CFA L1 考试重点总结 Book 1 Ethics_cfa1级重点总结

CFA L1 考试重点总结 Book 1 Ethics由刀豆文库小编整理，希望给你工作、学习、生活带来方便，猜你可能喜欢“cfa1级重点总结”。

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-InquirySelf-disclosure Written complaints by members Evidence of misconduct 考试作弊 Circumstance:

方法：①interview被告 ②interview 原告，第三方 ③收集证据

Decision:

 No disciplinary sanctions Iue a cautionary letter Discipline the member or candidate 处分 Codes of ethics

clients, prospective clients, employees, employers, colleagues in the investment profeion 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 profeion 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 profeional judgment when conducting

investment analysis, making investment recommendations, taking investment actions and engaging in other profeional activities.做决策时专业、尽职

4.Practice and encourage others to practice in a profeional and ethical manner that will

reflect credit on themselves and the profeion.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 profeional competence and strive to maintain and improve the

competence of other investment profeionals

巩固提升自己和同行的专业能力

 The standards of profeional 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

-不要迫于sell-side preure, 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.Profeionalism 1.Act with integrity, competence, diligence, respect and in an ethical manner with the public,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nonpublic information得出的投资结论，不违反准则short term trader intermediate investor 短线中线客户

c.Referral fees 披露介绍费

-如果是和员工业绩相关的奖金，则不用披露

-只要支付介绍费就该披露

7.Responsibilities as a CFA Institute Members or Candidates

a.Conduct as members and candidates in the CFA program

-和考试违规、兼职相关

b.Reference to CFA institute, the CFA designation and the CFA program(仔细看区别)

-不过分承诺

-不能说自己是CFA 2持有人

-CFA可以跟在证书持有人后面，可以当形容词，不能当名词

-不能说有 superior ability

-CFA 不能挂在 company letterhead, 可以挂在个人letterhead

 GIPS global investment performance standard

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 Representative account: 将表现最好的账户作为公司的业绩代表 Survivorship bias： 排除掉那些已经被终止的表现较差的账户 Varying time periods：展示有较好收益表现的时期 为避免以上情况，投资公司在展示业绩时，应自觉遵守GIPS（投资表现标准介绍）Verification: 要由第三方来验证公司的投资业绩是否符合GIPS Claim of compliance:

-no partial compliance

-不能说计算符合GIPS,或根据GIPS计算

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 至少有5年的符合GIPS的历史数据，把逐年的数据加入，直至至少含有10年数 9 major sections of GIPS

0.Fundamental of compliance: 公司定义等

1.Input data：consistent

2.Calculation methodology: 规定了计算方法

3.Composite construction: 账户组合是多个投资组合的组合4.Disclosures

5.Presentation and reporting

6.Real estate

7.Private equity

8.Wrap fee/separately managed account portfolios： 0-5不适用于此类投资，在本条单

独规定管理办法