CFA Ethics第十一版Handbook改變總結(jié)——各級(jí)別適用

　　2015年CFA考綱一級(jí)二級(jí)三級(jí)里有一個(gè)重大改變，就是ethics的參考書由第10版handbook改為第11版handbook。由于handbook內(nèi)容很多，不熟悉ethics的同學(xué)會(huì)對(duì)第11版到底有何改變摸不著頭腦，而ethics的部分對(duì)CFA一二三級(jí)都很重要，所以我把考綱的變化全部總結(jié)了一遍，把變化部分的主要內(nèi)容以及主要理解共享給大家，希望能夠?qū)?zhǔn)備考試有所幫助。

　　Old:

　　Promote the integrity of and uphold the rules governing capital markets.

　　New:

　　Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

　　點(diǎn)評(píng)：code一共有六大條，第十一版只改變了這一條。新的內(nèi)容里面強(qiáng)調(diào)了CFA會(huì)員應(yīng)該promote viability of the global capital market。

　　因?yàn)殡S著信息技術(shù)的發(fā)展，金融市場(chǎng)的發(fā)展越來越迅速，以前的內(nèi)容里要求會(huì)員必須要維護(hù)資本市場(chǎng)的rules，但是有可能因?yàn)檫@些rules太過于僵化反而不適合現(xiàn)在資本市場(chǎng)的發(fā)展了。資本市場(chǎng)最終的發(fā)展是要對(duì)社會(huì)有利對(duì)投資者有利，所以要求會(huì)員要促進(jìn)資本市場(chǎng)的與時(shí)俱進(jìn)，不能僵化，資本市場(chǎng)的規(guī)則也應(yīng)該本著最終對(duì)投資者有利的原則隨著社會(huì)的進(jìn)步而改革。

　　Standard：

　　每一條standard都有content、guidance、recommended procedures、example四個(gè)方面的內(nèi)容。

　　content的改變代表這一個(gè)條款發(fā)生了重大的本質(zhì)性的改變，其中有三條發(fā)生了content的改變：IV(C), V(B), VII(A)；guidance的改變主要體現(xiàn)在在原有內(nèi)容上的補(bǔ)充。所有條款的guidance的改變，最主要的兩個(gè)方面體現(xiàn)在：social media platform（比如Facebook、twitter）和financial modeling所帶來的影響，因?yàn)檫@兩個(gè)方面是金融市場(chǎng)近幾年非常突出的特點(diǎn)，一個(gè)是出現(xiàn)在社交媒體平臺(tái)上的信息越來越多，很多人都可以在自己的社交媒體平臺(tái)上發(fā)表看法給投資者和客戶看，另一個(gè)是所用的金融模型越來越復(fù)雜；example的改變主要是為了配合guidance的補(bǔ)充，增加了很多案例，當(dāng)然也刪減了幾個(gè)案例，但是主要是主題重復(fù)的案例刪減了，所以內(nèi)容上和難度上都沒有降低。（很多增加的案例主要是social media帶來的影響，以及，今年的ethics當(dāng)中強(qiáng)調(diào)了一個(gè)以前沒有提到的職業(yè)：performance analyst，主要是基金公司中，做performance *uation和performance attribution的，也就是核算基金的業(yè)績表現(xiàn)，看基金的業(yè)績當(dāng)中有多少是基金經(jīng)理的功勞）。由于CFA考試主要是以案例形式進(jìn)行考察，新增的Example需要大家自己去閱讀，具體的理解我們會(huì)在課程中詳細(xì)介紹。

　　Standard I(A) Knowledge of the Law

　　案例的改變：新增Example 8 (Failure to Maintain Knowledge of the Law)強(qiáng)調(diào)：如果你要在social media上發(fā)布信息，相關(guān)法律法規(guī)也要遵循，如果你不熟悉，可以咨詢。

　　1.Performance Measurement and Attribution Performance measurement部門的獨(dú)立客觀性也會(huì)受到威脅，主要是發(fā)生在基金公司和投資公司，基金經(jīng)理為了拿績效獎(jiǎng)金或者讓自己符合公司規(guī)定，可能會(huì)影響到performance analyst的獨(dú)立客觀性2.Influence during the Manager Selection/Procurement Process會(huì)員可能會(huì)作為pension fund或者endowment的代表去幫助他們尋找投資經(jīng)理，你在尋找投資經(jīng)理的時(shí)候應(yīng)該客觀獨(dú)立，不能接受別人的賄賂；也可能會(huì)作為pension和endowment的被雇用對(duì)象，如果你賄賂別人，同樣違反這一條。這一條的提出是因?yàn)槊绹霈F(xiàn)“pay to play”的丑聞。

　　Standard I(C) Misrepresentation Guidance的改變：增加了三條1.Performance Reporting

　　Performance benchmark selection：選的benchmark不對(duì)可能會(huì)錯(cuò)誤陳述自己的業(yè)績。

　　Members and candidates may misrepresent the success of their performance record through presenting benchmarks that are not comparable to their strategies.

　　Standard I(C) do not require that a benchmark always be provided in order to comply.

　　Disclose the reasons behind the use of this reference index to avoid misrepresentations of their performance.

　　Members and candidates should discuss with clients on a continuous basis the appropriate benchmark to be used for performance *uations and related fee calculations.

　　Reporting misrepresentations：valuations for illiquid or non-traded securities2.Social Media

　　在社交媒體上也不能misrepresentation，特別很多情況下都是匿名的。

　　3.Omissions

　　The omission of a fact or outcome can be misleading, especially given the growing use of models and technical analysis processes.

　　The outcomes from models shall not be presented as fact because they represent the expected results Members and candidates should encourage their firms to develop strict policies for composite development to prevent cherry picking—situations in which selected accounts are presented as representative of the firm’s abilities.

　　Standard I(D) Misconduct沒有改變。

　　Standard II(A) Material Nonpublic Information Guidance的改變：增加了兩條1.Social Media

　　利用社交媒體平臺(tái)發(fā)布信息和獲得信息的話，也要遵守II(A)，確保不是內(nèi)幕信息，是公開信息。

　　2.Using Industry Experts

　　Members and candidates are ultimately responsible for ensuring that they are not requesting or acting on confidential information received from external experts.

　　Standard II(B) Market Manipulation

　　Standard III(A) Loyalty, Prudence, and CareGuidance的改變：增加了一條Understanding the Application of Loyalty, Prudence, and Care并不是所有的崗位和職業(yè)都要求你有fiduciary的責(zé)任，所以協(xié)會(huì)強(qiáng)調(diào)：The responsibilities of members and candidates for fulfilling their obligations under this standard depend greatly on the nature of their professional responsibilities and the relationships they have with clients.

　　但是不管是不是資產(chǎn)管理的崗位，所有的從業(yè)人員都必須要以客戶利益為先。

　　1)Trade execution：a trade execution professional must prudently work in the client’s interest when completing requested trades. Acting in the client’s best interest requires these professionals to use their skills and diligence to execute trades in the most favor- able terms.

　　2)Blended environment where they execute client trades and offer advice on a limited set of investment options.The extent of the advisory arrangement and limitations should be outlined in the agreement with the client at the outset of the relationship. For instance, members and candidates should inform clients that the advice provided will be limited to the propriety products of the firm and not include other products available on the market. Recommend the allowable products that are consistent with the client’s objectives and risk tolerances.

　　Standard III(B) Fair Dealing

　　Standard III(C) Suitability

　　Addressing Unsolicited Trading Requests

　　客戶要求的trading request和IPS不一致，那么這種trading肯定不是我建議客戶做的，這種trading request就是unsolicited。

　　原則：the member or candidate should refrain from making the trade until he or she discusses the concerns with the client.

　　Standard III(D) Performance Presentation

　　Standard III(E) Preservation of ConfidentialityRecommended Procedures for Compliance：增加一個(gè)額外的要求Communicating with Clients

　　Technological changes are constantly enhancing the methods that are used to communicate with clients and prospective clients. Members and candidates should make reasonable efforts to ensure that firm-supported communication methods and compliance procedures follow practices designed for preventing accidental distribution of confidential information.

　　Standard IV(A) Loyalty

　　Guidance的改變：增加了一條

　　Use of Social Media Members and candidates should understand and abide by all applicable firm policies and regulations as to the acceptable use of social media platforms to interact with clients and prospective clients. This is especially important when a member or candidate is planning to leave an employer.Social media connections with clients are also raising questions concerning the differences between public information and firm property.Such firm-approved business-related accounts would be considered part of the firm’s assets, thus requiring members and candidates to transfer or delete the accounts as directed by their firm’s policies and procedures. Best practice for members and candidates is to maintain separate accounts for their personal and professional social media activities.

　　Standard IV(B) Additional Compensation Arrangements沒有改變。

　　Standard IV(C) Responsibilities of SupervisorsContent的改變：Members and Candidates must make reasonable efforts to ensure that any- one subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.

　　點(diǎn)評(píng)：強(qiáng)調(diào)了不僅要預(yù)防和檢查下屬是否犯錯(cuò)，更重要的是要盡*5可能促使他們遵守規(guī)定，這個(gè)才是最終目的。

　　點(diǎn)評(píng)：全部重新修訂。但是只是很多表述換了一下說法，本質(zhì)含義變化不大。在guidance里面增加了兩點(diǎn)要求。

　　To be effective supervisors, members and candidates should implement education and training programs on a recurring or regular basis for employees under their supervision.Further, establishing incentives—monetary or otherwise—for employees not only to meet business goals but also to reward ethical behavior offers supervisors another way to assist employees in complying with their legal and ethical obligations.

　　相應(yīng)的，在recommended procedure里也增加了這兩點(diǎn)，由于是重復(fù)的地方，這里就不再列出，大家只需要記一處即可。

　　Standard V(A) Diligence and Reasonable BasisGuidance的改變：修訂了兩條，原先只有一條“Quantitatively Oriented Research”，現(xiàn)在變成兩條“Using Quantitatively Oriented Research”和“Developing Quantitatively Oriented Techniques”。

　　1.Using Quantitatively Oriented Research

　　Although they are not required to become experts in every technical aspect of the models, they must understand the assumptions and limitations inherent in any model and how the results were used in the decision-making process.Members and candidates should make reasonable efforts to test the output of investment models and other pre-programed analytical tools they use, include extremely positive and negative scenarios.

　　2.Developing Quantitatively Oriented TechniquesIndividuals who create new quantitative models and services must exhibit a higher level of diligence.

　　Must understand the technical aspects of the products they provide to clients.

　　A thorough testing of the model and resulting analysis should be completed prior to product distribution.

　　Members and candidates need to consider the source and time horizon of the data used as inputs in financial models.In reviewing the computer models or the resulting output, members and candidates need to pay particular attention to the assumptions used in the analysis and the rigor of the analysis to ensure that the model incorporates a wide range of possible input expectations, including negative market events.

　　Standard V(B) Communication with Clients and Prospective Clients Content的改變：新增“Disclose to clients and prospective clients significant limitations and risks associated with the investment process. ”

　　1.修訂了一條：Identifying Risk and LimitationsMembers and candidates must adequately disclose the general market-related risks and the risks associated with the use of complex financial instruments that are deemed significant. Other types of risks that members and candidates may consider disclosing include, but are not limited to, counterparty risk, country risk, sector or industry risk, security-specific risk, and credit risk.Investment securities and vehicles may have limiting factors that influence a client’s or potential client’s investment decision. Examples of such factors and attributes include, but are not limited to, investment liquidity and capacity.

　　The appropriateness of risk disclosure should be assessed on the basis of what was known at the time the investment action was taken (often called an ex ante basis). Members and candidates must disclose significant risks known to them at the time of the disclosure. Having no knowledge of a risk or limitation that subsequently triggers a loss may reveal a deficiency in the diligence and reasonable basis of the research of the member or candidate but may not reveal a breach of Standard V(B).

　　Once the analytical process has been completed, the member or candidate who prepares the report must include those elements that are important to the analysis and conclusions of the report so that the reader can follow and challenge the report’s reasoning.

　　If changes in methodology are made, they should be highlighted.

　　案例的改變：新增example 11、12、13、14.

　　Standard V(C) Record Retention

　　New Media Records

　　沒有什么本質(zhì)的增加，這一條只是為了與時(shí)俱進(jìn)，強(qiáng)調(diào)The nature or format of the information does not remove a member’s or candidate’s responsibility to maintain a record of information used in his or her analysis or communicated to clients.

　　Standard VI(A) Disclosure of Conflicts

　　Standard VI(B) Priority of Transactions

　　沒有改變。

　　Standard VI(C) Referral Fees

　　Standard VII(A) Conduct as Participants in CFA Institute Programs Content的改變：Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs.

　　點(diǎn)評(píng)：以前的準(zhǔn)則里面主要強(qiáng)調(diào)了要確保在CFA考試當(dāng)中不能違反考場(chǎng)紀(jì)律，而現(xiàn)在的準(zhǔn)則更多的強(qiáng)調(diào)應(yīng)該確保對(duì)整個(gè)CFA institute program的誠實(shí)，因?yàn)镃FA協(xié)會(huì)當(dāng)中不僅有CFA考試，還有其他證書。不過這只是說法的改變，從后面的案例來看（案例沒有任何新增），針對(duì)考試來講，考察的重點(diǎn)沒有什么影響。

　　Guidance的改變：沒有本質(zhì)性改變，很多原來描述中的CFA examination都變成了CFA institution program。

　　Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program案例的改變：新增example 7.