rowdy(完整版)CFAL1考试重点总结Book1Ethics

①②③④⑤⑥⑦⑧⑨

⑩

?

-

-

-

-

Inquiry

Self-disclosure

Written complaints by members

Evidence of misconduct

考试作弊

Circumstance:

方法：①

interview

被告

②

interview

原告，第三方

③收集证据

Decision:

-

-

-

?

No disciplinary sanctions

Issue a cautionary letter

Discipline the member or candidate

处分

Codes of ethics

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 own

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

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 investment professionals

巩固提升自己和同行的专业能力

?

The standards of professional conduct

a.

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 present

-

将

IPO

超额认购的股票分配到个人账户

< br>

-

不要迫于

sell- side pressure,

去发行有利于投行客户的研究报告，

ensure effective firewall

between research mgt and investment 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，尽量自己出差旅费

-

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，名单上的公司只出具事实类的信息，而 不出具意见（当有关联关系时）

1.

Professionalism

1.

Act with integrity, competence, diligence, respect and in an ethical manner with the public,

①②③④⑤⑥⑦⑧⑨

⑩

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 market

a.

Material nonpublic information:

不能利用非公开信息盈利

-

马赛克理论：分析员根据

非重大

nonpub lic 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 clients

a.

Loyalty, prudence and care

b.

Fair dealing:

公平对待所有客户

-

服务水平的差别要披露

-