CFA LEVEL1 道德部分要点整理(4)

Exercise Summary:

[1] Gifts from clients are acceptable, but must be disclosed to employers. Compensation from issuer (of securities)/ issuer-paid research is allowed as long as the analysis is thorough, independent, unbiased, and has a reasonable and adequate basis for its conclusions, and the compensation from the issuer must be disclosed.

[2] Must cite the sources of the info they use in analysis, unless the info is factual data (as

opposed to analysis or opinion) from a recognized financial or statistical reporting service. The U.S, Treasury is one example of a recognized source of factual data.

[3] Member or candidate who believes an unsolicited trade is unsuitable for the client can either decline to carry it out or ask the client to provide a statement that suitability is not a

consideration for this trade. When managing the fund to an index or stated mandate, the manager is responsible for ensuring that potential investments are consistent with the fund's mandate. Suitability for individuals would be a concern for an advisor who recommends the fund to clients, but not for the manager of the fund.

[4] Members and candidates are required to cooperate with PCP investigations into their own conduct and encouraged(not required) to cooperate with PCP investigations into the conduct of others. Any client info shared with PCP will be kept in strict confidence, for former and current clients, same treatment!

[5] Loyalty: act for the benefit of employer and not deprive the employer of their skills. Though volunteer position, receiving compensation in the form of a free car parking space, the performing work is similar to services provided by employer, still need to disclose details to employer and get written permission.

[6] Regarding duties to employers, additional compensation arrangement based on performance goals for portfolio managers is allowed, but need consent from employers

[7] Regarding supervisory duties, supervisors should enforce investment-related and non-investment related policies equally.

[8] Communication with clients should cover all positive and negative sides, or it's a violation