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1、EthiCalandProfessional卜Standards4&(2)CFA三级培训项目jw:3ta(|TopicinCFALevelIIISessionContentStudySession12ETHICS&PROFESSIONALSTANDARDS(1)&(2)StudySession3StudySession4StudySession5StudySession6BEHAVIORALRNANCECAPITALMARKETEXPECTATIONS【NEW】ASSETALLOCATIONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVATIVESAN
2、DCURRENCYMANAGEMENT(NEW)StudySession7-8StudySession9-10StudySession11FIXED-INCOMEPORTFOUOMANAGEMENT(1)&(2)EQUITYPORTFOUOMANAGEMENT(1)A(2)ALTERNATIVEINVESTMENTSFORPORTFOUOMANAGEMENTNEWStudySession12-13StudySession14StudySession15StudySession16PRIVATEWEALTHMANAGEMENT121(NEW)PORTFOUOMANAGEMENTFORINSTIT
3、UTIONALINVESTORS(NEWTRADING.PERFORMANCEEVALUATION.ANDMANAGERSELECTIONNEWCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENT(NEWM.ffi刀Ifi FrameworkEthical andProfessionalStandards”SSlEthicalandProfessionalStandards(1)RlCodeofEthicsandStandardsofProfessionalConductR2GuidanceforStandardsI-V11R3ApplicationoftheC
4、odeandStandards:Level11l“SS2EthicalandProfessionalStandards(2)R4:ProfessionalismintheInvestmentIndustryR5:AssetManagerCodeofProfessionalConductR6:OverviewoftheGlobalInvestmentPerformanceStandardsCode of Ethics and Standards of Professional Conduct5-492巨5哥:5tflFramework1.Proceedings2.ThePanel3.Compar
5、isonsofAMCandCodeandStandards4.Ethics&ProfessionalStandardsProceedings,PrimaryPrinciples:fasoftheprocesstomembersandcandidatesconfidentiality.;“TheCFAInstituteBoardOfGovernorsmaintainsoversightandresponsibilityfortheProfessionalConductProgram(PCP).“PCPandDisciplinaryReviewCommittee(DRC)Qleresponsibl
6、efoenforcementoftheCodeandStandards.ProfessionalConductinquiriescomefromanumberofsources.SeIf-disclosuROnJnnUJlPlofRSSionJlCondUClStJtRmRntSOfinvolvumuntinvilIihojtionJ(Jimlnjiesiijion.U能membeorcnddateKthesubletOfaMlttHIComDlJlntWnttRnComDlJim5aboutprofessionalconductreceivedbytheProfessionalConduct
7、staff.EvidenceofmisconductbyamemberorcandidatethattheProfessionalConductstaffreceivedthroughPUbliCSOIHCe,suchasamediaarticleorbroadcastAreportbyJCFAexamproctorofaPQGSI2Cndu110tmii3ion.ProceedingsOnceaninquiryisinitiated.ProfessionalConductstaffmayrequests(inWritinq)anexplanationfromthesubjectmembero
8、rcandidateandmay:interviewthesubjectmemberorcandidateinterviewthecomplainantootherthirdpartiescollectdocumentsandrecordsrelevanttotheinvestigationSJj 3秆:3t0TheDesignatedOfficermaydecide:thatnodisciplinarysanctionsare叩p(toissueJcautionarylettertodisciplinethememberorcandidate8-492ThePanel“Ifthemember
9、orcandidatedoesnotacceptthechargesandproposedsanction,thematterisreferredtoapanelcomposedOfDRC(DkCiDlineReVieWCommittee)membersPanelsreviewmaterialsandpresentationsfromProfessionalConductstaffandfromthememberorcandidate.ThePanaStaskistodeterminewhetheraviolationoftheCodeandStandardsortestingpolicies
10、occurredand,ifso,whatsanctionshouldbeimposed.SanctionsimposedbyCFAInstitutemayhavesignificantconsequences;theyincludeDUbhCCEnSUl已SlJSDenSQnOfmEmbershiDandUSeOftheCFAdesmjtomJndIetVocJonQftheCFAChJrte.CandidatesenrolledintheCFAProgramwhohaveviolatedtheCodeandStandardsortestingpoliciesmaybeSUSDendeldQ
11、lDinhibitedfromfurtherparticipationintheCFAProgram.ComparisonsofAMCandCodeandStandards“AMCTheAssetManagerCodeofProfessionalConduct(AM。whichisdesigned,inpart,tohelpassetmjnjgesComPIywiththeregulationsmandatingcodesofethicsforinvestmentadvisers.AMCWaSdraftedSDedfkaIIvforfirmsCodeandStandards.AimedEind
12、ividualinvestmentprofessionals.vhoaremembersof10-492CFAInstituteorcandidatesintheCFAProgram.Ji3W任心Ethics&ProfessionalStandardsMembersofCFAInstitute(MembersandCandidates)mustActwitlintegritycompetencediligence,respectarinanethicalmannerwiththepublic,clients,prospectiveclients,enployers,employees,coll
13、eaguesintheinvestmentprofession,and6haparticipantsintheglobalcapitalmarkets.Placetheintegrityoftheinvestmentprofessionandtheinterestsofclientsabovetheirownpersonalinterests.USeI-JsnncblECareande?口SeIndeaendentPlQfeSSIcnJhiJdamentwhenconductinginvestmentJnaIySsmakinginvestmentrecommendations,takingin
14、vestmentactions,andengaginginotherprofessionalactivities.PracticeandencourageotherstopracticeinaprofessionalandethicalmannerthatwillreflectCreditonthemselvesandtheprofession.Promotetheintegrityandviabilityoftheglobalcapitalmarketsfortheultimatebenefitofsociety.MaintainandimprovetheirprofessionalConW
15、etenCeandstrivetomaintainandimprovethecompeteeofotherinvestmentprofessionals.Guidance for Standards I-V1. PiofessionalismFramework2. Integrity of Capital Markets3. DJtyToCIients4. Duty To EFiipIoyersS. Investment6. Conflicts of Interest7. Responsibility as MembersRS.: Cases in this reading are quote
16、d from 2015 Eleventh edition.13-492写 &.w - sta Guidance for Standards I-VIIProfeMionAlitmKnowledge of th law; lndMdnc and objectivity; Misrepresentation;MigCondUCtIntegrity Of CaPital MQrkH 卜Duty To ClientsStandarchDuty To Employtrt卜TInvstEctMaurial nonpublic information; .Mdrlt manipulationLoyalty,
17、 prudndissociateanddocumentquit10.SuspectConsultsbutcantbeabsolvedfromrequirementstocompliance11.ThereisnoIeaullenlentUndRl5tJ11dJ出qIWDCMviolationstogovernmentalauthorities,buttis113MJdViSJblelinsomecircumstancesJnduouiiedbyIJnInuthelS12.InJCtianCQmblned【hrontnunjswjq门withIhQSginvolvedinillegalorune
18、thicalconductmaybeconstruedaparticipationorassistanceintheillegalorunethicalconductStandard1(八):GuidanceGuidance-InvestmentProductsandApplicableLaws13.Membersandcandidatesinvolvedincreatingormaintaininginvestmentservices,investmentproducts,packagesofsecuritiesandderivativesshouldbemindfulOf汽htheseDi
19、oductsQlDaukacius=lh-Fd不IdTrhLip”jzJr门IgM门,Fi.(theDlaCeOfSaleSandQrigination)14.ThlapplicablelawsandregulationsofthecountriesorregionsoforiginationandexpectedSalmshouldbeunderstoodbythoseresponsibleforthesupervisionoftheservicesorcreationandmaintenanceoftheproductsorpackages.Standard1(八):GuidanceGui
20、dance-InvestmentProductsandApplicableLaws15.ShouldmakereasonableeffortstoreviewwhetherassociatedfirmsthataredistributingproductsorservicesalsoJbldebytheIjWSJndemulations.16.Shouldundertakenecessydudiligencewhentransacting112borderbuonusstounderstandthemultipleapplicablelawsandregulations,inordertopr
21、otectthereputationofthefimandthemselves.19-49217.SeekappropriateguidancefromthefirmscomplianceorlegaldepartmentsandlegalcounseloutsidetheorganizationWhenuncertainaboutwhichlawsoremulationsinconductingbusinessinHiultiplejurisdktions.Sd立秆:8ifiStandard1(八):Procedures“Recommendedprocedures-Formembersand
22、candidates18.SSVinformedShould-KJIIiMtCHericwaciEemployerstoestablishJmocRdurebywhichemployeesareregularlyinformedaboutchangesinlaws,rulesandregelations.Inmanyinstances,theemployerscompliancedepartmentorlegalcounselCJnprovidesuchinformationintheformofmerandumdistributedtoemployeesintheorganization.P
23、articipationnJnintnjlQlUX曰njSntinuinoeducationprogramisapracticalmethodofstayingcurrent.20-49219.ReVieWPre)CedlIre。:houldreview,orencouragetheiremployerstoreview,thefilmSHencomDlmncuDloCedlHetSOrl3rquIjibjsistoensurethatthuDocuduusuf&tcurrentlawandprovideadequateguidancetoemployeesaboutwhatispermiss
24、ibleconductunderthelawortheCodeandStandards.SJj5哥:3tQStandard1(八):ProceduresRecommendedprocedures-Formembersandcandidates20.Maintaincurrentfiles:Shouldmaintainorencouragetheiremployerstomaintainreadilyaccessiblecurrentreferencecopiesofapplicablestatutes,rules,regulations.Distributionarealaws:Shouldm
25、akereasonableeffortstounderstandtheapplicablelaws-bothcountryandregional-forthecountriesandIegionLIh曰rhei!INtstmunl口IUdlJetSa止dwu0DudJnddistibutedloclients.LegalcounselWhenindubtabouttheappropriateaction,SUUktheJdVKr-Ofl巳clCnUnSell3cmDijreDelSonr1“IfJDOtUntialViolJticnExStS-ShQUldSeakth?JdvKelQflelo
26、JlCoUnSel.Dissociation:Whendissociate,ShOUldd曰SuJdktheDRl口KratOlSt口IelaSJSuChconduct.Mayhavetoquit:hejob.StandardI(八):Procedures,Recommendedprocedures-ForFirms21.TheformalityandcomplexitycfcomplianceproceduresforfirmsdDundOnthenjuiieJndSiZRoftheorganizationandtlenatureofitsinvestmentoperations.22.Sh
27、ouldencouragefirmstoconsiderthefollowingpoliciesandprocedures:Developoradoptacodeofethics:Theethicalculturestartsatthetop.ShouldencouragesupervisorsCHmGnagestoadoptWhenInethicaldilcmmsadheringtotheCodefacilitates22-492SolUtiOnSJndDleVent二heneedQfJvhistlebQvinSoIutiQnDubliClVJllRqinoCc)FICRJlUdmiscon
28、duct.AssetManagerCodeofProfessionalConductmybeUSRdasthubassfothuCOdeSSd立秆:8ffiStandard1(八):Procedures-ForFirms,Recommendedprocedures-ForFirmO23.Shouldencouragefirmstoconsiderthefollowing:(con,t)ProVideinformationOnapplicablelaws:PertinentinformationthathighlightsapplicableIJWSandregulationsmightbeC【
29、血uedtoemployeesormadeavailableinGCenujlICCJtlQn.InfOimJtIonsoUlCeSmightincludeprimaryinformationdevelopedbytherelevantgovernmentalagencies,regulatoryorganizationsandprofessionalassociations(e.g.fromwebsites);Jndassociationpublications(e.g.,CFAMagazine).23-492EStabliShDroCedUreSforreDorti11Qviolation
30、s:FimsmightprovideSmttenDfQtOCaKfcIBDe)rtnoSUSDeCtRdViQlatiQnQSJj5哥:3tQStandardI(八):Case1CaSe1.(LaWSandReqUlationSBaadOnReliqioUSTenetS)JanneysfirmIeCRiVRSUXDlWSsionsofnteIRStfIgmpotentialclientsfromtheMiddleEastwhoaeseekinginvestmentsthatcor11DWithISlamiClJw.ThemarketingandpromotionalmaterialsCanno
31、tdetRnin?WhRthelQlnQttufundisJappropriateinvestmentforaninvestorseekingcompliancewithIslamiclaw.Thefundisdistributedglobally.InJanneysconcern,thereputationofthefundisveryimportantandshebelievesdisclosureofwhetherornotthefundcomplieswithIslamiclawcouldhelpminimizepotentialmistakeswithplacingthisinves
32、tment.Comment:MembersandcandidateswillneedtobejwjirQfIheJiHhtgRitut% dignation与5.新:staStandardI(B):ContentContent:1.MembersandCandidatesmustusereasonablecareandjudgmenttoachieveandmaintainindependenceandobjectivityintheirprofessionalactivities.2.Mustnotoffersolicitoracceptanygift,benefit,compensatio
33、n,orconsideration【hatea,QnjhlKldbeexneredtcLpmpicniiqitheirownoranothersindependenceandobjectivity.StandardI(B):GuidanceGuidance3.MainlyconcerninghowtodealwithUHEln/IJndEX【曰njlCarIfl(K4.RejectgiftthatCoUldb?RXDRCtedtoComDlOmiSRtheirowno3n0he$independenceandoectivity.BeStPractice)yOrdinarily,modestandnor11JQiftISOKQnlYifitspurposeisnottoinfluenceindependence.Benefitsmayincludegifts,invitationstolavishfunctions,tickets,favorsjobreferrals,andsoon.5.GiftfromCQlDorate:shouldevaluateboththeGCtUdIf115.c心卅hE/WhenDOSSiblepriortoacceptingbonusesorgiftsfomclients,membersandcandidatesshoulddisc
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