1、CFA 一級“正青春”系列 一級“正青春”系列── ──CFA I NO.11 職業(yè)倫理 職業(yè)倫理1.1 The process for the enforcement of the Code and StandardsWritted explanation from members/candidatesInterview the member/candidatesCollecting documents and recordsInqu

2、iry is initiatedInvestigationIssue a cautionary letterNo disciplinary sanctionPropose a disciplinary sanctionThe matter is referred to a hearing by a panel of CFA Institute members.Violation occurredEndReject AcceptThe p

3、rocess for the enforcement of the Code and Standards:1.2 Primary Principles: ? (1) Fairness of the process to members and candidates? (2) Confidentiality of the proceedings. 1.3 Disciplinary Review Committee has overall

4、responsibility for the Professional Conduct program and enforcement of the code and standards. 1.4 How to detect? Self-disclosure on annual Professional Conduct Statements of involvement in civil litigation or a criminal

5、 investigation, or that the member or candidate is the subject of a written complaint.? Written complaints about professional conduct received by the Professional Conduct staff.? Evidence of misconduct by a member or can

6、didate that the Professional Conduct staff received through public sources, such as a media article or broadcast.? A report by a CFA exam proctor of a possible violation during the examination.? 發(fā)現(xiàn)有人違反，經過 CFA 調查后，一般會有三種處

7、理方法：1）不處罰；2）發(fā)警告信；3）進行處罰（由輕到重依次為：private censor, public censor, timed suspension）? Inaction combined with continuing association with those involved in illegal or unethical conduct may be construed as participation or

8、 assistance in the illegal or unethical conduct.? 進行跨境交易 cross-board 時，要注意 law of origination and distribution, should be understood by those responsible for the supervision，要注意 affiliated firm 是否遵守了法律。? The formality an

9、d complexity of compliance procedures for firms depend on the nature and size of the organization and the nature of its investment operations.1.8 Independence and Objectivity? Basic principle? should evaluate both the ac

10、tual effect of such solicitations on their independence and whether their objectivity might be perceived to be compromised in the eyes of their clients.? Investment banking relationships? Firewall—minimizes resulting con

11、flicts of interest. The situation may be aggravated if the head of the company sits on the bank or investment firm’s board and attempts to interfere in investment decision making.? Researcher co-working with Investment B

12、anking should disclose and manage conflicts adequately and effectively. ? It is appropriate to have analysts work with investment bankers in “road show” only when the conflicts are adequately and effectively managed and

13、disclosed.? Public companies? Analysts should not be pressured to issue favorable research by the companies they follow.? Don’t confine research to discussions with company management, but rather use a variety of sources

14、, including suppliers, customers, and competitions.? 研究報告只賣給單一客戶 may violate I (B): Independence and Objectivity.? 研究費最好是 flat fee，cannot be directly linked to the conclusion or recommendation.? Buy-Side clients? Sell-si

15、de analyst should not be pressured by buy-side firms to issue favorable research on current or prospective investment-banking clients.? Analysts must engage in thorough, independent, and unbiased analysis and must fully

16、disclose potential conflicts, including the nature of their compensation.? Gift from client & Gift from the third party? Reject gift that could be expected to compromise their own or another’s independence and object