CFA二级基础班培训项目：经济学

j/Ethicaland、

(Pr«fe&si»nal\

卜Standards/I

CFA二级培训项目

2-392

芸业.创新.t答值

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SessionNO.Content

Ethical&ProfessionalStandards

QuantitativeMethods

Economics5-10

FinancialReportingand10-15

Analysis5.1。

CorporateFinance10・15

"娓Wlncome10-15

Derivatives5-10

AlternativeInvestments5-10

StudySession16-17PortfolioManagement10-15

艺业.创新.恺值

2021CF应ni手货说

饿信：xdbb.

►SSIEthicaland

@FrameworkProfessional

EthicalandRICodeofEthicsand

Professional

Standards

4-392

艺业.创新.岱值

CodeofEthicsandStandardsofProfessionalConduct

与皿•创新•ma

1.Proceedings

Framework2.ThePanel

3.ComparisonsofAMCandCodeand

Standards

4.Ethics&ProfessionalStandards

6392

与盟•管新•!8fll

♦Proceedings

，TheCFAInstituteBoardofGovernorsmaintainsoversightandresponsibilityfor

theProfessionalConductProgram(PCP).

，PCPandDisciplinaryReviewCommittee(DRC)areresponsibleforenforcement

oftheCodeandStandards.ProfessionalConductinquiriescomefromanumber

ofsources.

•Self-disdosursonannualProfessionalConductStatementsofinvolvementin

civillitigationoracriminalinvestigationorthatthememberorcandidatRis

thesubjectofawrittencomplaint.

•Writtenc•211plaintsaboutprofessionalconductreceivedbytheProfessional

Conductstaff.

•EvidenceofmisconductbyamemberorcandidatethattheProfessional

Conductstaffreceivedthroughpublicsources,suchasamediaarticleor

broadcast

•AreportbyaCFAexamproctorofapossibleviolationduringthe

examination.

♦Proceedings

“Onceaninquiryisinitiated.ProfessionalConductstaffmayrequests(in

writing)anexplanationfromthesubjectmemberorcandidateand

may:

•interviewthesubjectmemberorcandidate

•interviewthecomplainantorotherthirdparties

•collectdocumentsandrecordsrelevanttotheinvestigation

8-392

与姒・倚新•！8值

♦ThePanel

,Ifthememberorcandidatedoesnotacceptthechargesandproposed

sanction,thematterisreferredtoapanelcomposedofDRC(Discipline

ReviewCommittee)members.

，PanelsreviewmaterialsandpresentationsfromProfessionalConductstaff

andfromthememberorcandidate.

xThepanel'staskistodeterminewhetheraviolationoftheCodeand

Standardsortestingpoliciesoccurredand,ifso,whatsanctionshouldbe

imposed.

，SanctionsimposedbyCFAInstitutemayhavesignificantconsequences;they

include-ubliccensuresuspensionofmembershipanduseoftheCFA

designationandrevocationoftheCFAcharter.Candidatesenrolledinthe

CFAProgramwhohaveviolatedtheCodeandStandardsortestingpolicies

maybesuspendedorprohibitedfromfurtherparticipationintheCFA

Program.

9392

亘皿•囱斯•Ian

♦ComparisonsofAMCandCodeandStandards

，AMC

•TheAssetManagerCodeofProfessionalConduct(AMC),whichis

designed,inpart,tohelpassetmanagerscomplywiththeregulations

mandatingcodesofethicsforinvestmentadvisers.

•AMCwasdraftedspecificallyforfirms

，CodeandStandards

•Aimedatindividualinvestmentprofessionalswhoaremembersof

CFAInstituteorcandidatesintheCFAProgram

10-392

与亚•傍新•!8(B

♦Ethics&ProfessionalStandards

，MembersofCFAInstitute("MembersandCandidates")must:

-Actwithintegrity,competence,diligence,respect,andinanethical

mannerwiththepublic,clients,prospectiveclientsemployers,employees,

colleaguesintheinvestmentprofession,andotherparticipantsinthe

globalcapitalmarkets.

•Placetheintegrityoftheinvestmentprofessionandtheinterestsof

clientsabovetheirownpersonalinterests.

•Usereasonablecareandexerciseindependentprofessionaliudgment

whenconductinginvestmentanalysis,makinginvestment

recommendations,takinginvestmentactions,andengaginginother

professionalactivities.

•Practiceandencourageotherstopracticeinaprofessionalandethical

mannerthatwillreflectcreditonthemselvesandtheprofession.

-Promotetheintegrityandviabilityoftheglobalcapitalmarketsforthe

ultimatebenefitofsociety.

•Maintainandimprovetheirprofessionalcompetenceandstriveto

maintainandimprovethecompetenceofotherinvestmentprofessionals.

11392号收•唐薪•

GuidanceforStandardsI-VII

12-392

与亚•仔新•

1.Professionalism

Framework2.IntegrityofCapitalMarkets

3.DutyToClients

4.DutyToEmployers

5.Investment

6.ConflictsofInterest

7.ResponsibilityasMembers

RS.:Casesinthisreadingarequoted

from<Standardsofpracticehandbook>

2015Eleventhedition.

亘我•电斯•ma

♦GuidanceforStandardsI-VII

Knowledgeofthelaw;

!nd«p»ndonc«andobjectivity;

LProfessionalism—

Misrepresentation;

Misconduct

Materialnonpublicinformation;

—IntegrityofCapitalMarkets—

Marketmanipulation

Loyalty,prudenceandcare：

Fairdealing;

一DutyToClients—4Suitability;

Performancepresentation;

StandardsPreservationofconfidentiality

Loyalty;

TDutyToEmployers1Additionalcompensationarrangements;

Responsibilityofsupervisors

Diligenceandreasonablebasis;

—Investment—Communicationwithclients;

Recordretention

Disclosureofconflicts;

-ConflictsofInterest—Priorityoftransaction;

Referralfees

Conductasmemberandcandidates：

—ResponsibilityasMembers—

ReferencetoCFAinstitute,designation

14-392

专皿・硒斯•tfltB

♦GuidanceforStandardsI-VII

Knowledgeofthelaw;

Independenceandobjectivity;

L-Professionalism

Misrepresentation;

Misconduct

Materialnonpublicinformation;

IntegrityofCapitalMarkets一

Marketmanipulation

Loyalty,prudenceandcare;

Fairdealing;

—!DutyToClients-Suitability;

Performancepre«<»nfation;

|Standards卜Preservationofconfidentiality

Loyalty;

DutyToEmployers一Additionalcompensationarrangements;

Responsibilityofsupervisors

Diligenceandreasonablebasis;

InvwtwntCommunicationwithclients;

Recordretention

Disclosureofconflicts：

ConflktiofInfrnitkPriorityoftransaction;

iReferra]fees

"T7ZT~~jConductasmembersandcandidates;

ResponsibilityasMembers■.,.4,..

--i»ReferencetoCFAinstitute,designation

亘卯•唐淅•ma

♦StandardI(A):Content

“Content

1.MembersandCandidatesmustunderstandandcomolywithall

applicablelaws,ruies,andregulations(includingtheCFAInstituteCode

ofEthicsandStandardsofProfessionalConduct)ofanygovernment,

regulatoryorganization,licensingagency,orprofessionalassociation

governingtheirprofessionalactivities.

2.IntheeventofconflictMembersandCandidatesmustcomplywiththe

morestrictlaw,rule,orregulation

3.Mustnotknowinglyparticipateorassistinanyviolationofsuchlaws,

rules,orregulation.

4.Mustdissociatefromanyviolationofsuchlaws,rules,orregulations.

专盟•唐新•!8fl

♦StandardI(A):Guidance

jGuidance-CodeandStandardsvs.locallaw

5.Mustknowandshouldknowthelawsandregulationsrelatedtotheir

professionalactivitiesinallcountriesinwhichtheyconductbusiness.

6.Notexpertonalllawsthatcouldpotentiallygovernhisactivities,not

expertoncompliance,however,mustcomplywithlawdirectly

governing,

7.Alwaysadheretothemoststrictrulesandrequirements(laworCFA

instituteStandards)thatapply.Membersandcandidatesmustnot

engageinconductthatconstitutesaviolationoftheCodeand

Standards,eventhoughitmayotherwisebelegal.

8.Complywiththeastapplicablelawiftransferableapplicability.

雪皿•唐淅•ififl

♦StandardI(A):Guidance

，Guidance-Participationorassociationwithviolationsbyothers

9.Know->attempttostopthebehaviorbybringingittotheattentionof

theemployerthroughsupervisororcompliancedepartment->(if

unsuccessful)->dissociateanddocument->quit

10.Suspect今Consult今butcan'tbeabsolvedfromrequirementsto

compliance

11.ThereisnorequirementunderStandardstoreportviolationsto

governmentalaurhorities,butthismaybeadvisableinsome

circumstancesandrequiredbylawinothers.

12.Inactioncombinedwithcontimiingassociationwiththoseinvolvedin

illegalorunethicalconductmaybeconstruedasparticipatonor

assistanceintheillegalorunethicalconduct.

18392号皿•侥新•施倒

“StandardI(A):Guidance

，Guidance-InvestmentProductsandApplicableLaws

13.Membersandcandidatesinvolvedincreatingormaintaining

investmentservices,investmentproducts,packagesofsecuritiesand

derivativesshouldbemindfulofwheretheseDroductsorpackageswill

besoldaswellactheirplacesoforigination,(theplaceofsalesand

5iuindli5】)

14.Theapplicablelawsandregulationsofthecountriesorregionsof

originationandexpectedsaleshouldbeunderstoodbythose

responsiblefo「thesupervisionoftheservicesorcreationand

maintenanceoftheproductsorpackages.

19392

与亚•国葡•18fl

♦StandardI(A):Guidance

“Guidance-InvestmentProductsandApplicableLaws

15.Shouldmakereasonableeffortstoreviewwhetherassociatedfirms

thataredistributingproductsorservicesalsoabidebythelawsand

regulations,

16.Shouldundertakenecessaryduediligencewhentransactingcross-

borderbusinesstounderstandIhemultipleapplicablelawsand

regulations,inordertoprotectthereputationofthefirmand

themselves.

17.Seekappropriateguidancefromthefirm'scomplianceorlegal

departmentsandlegalcounseloutsidetheorganizationwhen

uncertainaboutwhichlawsorregulationsinconductingbusinessin

multiplejurisdictions.

20392与皿.库新•值

♦StandardI(A):Procedures

,Recommendedprocedures-Formembersandcandidates

18.Stayinformed:Shouldestablishencourageemployerstoestablish

aorocedurebywhichemployeesareregularlyinformedabout

changesinlaws,rulesandregulations.Inmanyinstances,the

employer'scompliancedepartmentorlegalcounselcanprovidesuch

informationintheformofmemorandumsdistributedtoemployeesin

theorganization.Participationinanintemalorexternalconiinuing

educationprogramisapracticalmethodofstayingcurrent

19.Reviewprocedures:Shouldreview,orencouragetheiremployersto

review,thefirm'swrittencomplianceproceduresonaregularbasisto

ensurethattheDroceduresreflectcurrentlawandprovideadequate

guidancetoempoyeesaboutwhatispermissibleconductunderthe

lawortheCodeandStandards.

21392亘皿・创新•

♦StandardI(A):Procedures

,Recommendedprocedures-Formembersandcandidates

20.Maintaincurrentfiles:Shouldmaintainorencouragetheiremployers

tomaintainreadilyaccessiblecurrentreferencecopiesofapplicable

statutes,rules,regulations.

•Distributionarealaws:Shouldmakereasonableeffortsto

understandtheapplicableaws-bothcountryandregional-for

thecountriesandregionswheretheirinvestmentproductsare

developedanddistributedtoclients.

•Legalcounsel:Whenindoubtabouttheappropriateaction,seek

theadviceoflegalcounsel。「complianceDersonnel.Ifapotential

violationexists,shouldseekthsadviceoflegalcounsel.

•Dissociation:Whendissociate,shoulddocumenttheviolationand

urgetheirfirmstopersuadetheperpetralorrtoceasesuch

conduct.Mayhavetoquitthejob.

22392雪皿.国新.厘值

♦StandardI(A):Procedures

，Recommendedprocedures-ForFirms

21.Theformalityandcomplexityofcomplianceproceduresforfirms

deoendonthenatureandsizeoftheorganizationandthenatureof

itsinvestmentoperations.

22.Shouldencouragefirmstoconsiderthefollowingpoliciesand

procedures:

JDeveloporadoptacodeofethics:Theethicalculturestartsat

thetop.

♦Shouldencouragesupervisorsormanagerstoadopt.

♦WheninethicaldilemmasadheringtotheCodefacilitates

solutionsandpreventtheneedofa"whistleblowing"solution

publiclyallegingconcealedmisconduct.AssetManagerCode

ofProfessionalConductmaybeusedasthebasisforthe

codes

23392

号虬•创新•Ififl

♦StandardI(A):Procedures-ForFirms

“Recommendedprocedures-ForFirms

23.Shouldencouragefirmstoconsiderthefollowing:(coni)

/Provideinformationonapplicabletaws:

♦Pertinentinformationthathighlightsapplicablelawsand

regulationsmightbedistributedtoemployeesormade

availableinacentrallocation.

♦Informationrourcenmightincludeprimaryinformation

developedbytherelevantgovernmentalagenciesregulatory

organizationsandprofessionalassociations(e.g.,from

websites);andassociationpublications(e.g.,CFAMagazine).

<Establishproceduresforreportingviolations;Firmsmight

providewrittenprotocolsforreportingsuspectedviolations.

24392

与曲•由新•iflfl

“Standard1(A):Case1-2

，Case1.(NotificationofKnownViolations)Allenfoundoverstatementof

earningsinfilespreparedforregulators,heseeksadviceoffirm'sgeneral

counsel,whosaysitwouldbedifficultforregulatortoblameAllenforany

wrongdoinginvolved.

•Comment:Asthecounseldoesnotgiveclearjustificationforthe

legitimacyofthesituation,AllenmustreporttchissuDervisorandseek

independentlegaladviceanddeterminewhetherthereguEorshould

benotifiedoftheerror.Cannotbeabsolvedfromrequirementsto

complywithlaw/regulationinspiteofhavingsoughtadviceoflegal

counsel.

，Case2.(DissociatingfromaViolation)Brownfindshiscustomer

concealedlossesinforei』nbranchandthepreliminaryprospectushasbeen

distributedfortheunderwriting.

•Comment:It'sclearviolation,Brownmustreporttosupervisor.Ifnot

remedied,healsomustdissociateandseekfurtherlegaladviceto

determineappropriateaction.

“392与皿.创新.

♦Standard1(A):Case3-4

“Case3.(DissociatingfromaViolation)Washingtonfindshisemployer

omitssomeperformanceincalculatingcompositetoinflateperformance,

andisaskedtousepromotionalmaterialthatincludeserroneousnumberto

solicitbusiness.

•Comment:Theemployercommitsmisrepresentation;Washingtonmust

dissociatefromthatandbringthefacttosupervisororcompliancedept.

Ifit'snotremedied,heshouldconsiderwhetherresignations

appropriate,evenconsiderotheremployment,becauseusingthe

erroneousnumberwouldbeconstruedasassistinginviolation.

，Case4.(FollowingtheHighestRequirements)Collins,aWallStreet

analystworksinadevelopingcountrywithlittlelawsconcerninginsider

trading.

•Comment:CollinsshouldbeawareoftheriskandadheretotheCode

andStandardswhichismorestrictandaddressmaterialnonpublic

informationofficialy.

26392号皿•傍新•腭IB

♦Standard1(A):Case5

，Case5.(FollowingtheHighestRequirements)JamesonisaCFA

charterholderbasedintheUSandalsoworksasaregisteredinvestment

advisorinanislandnationthatprohibitsDarticioationinIPOs,hebelieves

theCodeandStandardsapplyandignoresthestrictDrohibitiononIPOsin

theisland.

•Comment:Jamesonmustfollowthestricterrequirementsofthelocal

law.ByignoringitheisinviolationofStandardI(A)-knowledgeofthe

law.

27-392

方亚•创新•18fB

♦Standard1(A):Case6

xCase6.(LawsandRegulationsBasedonReligiousTenets)Janney'sfirm

receivesexpressionsofinterestfrompotentialclientsfromtheMiddleEast

whoareseekinginvestmentsthatcomDlywithIslamiclaw.Themarketing

andpromotionalmaterialscannotdeterminewhetherornotthefundisa

appropriateinvestmentforaninvestorseekingcompliancewithIslamiclaw.

Thefundisdistributedglobally.InJanneysconcern,thereputationofthe

fundisveryimportantandshebelievesdisclosureofwhetherornotthe

fundcomplieswithIslamiclawcouldhelpminimizepotentialmistakeswith

placingthisinvestment.

•Comment:Membersandcandidateswillneedtobeawareofthe

differencesbetweenculturalandreligiouslawsandrequirementsaswell

asthedifferentgovernmentallawsandregulations.Intheireffortsto

acknowledgeareaswithdifferentlawsystems,Janneyandthefirmcould

beproactiveindeterminingthesuitabilityofthenewfundinthatarea.

28392

与盟•倚新•!8fli

♦Standard1(A):Case7

Case7.(ReportingPotentialUnethicalActions)Blume,ajuniorportfolio

manager.Sheobservesanumberofnewportfolioscomingfromacountryin

Europeanwherethefirmdidnothavepreviousbusinessandistoldthatabroker

inthatcountryisresponsibilityforthenewbusiness.Atameetingonallocation

ofresearchresourcestothird-partyresearchfirms,Blumenotesthatthisbroker

hasbeenaddedtothelistandisallocatedfundforresearch.However,she

knowstheportfoliosdonotinvestinsecuritiesinthebrokerscountry.Andshg

hasnotseenanyresearchcome।thisbroker.Blumeaskshersupervisor

aboutthenamebeingonthelistandistoldthattheresearchhasbeen

distributedtothemarketingdepartmentandthatthenamebeingonthelistis

OK.Shebelievesthatwhatmaybegoingonisthatthebrokerisbeingaridfor

newbusinessthroughtheinaDpropriateresearchpaymentsandshewishesto

dissociatefromthemisconduct.

•Comment:Whenreportingthissituation,Blumemustcomplyv/iththe

firm'spoliciesandprocedures.Theproceduresmayincludediscussionswith

hersupervisororsomeoneinadesignatedcompliancedepartment.She

shouldcommunicateherconcernsappropriatelywhileadvocatingfor

disclosurebetweenthenewbrokerrelationshipandtheresearchpayments.

号收•创新•iflu

♦Standard1(A):Case8

，Case8.(FaikisetoMaintainKnowledgeoftheLaw)Whiteusesnew

technologytocommunicatewithclientsandpotentialclients.Sherecently

beganpostinginvestmentinformationtoherFacebookpageandsendsout

briefannouncements,opinions,andthoughtsviaherTwitteraccount.Prior

toWhite'suseofthesesocialmediaplatforms,thelocalregulatorhad

issuednewrequirementsandguidancegoverningonlineelectronic

communication.White'scommunicationsappeart。conflictwiththerecent

regugtoryannouncerrents.

•Comment:WhiteisinviolationofStandard1(A)-knowledgeofthelaw

becausehercommunicationsdonotcomplywiththenewguidanceand

regulationgoverninguseofsocialmedia.Whitemustbeawareofthe

evolvinglegalrequirementspertainingtonewanddynamicareasofthe

financialservicesindustrythatareapplicabletoher.Sheshouldseek

guidancefromappropriate,knowledgeable,andreliablesourcessuch

asherfirmscompliancefunction,serviceproviders,oroutsidecounsel,

ifshedoesnotpersonallyfollowlegalandregulatorytrendsaffecting

herprofessionalresponsibilities.

30-392

与盟•侥新•信值

♦GuidanceforStandardsI-VII

Knowledgeofthelaw;

Independenceandobjectivity;

-Professionalism一

rMisrepresentation;

Misconduct_____________

Materialnonpublicinformation;

—IntegrityofCapitalMarkets—

Marketmanipulation

Loyalty,prudenceandcare;

Fairdealing;

-|______DutyToClients・Suitability;

Performanceprewntation;

Standards卜Preservationofconfidentiality

Loyalty;

—DutyToEmployersAdditionalcompensationarrangements;