2020年度CFA一级NO.1_重要知识点独家整理~!!.pdf

20202020年度年度CFACFA一级重要知识点总结一级重要知识点总结独家整理，请勿转载职业伦理职业伦理1.11.1TheThe processprocess forfor thethe enforcementenforcement ofof thethe CodeCode andand StandardsStandards1.21.2PrimaryPrimary Principles:Principles: (1) Fairness of the process to members and candidates (2) Confidentiality of the proceedings.DisciplinaryDisciplinaryReviewReviewCommitteeCommitteehasoverallresponsibilityfor theProfessionalConductprogram and enforcement of the code and standards.HowHow totodetectdetect Self-disclosureonannualProfessionalConductStatementsofinvolvementincivillitigationoracriminalinvestigation,orthatthememberorcandidateisthesubjectofawritten complaint. Writtencomplaintsaboutprofessionalconductreceivedby the ProfessionalConductstaff. Evidenceofmisconductbya memberorcandidatethattheProfessionalConductstaffreceivedthroughpublicsources,suchasamediaarticleorbroadcast. AreportbyaCFAexamproctorofapossible violation duringtheexamination. 发现有人违反，经过 CFA 调查后，一般会有三种处理方法：1）不处罚； 2）发 警告信； ）31.31.31.41.4进行处罚（由轻到重依次为：privatecensor,publiccensor,timedsuspension）1.51.5HearingHearing panelpanel consistsofDRCmembersandCFAInstitute membervolunteersaffiliatedwiththeDRC1.61.6AMCAMC vs.vs. CodeCode andand standardsstandardsTheAssetManagerCodeofProfessionalConduct(AMC),whichisdesigned,inpart,tohelp asset managers comply with the regulations mandating codes of ethics forinvestment advisers.AMC was drafted specifically for firms2-1181.71.7CodeandStandards isaimed atindividual investment professionalsKnowledgeKnowledge ofof lawlaw必须了解与工作直接相关(directlygoverningtheirwork) 的法律和规则，但不需要成为expert on compliance;总是遵守最严格的，但最低限度要遵守 CFAInstitute 准则和标准；如果有传递关系，遵循最后一个生效的 law or regulations；work (applicable)Ms LiveLs LiveGuidance ofcompliance如果你感觉 (feelfeel) 有人违法，你必须 consultforadvice,butnotexemptfromrequirements tocompliance;如果你知道(knowknow)有人在违法，还可以采取分步骤的方法：向公司里的适当 人员汇报（report） ；如果汇报后仍没有改进，则你必须与违法行为划清界限（d di isasssasso ocicia atete） ，甚至辞职；同时要进一步咨询以便采取进一步的行动；还可以(may consider to persuade to stop)考虑劝说违法的人终止违法行为；（注： Ifyou were a supervisor, how to do?）当发现有违法行为时， CFA Institute 并不要求你向政府管理机构汇报。汇报与不汇报给监管当局完全取决于你个人的判断。但是，CFA协会又说： suchdisclosuremaybeprudent in certain circumstances ； There is no requirement under Standards toreport violations to governmental authorities, but this may be advisable in somecircumstances and required by law in others.如果一个人新到一家公司工作发现其内部有问题，应该 Quit the job；Inaction combined with continuing association with those involved in illegal orunethical conduct may be construed as participation or assistance in the illegal orunethical conduct.进行跨境交易 cross-board时，要注意 lawoforiginationanddistribution,shouldbeunderstoodby thoseresponsibleforthe supervision，要注意 affiliatedfirm 是否遵守liveLsMsComply withLs Code Ms了法律。Theformalityandcomplexityof complianceproceduresforfirmsdependonthenatureandsizeoftheorganization andthenatureofitsinvestmentoperations.1.81.8IndependenceIndependence andandObjectivityObjectivityBasicBasicprincipleprincipleshouldevaluateboththeactualeffectof suchsolicitationsontheirindependenceandwhethertheirobjectivitymightbeperceivedtobecompromisedintheeyesof theirclients.InvestmentInvestment bankingbankingrelationshipsrelationshipsFirewallminimizes resulting conflicts of interest. The situation may beaggravatedifthe headofthe companysits onthe bankorinvestmentfirmsboardandattempts to interfere in investment decision making.Researcherco-workingwith InvestmentBanking should disclose and manageconflicts adequately andeffectively.It is appropriate to have analysts work with investment bankers in “road show”onlywhentheconflictsareadequatelyandeffectivelymanagedanddisclosed.3-118PublicPublic companiescompaniesAnalystsshouldnotbe pressuredto issuefavorableresearchby thecompaniesthey follow.Dontconfineresearchtodiscussionswithcompanymanagement,butratheruseavarietyofsources,includingsuppliers,customers,andcompetitions.研究报告只卖给单一客户 mayviolateI (B):Independence andObjectivity.研 究 费 最 好 是 flat fee ， cannot be directly linked to the conclusion orrecommendation.Buy-SideBuy-SideclientsclientsSell-side analyst should not bepressured by buy-side firmsto issue favorableresearchoncurrentorprospective investment-banking clients.Analystsmustengageinthorough,independent,andunbiasedanalysisandmustfullydisclosepotentialconflicts,includingthenatureoftheircompensation.GiftGift fromfrom clientclient & & GiftGift fromfrom thethe thirdthird partypartyReject gift that could be expected to compromise their own or anothersindependenceandobjectivity（bestpractice).ModestgiftisOK,butaslongasitspurpose is not to compromise the objectivity.判断的原则：第一是礼物的金额很少（modest） ；第二是礼物不能是单独为你准备的(arrangementnot unusual)Gift from client 可以接受,butshould disclose to employer and obtain consentfromallpartiesinvolved (IV(C);ifnotdisclose,violateI(B)andIV(C).FundFund managermanagerrelationshipsrelationshipsMembers and candidates who are responsible for hiring and retaining outsidemanagersshouldnotacceptsgifts,entertainment,ortravelfundingthatmaybeperceived as impairing their decisions.For meeting sponsored by funds, members and candidates must review themerits of each offer individually in determining whether they may attend yetmaintaintheir independence ofconductregardingtheanalyticprocessandthedistribution of theirreports.TheTheratingratingagenciesagenciesNeedtodevelopthenecessaryfirewallsandprotectionstoallowtheindependentoperations of their different business lines.abidebytheir agencies and theindustrys standards ofconduct regarding theanalytical process and the distribution of their reportsWhen using information provided by credit rating agencies, members andcandidates should bemindfulofthe potentialconflicts ofinterest.TravelTravelFundingFundingMembersandcandidatesmaybeinfluencedbythesediscussionswhenflyingona corporate or chartered jet.Best practice dictates that members and candidates always usecommercialtransportation rather than accept paid travel arrangements from an outsidecompany.Shouldcommercialtransportationbeunavailable,membersandcandidatesmayaccept modestly arranged travel to participate in appropriate4-118information-gathering events, such as a property tour.ProceduresProcedures forforcompliancecomplianceProtect the integrity of opinions: unbiased, design compensation systems withintegrityCreatearestricted list:ifunwilling toissue unfavorable, putitonarestricted listand only issue factual informationRestrict special cost arrangement: pay charges by themselves whenvisitingheadquarter, not reimbursed for air fees by corporate issuer, limit use firmsaircraft only when no commercial transportation, frequently meeting withcorporate issuer 接触会是不好的，会给外人一个想法，觉得影响到主观性和 独1.91.9立性. Should not always be hosted by issuer.Limit gifts: Customary, business-related entertainment is okay as long as itspurposeis not to influencea membersprofessionalindependenceor objectivity;basedonlocalcustomandwhetherthelimitispergiftorannualtotalamount.Restrictinvestments:encouragefirmsto developformalpoliciesaboutemployeepurchasesofequityorequity-relatedIPOs,requirepriorapprovalforemployeetoparticipateinIPOs,disclosetimelyinvestmentactionsfollowingtheoffering,strictlimit on private placements.Reviewprocedures:implementeffectivesupervisoryandreviewproceduresaboutpersonal investmentactivitiesIndependence policy: formal written policy, not influenced by any parties thatcould comprise theirindependence.Appointedofficer:to supervisefor compliance;provideproceduresand policiesfor reporting violation to every employee.MisrepresentationMisrepresentation下面的形式都与下面的形式都与 MisrepresentationMisrepresentation 相关相关Oralrepresentations,advertising,electroniccommunications,orwrittenmaterials.（writtenmaterialsincluderesearchreports,marketletters,newspapercolumns,and books; electronic communicationsincludes internet communications,webpages, chat room, and e-mail）将“明知故犯”（knowingly） 界定为知道或者应该知道。 “ knowingly” meansthatthe member or candidate either knows or should have known that themisrepresentation was being made or that omitted information could alter theinvestment decision-makingprocess.GuaranteeGuarantee thetheinvestmentinvestment performance:performance:I(C) prohibit membersand candidatesfrom guaranteeingclients specificreturnwhich is inherentlyvolatile.But I(C) does not prohibit from guaranteeing the return which is built into thestructureoftheproduct itselforforwhich aninstitution hasagreed tocover anylosses. 如,联邦储蓄利率是 2%，那么保证 2%利率是可以的Misrepresentation 包 括 保 证 收 益 率 which is inherently volatile ，Misrepresentation of service and qualification, plagiarism不可以对客户说 “我们可以提供你需要的所有服务 ”，正确的做法是提供一个5-118MisrepresentationMisrepresentation ofof serviceservice andand qualificationqualification公司所能提供的服务清单；对于发行人付费的研究报告，分析师必须披露被雇做研究这个事实，如果隐瞒这个事实，就违反了 I(C)；List the qualification of individual and firm.PlagiarismPlagiarismUseexcerptsfromotherseitherverbatimorwithonlyslightchangesinwording,no specific quotations with “leading experts”, present statistical estimates offorecastspreparedby othersandidentifythe sourcewithoutcaveats,chartsandgraphs without stating their source, copying proprietary computerizedspreadsheetsor algorithmswithoutseekingcooperationor authorizationoftheircreators；引用别人的思想需要鸣谢(creditoracknowledgement), 否则就是 Plagiarism；引用他人的模型，分析师作了少许修改，把模型作为自己的，属于 plagiarism行为，违反了 I(C)，正确的做法是鸣谢这个模型的出处来源；引用媒体的转载 ,bestpracticeciteauthorortousetheinformationprovidedinmedia and cite the two；无心的打字错误不违反 misrepresentation ，但是如果发现错误，却没有纠正，那么就违反了 misrepresentation自己在业余时间开发的模型属于自己所有，可以使用；The firm retains the right to continue using the work completed after a member orcandidatehas leftthe organization. Members cannot, however,reissue apreviouslyreleased report solely under his or her name.ProceduresProceduresVerifyoutsideinformation:verifyforthethirdmayimpactitsintegrity.Encourageto develop policy to verify.Maintain webpage: current information; protect sitesintegrity, confidentiality,andsecurity; not misrepresent and fully disclose.Plagiarism policy: maintain copies of all research reports with research ideas,material with new methodologies, and other materials being relied on inpreparing the research report; attribute quotations, including projections,tables ,statistics, model/product ideas, and new methodologies prepared bypersonsotherthanrecognizedfinancialandstatisticalreportingserviceor similarservice; attribute summaries or paraphrase.1.101.10 MisconductMisconductScopeScope ofofapplicationapplication凡是有关于欺诈的 (lying,cheating,stealingand other dishonestactivities)都是misconduct ；所有作弊行为都是 misconduct.但是职业无关的除欺诈以外的行为是不违反 misconduct的，比如作为某一环保组织成员进行游行 ,Do notabusethisstandardtosettlepersonal,political,orother disputes unrelated to professional ethics.Excessivedrinkingat lunchduringworkmakingnegativeeffecton yourabilityto makesound investment decisions isaviolation of Standard I(D).成员和考生不能使用 photocopy，不要将拷贝资料带到考场！个人破产是否需要 disclose？6-118如果是经营破产（如与欺诈无关） ，不算；如果是因欺诈引起的高额罚金而导致的破产，算。如果是自己的妻子在经营公司的时候由于欺诈原因破产，不算。Recommended proceduresCode of ethics: every employee should subscribe and make clear that theun-ethical activities will not be tolerated.Listofviolations:potentialviolationsandassociateddisciplinarysanctions.Employee references: goodcharacter andeligible for work.判断 material 的条件 （竞争对手的预测不能认为是MNI） : reliableandunambiguous，对股价有影响的 information 是 material 的，比如：Substance and materialityEarningsM&A, acquisitions, tender offers, or joint venturesChanges in assets, Changes in managementInnovative products, processes, or discoveriesNewlicenses,patents,registeredtrademarks,or regulatoryapproval/rejectionofa productDevelopmentsregardingcustomersor suppliers(e.g.,theacquisitionor lossof acontract)Changesinauditornotificationorthefactthattheissuermaynolongerrelyonanauditors report or qualified opinionEventsregardingtheissuerssecurities(e.g.,defaultsonseniorsecurities,callsofsecuritiesfor redemption,repurchaseplans, stock splits, changesin dividends,changes to the rights of security holders, public or private sales of additionalsecurities, and changes in credit ratings)BankruptciesSignificant legaldisputesGovernmentreportsof economictrends (employment,housingstarts, currencyinformation, etc.)Orders for large trades before they are executed有名的公司或者分析师对股价的研究对市场有影响，算是material。Ifnotaclient, she/he can obtain early access to the MNI prior to publication, however,cant use MNI for trading.在 职过 程 中 所获 取 的 信息 ，自 己不 能 使 用也 不 能 促使 他 人 使用 ,misappropriation。suppliers：从供应商处了解到一个公司的信息，如果来源是可靠的，则算是MNI，不能使用；如果是自己观察到的，属于Mosaic理论，可以使用。竞争者的分析，不算 material。不管通过什么途径，公开发行的报告就是public（失误引起的提前发行，算不算做公开发布？算,can use for trading）如果公司在分析师会议上内幕信息，怎么办？Cant use.一个原来是 researcher，现在调到投行部门工作，不能分享部门的信息7-1181.111.11 MaterialMaterial nonpublicnonpublicinformationinformationMaterial 的其他情形：Mosaic Theory ： 使 用 material public information and non-material non-publicinformation.SelectivedisclosuremayviolateMNI.Analystsmustbeawarethatadisclosuremadetoaroom fullof analysts does not necessarily makethe disclosed information “public.”Analysts should also be alert to the possibility that they are selectively receivingmaterial nonpublic information when a company provides them with guidance orinterpretation of such publicly available information as financial statements orregulatory filings.如果公司拥有 MNI对于自营交易，分为两种情况：如果做 marketmaker，firmsthatcontinuemarket-makeractivityshouldinstructtheirmarketmakerstoremainpassivetothemarket-thatis,takeonlythecontraside of unsolicited customer trades；Inriskarbitragetrading,Themostprudentcourseistosuspendarbitrageactivity；Ifcontinuearbitrageactivity,thefirmfaceahighhurdleinprovingtheadequacyof their internal procedures and must demonstrate stringent review anddocumentation of firmtrades.Watchlistshowntosolelythefewpeopleincompliancedepartmentisusedtoreviewthe transaction of specific securities.Even at small firms, procedures concerning interdepartmental communication, thereview of trading activity, and the investigation of possible violations should becompiled andformalized.AchieveAchieve publicpublicdisseminationdisseminationIfmaterial, should try to achieve public dissemination.Encourage the firm to make it public, if not possible, report only to designatedsupervisory and compliance personnel within her firm.not invest on MNI, or induce insider to disclose MNIAdopt complianceprocedures. .Should encourage their firms to adopt compliance procedures to prevent themisuse ofMNI.Particularly important is improving compliance in such areas as the review ofemployee and proprietary trading, documentation of firm procedures, and thesupervisionofinterdepartmentalcommunicationsinmulti-servicefirms.Compliance procedures should suit the particular characteristics of a firm,including its size and the nature of its business.Theminimumelementsofsuchfirewallfirewallinclude,butarenotlimitedto,thefollowing:substantial control of relevant interdepartmental communications,preferablythrough a clearance area within the firm in either the compliance or legaldepartment;review of employee trading through the maintenance of “watch,”“restricted,”and “rumor”lists;documentation of the procedures designed to limit the flow of informationbetwe