CFA三级基础班讲义Ethics–pdf下载

CFA三级基础班讲义Ethics–pdf下载

A. Knowledge of law

Standard I :Professionalism
A. Knowledge of law
2.指南
如果你感觉(feel) 有人违法,你必须consult for advice.
如果你知道(know)有人在违法,你必须向公司里的适当人员汇报(
report);如果汇报后仍没有改进,则你必须与违法行为划清界限、
脱离关系(disassociate),同时,要进一步咨询以便进一步采取行
动。
当发现有违法行为时,CFA Institute并不要求你向政府管理机构汇
报。最后汇报与不汇报给政府机关完全取决于你个人的判断。但是,
CFA协会又说:such disclosure may be prudent in certain
circumstances.

Standard I :Professionalism
3.程序
keep up with the currently applicable laws, rule and regulations;
should be reviewed on an ongoing basis;
when in doubt, should consult;
should state 违法行为,从违法行为中脱离开来(dissociate),并建议雇
主终止违法行为;
CFA协会不要求向当地的政府机关揭露违法行为,要不要报告违法
行为取决于当地的法律和个人的判断。
A. Knowledge of law

Standard I :Professionalism
4.案例研究
在有疑问的情况下,向法律顾问咨询,如果法律顾问的意见不对,
个人并不能免责;
发现违法行为,要从违法行为及团体中脱离,并建议公司终止违法
行为
A. Knowledge of law

Guidance ─Investment Banking Relationships
Do not be pressured by sell-side firms to issue favorable
research on current or prospective investment-banking clients.
It is appropriate to have analysts work with investment
bankers in “road show” only when the conflicts are
adequately and effectively managed and disclosed.
Be sure there are effective “firewall” between
research/investment management and investment banking
activities. (研究与自营和投行之间)
指南─与投行的关系:
只有当充分披露利益冲突时,分析师可以与投行人员参加上市公司的
“路演”;
在研究部门和投行部门之间要建立“防火墙”;
不能强迫sell-side分析师做出对投行部门的客户有利的分析报告。

2.指南
Guidance─ Public Companies
Analysts should not be pressured to issue favorable
research by the companies they follow.
Do not confine research to discussions with company
management, but rather use a variety of sources, including
suppliers, customers, and competitions.
指南─与上市公司的关系
分析师不可因上市公司强迫而作出“有利”的分析及推荐;
研究报告不能仅限于与公司管理层讨论,还要与供应商、客户和竞
争者进行讨论;


 

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