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Cfa Level 1

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CFA一级知识点总结
Ethics 部分
Objective of codes and standard:永远是为了maintain public trust in
1. Financial market
2. Investment profession
6个code of ethics
1. Code 1—ethics and pertinent d persons
a.
2. Code 2---primacy of client’s interest
a. Integrity with investment profession
b. 客户利益高于自身利益
3. Code 3---reasonable and independent
a. 必须注意reasonable care
b. 必须exercise independent professional judgment---必须独立判断!
4. Code 4---ethical culture in the profession
a. 不但自己要practice, 而且要鼓励别人practice—不仅仅是自己一个人去做, 要所有人共同去做
5. Code 5---ethnical culture in the capital market!
a. 促进整个capital market的integrity,推广其相关法规---增强公众对资本市场的trust!
b. Capital market是基于
i. Fairly pricing of risky assets; ii. Investors‘ confidence
6. 有关competence—能力---competence
7个standard of professional conduct
1. Standard 1---professionalism---knowledge of law
a. 不需要成为法律专家, 但是必须understand和comply with applicable law;
b. 当两个law发生conflict,则要遵守更加严格的法律!
c. Knowingly---know or should know
d. 必须attempt to stop the violation, 如果不能stop, then must dissociate from the violation!必须从其中分离出去!
i. Remove name from the written report; ii. Ask for a different assignment
e. 并不要求向有关部门report!(do not require)
f. 向CFA 进行书面报告report--encouraged to so
2. Standard 1 ---professionalism---integrity of capital market
a. Bias from client or other groups—listed company,controlling shareholder!
b. Bias from sell side analyst
c. Buyer side client—
d. Issuer paid report---只能接受flat fee for their work
e.
3. Standard 1 ---professionalism---misinterpretation—不能误导客户, 不能剽窃其他人的研究成果
4. Standard 1 ---professionalism---misconduct---
5. Standard 2---integrity of capital market
a. 不能使用非公开信息!---material nonpublic information---
b. mosaic theory---conclusion from analysis of public and non-material nonpublic information
6. standard 3—duties to clients
a. Loyalty, prudence and care---
i. 如何定义客户?

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