CFA Level II: Ethical and Professional Standards

CFA Level II
http://www.zejicert.cn
Ethical and Professional
Standards
CONTENTS
目录
Code of Ethics
Guidance for Standards

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Code of Ethics
 CFA协会成员和申请人的六大宗旨
 Act with integrity, competence, diligence, and
respect, and in an ethical manner with the public,
clients, prospective clients, employers,
employees, colleagues in the investment
profession, and other participants in the global
capital markets.（对其他人勤勉尽责）
 Place the integrity of the investment profession
and the interests of clients above their own
personal interests.（客户利益优先）
Code of Ethics
 Use reasonable care and exercise independent
professional judgment when conducting investment
analysis, making investment recommendations,
taking investment actions, and engaging in other
professional activities.（对投资决策有自己的思考）
 Practice and encourage others to practice in a
professional and ethical manner that will reflect
credit on themselves and the profession.（鼓励他人
遵守）
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Code of Ethics
 Promote the integrity and viability of the global

capital markets for the ultimate benefit of society.
（对整个资本市场推广）
 Maintain and improve their professional
competence and strive to maintain and improve the
competence of other investment professionals.（提
升他人竞争力）
Code of Ethics
 CFA协会判定会员违规并给予处罚的流程
Designated Officer finds a violation

Proposes a disciplinary sanction
Member or candidate
Accept Reject
Referred to a panel
for a hearing
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Code of Ethics
 CFA协会的处罚手段：
 没有合适的纪律处罚手段(disciplinary sanctions) ；
 发警告信(cautionary letter) ；
 处罚会员或申请人，手段包括：公开谴责(public
censure) ，禁止使用 CFA 协会会员资格及头衔
(suspension from membership and use of the CFA
designation)，撤回CFA证书(revocation of the CFA
charter) ，禁止参加 CFA 项目 (suspension of a
candidate’s participation in the CFA program) 。
CONTENTS
目录
Code of Ethics

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I. Professionalism
II. Integrity of Capital Markets
III. Duties to Clients
IV. Duties to Employers
V. Investment Analysis, Recommendations, and Actions
VI. Conflicts of Interest
VII.Responsibilities as a CFA Institute Member or CFA Candidate
I. Professionalism
 I(A) Knowledge of Law
 I(B) Independence and Objectivity
 I(C) Misrepresentation
 I(D) Misconduct
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I. Professionalism
 A. Knowledge of the Law
 Members and Candidates must understand and comply
with all applicable laws, rules, and regulations (including
the CFA Institute Code of Ethics and Standards of
Professional Conduct) of any government, regulatory
organization, licensing agency, or professional
association governing their professional activities. In the
event of conflict, Members and Candidates must comply
with the more strict law, rule, or regulation. Members and
Candidates must not knowingly participate or assist in
and must dissociate from any violation of such laws,
rules, or regulations.
I. Professionalism
 A.知晓法律
 会员和申请人必须理解并遵守由任一监管其专业行
为的政府、组织或联盟颁布的所有的相关法律、法
规（包括CFA道德准则）。如果有冲突，会员和申
请人必须遵守更为严格的法律或法规。会员和候选
人不能故意参与或协助任何违反这些法律法规的行
为，并须立刻脱离这些违规行为。
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I. Professionalism
 Members and Candidates must understand and

comply with all applicable laws, rules, and
regulations (including the CFA Institute Code of
Ethics and Standards of Professional Conduct).
 理解并遵守全部相关法律并不要求成员或申请人成
为法律专家以了解全部相关法律的细节。
 Know compliance procedures.
 不能违反重罪(felony)。
I. Professionalism
 In the event of conflict, Members and Candidates

must comply with the more strict law, rule, or
regulation.
 Must comply with applicable laws or regulations

related to their professional activities.
 如果对于应该遵守哪国的法律不确定，会员和申请
人应该寻求公司内部或外部的法律咨询。
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I. Professionalism
 Members and Candidates must not knowingly

participate or assist in and must dissociate from any
violation of such laws, rules, or regulations.
 Knowingly是指知道或应该知道自己卷入了违法行为。
 当发现潜在的违规行为时，首先consult the inside

and outside law experts ，并且尽快从该行为中
dissociate。
I. Professionalism
[ 注 ] 如果继续卷入违规行为并未采取行动(inaction)，
可能被认为knowing participation 。
通过公司compliance department
使雇主注意到该违规行为从而阻
止该行为
发现潜在违规脱离脱离该行为
辞职(resign)
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I. Professionalism
 CFA道德准则未强制要求(no requirement)将违规行
为报告给政府部门(governmental authorities)。然而
协会强烈建议会员和申请人将他人的违规行为上报。
I. Professionalism
 B. Independence and Objectivity
 Members and Candidates must use reasonable
care and judgment to achieve and maintain
independence and objectivity in their professional

activities. Members and Candidates must not
offer, solicit, or accept any gift, benefit,
compensation, or consideration that reasonably
could be expected to compromise their own or
another’s independence and objectivity.
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I. Professionalism
 B.独立性与客观性
 成员和申请人必须用合理的审慎与判断以在专业行
为中达到并保持独立性与客观性。成员和申请人严
禁接受、索取、提供任何被认为会影响自己或其他
人的独立性与客观性的礼物、利益或补偿。
I. Professionalism
 从followed companies那里收到的被认为会影响到会员和
申请人的独立性与客观性的礼物。
 绝对不能收取、索取或提供。
 从customers那里收取的不会影响到会员和申请人的独立
性与客观性的礼物。
 可以收，但是必须disclosed to the employer as soon
as possible 。
 建议：只收物品。习惯性的、与商业相关的娱乐也是
可以的。企业应该对礼物建立清晰的价值限制。
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I. Professionalism
 负责招聘和雇佣外部管理者(outside managers)和第
三方保管人(third-party custodians)的会员和申请人不
应该接受礼物、娱乐或者会损害他们的决定的差旅费。
 在招聘一般员工的过程中不能accept、solicit、offer
任何会被认为影响到独立性与客观性的礼品。
 即使以charity或者donation为名义也不可以。
I. Professionalism
 Travel Expenses
 会员和申请人可以在出席合适的信息收集活动时审慎
地接受差旅安排。
 最好的方式是会员和申请人总是使用商业交通工具
(commercial transportation)并且由他们自己或者他们
的公司支付费用。
 Issuer-Paid Research
 只能是固定收费 (Flat fee), 不能有基于业绩的奖金
(performance based bonus)。
 在报告中披露(Disclose)。
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I. Professionalism
 C. Misrepresentation
 Members and Candidates must not knowingly

make any misrepresentations relating to
investment analysis, recommendations, actions,
or other professional activities.
 C.不当表述
 成员和申请人不能故意做出任何与投资分析、建议、
行动或其他专业行为相关的不当表述。
I. Professionalism
 Plagiarism（抄袭）
 Information from recognized financial and

statistical reporting services need not be cited.
 使用他人的工作成果(reports, forecasts, models,

ideas, charts graphs, and spreadsheet models)
而未注明来源.
 Changing other’s reports slightly without giving

them credit .
 Copying proprietary without authorization.
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I. Professionalism
 Performance Reporting
 不能有guaranteed return，除非投资产品本身的构
成是有保底的收益的。
 Cherry Picking & Survivorship Bias
 业绩基准的选择要合适。无明确业绩基准时应选
取reference indices，并向客户解释。
 对不流通证券进行定价时，需保持信息的一致性，
不得随意变更定价机构。
I. Professionalism
 Work Completed for Employer
 在原公司开发的程序或撰写的报告属于原公司资产。
 同公司的员工在为雇主工作时使用已离职员工开发
的研究成果，可以不注明原作者。
 离职后的员工不可以将在原雇主处撰写的报告以自
己的名义重新发表。
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I. Professionalism
 D. Misconduct
 Members and Candidates must not engage in any
professional conduct involving dishonesty, fraud,
or deceit or commit any act that reflects adversely
on their professional reputation, integrity, or
competence.
 D. 不当行为
 成员和申请人不得涉及任何涉嫌欺骗、欺诈或舞弊
的专业行为，或做出任何与专业声誉、正直或能力
相背离的行为。
I. Professionalism
 All conduct that reflects poorly on the professional

integrity, good reputation, or competence.
 Lying, cheating, stealing, or any other dishonest

conduct. （考试作弊）
 Negatively affects the ability to perform

professional responsibilities. （工作时间醉酒 VS
业余时间醉酒）
 Do not conduct the necessary due diligence.
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I. Professionalism
 几种常见的但不违反misconduct的行为。
 与专业活动无关的时间醉酒、嗑药，且不会影响到
之后进行专业活动。
 Personal bankruptcy without fraudulent or
deceitful business.
 因业余时间参与与专业性无关的政治活动而被逮捕：
环保集会、政治游行等。
 II(A) Material Nonpublic Information
 II(B) Market Manipulation

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 A. Material Nonpublic Information
 Members and Candidates who possess material

nonpublic information that could affect the value
of an investment must not act or cause others to
act on the information.
 A. 重大非公开信息
 掌握可以影响投资价值的重大非公开信息的成员和
申请人必须避免使用或导致他人使用这些信息。
 What Is “Material” Information?
 Its disclosure would impact the price of a security

or if reasonable investors would want the
information before making an investment decision.
 Reliable source:信息来源越可靠，Material 的概率

越大；谣言不算material information。
 Clear impact: 信息对股价的影响越模糊
(ambiguous)，Material 的概率越小。
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 What Constitutes “Nonpublic” Information?
 Has not been disseminated（传播）or available
to the marketplace.
 选择性披露(selectively disclosing)不算public，依
然会导致内幕交易(insider-trading)。
 当信息通过不同途径披露，无需等到信息通过最
慢的一种途径后再使用。
 如果是为了 Due Diligence 等目的，可以使用
Nonpublic Information，但不得用来获利

 Mosaic Theory
 Mosaic Theory: There is no violation when a
perceptive analyst reaches an investment
conclusion about a corporate action or event
through an analysis of public information together

with items of nonmaterial nonpublic information.
Material Nonmaterial
Public Not a violation Not a violation
Nonpublic Violation of II(A) Mosaic Theory
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 Investment Research Reports
 知名分析师的分析报告如果能够对市场产生影响，
就可以被当做material information。
 当报告发给客户时，即视为public information。
 Using Industry Experts
 获得行业专家的知识或观点并不违规。
 分析师需要对外部的行业专家所提供的信息负责，
不能使用或导致他人使用重大非公开信息。

 B. Market Manipulation
 Members and Candidates must not engage in

practices that distort prices or artificially inflate trading
volume with the intent to mislead market participants.
 B. 操纵市场
 成员和申请人必须避免参与任何以误导市场参与者为目
的的扭曲价格或人为虚增交易量的行为。
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 一个目的
 Mislead market participants（误导市场参与者）
 两种手段
 Transaction Based Manipulation
• 扭曲价格 & 虚增交易量
 Information Based Manipulation
• 散布谣言

 三种例外
 利用市场的无效性套利(arbitrage)。
 为客户避税(tax saving)。
 做市商为促进流动性而进行的交易并不违规，但需披露。
• It enters into agreements with members in which

they commit to a substantial minimum trading
volume on the new contract over a specific period
in exchange for substantial reductions of their
regular commissions.
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 III(A) Loyalty, Prudence, and Care
 III(B) Fair Dealing
 III(C) Suitability
 III(D) Performance Presentation
 III(E) Preservation of Confidentiality
 A. Loyalty, Prudence, and Care
 Members and Candidates have a duty of loyalty

to their clients and must act with reasonable care
and exercise prudent judgment. Members and

Candidates must act for the benefit of their clients
and place their clients’ interests before their
employer’s or their own interests.
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 A. 忠诚、谨慎、关心
 成员和申请人有对客户忠诚的义务，必须以合理、
谨慎的关心与判断来为客户服务。成员和申请人必
须为客户谋利益，并将客户的利益放在雇主和自己
的利益之前。
 Identifying the Actual Investment Client

 When the manager is responsible for the portfolios of
pension plans or trusts, the client is not the person or entity
who hires the manager but, rather, the beneficiaries of the
plan or trust. 当投资经理管理信托产品时，其客户是信托产

品的最终受益人，而不是雇主本身。
 The decisions of a fund’s manager, do not have to be based
on an individual investor’s requirements and risk profile.
 CFA准则并不要求每一个member或candidate都履行信托责
任，但必须为客户争取最大利益。
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 Developing the Client’s Portfolio
 Members and candidates must follow any

guidelines set by their clients for the management
of their assets. 要严格履行客户的要求。
 Investment decisions must be judged in the

context of the total portfolio rather than by
individual investment within the portfolio.以投资组
合为整体来判断风险。

 Soft Commission Policies
 An investment manager uses client brokerage to

purchase research services. 软美元是指买方在卖方
处开立席位提供交易佣金，而卖方给买方研究服务。
 成员和申请人的义务是为客户寻找最低的价格和最好
的服务。
 Directed brokerage: 如果客户对交易商有要求，要遵

从客户的要求，但仍有义务为客户寻找最好的价格和
最能实现客户利益最大化的操作，并告知客户。
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 Proxy Voting Policies
 成员和申请人的目标是实现客户利益最大化。
 An investment manager who fails to vote, casts a
vote without considering the impact of the question,
or votes blindly with management on nonroutine
governance issues may violate this standard.
 Voting all proxies may not benefit the client, so
voting proxies may not be necessary in all instances.
 投资经理需要披露代理投票的条款。

 B. Fair Dealing
 Members and Candidates must deal fairly and objectively

with all clients when providing investment analysis,
making investment recommendations, taking investment
action, or engaging in other professional activities.
 B. 公平交易
 成员和申请人在提供投资分析、投资建议、投资行为或参
与任何专业活动时，必须公平客观地对待所有客户。
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 Fair Dealing
 “Fairly” does not state “equally”，在通知时因客观因
素而造成的时间上的微小差异不影响fair dealing。
 Members and candidates may differentiate their
services to clients, but different levels of service
must not disadvantage or negatively affect clients,
and should be disclosed and available to everyone.
分析师对重点客户可在报告发出后做重点服务，但该
服务不得伤害其他客户的利益，且不同等级的服务需
要事先披露，并给所有人参与的机会。
 Investment Recommendation
 一旦作出投资建议，需要同时通知所有客户，不能
有选择性地通知客户，除非选择是基于suitability或
者known interest。
 客户因不知道成员或申请人变更了投资建议，而提
出与当前投资建议相反的投资要求的，成员和申请
人应当在接受投资要求前建议客户先查看更改的投
资建议。
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 Investment Action
 公正对待每一个客户的账户，不能为了重要客户
的利益而牺牲小客户利益。交易应遵循FIFO原则。
 在帮客户分配IPO或定向增发时，要用Round Lot
Basis（整股）而不是Odd Lot Basis（散股）；
如果供不应求，按order size分配。
 如果亲属的账户(Family accounts)付费，则视为
客户账户，不付费则视为个人账户。注意配偶和
父母账户区别。

 C. Suitability
1. When Members and Candidates are in an advisory
relationship with a client, they must:
a. Make a reasonable inquiry into a client’s or prospective
client’s investment experience, risk and return
objectives, and financial constraints prior to making any

investment recommendation or taking investment action
and must reassess and update this information regularly.
b. Determine that an investment is suitable to the client’s
financial situation and consistent with the client’s written
objectives, mandates, and constraints before making an
investment recommendation or taking investment action.
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c. Judge the suitability of investments in the context

of the client’s total portfolio.
2. When Members and Candidates are responsible for
managing a portfolio to a specific mandate, strategy,
or style, they must make only investment
recommendations or take only investment actions
that are consistent with the stated objectives and
constraints of the portfolio.
 C. 合适性
1. 当成员和申请人与客户之间是咨询关系时，他们必须：
a. 在为客户提供任何投资建议或采取任何投资行为
之前，对客户或潜在客户的投资经验、风险与收
益目标、财务约束条件等做合理的询问，并且必
须定期重新评估并更新这些信息。
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b. 在为客户提供投资建议或采取投资行为之前，确
定该项投资是适合客户的财务状况，并与客户书
面的投资目的、要求、限制条件相一致的。
c. 以整个投资组合作为评判投资的合适性的标准。
2. 当成员和申请人负责按照特定的要求、策略或风格管
理投资组合时，他们必须只做出与该投资组合的目标
和限制相一致的投资建议或行为。

 Developing an Investment Policy
 在帮客户投资之前，要帮客户建立IPS，内容要包括
RRTTLLU（收益、风险、时间跨度、税收、流动性、
合规性、特殊要求）。
 Updating an Investment Policy

 至少一年一次，或者在客户需求有巨大变化时更新。
 The Need for Diversification
 Managing to an Index or Mandate
 基金管理者无需为基金投资者的合适性负责。
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Unsolicited Trade Request
Discussed with the client
Judge the impact on the portfolio
Minimum impact Material impact
Accept 1. Modify the IPS

2. New account
3. Stop the service
 D. Performance Presentation
 When communicating investment performance

information, Members and Candidates must make
reasonable efforts to ensure that it is fair,

accurate, and complete.
 D. 业绩展示
 当交流投资业绩信息时，成员和申请人必须以合理
的努力确保信息是公平、精确和完整的。
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Performance presentation
Complete presentation Brief presentation
1. Cherry picking 1. Disclose
2. Survivorship bias 2. Make the detailed
3. Guaranteed return information available

 E. Preservation of Confidentiality
 Members and Candidates must keep information
about current, former, and prospective clients
confidential unless:
1. The information concerns illegal activities on the

part of the client;
2. Disclosure is required by law; or
3. The client or prospective client permits disclosure
of the information.
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 E. 保密
 成员和申请人必须为现在的、过去的和潜在的客户
保密，除非：
1. 信息涉及到违法行为；
2. 法律要求披露；或者
3. 客户或潜在客户允许披露这些信息。
 Status of Clients
 This standard protects the confidentiality of

client information even if the person or entity is
no longer a client of the member or candidate.

即使是过去的客户，也应当保守机密。
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 Applicable Information
 The member or candidate receives information

because of his or her special ability to conduct a
portion of the client’s business or personal affairs.
 The member or candidate receives information

that arises from or is relevant to that portion of
the client’s business that is the subject of the
special or confidential relationship.
 特殊情况
 如果是为了非盈利的目的（如，捐赠项目)，也应
当征求客户同意后才能披露信息。
 成员和申请人可以将保密信息披露给同样给该客
户提供服务的相关同事(co-workers)。
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 Compliance with Laws
 如果法律要求，分析师应该按照法律的指引披露
客户信息；如果法律要求不得披露客户信息，即
使客户存在非法行为，也不应当披露（例如瑞士
银行）。
 如果分析师对是否应该披露客户信息有疑问，应
当咨询公司监察部门或者法律顾问。
 IV(A) Loyalty
 IV(B) Additional Compensation Arrangements
 IV(C) Responsibilities of Supervisors

32
 A. Loyalty
 In matters related to their employment, Members

and Candidates must act for the benefit of their
employer and not deprive their employer of the
advantage of their skills and abilities, divulge
confidential information, or otherwise cause harm
to their employer.
 A. 忠诚
 在与雇佣相关时，成员和申请人必须为他们的雇主
谋利益，不能剥夺雇主利用他们的技能和行为的权
力，不能泄露机密，不能做出其他会伤害到雇主利
益的行为。
33
 Employer Responsibility
 雇主的薪酬体系 (incentive and compensation

systems)不能鼓励unethical behavior。
 Independent Practice
 CFA协会允许会员兼职，但必须提前跟雇主说明工
作内容、报酬、工作时长等，并取得雇主的认可。
 Leaving an employer
 离职前：可以为自己的新事业做准备工作但不得
影响现雇主利益 [ 滥用交易机密和其它保密信息，
挖客户(solicit client)，假公济私，挪用客户名单 ]。
34
 离职后：
1. 可以开展与前雇主竞争的事业或工作；
2. 可以运用自己在前雇主所学习到的技能和经验；
3. 可以联系前雇主的客户（前提是客户联系方式并不
是来自于前雇主的客户名单上，且没有与前雇主签
订过相关的禁制条约）；
4. 未经原雇主书面同意，不能带走任何文件。

 B. Additional Compensation Arrangements
 Members and Candidates must not accept gifts,
benefits, compensation, or consideration that
competes with or might reasonably be expected to
create a conflict of interest with their employer’s

interest unless they obtain written consent from all
parties involved.
 B. 额外报酬
 成员和申请人必须拒绝接受会与其雇主利益产生竞争关
系或被认为会与其雇主利益产生冲突的礼品、利益或报
酬，除非他们从所有参与方获得了书面许可。
35
与工作成绩挂钩，
主要起激励作用
Items
Entertainment Written
IV(B) Compensation consent from
all parties
Service involved
Money

 C. Responsibilities of Supervisors
 Members and Candidates must make reasonable efforts
to ensure that anyone subject to their supervision or
authority complies with applicable laws, rules,

regulations, and the Code and Standards.
 C. 监管职责
 成员和申请人必须以合理的努力来确保在他们监管下的任
何人遵守相关的法律、法规、规章以及协会的道德准则。
36
 该准则要求会员通过建立有效的相关系统来阻止或者发
现违规行为。包括定期对员工进行教育和培训和建立奖
惩制度来规范员工行为。
 成员或申请人如果发现部门没有完善的监管机制，那必
须 decline supervisory responsibility in writing until
adequate procedures are adopted by the firm.
 可以将Supervisor的责任委托给别人，但自己不能就此
免责。

 System for Supervision
 作为监督者，必须（1）了解制度；（2）建立并
宣传制度；（3）确保制度实施；（4）检查制度。
 作为监督者，当发现违规时，必须（1）立即评估
错误的严重性；（2）确保错误不会再犯，向相关
部门报告。（警告犯错员工立即停止错误行为或
向员工索取保证是不够的，必须通过对犯错员工
的行为进行限制保证错误行为不会重复发生）。
37
 Supervision Includes Detection
 监督者应该尽力去发现一些违背法律法规及公司
规定和道德规范的行为。监督者需要建立并执行
书面的规章条款，确保定期检查这些条款。如果
会员已经建立了完整的制度，但依然没有发现违
规行为，不算违背道德准则。
V. Investment Analysis, Recommendations,

and Actions
 V(A) Diligence and Reasonable Basis
 V(B) Communication with Clients and

Prospective Clients
 V(C) Record Retention
38
and Actions
 A. Diligence and Reasonable Basis
 Members and Candidates must:
1. Exercise diligence, independence, and
thoroughness in analyzing investments, making
investment recommendations, and taking
investment actions.
2. Have a reasonable and adequate basis,
supported by appropriate research and
investigation, for any investment analysis,
recommendation, or action.

and Actions
 A. 勤勉和合理依据
 成员和申请人必须：
1. 在做投资分析、投资建议和投资行为时保持勤
勉、独立和全面。
2. 对任何投资分析、建议和行为都有由合适的调
查研究所支持的合理和充分的依据。
39
and Actions
 Using Secondary or Third-Party Research
 分析师需要审慎地判断二手研究和第三方报告是否
可靠。
 分析师需要对数据的来源和精确性进行调查。对网
络搜集的信息，要尤其严格审核。
 如果公司有专门审核二手研究和第三方报告的机制，
那么成员和申请人在没有质疑的理由的情况下，可
以由该机制代为审核。

and Actions
 Using Quantitatively Oriented Research
 分析师应当理解量化分析中各个参数及假设。
 分析师需要了解模型的各种limitation，以及会对结果
产生巨大影响的factors，尤其是在极端情况下的表现。
 Developing Quantitatively Oriented Techniques (自己建

立数量模型)
 新模型的创建者需要比实际运用者对这些新模型在产
品发布之前进行更为仔细的检验。负责创建并检验模
型的会员需要对产品的技术有一个彻底的了解。
40
and Actions
 Selecting External Advisers and Subadvisors
 在挑选外部资产管理者时，要做尽职调查。
 Group Research and Decision Making
 If believe that the consensus opinion has a
reasonable and adequate basis and is independent
and objective, need not decline to be identified with
the report, even if it does not reflect his opinion.
 如果分析师认为团队观点独立客观，且有合理依据，
分析师可以在报告上保留自己的名字，即使分析师并
不同意团队的一致性观点。

and Actions
 B. Communication with Clients and Prospective Clients
 Members and Candidates must:
1. Disclose to clients and prospective clients the basic
format and general principles of the investment
processes they use to analyze investments, select

securities, and construct portfolios and must
promptly disclose any changes that might
materially affect those processes.
2. Disclose to clients and prospective clients
significant limitations and risks associated with the
investment process.
41
and Actions
3. Use reasonable judgment in identifying which
factors are important to their investment analyses,
recommendations, or actions and include those
factors in communications with clients and
prospective clients.
4. Distinguish between fact and opinion in the

presentation of investment analyses and
recommendations.

and Actions
 B. 与客户和潜在客户交流
 成员和申请人必须：
1. 向客户和潜在客户披露用于分析投资，选择证券以及
构建投资组合所用的基本公式和一般原理，并且必须
及时披露任何可能对这些过程产生重大影响的改变。
2. 向客户和潜在客户披露与投资过程相关的重要限制与
风险。
3. 以合理的判断确定出对投资分析、建议或行为重要的
因素，并在与客户和潜在客户的交流中包含这些因素。
4. 在做投资分析和建议的展示时将事实与观点加以区分。
42
and Actions
 Informing Clients of the Investment Process
 分析师必须向客户和潜在客户充分解释会对投资
建议产生积极和消极影响的因素，并时刻将投资
策略的变动，尤其是新发现的重大风险和限制，
向客户和其他感兴趣的群体解释。

and Actions
 Different Forms of Communication
 成员和申请人必须尽力确保用于交流的社交媒体
不会导致部分客户出现交流问题。
 Distinction between Facts and Opinions in Reports
 陈述过去是事实，畅想未来是观点。
 在运用模型时，需要区分事实和所运用的假设。
需要将模型的局限性解释清楚。
43
and Actions
 Identifying Risks and Limitations
 分析师需要告知客户在这些投资产品中所存在的
风险和局限性。包括杠杆风险、市场相关的风险，
使用复杂的金融工具产生的风险等。
 分析师需要把他们意识到的风险告知客户，如果
是一些没有意识到的风险和限制导致了损失，并
不违背Communication with Clients, 但可能违背
Diligence and Reasonable Basis。

and Actions
 Report Presentation
 分析师在做分析报告时，对于那些对报告结果起
到重要作用的信息不能省略，这样也能方便读者
阅读并且提出合理的怀疑。如果研究的方法发生
变动，则需强调说明。
44
and Actions
 C. Record Retention
 Members and Candidates must develop and
maintain appropriate records to support their
investment analyses, recommendations, actions,
and other investment-related communications
with clients and prospective clients.
 档案保留
 成员和申请人必须记录并保留适当的档案以支持他们
的投资分析、建议、行为，以及其他与客户和潜在客
户进行的投资相关的交流。

and Actions
 New Media Records
 随着科技的进步，新的社会媒体增加了记录保存
的难度。一些不用打印的资料，包括邮件，短信，
博客等也应当妥善保存。
 Local Requirements
 If no other regulatory standards or firm policies

are in place, the Standard recommends a 7-
year minimum holding period.
45
and Actions
 Records Are Property of the Firm
 分析师所写的报告是公司资产，在离职时，不可
携带在原公司所写的报告或资料，除非获得雇主
的允许。
 分析师在离职后必须重建分析档案来支撑他的投
资建议，可以使用公开信息或者从相关企业处获
得的信息，但是must not rely on memory or
materials created at her previous firm。
 VI(A) Disclosure of Conflicts
 VI(B) Priority of Transactions
 VI(C) Referral Fees

46
 A. Disclosure of Conflicts
 Members and Candidates must make full and fair

disclosure of all matters that could reasonably be
expected to impair their independence and
objectivity or interfere with respective duties to their
clients, prospective clients, and employer. Members
and Candidates must ensure that such disclosures
are prominent, are delivered in plain language, and
communicate the relevant information effectively.
 A. 冲突披露
 成员和申请人必须全面合理地披露所有可以被合理
认为会影响他们的独立性与客观性，或者会妨碍他
们履行对客户、潜在客户和雇主的义务的事情。成
员和申请人必须确保这些披露是显著的，使用通俗
易懂的语言的，并且高效的。
47
 常见的利益冲突
 Compensation structures.
 Ownership of stocks analyzed or recommended.
 Participation on outside boards.
 Market maker（做市商）.
 Investment banking VS. Research department.
 B. Priority of Transactions
 Investment transactions for clients and employers

must have priority over investment transactions in
which a Member or Candidate is the beneficial owner.
 B. 交易优先
 为客户和雇主进行的投资交易必须优先于以成员和申
请人为最终受益人的投资交易。
48
 Impact on All Accounts with Beneficial Ownership
 除了配偶以外的账户，其他亲属的付费帐户跟公
司其余账户一样对待，不能有所偏见。亲属的非
付费账户视作个人账户。
 Must be sufficient length of time in order to let

clients have opportunities to respond to your
recommendation.

 C. Referral Fees
 Members and Candidates must disclose to their
employer, clients, and prospective clients, as
appropriate, any compensation, consideration, or
benefit received from or paid to others for the

recommendation of products or services.
 C. 中介费
 成员和申请人必须向雇主、客户和潜在客户披露任何
因推荐产品和服务而获得或提供的相关费用或补偿。
49
 Guidance
 成员或申请人必须在所介绍的服务被接受前向客户
或潜在客户披露referral fee的事情。
 披露时要将referral fee的计算方式、收取方式等都
披露。
 Referral fee不仅是以现金的形式，还可以以服务、
信息等其他形式。
 如果是自己取得优异业绩而获得自己部门的奖励，
这是很正常的情况，可以不披露。
Information
VI(C) Referral fee Service Disclose
Money
50
VII. Responsibilities as a CFA Institute Member
or CFA Candidate
 VII(A) Conduct as Participants in CFA Institute Programs
 VII(B) Reference to CFA Institute, the CFA Designation,

and the CFA Program
or CFA Candidate
 A. Conduct as Participants in CFA Institute Programs
 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.

 A. 作为CFA项目参与者的行为
 成员和申请人必须避免参与任何会损害CFA协会的声
誉或正直或CFA名称或CFA项目的正直、有效性或安
全的行为。
51
or CFA Candidate
 Members must not engage in any activity that
undermines the integrity of the CFA charter:
 Giving or receiving assistance (cheating) on any
CFA Institute examinations;
 Violating the rules, regulations, and testing

policies of CFA Institute programs;
 Providing confidential program or exam

information to candidates or the public;

or CFA Candidate
 Disregarding or attempting to circumvent security
measures established for any CFA Institute
examinations;
 Improperly using an association with CFA Institute to

further personal or professional goals; and
 Misrepresenting information on the Professional

Conduct Statement or in the CFA Institute Continuing
Education Program.
52
or CFA Candidate
 Confidential Program Information
 协会成员或申请人绝对不可以泄露与考试题目、主题、
公式是否出现在考试中相关的问题。不可以泄露与考
试评分相关的内容。
 协会允许考生根据教材和讲义讨论非保密的内容。
 Expressing an Opinion
 在不泄露保密内容的情况下，协会允许成员和申请人
自由表达对协会和考试的个人观点，包括负面观点。

or CFA Candidate
 B. Reference to CFA Institute, the CFA Designation,
and the CFA Program
 When referring to CFA Institute, CFA Institute

membership, the CFA designation, or candidacy

in the CFA Program, Members and Candidates
must not misrepresent or exaggerate the meaning
or implications of membership in CFA Institute,
holding the CFA designation, or candidacy in the
CFA Program.
53
or CFA Candidate
 B. 关于CFA协会，CFA名称和CFA项目
 当引用CFA协会、CFA协会成员资格、CFA名称或
者CFA项目申请人身份时，成员和申请人不得不当
表述或扩大CFA协会成员、CFA名称或CFA项目申
请人身份的意义或含义。
Violation No Violation
任何将CFA与从业能力、业 Completion of the CFA Program has enhanced my
绩相联系的 portfolio management skills.
任何不将CFA放在姓名后却
“XXX, CFA, ……”
作为名词使用的
任何匿名使用CFA头衔的 Passed all three CFA examinations in three
（anonymous）
consecutive years.
任何未取得或已中止CFA资 As a CFA charterholder, I am committed to the
格却仍使用CFA头衔的 highest ethical standards.
The CFA designation is globally recognized and
任何宣称自己将在未来某一
attests to a charterholder’s success in a rigorous
特定时刻取得CFA某一头衔
and comprehensive study program in the field of
的
investment management and research analysis.
任何突出体现CFA头衔的其他任何陈述客观事实的
54
扫扫加入CFA金融题库扫扫获取更多考试资讯
THANKS
55

CFA Level II: Ethical and Professional Standards

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CFA Level II

Guidance for Standards

 Promote the integrity and viability of the global

Designated Officer finds a violation

Proposes a disciplinary sanction

Guidance for Standards

II. Integrity of Capital Markets

III. Duties to Clients

V. Investment Analysis, Recommendations, and Actions

VI. Conflicts of Interest

VII.Responsibilities as a CFA Institute Member or CFA Candidate

 I(A) Knowledge of Law

 I(B) Independence and Objectivity

 Members and Candidates must understand and

 Know compliance procedures.

 In the event of conflict, Members and Candidates

 Must comply with applicable laws or regulations

 Members and Candidates must not knowingly

 当发现潜在的违规行为时，首先consult the inside

independence and objectivity in their professional

 Members and Candidates must not knowingly

 Information from recognized financial and

 使用他人的工作成果(reports, forecasts, models,

 Changing other’s reports slightly without giving

 Copying proprietary without authorization.

 Work Completed for Employer

 All conduct that reflects poorly on the professional

 Lying, cheating, stealing, or any other dishonest

 Negatively affects the ability to perform

 Do not conduct the necessary due diligence.

II. Integrity of Capital Markets

 II(A) Material Nonpublic Information

 II(B) Market Manipulation

 Members and Candidates who possess material

II. Integrity of Capital Markets

 What Is “Material” Information?

 Its disclosure would impact the price of a security

information before making an investment decision.

 Reliable source:信息来源越可靠，Material 的概率

II. Integrity of Capital Markets

through an analysis of public information together

 Investment Research Reports

 Using Industry Experts

II. Integrity of Capital Markets

 Members and Candidates must not engage in

volume with the intent to mislead market participants.

 Mislead market participants（误导市场参与者）

• 扭曲价格 & 虚增交易量

 Information Based Manipulation

II. Integrity of Capital Markets

• It enters into agreements with members in which

 III(A) Loyalty, Prudence, and Care

 III(B) Fair Dealing

 III(E) Preservation of Confidentiality

III. Duties to Clients

 A. Loyalty, Prudence, and Care

 Members and Candidates have a duty of loyalty

and exercise prudent judgment. Members and

III. Duties to Clients

 雇主的薪酬体系 (incentive and compensation