文档介绍：Examples for Application of CFA Institute Code of Ethics and Standards of Professional Conduct
2011 Edition
Standard I: Professionalism
(A) Knowledge of the Law
Example 1 (Notification of Known Violations): Michael Allen works for a brokerage firm and is responsible for an underwriting of securities. pany official gives Allen information indicating that the financial statements Allen filed with the regulator overstate the issuer’s earnings. Allen seeks the advice of the brokerage firm’s general counsel, who states that it would be difficult for the regulator to prove that Allen has been involved in any wrongdoing.
Comment: Although it is mended that members and candidates seek the advice of legal counsel, the reliance on such advice does not absolve a member or candidate from the requirement ply with the law or regulation. Allen should report this situation to his supervisor, seek an independent legal opinion, and determine whether the regulator should be notified of the error.
Example 2 (Dissociating from a Violation): Lawrence Brown’s employer, an investment banking firm, is the principal underwriter for an issue of convertible debentures by the pany. Brown discovers that the pany has concealed severe third-quarter losses in its foreign operations. The preliminary prospectus has already been distributed.
Comment: Knowing that the preliminary prospectus is misleading, Brown should report his findings to the appropriate supervisory persons in his firm. If the matter is not remedied and Brown’s employer does not dissociate from the underwriting, Brown should sever all his connections with the underwriting. Brown should also seek legal advice to determine whether additional reporting or other action should be taken.
Example 3 (Dissociating from a Violation): Kamisha Washington’s firm advertises its past performance record by showing the 10-year return of posite of its client accounts. Washington discovers, however, that posite omits the performance of accounts