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CFA一级考试Notes习题笔记 – Ethics

编辑:finance365/时间:2009-03-05/浏览:169 views

Code of Ethics

1.act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets
2.place the integrity of the investment profession and the interests of clients above their own personal interests
3.use reasonable care and exercise independent professional judgement when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities
4.practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession
5.promote the integrity of, and uphold the rules governing, capital markets
6.maintain and improve their professional competence and strive to maintain and improve the competence of other ivestment professionals.

Standards of Professional Conduct

I professionalism
A.knowledge of the law
B.independence and objectivity
C.Misrepresentation
D.Misconduct

II.integrity of capital markets
A.material nonpublic information
B.market manipulation

III.duties to clients
A.Loyalty,Prudence and Care
B.Fair Dealing
C.Suitability
D.Performance presentation
E.preservation of confidentiality

IV.duties to employers
A.loyalty
B.additional compensation arrangements
C.responsibilities of supervisors

V.investment analysis, reommendations,and actions
A.Diligence and reasonable basis
B.communication with clients and prospective clients
C.record retention

VI.conflicts of interest
A.Disclosure of conflicts
B.priority of transactions
C.referral fees

VII.responsibilities as a CFA institute member or CFA candidate
A.conduct as menbers and candidates in the cfa program
B.reference to CFA institute, the cfa designation, and the cfa program

  1. 私人投资跟Code无关,但滥用举报违反personal conduct。 I(D), misconduct
  2. 承销的公司发现问题,要先向上级反映,寻求支持。I(A),法律相关
  3. 发现违规但无法纠正,要首先脱离关系,寻求法律支持。I(A),法律相关
  4. 遵守可行的最严格的法律,没有例外。SII(A),内幕交易,I(A),法律相关
  5. 人为操纵volume或价格违反 code and standards。II(B),market manipulation
  6. 告知投资者投资策略的情况下,操作细节不披露,不违反II(B)
  7. 最不正确的是“必须向监管机构或政府报告违法证据”,其他选项有:知道违反但不采取任何行为阻止;有责任立刻阻止知法犯法;碰到违法应向上级咨询。I(A),法律
  8. 不能说有CFA证就better performance,CFA标志只能用作形容词和在某人名字之后,不能放大加粗CFA字母 VII(B),标志使用
  9. 要了解客户的投资需求,不能自以为是, III(C)
  10. 采用federal reserve等公布机构的数据,不算剽窃plagiarism.采用别人的数据结合自己的分析,只用自己的名字发表算剽窃;用别人的分析报告向自己的客户推荐,算剽窃。I(C)Misrepresentation
  11. 介绍资料中不包括失败的数据,违反c&s III(D) Performance presentation
  12. 接受公司外的offer要向公司报告并获得批准 IV(A) Loyalty
  13. supervisor不仅要警告和阻止下属违规,还要采取措施方式再次发生。有责任向上级报告监管漏洞,IV(C)responsibilities of supervisors
  14. supervisor向上级报告漏洞,但公司不予理睬,s应放弃管理职责直到措施被采纳。IV(C)responsibilities of supervisors
  15. 分析师不能接受高价值的住宿,行程和饭局礼遇,而且要拒绝礼品。借助高档饭局来做营销,即使通报上级也不可以,因为过于高档,影响独立性原则。I(B) independence and objectivity
  16. 分析师的旅行和住宿应由公司承担。分析师要求公布研究公司给的报酬,向公司报告受到的礼品,公布推荐费。I(B) independence and objectivity
  17. 客户信息保密原则III(E).preservation of confidentiality
  18. 事实和主观判断分开陈述。 V(B)communication with clients and prospective clients
  19. fair dealing原则,不能在消息公布前与大客户沟通,不能让亲属与别的客户区别开,前后都不行,要同步。不能在消息公布前先行交易(内幕交易)。III(B).Fair Dealing
  20. 消息公布后应该有合适的waiting period才能操作自己或者公司的交易。公布同时操作自己的帐户也违反c&sIII(B).Fair Dealing
  21. 不能保证满意,不能保证所有服务(inhouse和外包),不能保证肯定盈利,小公司不能说有长history.I(C)Misrepresentation
  22. 不能给高于平均的交易费来获得信息,不能只选某些交易员因为他们推荐客户,不能随意调整风险组合。III(A).Loyalty,Prudence and Care
  23. 记忆中重建老公司的模型是允许的,因为重建了supporting data。IV(A).loyalty .V(C).record retention
  24. 不披露推荐费。VI(C).referral fees
  25. 正确描述candidate 和 member. VII(B).reference to CFA institute, the cfa designation, and the cfa program
  26. II(A) 内幕消息。
  27. 没法律的地方要遵守CFA code,I(A), II(A)内幕交易
  28. 考官提前发考题给两个朋友,一个看了一个没看。即使一个没看,3个都违反了VII(A),因为没看的也参与了cheating的计划。
  29. 网络聊天室中的内幕消息也不能用于交易。II(A)内幕交易
  30. 接受别的公司的兼职要得到原公司的允许consent to all the terms, IV(A) loyalty
  31. 用小盘股来最终S&P500,并超越它的收益不现实。III(D)Performance presentation
  32. 空洞的说辞并不违反standard,但是参与这个行为的分析师违反了I(D).Misconduct
  33. IPO前按照75%的IPO价格给了10%股份给management,I(A)违法,I(D)misconduct,注意不是利益冲突
  34. 基金经理应朋友要求购买ipo操纵股价。II(B)
  35. 告知客户推荐费关系的情况下,不违规。VI(C).referral fees
  36. 因自己的爱好相关的产品对投资作出推荐,违反V(A)Diligence and reasonable basis
  37. 自己通过信托托管的股票,对分析师发表研究报告也造成利益冲突,必须披露。VI(A)Disclosure of conflicts
  38. 数据必须包括总结帐户的,必须有据可查,必须考虑听众的知识水平。III(D)Performance presentation
  39. fair dealing的推荐:maintain a list关于客户和持仓情况,写下书面的交易流程,review保证没有客户区别对待。不能对所有客户的需求认为一致。III(B) fair dealing
  40. V(A).Diligence and reasonable basis要求对第三方的研究报考review,保证independent和objectivity。
  41. VI(B)没说过亲友的交易要在别的客户之后处理。建议不要参与ipo怕有利益冲突