风险管理与合规.

RiskManagementandRegulatoryCompliance风险管理与合规AsiaPacificFinanceandDevelopmentCenter亚太财经与发展中心WorldBankInstitute世界银行学院AlexVanderpolJune19,2008Complianceadvisesoncompliancerisk合规对合规风险提出建议Complianceriskistheriskof: legalorregulatorysanctions, materialfinancialloss,or harmtoreputationthatabankmaysufferasaresultofitsfailuretocomplywithrelevantlaws,regulations,principlesandrules,standardsandcodesofconductapplicabletoitsactivities,inletterandinspirit.合规风险是指，由于未遵照适用于公司活动的相关法律、法规、原则、法则、行为规范与准则，公司可能会遭受法律或法规的制裁，物质上的财务损失，或者使声誉受损的风险。BackgroundtotheenormoussurgeofCompliancein2004-2005:AlsoIndicatetheexampleofcostsofnon-compliancethatABNAMROfacedintheUS.ABNAMROsignedawrittenagreementinJuly2004withUSbankregulatorsconcerningitsNewYorkbranchUSdollarclearingactivities.ABNAMROconductedadataminingexerciseontheUSdollarclearingoperationsattheNewYorkbranch.ThisexerciseuncoveredcomplianceissuesintheABNAMROOfficeinDubai.Inresponse,ABNAMROinitiatedaRemedialActionProgrammecoveringSupervisoryBoardandManagingBoardActions,aswellasGroupComplianceActions. On19December2005,ABNAMROreceivedasanctionofaceaseanddesistorder,includingacivilpenaltyofalmost80millioneuro.Nexttothat,ABNAMROmusttocontinuetoimplementimprovementsinitsoversightandcomplianceprograms.Provideadvisoryandobjectivesupport提供咨询和客观支持 Alignwiththebusinessandhelpprovideindependentviewandadviceontheexecutionofstrategyandoncase-specificissues根据公司业务，提供有关战略执行和具体案例方面的独立观点和建议 Understandstrategyandbusinessandapplythisunderstandinginitsrisk-basedapproachtoensurethatproportionatemeasuresaretakentocomplianceissuesandrisk理解公司战略和业务，并将这一理解应用于基于风险的方法，以此确保对合规问题和合规风险已采取了适当的措施Implementbusinessspecificlawsandregulations实施与业务相关的法律法规 Provideguidanceandsupportonissuesrelatedtolawsandregulations对与法律法规相关的问题提供指导与支持 Monitortheexecutionofinitiativesandensureallactivitiesarecompliantwithrelevantpoliciesandprocedures监控倡议的执行情况，确保所有活动都遵照相关政策和程序Assistmanagementinmanagingrisktothebusiness协助管理层管理业务风险 AssistManagementinidentifying,measuringandmitigatingcompliancerelatedrisk协助管理层发现、测量并减少合规风险 Partnerwiththebusinessinmonitoringlevelofriskstohelpachievesuccessfulimplementationofstrategicinitiatives和业务一起监控风险水平，帮助公司成功实施战略倡议Complianceprovidesacentralroleinmonitoringdeliveryandminimisingrisk合规在监控公司行为和使风险最小化上扮演着重要作用DetailedmandatesofCompliance:(Mentionafewpointsyoufeelcomfortablewith)1.Toidentify,measureandassesscompliancerisks Topro-activelyidentify,measureandassesstheimpactofcomplianceriskgeneratedinternally(byourbusinesses,structures,productsandemployees)andexternally(byactualorproposedchangestotheregulatoryenvironment,andbyassessingchangesintheinterpretationbyregulatorsofexistingregulation)2.ToassistinmanagingandmitigatingcompliancerisksTodevelopappropriateandproportionatecompliance-specificwrittenpolicies,standardsandprocedurestofacilitatecompliancewithrelevantexternalregulationswhichreflectthebank'scomplianceriskappetitewherenecessary3.ToeducateandtrainouremployeesincompliancemattersToprovideacomprehensivetrainingprogramoncompliance-relatedmatterstoourcompliancestaffandbusinesspartners4.TomonitorkeycomplianceactivitiesandreportappropriatelytomanagementTodevelopandimplementeffectivecompliance-monitoringprogramstargetedtothebusinessandtheowncompliancefunction5.Toco-ordinateandassistinthemanagementofourrelationshipwithregulators6.ToprovideanannualcomplianceprogramTocreateandagreewithourbusinesspartnersonanannualprogramofcomplianceactivitiesdesignedtomeetthebank'scomplianceobligationsToagreewithSeniorManagementandthebusinessthatsufficientresourcesareavailabletoGroupComplianceinordertocarryoutitsresponsibilitieseffectively Businessisfirstlyresponsible业务部应负首要责任 Complianceisintendedforsupport合规意在为公司运营提供支持WhoisresponsibleforCompliance谁该负责合规工作？Stressthateveryoneinthebankisresponsibleforcompliance.KeyComplianceAreas:关键的合规领域：III.MarketConduct市场行为I.ClientAcceptanceandAnti-MoneyLaunderingPolicy客户接受度与反洗钱政策(CAAML)II.DealingwithCustomers与客户打交道 ClientAcceptanceandAnti-MoneyLaundering客户接受度与反洗钱 Sanctions制裁 ConflictsofInterest利益冲突 ChineseWalls中国墙 MarketAbuse市场滥用IV.OtherCompliancetopics其他合规话题 PersonalAccountDealingPolicy个人账户处理政策 GiftPolicy/BriberyandCorruption送礼政策/贿赂与腐败 Whistleblowing揭发 WhenyouneedtoNotifyCompliance何时需注意合规 Confidentiality机密性 Communication&Marketing沟通与营销 ClientClassification客户分类 Suitability适宜 Appropriateness得当 Recordkeeping档案保管I.ClientAcceptanceandAnti-MoneyLaundering(CAAML)Policy客户接受度与反洗钱政策 KYCKnowYourCustomer了解你的客户 ClientAcceptance/DueDiligence客户接受度/尽职调查 MoneyLaundering&TerroristFinancing洗钱与恐怖份子筹资活动 Sanction制裁TheUnitedNationsestimatesthatorganisedcrimegeneratesUSD1.5trillioneachyear,i.e.USD1,500,000,000,000.Asyoucansee,launderingtheproceedsofillegalactivityisbigbusiness.Whatkindofillegalactivitiesshouldwethinkof? MoneyLaunderingTheintroductionofillegallygainedassets(e.g.saleofdrugs,revenuesfromfraud)intothefinancialsystemwiththeaimofconcealingordisguisingtheirtrueorigin.Theindividualsattempttoconcealandlegitimatetheproceedsofillegalassets.Theindividualswantsto“washaway”anysignofthedirtyoriginsofthefunds. TerroristFinancingThefinancialsupport,inanyform,ofterrorismorofthosewhoencourage,planorengageinit.ABNAMROis–asaglobalinstitution–vulnerabletoMoneyLaunderingandTerroristFinancingsince: Wehaveapresenceinover60countries. Weofferawiderangeofproductsandservices,i.e.wholesalebanking,retailbanking,assetmanagementandtransactionbankingproductsandservices. Weservemanydifferenttypesofclients,includinginstitutional,corporate,retailandhighnetworthclients. Illegalactivitycanoccurinanyjurisdictionwhereweconductbusiness.MoneylaunderersmayattempttouseourBanktomoveillegallyobtainedfundsthroughglobalchannelsinordertogivethemtheappearanceoflegitimacy.AMLRISK反洗钱风险 Geography地域 Industry行业 Product产品ClientlifeCycle客户的生命周期Exit?退出？231InitialRiskAssessment:ClientAcceptanceAndKnowYourCustomer初始风险评估：客户接受度，了解你的客户OngoingRiskAssessment:进行中的风险评估：Anti-MoneyLaunderingCAAML/Sanctions反洗钱/制裁PeriodicalRiskRe-assessment(orchangeinclientprofile/incidental)定期风险再评估（或客户情况/附带事件的变化）交易监测风险评估核实识别风险再评估关系考察HerethespeakermentionsthatourCAAMLpolicyrevolvesarounddifferenttypesofmonitoringactivitiesintheclientlifecycle.1.ClientAcceptance:Thefirstpointreferstothenewclienttake-onprocesswherethebankfollowsstringentClientAcceptanceandKnowYourCustomerKYCchecks.Clientsareriskassesseddependingontheirgeographiclocation,thetypeofindustrytheyoperatein,andwhatproductsthebankhassold.Therisklevelwillaffecttheattentionlevelwewillhavetopayforeachclient.Ongoingriskassessment:youlookatexceptionsinclientactivity.Filteringoftransactionsagainstsanctionliststopreventunlawfulactivityandmonitoringtransactionstoanalyseunusualactivity.Ongoingriskassessmentmeansthatyouarelookingatourclientsbehaviorandtheircounterparties2.TransactionSurveillance:TransactionFiltering:Pre-transactionreviewofcross-borderpaymentstocomplywithOFACandEUsanctions(Swifttransactionsfiltering)ThesystemweuseisVergasoft)RequiresimmediateactiontopreventatransactionfromhappeningTransactionMonitoring:Post-transactionreviewofclientactivitiestodetectunusualbehaviourwhichrequiresfurtheranalysis(thesystemusediscalledMantas)Concernsobservationandinvestigationofclientactivitieswhichmayhappenlongaftertransactionshaveoccurred.KnowYourCustomer:了解你的客户： CustomerIdentificationallowsthebanktohaveconfidenceintheintegrityofthepersonswithwhomtheytransactbusiness 客户鉴别使得银行能相信与他们进行交易的人的诚信度 Requiresemployeestoobtaininformationidentifyingtheircustomers要求员工获取鉴别客户的信息 Requiresemployeestoverifythatcustomersarewhotheysaytheyare要求员工核实客户资料的可靠度 Theseresponsibilitiescontinuethroughoutthelifeofourrelationshipwithacustomerandapplytoeverytransaction 这些职责贯穿于我们与客户打交道的整个过程，适用于每次交易MoneyLaundering&TerroristFinancing洗钱及恐怖分子筹资活动“MoneyLaundering”istheintroductionofillegallygainedassetsintothelegalfinancialsystemwiththeaimofconcealingordisguisingtheirtrueorigin.“洗钱”是将非法获得的资产融入合法的金融体系中，目的在于隐瞒或者掩饰它们的真实来源。MoneyLaunderinggenerallytakesplacein3steps:洗钱活动一般分三步进行：Placement放置“theintroductionofillegallygainedassetsintothelegalfinancialsystemwiththeaimofconcealingordisguisingtheirtrueorigin.”将非法获得的资产融入合法的金融体系中，目的在于隐瞒或者掩饰它们的真实来源Layering移转“thesourceoftheillegallyobtainedfundsisobscuredthroughasuccessionoftransfersandtransactionstogivethemappearanceoflegitimacy”通过连续转移和交易将非法获得的资金的来源模糊化，使它们看起来合法Integration整合“Inorderthatthosesamefundscaneventuallybemadetore-appearaslegitimateincome.”使这些资金最终以合法收入的身份再次出现ThesourceofillegallyobtainedfundsisobscuredthroughasuccessionoftransfersandtransactionsinorderthatthosesamefundscaneventuallybemadetoreappearaslegitimateincomeTerroristFinancingisthefinancialsupport,inanyform,ofterrorismorthosewhoencourage,planorengageinit.Thecommontraitbetweenmoneylaunderingandterroristfinancingisconcealment.”ABNAMROtriestolimitmoneylaunderingbyperformingTransactionMonitoring.ExamplesofothersourcesforMoneyLaundering&TerroristFinancing洗钱及恐怖分子筹资的其他来源举例 Drugs毒品 Prostitution卖淫 IllegalWorkers(Humantrafficking)非法劳工（贩卖人口） Fraud欺骗 Theft偷窃 Smugglinggoodsand/orarms走私商品/武器 TaxFraud税务行骗 CounterfeitingCurrency伪钞 Kidnapping绑架 Extortion敲诈勒索 IllegalGambling非法赌博 EnvironmentalCrimes环境犯罪Sanctions制裁 Twomajorfinancialmarkets,theEUandtheUS,applyeconomicsanctionsincertaincasesagainstparticularcountriestosupporttheirforeignpolicyobjectives.在某些情况下，欧盟和美国两大金融市场对特定国家实施经济制裁来支持其外交政策 ViolatingEUorUSsanctionlawscanputabank’scustomersatriskofincompletetransactions,frozenassetsorcriminalandcivilpenaltiesandexposeourbank/employeestoliability.违反欧盟或美国的制裁法会将一家银行的客户置于不完全交易、冻结资产或者刑事和民事处罚的风险之中，使银行/雇员承受债务 ParticularvigilanceisneededwhenatransactioncontainsasocalledCSI(CubanSudaneseorIranian)element.当一个交易牵涉所谓的CSI（古巴、苏丹或伊朗）时，需要特别警惕 VigilanceisalsoneededwhendealingwithMyanmar.和缅甸打交道时也要非常注意Howcanviolationsofsanctionsimpactsyouandthebank? Impactthebank’sabilitytodobusiness Damagethebank’sreputation Resultinfinesandotherpenalties Potentiallygiverisetocriminalpenalties ABNAMROusesTransactionFilteringtokeepunwantedtransactionsfrombeingprocessediftheyarematchedwithanyoftheSanctionslist.TransactionSurveillance交易监控 Transactionfiltering 交易过滤 Filterpre-transactioncross-borderactivitytocomplywithOFAC,EUandotherSanctions(immediateactiontopreventtransactionsfrombeingprocessed) 滤除交易前的跨国活动以遵守外国资产管制处、欧盟及其他制裁（防止交易被处理的立即行动） Transactionmonitoring 交易监测 Monitorpost-transactionactivitytodetectunusualbehaviourwhichrequiresfurtheranalysis(observationandinvestigationaftertransactionshappen);moresubjective 监测交易后的活动以发现需要进一步分析的异常行为（交易发生后的观察与调查）；更主观OngoingriskassessmentmeansthatyouarelookingatourclientsbehaviorandtheircounterpartiesTransactionFilteringPre-transactionreviewofcross-borderpaymentstocomplywithOFACandEUsanctions(Swifttransactionsfiltering)ThesystemweuseisVergasoft)RequiresimmediateactiontopreventatransactionfromhappeningTransactionMonitoringPost-transactionreviewofclientactivitiestodetectunusualbehaviourwhichrequiresfurtheranalysis(thesystemusediscalledMantas)Concernsobservationandinvestigationofclientactivitieswhichmayhappenlongaftertransactionshaveoccurred.II.DealingwithCustomers与客户打交道Confidentiality机密性ClientClassification客户分类SuitabilityofAdvice建议的适宜性Appropriateness适当MarketingCommunication营销沟通RecordKeeping档案保管Confidentiality机密性Whatinformationisconfidential?哪些信息是机密的？Allinformationrelatedtoabankthathasnotbeenmadepublic(includinginternalmemos,policies,creditapplications,employeeandsupplierdata)所有与银行相关的未公开的信息（包括内部备忘录、政策、员工及供应商资料）Allnon-publicinformationaboutexistingandprospectiveclients所有有关现有和潜在客户的非公开信息BackgroundConfidentialityiscentraltowhatwedoasabank,andiscrucialtoourclients’trustinus.Clientsprovideuswithinformationintheexpectationthatitwillbekeptconfidentialandwillbeusedsolelyforthebusinesspurposeforwhichitwasprovided.Therefore,we(ABNAMROoritsstaff)maynotusethatinformationinanothercapacityforourownbenefit.Bothasanorganisationandasindividuals,wemustmaintaintheconfidentialityofanyinformationweobtaininthecourseofourwork.Allouremployeesshouldbeawarethatbreachesinconfidentialityortheuseofconfidentialinformationforpersonalpurposesareseriousoffencesthatmayleadtodisciplinaryaction–includingdismissal.Confidentialityandcommonsense机密性与常识 Becarefulwithconfidentialdocumentsinpublicplaces(sameappliestolaptops) 公共场合注意机密文档的处理（同样适用于笔记本电脑） Becarefulwithconversationswhileinthepresenceofothers(alsoonmobilephones) 有他人在场时（手机接听电话时）注意谈话内容的保密 Clearyourdeskattheendofyourworkingdayofanysensitivedocuments 工作日结束时注意清理桌面上的任何机密文档 Nevershareyouruser-idandpasswordwithothers 不要和他人共用你的用户名和密码Speakerwillshare1-2examplespickedupbutalsoencouragetheaudiencetoshareexperiences.BIGBANG!大爆炸！November20072007年11月MiFIDMiFID MiFID:MarketsinFinancialInstrumentsDirective: StringentNEWrulesimposedonallFinancialInstitutionsdealingwithCustomersandMarketsinallEEAcountries(EU+Norway,LiechtensteinandIceland) MiFID:金融工具市场法规：-对所有EEA国家（欧盟+挪威、列支敦士登、冰岛）中与客户和市场打交道的金融机构施加的严格的新规则PresentersinNonEEAcountriescanstillcovertheremainingslidebutmakingthenotificationthatthecontentsdonotapplybylaw.MiFIDhighestimpactareasforABNAMROMiFID对荷兰银行施加的最高影响领域ClientClassification:Determinestheclientslevelofinvestmentprotection.客户分类：决定投资保护的客户水平BestExecution:Gettingtheclientthebestresultwhichcouldbeacombinationofprice/cost/speedofexecution,etc…最佳执行：为客户获得最佳结果，可能是价格、成本、执行速度等的组合MarketingandCommunication:Mustbeclear,fairandnotmisleading.营销与沟通：必须清楚、公正、不具误导性Appropriateness:(NonadvisedServices)Makingsure(bycarefullyrecording)thattheclientunderstandstheproductsandtherelatedrisks适当性：（非咨询的服务）（通过仔细记录）确保客户明白产品及相关风险Suitability:Advisetheclient’whatsuitstheclientsbestinterestsgiventheir:适宜性：向客户建议什么是最适合他们的最佳利益的，依据： Investmentpurpose投资目的 Assets资产 Income收入 Riskappetite风险喜好MiFIDClassification:Whattypesofclientsdowedealwith?Andwhyisitimportanttoclassifythem?MiFID分类：我们与哪些类型的客户打交道？为什么客户分类很重要Sizeandexperience规模和经验LevelofProtection保护水平LargeCompanies大公司SmallCompanies小公司RegulatedFirms规管公司Individuals个人Retail零售Professional专业Eligiblecounterparty符合条件的对手1.Clientscanbeclassifiedas:-retail,professionaloreveneligiblecounterpartiesWherebythelevelofprotectionrequirementsdependontheunderstandingbytheclientofthe:-relationshipbetweenriskandrewardand-knowledgeoffinancialinstrumentsavailableinthemarketAsthelevelofunderstandingincreases,thelevelofprotectionreduces.2.ClassificationforexistingclientsisbeingmanagedcentrallyProceduresforclassifyingnewclients,postMiFiDwillbedeployedIncaseofoptingup: Writtenrequestfromclient ABNgivesclearwrittenwarningofprotectionslost Clientagreesinwriting(inseparatedocumenttocontract) Clientsmay“Optdown”inordertoseekahigherlevelofcustomerprotectionor“Optup”togetaccesstoawiderrangeofservicesandproducts.ABNAMROmayagreeorrefuse.Dependingontheclient(classification),investmentservicesandproductsprovided,suitabilityandappropriatenesstestswillbeperformed.Terminology术语Suitability适宜度Appropriateness合适度NonAdvisedServices非咨询服务AdvisoryServices咨询服务Doeseachtransactionmeettheclient’sobjectivesandriskprofile?每次交易都达到了客户的目标和风险概况了吗？Doestheclientunderstandtherisksoftheproductsbeingsold?客户明白出售的产品的风险吗？SuitabilityandAppropriatenessThethreeclientprofilesdeterminewhat“dutyofcare”mustbeappliedintermsofdeterminingthesuitabilityorappropriatenessoftheservicesand/orproductsthatareprovided.Beforewegothroughwhatmustbeappliedtowhomandwhenwewillfirstexplorethemeaningof“testing”suitabilityandappropriateness.SuitabilitySuitabilitymustbe“tested”(i.econsidered)wheninvestmentservicesrelatedtoadvisoryordiscretionaryservicessuchasinvestmentadviceorportfoliomanagementareprovided.AppropriatenessAppropriatenessmustbe“tested”whenotherinvestmentservicesareprovidedtoaclient.Testingappropriatenessmerelydeterminesifacertainproductorserviceisconsideredappropriateforaparticularclientgiventheclient’sexpertiseandknowledgeoftheproductathand.Appropriateness–Informationrequired合适度–信息必须的 Owedto‘Professional’and‘Retail’clients归功于专业和零售客户 Assess:评估： Knowledgeandexperience知识与经验 Canbeassumedforprofessionalclientsbutonlyinrelationtothoseproducts/servicesortransactionsforwhichwehaveclassifiedthemasprofessionals(unlessyouunderstandtherisks). 可以推测专业客户的知识与经验，但是仅在有关产品/服务或者交易的方面HowmustAppropriatenessbetested?Tobeabletodetermineifaclienthassufficientexpertiseandknowledgeofaproductthefollowinginformationisneeded:Levelofappropriateeducationand/orrelevantemploymentPreviousexperienceoftheinstrumentintermsofnature,volumeandfrequencyoftheclient’stransactionsexecutedinthepast.Whatifitisnotappropriateandtheclientinsists?如果不合适而客户却坚持己见，怎么办？Canyoudeal?这个交易你能做吗？Yes,solongaswrittenwarningisprovided可以，只要有书面警告Suitability适宜度 Whatisadvice?咨询建议是指？ Personalrecommendationthatisadviceoninvestments(e.g.buy/sell/hold) 对投资的个人建议（如购买、抛售、持有） Presentedassuitablefortheperson;or适合于个人的，或者 Basedonaconsiderationofthecircumstancesoftheperson基于对个人请况的综合考虑的 Wheretheclientcanreasonablyassumeitisarecommendation客户能将之当作建议的 Owedtoalladvisoryclients归功于所有咨询客户Whatisnotadvice? Neutralinformation Marketcolourandcommentary ResearchWhatisadviceinpracticalterms? Recommendationsbasedonyourknowledgeoftheclientsinvestmentobjectives,or Recommendationsbasedonyourknowledgeofacliente.g.theirportfolio,previoustransactions,fundstrategy,previoustradingbehaviour,or Hedgingadvice,or Recommendationsinconnectionwithstructuredtransactions ThisisnotanexhaustivelistWhereyouconsideryouarenotgivingadvicesayyouarenotgivingadviceHowmustSuitabilitybetested?Whenprovidingaclientwithinvestmentadvice.Doestheadvicemeetasufficientlevelofunderstandingbytheclientandmatchtheneedsofthatparticularclient.Identicalquestionsneedtobeansweredifinvestmentdecisionsaremadeforaclientbasedondiscretionaryportfoliomanagement.Tobeabletodetermineifaparticularadvicematchesaclient’sneedwewillneedtoknowits:Investmentobjectives(incl.investmenthorizon,andtheclientsriskprofile/appetite)FinancialsituationKnowledgeandexperienceoftheproductsandservicesprovidedSuitabilityofAdvice建议的适宜度Abankmayonlygive:银行可能会给出：-investmentadvicetoaclientor投资建议，或者-effectadiscretionaryinvestmenttransaction影响任意的投资交易whenthisis“suitable”giventheclient’sneedsandpersonalcircumstances.只在这些建议适合客户的需求和个人情况时Suitabilitymustbeassessedbasedon:适宜度需根据以下条件来评估： theinformationdisclosedbytheclient,and/or客户透露的信息，和/或 clientinformationthebankreasonablyshouldhavebeenawareof.银行应该注意到的客户信息Incaseofnonadviceforaclient,nosuitabilitycheckneedstotakeplace.如果对客户没有做出任何建议，不需检查其适宜度SuitabilityofAdvice:Informationfrom/toclient建议的适宜性：来自/给予客户的信息 Beforethebankgivesinvestmentadviceitmustcollectandretainsufficientinformationfromtheclienton:在银行给出投资建议前，必须从客户那里收集并保留足够的如下方面的信息：-his/itsinvestmentexperienceandknowledgeofproductsandrisksattached投资经验和对产品及其风险的了解水平-theinvestmentobjectives投资目标-thefinancialsituationandpersonalcircumstances经济状况和个人情况-theclient’sriskappetite客户的风险喜好Alsotheclientmustbeabletotakeaninformeddecisionandthereforemustbegivensufficientinformationon:客户还需能够做出明达的决定，因此，必须给其足够的如下方面的信息：-productcharacteristicsincludingriskprofile,pricingandcosts 产品特征，包括风险概况、定价和成本Allinformationprovidedmustbefair,clearandnotmisleading.提供的所有信息需公正、明晰、不具误导性Isthisadvice?这是建议吗？Wehaveanumberofmarketprotectionstructuredproducts.Thesecangivetheupsidepotentialwithoutthedownsiderisk.ShallIsendsometermsheetsthrough?我们有一些保护收益的结构性理财产品。他们都具有成长潜力，没有下跌风险。给您一些资料单行吗？Nonadvice非建议Advice建议Challengetheaudiencewiththenext3slidestoseeiftheyhaveunderstoodwhatanadviceisandhowitrelatedtoourobligationstoourcustomers.Inviewofyourcurrentportfolioandriskappetite,Ithinkthemostappropriateinvestmentwouldbeoneofourmarketprotectionstructuredproducts.Thesecangivetheupsidepotentialwithoutthedownsiderisk.IntermsofyourcurrentallocationsIreckonthat50-60mwouldeffecttheshiftinfrontierthatyouwant.鉴于您目前的投资组合和您的风险喜好，我认为最适合的投资是我们的保护收益的结构性产品。他们能保持成长潜力，而没有下跌风险。您目前的配置方面，我想5000-6000万会得到您想要的最佳收益。Nonadvice非建议Advice建议Irememberourchataboutairlines,acoupleofweeksagoandtheupsidefollowingtheslideinoil.WethinkBlueSkyAirlinesnowhavetherightstrategyinplaceandyoushouldgivethemago.我记得几周前我们聊过航空公司，在石油股下跌后会有哪些上升行情。我们觉得BlueSky航空公司实施的战略非常到位，您应该试一试这只股票Nonadvice非建议Advice建议Keeprecordswhereadviceisgiven给出建议时请做好记录 Theclient’sfinancialobjectivesmust