyaltytoEmployersReferencetotheCFAProgram

Practice4

KamBergeron,CFA,isanequityportfoliomanagerwhooftentakestimeoffintheafternoontoplaygolfwithimportantclients.Today,Bergeronisonthegolfcoursewhenhisgameisinterruptedbyaphonecallfromhisoffice.ThecallisfromBergeron'sassistant,whonotifieshimofasteepandacceleratingmarketdecline.Bergeron,eagertogetbacktohisgolfgame,tellshisassistanttoraisecashbyselling15%ofallclients’holdings.Bergeroninstructshisassistanttofirstsellthemostliquidstocksineachclient’sportfolioandthendothesameforhispersonalaccount.BergeronisleastlikelytobeinviolationofwhichoftheCFAInstituteStandardsofProfessionalConduct?

Suitability

PriorityoftransactionsDiligenceandreasonablebasis

Practice4

Answer:B

BiscorrectasthereisnoindicationaviolationofStandardVI

(B)PriorityofTransactionsoccurred.TheStandardconcernstransactionsforclientshavingpriorityoveremployees’transactionsandisnotapplicableinthiscasebecausethemanagergivesinstructionstosellhispersonalholdingsafterthoseofhisclients.

Practice5

Answer:A

AiscorrectbecauseSimoneviolatedStandardII(A)MaterialNonpublicInformationbygivinginstitutionalfundmanagersaccesstomaterialnonpublicinformationpriortopublicdissemination(i.e.,thepressrelease).Byreleasingearningsresultstoaselectgroupofinstitutionalfundmanagerspriortoapublicpressrelease,Simoneallowstheinstitutionalfundmanagersatimeadvantageoverotherinvestorsnotinvitedtotheinvestorbriefing.

Practice5

JamesSimone,CFA,theCFOofapubliclylistedcompany,seekstoimprovethequalityofhiscompany’scommunicationwithinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththisgrouptheeveningbeforethecompanyearningsareannounced.Thecompany’squarterlyearningsarebroadcastinapressreleasethenextdaybeforethemarketopens.Theearningsinformationintheinvestorbriefingisidenticaltothatinthepressrelease.DidSimonemostlikelyviolatetheCFAInstituteStandardsofProfessionalConduct?

Yes

No,becauseinvestorbriefingandpressreleaseinformationareidentical

No,becausethecompanyreleasesinformationwhilethe

marketisclosed

Practice6

BelenZapata,CFA,istheownerofKawahInvestments.Kawahpromisesinvestorsreturnsofupto12%peryearandclaimstoachievethisbyinvestinginnon‐investment‐gradebondsandotherfixedincomeinstruments.Overthenext12months,bondmarketyieldsreachunprecedentedlowsandZapatafindsitimpossibletoachievethereturnssheexpected.NoinvestmentsareevermadebyKawah,andclientsarecompletelypaidbackalloftheiroriginalinvestment.ZapatamostlikelyviolatedtheCFAInstituteStandardsofProfessionalConductbecauseofthe:

returnofcapital.promisedreturns.investmentmandate.

Practice6

Answer:B

Biscorrectbecausethememberhasmisrepresentedthereturnsshecouldrealisticallyachieveforherclients,violatingStandardI(C),whichprohibitsmembersandcandidatesfromguaranteeingclientsanyspecificreturnonvolatileinvestments.

GuidanceforStandardsI-VII

SESSION1

CONTENTS

Mind-Map

GlobalInvestmentPerformanceStandards

ReasonsforcreatingGIPS:

Requirementsforverification:

Investmentmanagementfirms

Currentandprospectiveclients

Test-PointsDescription–LOS3.b

Composites:constructionandpurpose

Acompositeisagroupingofindividualdiscretionaryportfolioswithsimilarinvestmentobjective,strategy,ormandate

Acompositemustincludeallportfolios(currentandpast)thatthefirmhasmanagedinaccordancewiththisparticularstrategy

Groupingsmustbepre‐identified

Compositecreationisimportantforconsistencyandcomparabilityofperformanceovertimeandamongfirms

Practice1

FundamentalAssetManagersclaimscompliancewiththeCFAInstituteGlobalInvestmentPerformanceStandards(GIPS®)andmanagesbothdiscretionaryandnon‐discretionaryaccounts.WhenconstructingasinglecompositeforFundamental,JumaDzuyaincludesalldiscretionary,fee‐payingaccountswithbothvalueandgrowthstrategies.DoesthecompositeconstructedbyDzuyamostlikelymeetGIPScriteria?

Yes

No,becauseofnon‐similarinvestmentstrategies

No,becausenon‐discretionaryaccountsarenotincluded

GuidanceforStandardsI-VII

SESSION1

CONTENTS

Practice1

Answer:B

Biscorrectbecauseacompositemustincludeallactual,fee‐paying,discretionaryportfoliosmanagedinaccordancewiththesameinvestmentmandate,objective,orstrategy(Standards IV Composites).

Byincludingbothvalueandgrowthportfolios,thecompositeismadeupofportfolioswithdifferentinvestmentmandatesorstrategies.

Mind-Map

GlobalInvestmentPerformanceStandards

Fundamentalsofcompliance

Countrieswithexistingstandards:

Mind-Map

GlobalInvestmentPerformanceStandards

Fundamentalsofcompliance

CalculationmethodologyCompositeconstruction

PresentationandreportingPrivateequity

Wrapfees/separatelymanagedaccount

Test-PointsDescription–LOS4.a,b

KeyfeaturesoftheGIPS

Stipulatescalculationandpresentationmethods,disclosuresandperformancerecord

Accuracyofinputdataiscriticaltotheaccuracyoftheperformancepresentation

GIPSconsistofrequiredandrecommendedprovisions.“Firms”areencouragedtoadopttherecommendedprovisions

Onlyfullcompliancecanbeclaimed

IflocallawsareinconflictwithGIPS,firmsshouldcomplywiththelocallaw,butdisclosetheconflict

Test-PointsDescription–LOS4.a,b

KeyfeaturesoftheGIPS

“Firm”shouldreflectthe“distinctbusinessentity”thatisheldouttoclientsorpotentialclients

Ethicalstandardstoensurefairrepresentationandfulldisclosure

Includeallactualfee‐paying,discretionaryportfoliosincomposites

ShowGIPS‐complianthistoryforaminimumoffiveyears(orsinceinceptioniflessthanfiveyears)

Afterpresentingcompliantresults,thefirmmustaddannualperformanceeachyeargoingforwarduptoaminimumoftenyears

Test-PointsDescription–LOS4.a,b

Definitionofthefirm

ApplyGIPSonafirm‐widebasis

Defi