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1、LOS1.a: Describe the structure of the CFA Institute Professional Conduct Program and the process of the enforcement of the Code and Standards.Several circumstances prompt an inquiry:1) self-disclosure by members or candidates on annual Professional Conduct Statement of involvement in civil litigatio
2、n or a criminal investigation, or that the member or candidate is the subject of a written complaint.2) written complaints about a member or candidates professional conduct that are received by the Professional Conduct Staff.3) Evidence of misconduct by a member or candidate that the Professional Co
3、nduct staff received through public sources4) A report by a CFA exam proctor of a possible violation during the examinationOnce an inquiry begins, may 1) request (in writing) an explanation from the subject member or candidate, 3) interview the complainant or other third parties; 4) collect document
4、s and records relevant to the investigation.Possible decision of Designated Officer: 1) no disciplinary sanctions are appropriate, 2) to issue a cautionary letter 3) to discipline the member or candidate = subject member or candidate can accept or reject the sanction, if reject, the matter will be r
5、eferred to a panel of CFA institute members for a hearing. Sanctions imposed may include condemnation by the members peers or suspension of candidates continued participation in the CFA Program.LOS1.b: State the six components of the Code of Ethics and the seven standards of Professional Conduct.Cod
6、e of Ethics1) Act with integrity, competence, diligence, 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.2) Place the integrity of the investment profe
7、ssion and the interests of clients above their own interests.3) Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities4) Practice and encourage
8、 others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.5) Promote the integrity of, and uphold the rules governing capital markets6) Maintain and improve their professional competence and strive to maintain and improve the competence of oth
9、er investment professionals. The Standards of Professional Conduct1) Professionalism2) Integrity of Capital Markets3) Duties to Clients4) Duties to Employers5) Investment Analysis, Recommendations, and Actions 6) Conflicts of Interest7) Responsibilities as a CFA Institute Member of CFA candidateLOS1
10、. c: Explain the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.Professionalism:1) knowledge of the Law: Conflict? = comply with the more strict law2) independence and objectivity: use reasonable care and exercise independent professional jud
11、gment, no offer, solicit, accept any gift, benefit, compensation or consideration3) misrepresentation4) misconduct (dishonesty, fraud, deceit, commit )Integrity of capital markets1) Material Nonpublic Information2) Market Manipulation: distort prices or artificially inflate trading volume with the i
12、ntent to mislead market participants.Duties to clients1) Loyalty, prudence, and care.2) Fair dealing3) Suitability: i) advisory: 1inquiry into clients investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment actio
13、n and must reassess and update this info regularly. 2 determine the suitability of investment to clients financial situation and consistent with written objectives, mandates, and constraints 3 judge the suitability of investment in the context of clients total portfolio. ii) managing portfolio to a
14、specific mandate, strategy, or style 4) Performance presentation: investment performance info must be fair, accurate and complete5) Preservation of Confidentiality unless: illegal activities on the part of client; disclosure is required by law; or client permits disclosure.Duties to employers 1) Loy
15、alty 2) Additional compensation arrangements (gifts, benefits, compensation, or consideration that competes with employer3) Responsibilities of supervisorsInvestment analysis, recommendations, and actions1) diligence and reasonable basis (e.g. research)2) communication with clients and prospective c
16、lients: disclosure to clients the basic format and general principles of investment processes; identification of important factors for investment analyses; distinguish between fact and opinion in the presentation of investment analysis and recommendations3) Record retentionConflicts of interest1) disclosure of conflicts2) Priority of Transactions3) Referral feesResponsibilities as a CFA institute member or candidate1) Conduct as members & candidates in the CFA p
