CFA Ethics第十一版Handbook改变总结——各级别适用

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前言：2015年CFA一级二级三级考纲里有一个重大改变，就是ethics的参考书由第10版handbook改为第11版handbook。由于handbook内容很多，不熟悉ethics的同学会对第11版到底有何改变摸不着头脑，而ethics的部分对CFA一二三级都很重要，所以我把考纲的变化全部总结了一遍，把变化部分的主要内容以及主要理解共享给大家，希望能够对准备考试有所帮助。——By 资深CFA培训师Code：Oldromote the integrity of and uphold the rules governing capital markets.
Newromote the integrity and viability of the global capital markets for the ultimate benefit of society.

点评：code一共有六大条，第十一版只改变了这一条。新的内容里面强调了CFA会员应该promote viability of the global capital market。

因为随着信息技术的发展，金融市场的发展越来越迅速，以前的内容里要求会员必须要维护资本市场的rules，但是有可能因为这些rules太过于僵化反而不适合现在资本市场的发展了。资本市场最终的发展是要对社会有利对投资者有利，所以要求会员要促进资本市场的与时俱进，不能僵化，资本市场的规则也应该本着最终对投资者有利的原则随着社会的进步而改革。

Standard：

每一条standard都有content、guidance、recommended procedures、example四个方面的内容。

1.content的改变代表这一个条款发生了重大的本质性的改变，其中有三条发生了content的改变：IV(C), V(B), VII(A)；

2.guidance的改变主要体现在在原有内容上的补充。所有条款的guidance的改变，最主要的两个方面体现在：social media platform（比如Facebook、twitter）和financial modeling所带来的影响，因为这两个方面是金融市场近几年非常突出的特点，一个是出现在社交媒体平台上的信息越来越多，很多人都可以在自己的社交媒体平台上发表看法给投资者和客户看，另一个是所用的金融模型越来越复杂；

3.example的改变主要是为了配合guidance的补充，增加了很多案例，当然也删减了几个案例，但是主要是主题重复的案例删减了，所以内容上和难度上都没有降低。（很多增加的案例主要是social media带来的影响，以及，今年的ethics当中强调了一个以前没有提到的职业：performance analyst，主要是基金公司中，做performance evaluation和performance attribution的，也就是核算基金的业绩表现，看基金的业绩当中有多少是基金经理的功劳）。由于CFA考试主要是以案例形式进行考察，新增的Example需要大家自己去阅读，具体的理解我们会在课程中详细介绍。

下面从每一个条款来看主要变化：

Standard I(A) Knowledge of the Law

案例的改变：新增Example 8 (Failure to Maintain Knowledge of the Law)

强调：如果你要在social media上发布信息，相关法律法规也要遵循，如果你不熟悉，可以咨询。

Standard I(B) Independence and ObjectivityGuidance的改变：增加了两条：

1.Performance Measurement and Attribution

Performance measurement部门的独立客观性也会受到威胁，主要是发生在基金公司和投资公司，基金经理为了拿绩效奖金或者让自己符合公司规定，可能会影响到performance analyst的独立客观性

2.Influence during the Manager Selection/Procurement Process

会员可能会作为pension fund或者endowment的代表去帮助他们寻找投资经理，你在寻找投资经理的时候应该客观独立，不能接受别人的贿赂；也可能会作为pension和endowment的被雇用对象，如果你贿赂别人，同样违反这一条。

这一条的提出是因为美国政坛出现“pay to play”的丑闻。

案例的改变：新增example 13、14、15、16Standard I(C) Misrepresentation

Guidance的改变：增加了三条

1.Performance Reporting

Performance benchmark selection：选的benchmark不对可能会错误陈述自己的业绩。

Members and candidates may misrepresent the success of their performance record through presenting benchmarks that are not comparable to their strategies.

Standard I(C) do not require that a benchmark always be provided in order to comply.

Disclose the reasons behind the use of this reference index to avoid misrepresentations of their performance.

Members and candidates should discuss with clients on a continuous basis the appropriate benchmark to be used for performance evaluations and related fee calculations.

Reporting misrepresentations：valuations for illiquid or non-traded securities

2.Social Media

在社交媒体上也不能misrepresentation，特别很多情况下都是匿名的。

3.Omissions

The omission of a fact or outcome can be misleading, especially given the growing use of models and technical analysis processes.

The outcomes from models shall not be presented as fact because they represent the expected results

Members and candidates should encourage their firms to develop strict policies for composite development to prevent cherry picking—situations in which selected accounts are presented as representative of the firm’s abilities.

案例的改变：新增example 14、15、16；删掉了原example 1.

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Standard I(D) Misconduct没有改变。Standard II(A) Material Nonpublic Information
Guidance的改变：增加了两条

1.Social Media
利用社交媒体平台发布信息和获得信息的话，也要遵守II(A)，确保不是内幕信息，是公开信息。

2.Using Industry Experts
Members and candidates are ultimately responsible for ensuring that they are not requesting or acting on confidential information received from external experts.
案例的改变：新增example 9、10、11、12；删掉了原example 2、4、5、11、12.

Standard II(B) Market Manipulation
案例的改变：新增example 9；修改了原example 2、5，但是总体案例含义是一样的。
Standard III(A) Loyalty, Prudence, and Care
Guidance的改变：增加了一条
Understanding the Application of Loyalty, Prudence, and Care
并不是所有的岗位和职业都要求你有fiduciary的责任，所以协会强调：The responsibilities of members and candidates for fulfilling their obligations under this standard depend greatly on the nature of their professional responsibilities and the relationships they have with clients.

但是不管是不是资产管理的岗位，所有的从业人员都必须要以客户利益为先。

两个特别提出的岗位：


1)Trade execution：a trade execution professional must prudently work in the client’s interest when completing requested trades. Acting in the client’s best interest requires these professionals to use their skills and diligence to execute trades in the most favor- able terms.

2)Blended environment where they execute client trades and offer advice on a limited set of investment options.


The extent of the advisory arrangement and limitations should be outlined in the agreement with the client at the outset of the relationship. For instance, members and candidates should inform clients that the advice provided will be limited to the propriety products of the firm and not include other products available on the market.

Recommend the allowable products that are consistent with the client’s objectives and risk tolerances.

案例的改变：新增example 10、11.


Standard III(B) Fair Dealing
案例的改变：新增example 8、9、10.
Standard III(C) SuitabilityGuidance的改变：增加了一条
Addressing Unsolicited Trading Requests
客户要求的trading request和IPS不一致，那么这种trading肯定不是我建议客户做的，这种trading request就是unsolicited。

原则：the member or candidate should refrain from making the trade until he or she discusses the concerns with the client.

Standard III(D) Performance Presentation
案例的改变：新增example 6、7、8.
Standard III(E) Preservation of ConfidentialityRecommended Procedures for Compliance：增加一个额外的要求
Communicating with Clients
Technological changes are constantly enhancing the methods that are used to communicate with clients and prospective clients. Members and candidates should make reasonable efforts to ensure that firm-supported communication methods and compliance procedures follow practices designed for preventing accidental distribution of confidential information.

案例的改变：新增example 5.Standard IV(A) Loyalty
Guidance的改变：增加了一条
Use of Social Media
Members and candidates should understand and abide by all applicable firm policies and regulations as to the acceptable use of social media platforms to interact with clients and prospective clients. This is especially important when a member or candidate is planning to leave an employer.

Social media connections with clients are also raising questions concerning the differences between public information and firm property.

Such firm-approved business-related accounts would be considered part of the firm’s assets, thus requiring members and candidates to transfer or delete the accounts as directed by their firm’s policies and procedures. Best practice for members and candidates is to maintain separate accounts for their personal and professional social media activities.

案例的改变：新增example 14、15.
Standard IV(B) Additional Compensation Arrangements没有改变。Standard IV(C) Responsibilities of Supervisors
Content的改变：Members and Candidates must make reasonable efforts to ensure that any- one subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.
点评：强调了不仅要预防和检查下属是否犯错，更重要的是要尽最大可能促使他们遵守规定，这个才是最终目的。
Guidance的改变：
点评：全部重新修订。但是只是很多表述换了一下说法，本质含义变化不大。在guidance里面增加了两点要求。
To be effective supervisors, members and candidates should implement education and training programs on a recurring or regular basis for employees under their supervision.

Further, establishing incentives—monetary or otherwise—for employees not only to meet business goals but also to reward ethical behavior offers supervisors another way to assist employees in complying with their legal and ethical obligations.

相应的，在recommended procedure里也增加了这两点，由于是重复的地方，这里就不再列出，大家只需要记一处即可。
案例的改变：新增example 8、9.
Standard V(A) Diligence and Reasonable Basis
Guidance的改变：修订了两条，原先只有一条“Quantitatively Oriented Research”，现在变成两条“Using Quantitatively Oriented Research”和“Developing Quantitatively Oriented Techniques”。
1.Using Quantitatively Oriented Research
Although they are not required to become experts in every technical aspect of the models, they must understand the assumptions and limitations inherent in any model and how the results were used in the decision-making process.

Members and candidates should make reasonable efforts to test the output of investment models and other pre-programed analytical tools they use, include extremely positive and negative scenarios.

2.Developing Quantitatively Oriented Techniques
Individuals who create new quantitative models and services must exhibit a higher level of diligence.
Must understand the technical aspects of the products they provide to clients.

A thorough testing of the model and resulting analysis should be completed prior to product distribution.

Members and candidates need to consider the source and time horizon of the data used as inputs in financial models.

In reviewing the computer models or the resulting output, members and candidates need to pay particular attention to the assumptions used in the analysis and the rigor of the analysis to ensure that the model incorporates a wide range of possible input expectations, including negative market events.

案例的改变：新增example 13、14、15、16、17.
Standard V(B) Communication with Clients and Prospective Clients
Content的改变：新增“Disclose to clients and prospective clients significant limitations and risks associated with the investment process. ”
点评：主要是由于金融市场的复杂性和现在模型的复杂性。
Guidance的改变：
1.修订了一条：Identifying Risk and Limitations
Members and candidates must adequately disclose the general market-related risks and the risks associated with the use of complex financial instruments that are deemed significant. Other types of risks that members and candidates may consider disclosing include, but are not limited to, counterparty risk, country risk, sector or industry risk, security-specific risk, and credit risk.

Investment securities and vehicles may have limiting factors that influence a client’s or potential client’s investment decision. Examples of such factors and attributes include, but are not limited to, investment liquidity and capacity.

The appropriateness of risk disclosure should be assessed on the basis of what was known at the time the investment action was taken (often called an ex ante basis). Members and candidates must disclose significant risks known to them at the time of the disclosure. Having no knowledge of a risk or limitation that subsequently triggers a loss may reveal a deficiency in the diligence and reasonable basis of the research of the member or candidate but may not reveal a breach of Standard V(B).

2.新增了一条：Report Presentation
Once the analytical process has been completed, the member or candidate who prepares the report must include those elements that are important to the analysis and conclusions of the report so that the reader can follow and challenge the report’s reasoning.

If changes in methodology are made, they should be highlighted.

案例的改变：新增example 11、12、13、14.
Standard V(C) Record Retention
Guidance的改变：增加了一条
New Media Records
没有什么本质的增加，这一条只是为了与时俱进，强调The nature or format of the information does not remove a member’s or candidate’s responsibility to maintain a record of information used in his or her analysis or communicated to clients.
Standard VI(A) Disclosure of Conflicts
案例的改变：新增example 12.
Standard VI(B) Priority of Transactions
没有改变。
Standard VI(C) Referral Fees
案例的改变：删了原example 4.
Standard VII(A) Conduct as Participants in CFA Institute Programs
Content的改变：Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs.
点评：以前的准则里面主要强调了要确保在CFA考试当中不能违反考场纪律，而现在的准则更多的强调应该确保对整个CFA institute program的诚实，因为CFA协会当中不仅有CFA考试，还有其他证书。不过这只是说法的改变，从后面的案例来看（案例没有任何新增），针对考试来讲，考察的重点没有什么影响。
Guidance的改变：没有本质性改变，很多原来描述中的CFA examination都变成了CFA institution program。
案例的改变：删了原example 7.
Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program
案例的改变：新增example 7.

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