文档介绍：Ethics 部分 Objective of codes and standard :永远是为了 maintain public trust in 1. Financial market 2. Investment profession 6个 code of ethics 1. Code 1— ethics and pertinent persons 2. Code 2---primacy of client ’s interest a. Integrity with investment profession b. 客户利益高于自身利益 3. Code 3---reasonable and independent a. 必须注意 reasonable care b. 必须 exercise independent professional judgment--- 必须独立判断! 4. Code 4---ethical culture in the profession a. 不但自己要 practice , 而且要鼓励别人 practice —不仅仅是自己一个人去做, 要所有人共同去做 5. Code 5---ethnical culture in the capital market! a. 促进整个 capital market 的 integrity ,推广其相关法规--- 增强公众对资本市场的 trust ! b. Capital market 是基于 i. Fairly pricing of risky assets ; ii. Investors ‘ confidence 6. petence —能力---competence 7个 standard of professional conduct 1. Standard 1A ---professionalism---knowledge of law a. 不需要成为法律专家, 但是必须 understand ply with applicable law ; b. 当两个 law 发生 conflict ,则要遵守更加严格的法律!产生了全球投资下的适用法律问题,看 do business country 是否有特殊要求,同时比较 law of reside country 与 code and standards c. Knowingly---know or should know d. 必须 attempt to stop the violation , 如果不能 stop , then must dissociate from the violation !必须从其中分离出去! i. Remove name from the written report; ii. Ask for a different assignment e. 并不要求向有关部门 report !( do not require ) CFA 进行书面报告 report--encouraged to so 2. Standard 1B ---professionalism---independence and objective 独立性的压力主要来自于 external and internal pressure 做任何事时都要保持独立性。礼物可以接受,但是只限于普通的礼物,而非贵重品。其中来自客户的礼物要区别开,来自客户的礼物相当于 pensation ,当然要向 employe r 披露 Issuer-paid research 不能接受 flat fee 对策: p27 限制列表限制特别的成本安排 3. Standard 1C ---professionalism---mi srepresentation 虚假陈述的问题不能误导客户, 不能剽窃其他人的研究成果。在写报告时注明出处,同时不能带有任何歧义。信息沟通是要详尽,要让客户清楚地知道,不能带有歧义从而误导客户。 2| P a g e 出现了不能保证投资收益这种说法 eg. I can guarantee that 涉及到了版权、使用权的问题 4. Standard 1D ---professionalism---misconduct - 行为上的误导 5. Standard 2A ---integrity of capital market s— material nonpublic information a. 不能使用非公开信息! ---material nonpublic information--- b. mosaic theory---conclusion from analysis of public an