CFA一级知识点总结
Ethics 部分
Objective of codes and standard：永远是为了maintain publictrust in
1. Financial market
2. Investment profession
6个code of ethics
1. Code 1—ethics and pertinent dpersons
a.
2. Code 2---primacy of client’sinterest
a. Integrity with investmentprofession
b. 客户利益高于自身利益
3. Code 3---reasonable andindependent
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 theprofession
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 inthe 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---knowledgeof law
a. 不需要成为法律专业老师，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 dissociatefrom the violation！必须从其中分离出去!
i. Remove name from the writtenreport;
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 othergroups—listed company，controlling shareholder！
b. Bias from sell side analyst
c. Buyer side client—
d. Issuer paid report---只能接受flat feefor 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
