Ethics 部分
Objective of codes and standard:永遠(yuǎn)是為了maintain publictrust in
1.Financial market
2.Investment profession
6個(gè)code of ethics
1.Code 1—ethics and pertinent dpersons
2.Code 2---primacy of client’sinterest
a.Integrity with investmentprofession
b. 客戶利益高于自身利益
3.Code 3---reasonable andindependent
a.必須注意reasonable care
b.必須exercise independent professional judgment---必須獨(dú)立判斷!
4.Code 4---ethical culture in theprofession
a.不但自己要practice,而且要鼓勵(lì)別人practice—不僅僅是自己一個(gè)人去做,要所有人共同去做
5.Code 5---ethnical culture inthe capital market!
a.促進(jìn)整個(gè)capital market的integrity,推廣其相關(guān)法規(guī)---增強(qiáng)公眾對(duì)資本市場的trust!
b.Capital market是基于
i.Fairly pricing of risky assets;
ii.Investors‘ confidence
6.有關(guān)competence—能力---competence
7個(gè)standard of professional conduct
1.Standard 1---professionalism---knowledgeof law
a.不需要成為法律專家,但是必須understand和comply with applicable law;
b.當(dāng)兩個(gè)law發(fā)生conflict,則要遵守更加嚴(yán)格的法律!
c.Knowingly---know or should know
d.必須attempt to stop the violation, 如果不能stop, then must dissociatefrom the violation!必須從其中分離出去!
i.Remove name from the writtenreport;
ii.Ask for a different assignment
e.并不要求向有關(guān)部門report?。╠o not require)
f. 向CFA 進(jìn)行書面報(bào)告report--encouraged to so
2.Standard 1 ---professionalism---integrity of capital market
a.Bias from client or othergroups—listed company,controlling shareholder!
b.Bias from sell side analyst
c.Buyer side client—
d.Issuer paid report---只能接受flat feefor their work
e.
3.Standard 1 ---professionalism---misinterpretation—不能誤導(dǎo)客戶, 不能剽竊其他人的研究成果