CFA二級-階段總結(jié)與重點精講-道德

階段總結(jié)與重點精講直播即將開始L2–Ethics1Ethicsweight:StudySession1-2Ethics&ProfessionalStandardsQuantitativeAnalysisEconomics10%-15%5%-10%5%-10%10%-15%5%-10%10%-15%10%-15%5%-10%5%-10%5%-15%100%StudySession3StudySession4StudySession5-6StudySession7-8StudySessionStudySession12-13StudySession14StudySession15StudySession16-17FinancialReportingandAnalysisCorporateFinanceEquityFixedIncomeDerivativeInvestmentAlternativeInvestmentPortfolioManagementWeights:2Ethics階段總結(jié)L2-Ethics3EthicsContent?StudySession1:EthicalandProfessionalStandards(1)?1:ofEthicsandStandardsofProfessional(☆)?2:GuidanceforStandardsⅠ-Ⅶ(☆☆☆)?StudySession2:EthicalandProfessionalStandards(2)?3:ApplicationoftheCodeStandards(☆)?4:Allocation:andDisclosure(☆)?5:InvestmentObjectives(☆)45CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate6(☆☆)Ethics?strict?First–notifysupervisorcompliance?confrontwrongdoerdirectly?Dissociateifnecessary?Inactionconstruedasparticipation?Norequirementtoreportviolationstogovernmentalauthorities,butthisappropriateincertaincases7Ethics?Modestgifts?Distinguishbetweengiftsfromclientsgiftsfromentitiestryingtoinfluence?acceptgiftfromclients–disclosetoemployer–permissionifgiftisforfutureperformance?Investmentbankingrelationships–donotbowtopressuretoissuefavorableresearch?Forissuer-paidresearch,flatfeestructureispreferred8(☆☆)Ethics?Standardcoversoral,written,electroniccommunications?notmisrepresentqualifications,servicesselffirm,performancerecord,characteristicsofaninvestment?notguaranteeacertainreturn?plagiarism–writtenoralcommunications9(☆☆)Ethics?ThisStandardcoversconductthatillegal,couldadverselyamember’sabilitytoperformduties10CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate11(☆☆)Ethics?“Material”–ifdisclosureinformationwouldimpactapriceorifreasonableinvestorswouldwanttheinformationbeforemakinginvestmentdecision?Informationis“nonpublic”untilitbeenavailabletothemarketplace?Informationavailableto“analysts”isconsiderednonpublicuntilitisavailabletoinvestorsingeneral?MosaicTheory12(☆☆)Ethics?Donotengageintransaction-basedmanipulation–givefalseimpressionofactivity/pricegaindominantpositioninanassettomanipulatepricetheassetarelatedderivative?notdistributefalse,misleadinginformation13CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate14(☆☆)Ethics?investmentactionsinclients'bestinterests?Exerciseprudence,care,skill,diligence?Followapplicablefiduciaryduty?Managepoolsofclientassetsaccordingtotermsofgoverningdocuments?investmentdecisionsincontexttotalportfolio?proxiesresponsiblyanddiscloseproxyvotingpoliciestoclients?“Softdollars”benefitclient15(☆☆)Ethics?levelsofserviceokayaslongasdisclosed,anddoesnotdisadvantageclients?Investmentrecommendations:allclientshavefairchancetoacteveryrecommendation?Investmentactions:treatallclientsfairly–considerinvestmentobjectives,circumstances16(☆☆)Ethicsto?Wheninadvisoryrelationship,gatherclientinformationattheoutsetandprepareIPS?UpdateIPSleastannually?Considerwhetherleverage(derivatives)issuitableforclient?Ifmanagingafundtoindexothermandate,investaccordingtomandate17(☆☆)Ethicsto?Donotmisstateperformanceormisleadclientsaboutinvestmentperformance?notstateimplyabilitytoachievereturnssimilartothoseachievedinthepast18(☆☆)Ethicsto?Insomecasesitrequiredlawtoreportactivitiestorelevantauthorities?ThisStandardextendstoformerclients?Exception:provideconfidentialinformationtoCInstituteforinvestigationunderProfessionalConductProgram19CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate20(☆☆)Ethics?Loyalty–Independentpractice:?Ifplanningtoengageinindependentpractice,notifyemployerofservicesprovided,expectedduration,compensation?notproceedwithoutconsentfromemployer21(☆☆)Ethics?Loyalty–Leavingan?Ifseekingemployment,actinbestinterestemployeruntilresignationis?nottakerecordsfileswithoutpermission?Simpleknowledgenamesformerclientsis?Loyalty–Whistle-blowing:?Permittedonlyifitprotectsclientintegritycapitalmarkets?permittedforpersonalgain22(☆☆)Ethics?Compensationbenefitscoverdirectcompensationtheclientotherbenefitsreceivedfromthirdparties?Forwrittenconsentfrom“allpartiesinvolved,”emailisacceptable23(☆☆)Ethics?Supervisorstakestepstopreventemployeesfromviolatinglaws,rules,regulations,theandStandards?Supervisorsreasonabletodetectviolations24CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate25(☆☆)Ethics?reasonabletocoverallrelevantissuesarrivinganinvestmentrecommendation?Determinesoundnessusingsecondarythird-partyresearch?Groupresearchdecisionmaking:longthereisreasonablebasisforopinion,doesnecessarilyhavetoagreewiththeopinion26(☆☆)Ethicswithand?Distinguishbetweenfactsopinions?Includebasiccharacteristicsthesecurity?Informclientsofanychangeininvestmentprocesses?Suitabilityinvestment–?Allcommunicationcovered,notjustreports27(☆☆)Ethics?Maintainrecordstosupportresearch,therationaleforconclusionsactions?Recordsarepropertycannottakenleaveswithoutconsent?Ifnoregulatoryrequirement,Instituterecommendsretentionperiodof7years28CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate29(☆☆)Ethics?Disclosetoclients:?Allmattersthatcouldimpairobjectivity–allowclientstojudgemotives,biases.Forexample,betweenorfirmandinvestmentbankingrelations,brokeractivities,significantstockownership,boardservice?Discloseto?Conflictsinterest–ownershipofstock,boardparticipation,financialotherpressuresthatinfluencedecisions?Conflictsthatcouldbedamagingtoemployer’sbusiness30(☆☆)Ethics?“Beneficialowner”–direct/indirectpersonalinterestinthesecurities?Client,employertransactionstakepriorityoverpersonaltransactions(includingbeneficialownership)?Familyaccountsthatareclientaccountstreatedotherclientaccounts31(☆☆)Ethics?Disclosureallowsclientsemployerstoevaluatefullcostserviceanypotentialbiases?Disclosureistopriortoenteringintoanyformalagreementforservices?Disclosethenaturetheconsideration32CONTENTS1.Professionalism12.IntegrityofMarkets3.Dutiesto1.CodeofEthicsandStandardsofProfessionalConduct4.DutiestoEmployers5.InvestmentAnalysis,Recommendations,andActions2.GuidanceForStandardsI-VII6.ofInterest7.ResponsibilitiesasaInstituteMemberoraCCandidate33(☆☆)EthicsaCainC?Conductincludes:?Cheatingontheexam?Disregardingrulesandpoliciesorsecuritymeasuresrelatedtoexamadministration?Givingconfidentialinformationtocandidatespublic?Improperuseofdesignationtofurtherpersonalandprofessionalobjectives?MisrepresentingtheInstituteProfessionalDevelopmentProgramtheProfessionalConductStatement34(☆☆)EthicsaCaCCC?Completeannually?membershipduesannually?Don’tmisrepresentexaggeratethemeaningholdingthedesignation?partialdesignation?The“CharteredFinancialAnalyst”marksalwaysusedeitherafteracharterholder’snameorasadjectives,notasnouns35ABOUTUS重點精講L2–Ethics36EthicsI(A)KnowledgeoftheLaw1(understandandcomply)2職業(yè)準(zhǔn)則(moststrict)3?(confront)?(notifysupervisorcompliancedepartment)?(dissociate)?協(xié)會舉報(Norequirementtoreportviolationstogovernmentalauthorities)37EthicsI(B)IndependenceandObjective1?investmentbanking–research?Broker–investmentmanager?–serviceproviders?Sell-sideresearch–buysidemanager38EthicsI(B)IndependenceandObjective2）不能接受或提供任何會影響自身和他人的獨(dú)立性和客觀性的好處?(modestgifts,tokenitems,etc.)?(remote,distant,fareasilyaccessible,etc.)?3(issuer-paidresearch)?報酬事先約定，不能與研報的推薦掛鉤，建議固定費(fèi)用(flatfeestructureispreferred)39EthicsII(A)MaterialNon-pub