CFA个人呕心沥血总结的Level-1各章考点ethic

StudyNotesofStandardsandPracticeHandbook0.CodeofEthics·Actwithintegrity,competence,diligence,respect,andinanethicalmannerwiththepublic,clients,prospectiveclients,employers,employees,colleaguesintheinvestmentprofession,andotherparticipantsintheglobalcapitalmarkets.·Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.·Usereasonablecareandexerciseindependentprofessionaljudgmentwhenconductinginvestmentanalysis,makinginvestmentrecommendations,takinginvestmentactionsandengaginginotherprofessionalconducts.·Practiceandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectcreditonthemselvesandtheprofession.·Promotetheintegrityof,andupholdtherulesgoverning,capitalmarkets.·Maintainandimprovetheirprofessionalcompetenceandstrivetomaintainandimprovethecompetenceofotherinvestmentprofessionals.I.ProfessionalismA.KnowledgeoflawB.IndependentandObjectivityC.MispresentationD.MisconductOffergift/benefit/compensationetc.tocompromiseindependenceisviolation.C&S(CodesandStandards)donotrequirereportingtothegovernmentregulatoryorganizationsforviolationsorCFAIforpotentialviolations(butit’sencouraged).AdvicesfromlegalcounseldonotabsolveM&C(MembersandCandidates)fromrequirementtocomply.Bestways:reporttosupervisor(firsttime),dissociate(ifnecessarylater).Companypaidtripshouldbestrictlyforbusiness.Modestgifts/entertainmentisOK,butshouldbecareful.GiftfromcustomerisOK,butallacceptedneedtobedisclosed.WorkingwithIBDisappropriateonlywhenconflictsareadequatelyandeffectivelymanagedanddisclosed.NocorporateissuershouldreimburseM&Cforairtransportation.Frequentmeetingshouldbepaidattentionto.Non-flatfeerelatedtosecurityperformanceshouldnotbeaccepted.FactualInformationfromrecognizedandstatisticalreportingservicesneednotbecited.Knowinglymeanseitherknowsorshouldhaveknown.ChartroomisalsoincludedincommunicationrelatedtoMisrepresentation.Ifperformanceguaranteeisbuiltintothestructureoftheproductitselforinstitution’sagreementtocoverloss,M&Ccantellcustomers.Authorandpublishershouldbothbementioned.Mustnotmisrepresentabilities.Oralcommunicationsshouldalsoavoidplagiarism.Misrepresentbyunintentionallyerrorisnotaviolation,butshouldbecorrectedandrelatedpartiesshouldbeinformedoncefound.Sourceofplain-languagesshouldalsobeacknowledged.Riskrelayingonsecond-handinformationshouldbeavoided-bestway:obtainacopyfromoriginalsource.MisconductisrelatedtoM&C’sprofessionallife,mostlyrelatedtodishonesty.Personalbeliefsusuallydonotcauseaviolation.Anywordslikeluxuryhigh-level,etcfromcompanyshouldbeaviolation.Reportingcanbetreatedasdissociation.Bothofferandsolicitbenefitisaviolation.Oralcommunicationcanalsoviolateplagiarism.Flightandhotelpaidbycoveringcompanyisacceptable.Governmentbondstillhaveinterestraterisk,soguaranteeshouldbecarefullyexpressed.II.IntegrityofcapitalmarketsA.MaterialnonpublicinformationB.MarketmanipulationMaterialnon-publicinformation:changeinauditorcertificationornolongerqualified;governmentreportsofeconomictrends(beforepublished).Lessreliable&moreambiguous,lessmaterial,Notnecessarytowaitfortheslowestmethodtodeliveryinformation.Awareofinformationselectivelydisclosed.Briefingorconferencecall/disclosetoonlyanalystcannotbecalledpublic.Guidanceorinterpretationofpublicinformationmaybematerial&non-public.Mosaictheory:shouldsaveanddocumenttheresearch.Reportoffamousanalyst(mayinfluencethemarket)isakindofmaterialnon-publicbeforepublished.“Lookingoverfirewall”needapproval.Sometimesprohibitiontoavoidusingmaterialnon-publiccantellout,atthistime,takeonlythecontrasideofunsolicitedcustomertrades.Failtopreventtransferandmisuseofmaterialnon-publicisaviolation.Iftheimpactofaninformationisunknown(suchasthedirectionofpricechangecannotbepredicted),itisnotconsideredmaterial.Unreliableinformationcouldnotbeconsidered.Marketmanipulation:Prices&Volume;Transactionbased&Informationbased.Transactionbased:manipulatethesecurityitself;manipulateaninstrumenttocontrolderivatives.Tradingfortaxpurposeisnotprohibited,suchassellingandimmediatelybuyingback.Usinginaccurate/misleadinginformationmaycausemarketmanipulating.Thebestactionwhenheardmaterialnonpublicinformationistopromotepublicdisclosure.Legaldisputesandgovernmenteconomictrendsreportcanbematerialnonpublicbeforedisclosed.Thedepartureofthefundmanagerisnotmaterial.Ifaclientwhohasmaterialnonpublicinformationmakesantradeorderbasedonthat,M&Cshoulddecline.III.DutiestoclientsA.Loyalty,PrudenceandCareB.FairdealingC.SuitabilityD.PerformancepresentationE.PreservationofconfidentialityReporttoclientsatleastquarterly.Theclientofpensionplansortrustsisthebeneficiariesofthem.Clientswhoareunawareoftherecommendationchangeshouldbeadvisedbeforethecontraryorderaccepted.Determiningsuitabilityshouldbaseonthecharacteristicsofentireportfolio,notissue-by-issueanalysis.Votingproxiesshouldbemadesureaccordingtotheinterestsoftheclient,bothfailtovoteorvotetoomuchtosavecostmightbeviolation.Proxyvotingpolicyshouldbedisclosed.Ifuncertainofclientsaction,ask;ifindoubt,discloseinwrittenandobtainclient’sapproval.Terminateda