CFA_一级知识点完全总结.docxVIP

Chartered Financial AnalystCFA 一级考试知识点总结StanhopeCFA一级知识点总结Ethics 部分Objective of codes and standard：永远是为了maintain public trust inFinancial market Investment profession6个code of ethicsCode 1—ethics and pertinent d personsCode 2primacy of client’s interestIntegrity with investment profession客户利益高于自身利益Code 3reasonable and independent必须注意reasonable care必须exercise independent professional judgment必须独立判断！Code 4ethical culture in the profession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Code 5ethnical culture in the capital market!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！Capital market是基于Fairly pricing of risky assets；Investors‘ confidence有关competence—能力competence7个standard of professional conductStandard 1professionalismknowledge of law不需要成为法律专家， 但是必须understand和comply with applicable law；当两个law发生conflict，则要遵守更加严格的法律！Knowinglyknow or should know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!Remove name from the written report;Ask for a different assignment并不要求向有关部门report！（do not require）向CFA 进行书面报告report--encouraged to so Standard 1 professionalismintegrity of capital marketBias from client or other groups—listed company，controlling shareholder！Bias from sell side analystBuyer side client—Issuer paid report只能接受flat fee for their workStandard 1 professionalismmisinterpretation—不能误导客户， 不能剽窃其他人的研究成果Standard 1 professionalismmisconductStandard 2integrity of capital market不能使用非公开信息！material nonpublic informationmosaic theoryconclusion from analysis of public and non-material nonpublic information standard 3—duties to clientsLoyalty, prudence and care如何定义客户？ 考虑最终受益人！雇佣我们的人未必就是我们的客户， 要考虑最终受益人！Soft dollarwhen a manager uses client brokerage to purchase research report to benefit the investment manager比如， 作为基金公司，使用证券公司的席位进行交易， 肯定会支付一定的费用， 这些费用来自客户， 所以基金公司只能用这些soft dollar为客户服务！Fair dealing对所有客户要公平客观个别的客户要求， 可以征收premium的费用之后， 是可以做的！ 条件是， 其他的分析都已经公布给其他客户了More critical when changes recommendationInvestment actiontaking