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首页 CFA LEVEL1 道德部分要点整理

CFA LEVEL1 道德部分要点整理.docx

CFA LEVEL1 道德部分要点整理

仙人指路
2019-02-26 0人阅读 举报 0 0 暂无简介

简介:本文档为《CFA LEVEL1 道德部分要点整理docx》,可适用于初中教育领域

LOSa:DescribethestructureoftheCFAInstituteProfessionalConductProgramandtheprocessoftheenforcementoftheCodeandStandardsSeveralcircumstancespromptaninquiry:)selfdisclosurebymembersorcandidatesonannualProfessionalConductStatementofinvolvementincivillitigationoracriminalinvestigation,orthatthememberorcandidateisthesubjectofawrittencomplaint)writtencomplaintsaboutamemberorcandidate'sprofessionalconductthatarereceivedbytheProfessionalConductStaff)EvidenceofmisconductbyamemberorcandidatethattheProfessionalConductstaffreceivedthroughpublicsources)AreportbyaCFAexamproctorofapossibleviolationduringtheexaminationOnceaninquirybegins,may)request(inwriting)anexplanationfromthesubjectmemberorcandidate,may:)interviewthesubjectmemberorcandidate)interviewthecomplainantorotherthirdparties)collectdocumentsandrecordsrelevanttotheinvestigationPossibledecisionofDesignatedOfficer:)nodisciplinarysanctionsareappropriate,)toissueacautionaryletter)todisciplinethememberorcandidate=>subjectmemberorcandidatecanacceiveclients:disclosuretoclientsthebasicformatandgeneralprinciplesofinvestmentprocessesidentificationofimportantfactorsforinvestmentanalysesdistinguishbetweenfactandopinioninthepresentationofinvestmentanalysisandrecommendations)RecordretentionConflictsofinterest)disclosureofconflicts)PriorityofTransactions)ReferralfeesResponsibilitiesasaCFAinstitutememberorcandidate)ConductasmemberscandidatesintheCFAprogram)ReferencetoCFAinstituteSummaryfromexamples:Professionalism)Regularproceduresforanemployeewhenfindssomemisconductsorviolations:reporttosupervisor,ifnotsolved=>seekindependentlegalopinion,ifnotsolved=>dissociatefromthemisconductsanyway)ComplywithmorestrictlawsorregulationsofcountryoforiginandcountryinwhichbusinessisconductedNorequirementunderstandardstoreportviolationstogovernmentalauthoritiesbutmayberequiredtoreportinsomecircumstancesorbylawsinothersOnlyrelianceonlegaldepartmentdoesn'tabsolveamemberorcandidatefromtherequirementtocomplywiththelaworregulation,oneshouldreportthesituationtosupervisorandseekanindependentlegalopiniontodecidewhethertheregulatorshouldbenotifiedornotIndependenceandObjectivity)Awareofanypossiblebribeanycorruptionfromaninterestedpartytomemberscandidatesthatshouldactindependentlyandobjectivelybythemselves)Bettertoavoidappearanceofanyconflictofinterest,butanalystscanmakeownjudgmentsonacceptancetravelandaccommodationpaybasedonrequirementthattheirobjectivityandindependencearenotimpingedorcompromisedSuchpaymentsfromclientsnotnecessarilyviolations)Membersshouldbesensitivetothepublicperceptionandavoidanyperceptionoflikelyconflictofinteresteventhoughthere'snoModestgifts(tokenitemsonly)arepermitted,allocationofsharesinoversubscribedIPOstopersonalaccountsisNOTpermittedDonotletinvestmentprocessbeinfluencedbyexternalresourcesGiftsmustbedisclosedtoemployerinanycase,eitherpriortoacceptanceifpossible,orsubsequentlyRestrictemployeeinvestmentsinequityIPOsandprivateplacements,requirepreapprovalofIPOpurchasesThereasonforbothdisclosureandpermissionrequirementsofgiftsisthattheemployermustensurethatemployeedoesnotgiveadvantagetotheclientgivingorofferingadditionalcompensation,tothedetrimentofotherclients*Ananalystperformingsensitivityanalysisforasecuritydoesnotuseonlyscenariosconsistentwithrecenttrendsandhistoricalnorms=>ThisisagoodthingandnotaviolationMisrepresentation(orgivefalseimpressions)foundationintheinvestmentprofessionincludeoralorelectroniccommunicationsguaranteeinginvestmentperformanceplagiarism(reports,forecasts,models,ideas,charts,graphs,spreadsheetmodels)knowinglyomittinginformationthatcouldaffectaninvestmentdecision(egpretendtobeindependentanalystbutindeedemployedbytargetcompany)ModelsandanalysisdevelopedbyfirmcanbeusedwithoutattributionAreportwrittenbyanotheranalystemployedbythefirmcannotbereleasedasanotheranalyst'sworkproceduresforcompliance:qualificationsaccuratelypresentedmaterialsrecordedwithsourcescitedestablishproceduresofverifyingmarketingclaimsofthirdpartieswhoseinfothefirmprovidestoclients*DescriptionofbankCDas"guaranteed"isnotaviolation*Evenwordbyworddefinitionoftermsfoundonlineshouldcitesources*CitebothdirectlyandindirectlyreferredsourcesorcitedirectlyreferenceobtainedfromoriginMisconduct(关乎个人品行的)Anyactreflectsadverselyonprofessionalreputation,integrityorcompetenceeg:excessivedrinkingbeforeinvestmentdecisionIntegrityofCapitalMarkets(insideinformation)MaterialNonpublicinformation:ifaffectthevalueofinvestment,cannotactorcauseotherstoactontheinfoSelectivelydisclosinginfobycorporationscreatesthepotentialforinsidertradingviolationsInfois"material"ifitsdisclosurewouldimpactthepriceofasecurityorifreasonableinvestorswouldwanttheinformationbeforemakinganinvestmentdecisionAmbiguousinfo,asfarasitslikelyeffectonprice,maynotbeconsideredmaterialGuidanceMosaicTheory:Thereisnoviolationwhenaperceptiveanalystreachesaninvestmentconclusionaboutacorporationoreventthroughananalysisofpublicinformationtogetherwithitemsofnonmaterialnonpublicinfo(egmarketopinionofproducts)monitorandrestrictproprietarytradingwhileafirmisinpossessionofmaterialnonpublicinformationProhibitionofallproprietarytradingmaybeinappropriatebecauseitmaysendasignaltothemarketInthesecases,firmsshouldtakethecontrasideofonlyunsolicitedcustomertrades*Tradingstocksbasedonnonpublicinfoprovidedbysomeonewhohaspowertoinfluencethestockpriceisaviolation**priorityoftransactionsbyfrontrunningclienttradeMarketmanipulation(distortpricesorartificiallyinflatetradingvolumewithintenttomisleadmarketparticipants)distortingpricesettingmechanismsecuringacontrollingpositiontomanipulatethepricespreadingrumors*Formalliquidityonamarketisdeterminedbytheobligationssetonmarketmakers,buttheactualliquidityofamarketisbetterestimatedbytheactualtradingvolumeandbidaskspreadsliquiditypumpingstrategymustbedisclosedDutiestoclientsloyalty,prudenceandcaretobeneficiariesberepresentedfairdeal,bestpriceandexecutionforclientscompliance:Submittoclients,atleastquarterly,itemizedstatementsshowingallsecuritiesincustodyandalldebits,credits,andtransactionsfairdealing(fairlyisnotequally,differentservicelevelsshallbedisclosed,individualandinstitutionalclientstreatedfairly,cannottakeadvantageofpositioninindustrytodisadvantageclients,egIPO)donotdiscriminateagainstanyclientAreasonofminimumlotsizetodeviatefromastrictprorataallocationtoclientisnotviolationoffairdealingSuitabilityclientinformationgathering:needs,circumstances,risktolerance,useofleverageornot,consistenttostatedmandateswritteninIPS(investmentpolicystatement)focuscharacteristicsofclient'sentireportfolioandgivethoroughexplanationsofinvestmentrecommendationtoclientsPerformancePresentationmembersmustmakedetailedinformationavailableonrequestandindicatethatthepresentationhasofferedlimitedinfoconsideringthesophisticationofaudiencetowhomthepresentationisaddressedpresentingperformanceofweightedcompositeofsimilarportfoliosratherthanasingleaccountterminatedaccountsallappropriatedisclosurestofullyexplainresults:modelresults,grossornetoffees,etc)maintainingdatarecordsusedtocalculatetheperformancebeingpresentedthesourceofhistoricalperformanceshouldbefullydisclosedPreservationofConfidentialitydonotdivulgeavoiddisclosinginforeceivedfromaclientexcepttoauthorizedcoworkerswhoarealsoworkingfortheclient*Checkwithcompliancedepartmentandoutsidecounseltodeterminewhetherapplicablesecuritiesregulationsrequirereportingclient'sfinancialrecordsiffindanysuspiciouscorruption,embezzlementofclient*Iffindclientviolatinglaw,reporttosupervisorandtrytoendthisillegalactivityiffail,seeklegaladviceaboutanydisclosureshouldbemadetolegalorregulatoryauthoritiesanddissociatefromanycontinuingassociationDutiestoEmployersLoyaltyAlwaysplaceclients'interestaboveemployers'butconsidertheeffectsoftheiractionsonfirmintegrityandsustainabilityNotrequiredthatemployeeputsemployerinterestaheadoffamilyandotherpersonalobligationsit'sexpectedthatemployerandemployeesdiscusssuchmattersandbalancetheseobligationsandworkobligationsIndependentpracticeforcompensationisallowedifanotificationisprovidedtotheemployerfullydescribingallaspectsoftheservices,includingcompensation,duration,andthenatureoftheactivitiesandiftheemployerconsentstoalltermsoftheproposedindependentpracticebeforeitbeginsmustcontinuetoactinemployer'sbestinterestuntilresignationiseffectiveviolations:misappropriationoftradesecretsmisuseofconfidentialinfosolicitingemployer'sclientspriortoleavingselfdealingmisappropriationofclientlist(onceanemployeeleavesafirm,thesimpleknowledgeofnamesandexistenceofformerclientsisgenerallynotconfidential,there'snoprohibitionontheuseofexperienceorknowledgegainedwhilewithaformeremployer)employeevsindependentcontractor:stillhaveadutytoabidebytheagreement*Takinganyemployerrecords,eventhosethememberorcandidateprepared,violatesstandard*TheCodeandStandardsdonotprohibitformeremployeesfromcontactingclientsoftheirpreviousfirm,absentanoncompeteagreement*Employeeledbuyoutofemployer'sbusinessisnotviolationEmployercandecidehowtorespondtoanybuyoutofferIfsuchabuyouttakesplace,clientsshouldbeinformedofthenatureofthechangesinatimelymanner*Contractor:currentemployerhasfirstrighttoactoncontractor'swork*Fulltimeemployeeservingasmayordoesnotconflictwithemployer'sbusinessinterest,aslongasthetimecommitmentdoesnotprecludeperforminghisexpectedjobfunctionswell,there'snoviolationAdditionalCompensationArrangementsWrittenconsentfromemployerincludesemailcommunicationdetailsincludinganyperformanceincentivesshouldbeverifiedbytheofferingpartyResponsibilitiesofSupervisorspreventemployeesfromviolatingdetectviolationsenforcefirmpoliciesregardinginvestmentornoninvestingbehaviorsequallyIfthereisviolation,respondpromptlyandconductathoroughinvestigationwhileplacinglimitationsonthewrongdoer'sactivities*supervisereasonablyandadequatelytheactionsaccountabletosupervisorsegdisemminationofunpublishedchangesinrecommendationInvestmentAnalysis,Recommendations,andActions)DiligenceandReasonableBasisdependsontheinvestmentphilosophyadheredto,members'andcandidates'rolesintheinvestmentdecisionmakingprocess,andtheresourcesandsupportprovidedbyemployers=>degreeofdiligence,thoroughnessofresearch,andtheproperlevelofinvestigationrequiredReasonablebasis:afirm'sfinancialresults,operatinghistory,andbusinesscyclestagefeesandhistoricalresultsforamutualfundslimitationsofanyquantitativemodelsusedadeterminationofwhetherpeergroupcomparisonsforvaluationareappropriateusingsecondaryorthirdpartyresearch,criteria:reviewassumptionsusedanalysisrigoroustimelyobjectivityandindependenceoftherecommendationsquantitativeresearch:abletoexplainthebasicnatureofquantitativeresearchandhowitisusedtomakeinvestmentdecisionsconsiderscenariosoutsidethosetypicallyusedtoassessdownsideriskandthetimehorizonofthedatausedformodelevaluationtoensurebothpositiveandnegativecycleresultshavebeenconsideredexternaladvisor:adequatecomplianceandinternalcontrolspresentreturnsinfocorrectdonotdeviatefromstatedstrategiesgroupresearchanddecisionmaking:memberwhodoesnotagreewithviewofgroup,notnecessarilydeclinetobeidentifiedwiththereport*Badoutcomeofrecommendationdoesnotmeantherehasnecessarilybeenaviolation,aslongasthememberperformsreasonableduediligenceanddisclosesinvestmentriskadequately)communicationwithclientsdisclosetoclientsthebasicformatandgeneralprincipleofinvestmentprocessesidentifyingimportantfactorsininvestmentdistinguishbetweenfactandopinioninthepresentationofinvestmentanalysisandrecommendationsmaintainrecordsofcommunicationandbeabletosupplyadditionalinfoifrequestedmembershouldnotifyclientsimmediatelyofchangesinthefirm'sinvestmentprocess,notnotifyonlyinannualreports)recordretentionrecordsarepropertyoffirm,ifnoregulatorystandards,CFAIrecommendsatleastyearholdingperiodConflictsofinterest)disclosureofconflictsactualownershipofsharesrecommendedmember'scompensationbonusstructurewhichcanpotentiallycreateincentivestotakeactionsthatproduceimmediategainsforthememberwithlittleornoconcernforlongtermreturnsfortheclientgivetheemployerenoughinformationtojudgetheimpactoftheconflictTakereasonablestepstoavoidconflictsandreportthempromptlyifoccur*purchaseforownaccount)PriorityoftransactionsinvestmenttransactionsforclientsandemployerhavepriorityoverinvestmenttransactionsinwhichamemberorcandidateisthebeneficialownerNotethatfamilymemberaccountsthatareclientaccountsshouldbetreatedjustlikeanyclientaccounttheyshouldnotbedisadvantagedno"frontrunning",blackoutperiodrequirement,severitydependsonthesizeofthefirmandthetypeofsecuritydisclosureofpolicies:whenrequested,membersmustfullydisclosetoinvestorstheirfirm'spersonaltradingpolicies)Referralfeesinformemployers,clientsandprospects,allowthemtoevaluatethefullcostoftheservicesaswellasanypotentialpartiality*Thisstandardismeanttoaddressinstanceswheretheinvestmentadviceprovidedbyamemberappearstobeobjectiveandindependentbutinfactisinfluencedbyanunseenreferralarrangement*compensationbonusbyemployerforfindingnewclientsbusinessoracquiringnewassetsneednotbedisclosedtoclientsthisisobviousButifthenewassetsaremanagedin"proprietaryproductofferings"eganinhousemutualfund,theninvestorsbuyingthisassetwillbenefitthefirmShoulddiscloseResponsibilitiesasaCFAImemberorcandidateConductasaCFAImemberorcandidate:ThestandardisintendedtocoverconductsuchascheatingontheCFAexamorotherwiseviolatingrulesofCFAIortheCFAprogramItisnotintendedtopreventanyonefromexpressinganyopinionorbeliefsconcerningCFAIortheCFAprogramReferencetoCFAI,theCFADesignations,andtheCFAprogramMustnotmisrepresentorexaggeratethemeaningorimplicationsFormembers:mustsignPCS(personalconductstatement)annually,payCFAImembershipduesannuallyItisnotpermittedclaimingsuperiorabilitybecausecompletingtheprograminyearsCFAmarks:usedasadjoraftercharterholder'sname,notnouns,inwrittenororalExerciseSummary:Giftsfromclientsareacceptable,butmustbedisclosedtoemployersCompensationfromissuer(ofsecurities)issuerpaidresearchisallowedaslongastheanalysisisthorough,independent,unbiased,andhasareasonableandadequatebasisforitsconclusions,andthecompensationfromtheissuermustbedisclosedMustcitethesourcesoftheinfotheyuseinanalysis,unlesstheinfoisfactualdata(asopposedtoanalysisoropinion)fromarecognizedfinancialorstatisticalreportingserviceTheUS,TreasuryisoneexampleofarecognizedsourceoffactualdataMemberorcandidatewhobelievesanunsolicitedtradeisunsuitablefortheclientcaneitherdeclinetocarryitoutorasktheclienttoprovideastatementthatsuitabilityisnotaconsiderationforthistradeWhenmanagingthefundtoanindexorstatedmandate,themanagerisresponsibleforensuringthatpotentialinvestmentsareconsistentwiththefund'smandateSuitabilityforindividualswouldbeaconcernforanadvisorwhorecommendsthefundtoclients,butnotforthemanagerofthefundMembersandcandidatesarerequiredtocooperatewithPCPinvestigationsintotheirownconductandencouraged(notrequired)tocooperatewithPCPinvestigationsintotheconductofothersAnyclientinfosharedwithPCPwillbekeptinstrictconfidence,forformerandcurrentclients,sametreatment!Loyalty:actforthebenefitofemployerandnotdeprivetheemployeroftheirskillsThoughvolunteerposition,receivingcompensationintheformofafreecarparkingspace,theperformingworkissimilartoservicesprovidedbyemployer,stillneedtodisclosedetailstoemployerandgetwrittenpermissionRegardingdutiestoemployers,additionalcompensationarrangementbasedonperformancegoalsforportfoliomanagersisallowed,butneedconsentfromemployersRegardingsupervisoryduties,supervisorsshouldenforceinvestmentrelatedandnoninvestmentrelatedpoliciesequallyCommunicationwithclientsshouldcoverallpositiveandnegativesides,orit'saviolationMembersandcandidatesmaytradefortheirownaccountsaslongastheydonotdisadvantageclients,benefitpersonallyfromclienttrades,orviolateanyregulationthatapplyGIPS(GlobalInvestmentPerformanceStandards)InvestmentfirmscanvoluntarilyfollowGIPSinpresentationofhistoricalinvestmentresultstoprospectiveclientsAvoidmisrepresentationofperformance:representativeaccounts,survivorshipbias,varyingtimeperiodsGIPSapplytoinvestmentmanagementfirmsandareintendedtoserveprospectiveandexistingclientsofinvestmentfirmsmoreeasilytocompareamonginvestmentfirmsandhaveconfidenceinreportedperformanceExplaintheconstructionandpurposeofcompositesofperformancereporting*composite:agroupingofindividualdiscretionaryportfoliosrepresentingasimilarinvestmentstrategy,objective,ormandate*Acompositemustincludeallportfolios(currentandpast)thatthefirmhasmanagedinaccordancewiththisparticularstrategyExplaintherequirementsforverification*performedbyathirdparty,onafirmwidebasis:)complywithallGIPSrequirementsforcompositeconstructiononafirmwidebasis)processandproceduresareestablishedtopresentperformanceinaccordancewiththecalculationmethodology,datarequirements,intheformatrequiredbyGIPS*Verifiedfirmsshouldincludethefollowingdisclosurelanguage:"NameoffirmhasbeenverifiedfortheperiodsdatesbynameofverifierAcopyoftheverificationreportisavailableuponrequest"DescribethekeyfeaturesoftheGIPSstandardsandthefundamentalsofcompliance*GIPSobjectives:globalacceptanceofcalculationandpresentationwithfulldisclosureensureconsistent,accurateinvestmentperformancedatatopromotefaircompetitionamonginvestmentmanagementfirmswithoutunnecessaryentrybarriersfornewfirmspromoteglobal"selfregulation"*includeaminimumoffiveyearsorsincefirmorcompositeinceptionthefirmmustaddannualperformanceeachyeargoingforwarduptoaminimumoftenyears*FollowthelocallawsforcasesinwhichalocalorcountryspecificlaworregulationconflictswithGIPS,butdisclosetheconflicts*Fundamentalsofcompliancecontainbothrequirementsandrecommendationsiffirmchangesitsorganization,historicalcompositeresultscannotbechangedonceGIPSrequirementshavebeenmet,thefollowingcompliancestatementmustbeused:"NameoffirmhaspreparedandpresentedthisreportincompliancewiththeGlobalInvestmentPerformanceStandards(GIPS)"DescribethescopeoftheGIPSstandardswithrespecttoaninvestmentfirm'sdefinitionandhistoricalperformancerecord*Thedefinitionoffirmmustbethecorporation,subsidiaryordivisionthatisheldouttoclientsasabusinessentityGeographiclocationsandtheirclients,ifundersamecompanyname*noncompliantperformanceifnopresentationofitafter,specifyandthewaysinwhichdoesnotcomplywithExplainhowtheGIPSstandardsareimplementedincountrieswithexistingstandardsforperformancereportinganddescribetheappropriateresponsewhentheGIPSstandardsandlocalregulationsconflict*CountryVersionofGIPS(CVG)=>ascompliancewithGIPSpriortocontinueGIPSforatleastyrs*conflicts=>mustfollowtheapplicablecountryspecificregulationsbutmustalsodisclosethenatureofconflictswithGIPSDescribetheninemajorsectionsofGIPSfundamentalsofcomplianceinputdatacalculationmethodology:forportfolioreturns,compositereturns=>uniformityinmethodscompositeconstruction:assetweightedaveragedisclosure:infotounderstandtherawnumberspresentationandreporting:otherfirmspecificinfonotspecificallyrequiredbyGIPSshouldbeincludedwhenappropriateRealestateinvestment:egland,buildings,etcregardlessofthelevelofcontrolwhethertheassetisproducingrevenueorthereisleverageinvolvedintheinvestmentPrivateequity(includeallinvestmentincompaniesthatarenotpubliclytraded:vcinvestment,ownershipofapreviouslypubliccompanythathasbeentakenprivate,mezzaninefinancing,limitedpartnershipshares,fundoffundinvestment):valuedaccordingtoGIPSPrivateEquityValuationPrinciplesunlesstheinvestmentisanopenendorevergreenfund(whichmustfollowGIPS)WrapfeeSeparatelyManagedAccount(SMA)portfoliosExercisesummary:Acompositeincludesallfeepaying,discretionaryportfoliosbasedonsimilarstrategy,objective,ormandatetotalfirmassetsincludetotalmarketvalueofdiscretionaryandnondiscretionaryassets,includingfeepayingandnonfeepayingaccountsVerificationisintendedtogiveadditionalconfidencetoclientsinthefirm'sclaimtocomplywithGIPSGIPSrecommendsfirmstoverifybutnotrequiredIffirmseeksthirdpartyverification,mustbeissuedforwithrespecttowholefirmNopartialcompliance!!!!differentwith"noncompliantperformancebeforecomplianceperiod"ThedefinitionofafirmforGIPScomplianceperformancepresentationshouldincludeALLgeographicalofficesmarketedunderthesamenamebrandAlltheseofficesandthebrandisa"firm",singlebranch(regionalorwhatever)cannotbedefinedasafirmAfirmthatclaimstocomplywithGIPSbutincursconflictswithcountrylawsmustabidebycountrylawsbutdisclosethenatureofconflictswithGIPS,thenthisfirmcanstillclaimit'scomplyingwithGIP
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CFA LEVEL1 道德部分要点整理

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