2012 CFA l2 workbook 1

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YeaBookOrg@Gmail.com

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2 Study Session 1 Ethical and Professional Standards

Study Session 1

Ethical and Professional Standards

1 Code of Ethics and Standards of Professional Conduct

3 CFA lnstitute Soft Dollar Standards

4 CFA lnstitute Research Objectivity Standards

Ethical and Professional

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Study Session 1 Ethical and Professional Standards 5

Standard I:

Professionalism

The Standard

A Knowledge of the Law

and regulations (including Code and Standards)

of any government, regulatory agency, or association governing professional activities

regulation

dissociate from activity

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Standard I: Professionalism

Guidance

Most strict

Dissociate if necessary

governmental authorities, but this may be appropriate in certain cases

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Recommended Procedures

compliance procedures, maintain files

Encourage firms to adopt code of ethics

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Study Session 1 Ethical and Professional Standards

Distribute information internally on applicable laws and regulations

B Independence and Objectivity

Use reasonable care, judgment to achieve and maintain independence in professional activities

Do not offer, solicit, or accept any compensation that could compromise independence or objectivity

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Guidance

B lndependence and Objectivity

Modest gifts okay Distinguish between gifts from clients and gifts from entities trying to influence a member's behavior

May accept gift from clients-disclose to employer-get permission if gift is for future performance

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Guidance

Members responsible for hiring outside managers should not accept travel, gifts, or entertainment that could impair their

objectivity Investment banking relationships-do not bow to pressure to issue favorable research For issuer-paid research, flat fee structure is preferred; must disclose

13

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Study Sessior~ 1 Ethical and Professior~al Standards 9

Guidance

Members working for credit rating firms should avoid influence by issuing firms Users of credit ratings should be aware of this potential conflict

Best practice is for analysts to pay for their own commercial travel to firms being

analyzed or to firm events

Protect integrity of opinions-reports should reflect unbiased opinion Create a restricted list

Restrict special cost arrangements Limit gifts; clear value limits by firm

Be careful with IPO share allocations

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Do not guarantee a certain return

No plagiarism-written, oral, or electronic communications

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Study Sessior~ 1 Ethical and Professional Standards 11

19

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1 2 Study Session 1 Ethical and Professional Standards

adversely on professional reputation, integrity, or competence

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Study Session 1 Ethical and Professional Standards 1 3

Standard II:

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Standard II: Integrity of Capital Markets

A Material Nonpublic lnformation

H lnformation barrier or "firewall" is recommended to control

A Material Nonpublic lnformation

trading while firm is in possession of material nonpu blic information

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Standard II: Integrity of Capital Markets

Do not distribute false, misleading information

31

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18 St~ldy Session 1 Ethical and Professiorlal Star~dards

A Loyalty, Prudence, and Care

Duty of loyalty to clients-act with reasonable care and exercise prudent judgment

Act for benefit of clients and place their interests before employer's or own interests Determine and comply with any applicable fiduciary duty

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Standard Ill: Duties to Clients

Guidance

Take investment actions in client's best

interests

Exercise prudence, care, skill, and diligence

that a person familiar with such matters would

Manage pools of client assets according to

terms of governing documents

Make investment decisions in context of total

portfolio

Vote proxies responsibly and disclose proxy

voting policies to clients

"Soft dollars" must benefit client

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ultimate beneficiaries

Recommended Procedures (continued)

Keep client information confidential Seek best trading execution for clients Place client interests first

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The Standard

B Fair Dealing

Deal fairly and objectively with all clients

when:

Providing investment analysis

Making investment recommendations

Taking investment action

Engaging in other professional activities

Guidance

B Fair Dealing

disseminating investment recommendations

or taking investment action

Fair does not mean equal

as disclosed and do not disadvantage any

clients

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Disclose written allocation procedures

Do not disadvantage any clients when distributing "hot" issues

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Study Session 1 Ethical arld Professiorlal Standards 23

Maintain list of clients and their holdings

B Fair Dealing

Review accounts regularly to ensure fair

client treatment

If firm offers different levels of service,

disclose this fact to all clients

Deviations from strict pro rata allocation

of IPO is sometimes okay (e.g.,

minimum block sizes)

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The Standard

C Suitability

investment experience, risklreturn objectives, financial constraints prior to making any recommendation, or taking investment action

The Standard (continued)

C Suitability

When in advisory relationship with client:

H Ensure investment is suitable to client's situation and consistent with written objectives before recommending an investment or taking investment action

H Look at suitability in a portfolio context

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portfolio to a specific mandate, strategy,

or style, only make recommendations or

take investment actions that are

consistent with the stated objectives

and constraints of the portfolio

Guidance

C Suitability

information at the outset and prepare IPS

Consider whether leverage (derivatives) is

suitable for client

If managing a fund to an index or other

mandate, invest according to mandate

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C Suitability

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The Standard

D Performance Presentation

performance information, make

reasonable efforts to ensure that i t is

fair, accurate, and complete

limited nature, and make detailed

information available on request

Guidance

D Performance Presentation

Do not misstate performance or mislead

clients about investment performance

Do not misrepresent past performance

Provide fair and complete performance

information

Do not state or imply ability to achieve

returns similar to those achieved in the

past

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Make all disclosures and maintain records

of the information

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Guidance

E Preservation of Confidentiality

In some cases it may be required by law to

report activities to relevant authorities

Exception: May provide confidential

information to CFA Institute for an

investigation under Professional Conduct

Avoid discussing any information

received from a client except to

colleagues working on the same project

Follow firm's electronic data storage

procedures; recommend adoption of

procedures if none exist

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Standard IV: Duties to Employers

Guidance

A Loyalty

Place client interests first but consider

effects on firm integrity and

sustainability

a copy of the Code and Standards

No incentive or compensation structure

that encourages unethical behavior

Guidance

A Loyalty-Independent Practice:

If planning to engage in independent

practice, notify employer of services

provided, expected duration, and

compensation

Do not proceed without consent from

employer

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No prohibition on use of experience or knowledge gained at former employer

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The Standard

B Additional Compensation

Arrangements

Do not accept gifts, benefits,

compensation, or consideration that

competes with, or creates a conflict of

interest with, employer's interest unless

written consent is obtained from all

Compensation and benefits covers

direct compensation by the client and

other benefits received from third

parties

For written consent from "all parties

involved," email is acceptable

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B Additional Compensation Arrangements

Written report to employer with details of proposed compensation in addition to normal compensation and benefits

Details of incentives verified by offering party Include nature of compensation, amount, and duration -of agreement

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Guidance

C Responsibilities of Supervisors

Supervisors must take steps to prevent

employees from violating laws, rules,

regulations, or the Code and Standards

Supervisors must make reasonable efforts

to detect violations

Should enforce non-investment rules as

well (e.g., mandatory vacations)

C Responsibilities of Supervisors

Adequate compliance procedures should:

Be clear and understandable

Designate a compliance officer

Have checks/balances; permitted

conduct

Have procedures for reporting violations

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Recommendations, and Actions

Guidance

( A Diligence and Reasonable Basis

Make reasonable efforts to cover all relevant issues when arriving at an investment recommendation

Level of diligence will depend on product or service offered

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Standard V: lnvestment Analysis, Recommendations, and Actions

Guidance (continued)

A Diligence and Reasonable Basis

Using secondary or third-party research:

Determine soundness of the research-review assumptions, rigor, timeliness, and

independence of analysis Encourage firm to adopt policy of periodic review of quality of third-party research regarding assumptions, timeliness, rigor, objectivity, and independence

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Establish policy that research and

recommendations should have reasonable

and adequate basis

Reviewlapprove research reports and

recommendations prior to external

circulation

Establish due diligence procedures for

judging if recommendation has met

reasonable and adequate basis criteria

Develop measurable criteria for assessing

quality of research

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Consider scenarios outside recent experience to assess downside risk of quantitative models

Make sure firm has procedures to evaluate external advisers they use or promote, including how often to review

testing, range of scenarios, cash flow sensitivity

to assumptions and inputs

providers including how often

the member disagrees with

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Tiêu đề	2012 CFA l2 workbook 1
Năm xuất bản	2012