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cfa一级考点：标准的职业行为标准

来源：高顿网校 2015-07-21

　　Part Ⅱ:Standards of Professional Conduct Standards: Ⅰ-Ⅶ:

　　Standard Ⅰ: Professionalism:

　　Knowledge of the law--in the event of a conflict, follow the more strict law, rule, or regulation.

　　※Independence an Objectivity--not to offer,solicit,or accept any gift,benefit, compensation or consideration that could be expected to compromise either their own or someone else’s independence and objectivity.

　　区分Gifts from clients VS. Gifts from entities

　　保证Independence and objectives时涉及到的和七个方面的关系：

　　·Buy-Side Clients

　　·Fund manager relationship

　　·Investment Banking Relationship

　　·Public Companies relationship

　　·Issuer-Paid Research

　　·Credit rating agency

　　·Travel Funding

　　Misrepresentation—Do not knowingly misrepresent facts regarding investment analysis, recommendations,actions or other professional activities.

　　Misconduct—Do not engage in any professional conduct which involves dishonesty,fraud or deceit or commit any act that impinge integrity,reputation,turstworthiness,or professional competence.(最重要的是“professional-related misconduct”)

　　Standard Ⅱ: Integrity of capital markets:

　　Material Nonpublic Information—members in possession of nonpublic information that could affect an investment’s value must not act or cause others to act on the information(最重要的是”material”and “nonpublic” except”Mosaic Theory”)

　　Market Manipulation—Do not engage in any practices intended to mislead market participants through distorted prices or artificially inflated trading volume.(最重要的是”the intent to manipulate”)

　　区分：Transaction-based ManipulationVS.Information-based Manipulation

　　Standard Ⅲ: Durities to clients:

　　Loyalty,Prudence,and Care—Members must be loyal to clients,and must act with reasonable care and exercise prudent judgment.

　　注意： Identify the actual investment client ;Develop the client’s portfolio;Soft commission policies;Proxy voting policies时都怎样保证Loyalty,Prudence,and Care.

　　Fair Dealing—must deal fairly and objectively with all clients when providing investment decision-making activities.(最重要的是fairly不等于equally,unfair procedure not allowed even with clients’ permission,all clients included regardless relatives or not,discretionary or not)

　　注意：Fair dealing涉及两方面即：Investment Recommendations和Investment Actions

　　Suitability—when members are in an advisory relationship with a client或者when a member is responsible for managing a portfolio to a specific mandate,strategy or style，在各种情境下怎样保证Suitability.

　　注意：Suitability经常和fair dealing一起考;

　　Performance Presentation—members and candidate must make reasonable efforts to ensure that it is fair,accurate and complete.( 注意和misrepresentation的区别即performance-related except for guaranteeing future performance归到这个知识点里)

　　Preservation of Confidentiality-- All information about current,former,and prospective clients must be kept confidential unless:it pertains to illegal activities;disclosure is required by law;or the client or prospect gives permission.

　　Standard Ⅳ: Duties to employers:

　　Loyalty—Members and candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities,divulge confidential information,or otherwise cause harm to their employer.

　　注意：There is no requirement that the employee put employer interests ahead of family and other personal obligations.

　　Loyalty中涉及的方面：Independent Practice;Leaving an employer;Whistleblowing.

　　Additional Compensation Arrangements—No gifts,benefits,compensation,or consideration are to be accepted which may create a conflict of interest with the employer’s interest unless written consent is received from all parties.(注意和Independent practice的区别)

　　Responsibilities of Supervisors---最重要的是establishing and implementing reasonable compliance procedures,accept responsibility only when adequate compliance system in place,delegation of work not relieve the responsibility.

　　Responsibility of Supervisors中涉及的方面：Detection procedure;compliance procedure;inadequate procedure的情况.

　　Standard Ⅴ: Investment analysis, recommendations, and action:

　　Diligence and Reasonable basis—Exercise diligence,independence,and thoroughness in analyzing investments,making investment recommendations, and taking investment actions.

　　注意：Diligence and reasonable basis中涉及的方面：defining diligence and reasonable basis;quantitatively oriented research limitation of financial model consider the time horizon of data;selecting external advisers and subadivisers invest in specific asset or diversification strategies;using secondary or third-party research;group research and decision making.

　　Communication with Clients and Prospective Clients---最重要的是Communicate principles,important factors,factsVS.opinion,and any changes made.

　　Record Retention---最重要的是maintain supporting documents and client communications for at least 7 years.

　　Standard Ⅵ: Conflicts of interest:

　　Disclosure of Conflicts---最重要的是Disclose conflicts if not able to avoid them.

　　注意：Disclosure of Conflicts中涉及的方面：Disclosure to clients;disclosure of conflicts to employer;cross-departmental conflicts;conflicts with stock ownership;conflicts as a director.

　　Priority of Transactions---最重要的是personal includes beneficial owner situation,but NOT include family-member accounts.

　　Referral Fee---最重要的是must disclose referral fees unless when cross-selling firm products/service,区别additional compensation arrangement,independence and objectivity,independent practice.

　　Standard Ⅶ: Responsibilities as a CFA institute member of CFA candidate:

　　Conduct as Members and Candidates in the CFA Program---最重要的是govern the conduct relating to CFA institute,including CFA program,CFA exam.

　　Reference to CFA Institute, the CFA Designation,and the CFA Program---最重要的是refer properly to CFA institute, CFA program, CFA designation,CFA candicacy.

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