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1、CFA一级职业伦理习题大串讲,此PPT仅为教学使用,Topic Weightings in CFA Level I,Guidance for Standards I-VII,1.1 Standard I(A) Knowledge of the law,如果你怀疑(suspect) 有人违法，首先要咨询相关人士（如独立第三方）, 但咨询结果如果是错误的，你也不能免责; 如果你知道(know)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(supervisor or compliance department)汇报 也可以选择直面当事人 (confronting wrongdoers)
2、如果仍没有改进，则你必须与违法行为划清界限(disassociate)并且保存相关记录，甚至辞职 同时要进一步咨询以便采取进一步的行动,A central bank fines a commercial bank it supervises for not following statutory regulations regarding nonperforming loan provisions on three large loans as a result of the banks loan provisioning policy. Louis Marie Buffet, CFA, si
3、ts on the board of directors of the commercial bank as a non-executive director, representing minority shareholders. He also chairs the banks internal audit committee that determines the loan provisioning policy of the bank. Mercy Gatabaki, CFA, is the banks external auditor and follows internationa
4、l auditing standards whereby she tests the loan portfolio by randomly selecting loans to check for compliance in all aspects of central bank regulations. Which charterholder is most likely in violation of the Code and Standards? Gatabaki Buffet Both Solution: B,1.1 Standard I(A) Knowledge of the law
5、,1.2 Standard I(B) Independence and objectivity,Must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or anothers independence and objectivity Gift from client & Gift from the Corporate 最好能拒绝所有会compromise their
6、own or anothers independence and objectivity的礼物. Modest gift is OK, but as long as its purpose 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(arrangement not unusual) Gift from client可以接受, 但必须披露并获得同意，否则违反I(B)。尽量接受前披露，如果实在没法披露，也要事后披露。,Buy-side and sell-side relationshi
7、p Fund manager relationships and custodial relationship: primary and secondary fund managers Investment banking relationships Performance Measurement and Attribution Public companies Credit rating agency opinions Influence during the Manager Selection and Procurement Process Issuer-Paid research Tra
8、vel Funding Best practice: always use commercial transportation rather than accept paid travel arrangements from an outside company. Should commercial transportation be unavailable, may accept modestly arranged travel to participate in appropriate information-gathering events, such as a property tou
9、r. 社交活动也可能违反I(B)，When seeking corporate financial support for conventions, seminars, weekly society luncheons, evaluate both the actual effect on independence and whether objectivity might be perceived to be compromised in the eyes of clients.,1.2 Standard I(B) Independence and objectivity,As a sell
10、-side analyst, Bob Mao, CFAs approximately half compensation comes from his firms Investment-banking division. Bob was asked to write a report about glorious seafood for an Investment-banking client. Bob issued a very positive report on glorious seafood despite concerns about the slowdown in concret
11、e demand, When issuing his report, Bob least likely violates the CFA Institute Standard relating to: Loyalty, Prudence, and Care. Loyalty to Employer. Independence and Objectivity. Solution: B,1.2 Standard I(B) Independence and objectivity,1.3 Standard I(C) Misrepresentation,Must not knowingly make
12、any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities. Forms of misrepresentation Impact on investment practice 吹牛【资质、服务清单（all services)、产品（风险、保本型）、业绩】 重大信息遗漏(Omission) Performance reporting: 选择最合适的标杆（benchmark)，例外：对冲基金 Plagiarism 复制粘贴 Cit
13、ing: All except recognized financial and statistical reporting services, GDPCPI Citing: P/E等概念性用自己的话不需要引用 Work complete for employer 可以使用同事的报告并不加署名，但是cannot reissue under his or her name Social media: 信息同传统渠道一样，匿名发布不能虚夸资质,Elis is a portfolio manager of high net worth clients. One day, she received a
14、 material from her brokerage introducing an investment product that claimed to provide an insured income. She quickly reviewed the product and sent out the emails to all her clients. The email heading was “New fixed income product! Hot opportunity!”, And she also in-closed the products prospectus in
15、 her email. Did Elis most likely violate which of the following standards? Misrepresentation the nature of the product only Misrepresentation the nature of the product and fail to disclose the detail of the product Fail to disclose the detail of the product Solution: A,1.3 Standard I(C) Misrepresent
16、ation,Recently, Peter was terminated as one of a team of five managers of an equity fund. To reduce costs, one of two value-focused managers was terminated. However, Peter presents, with written permission of the firm, the performance history of the fund to demonstrate his past success in a letter sent to prospective employers. Paper did not violate the Code and Standards. Paper violated the Code and Standards by including the historical results of his prior employer. Paper violated the
