CFA一级知识点总结.doc

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 Financial market Investment profession 6个code of ethics Code 1—ethics and pertinent d persons Code 2primacy of client’s interest Integrity 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competence 7个standard of professional conduct Standard 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 market Bias from client or other groups—listed company，controlling shareholder！ Bias from sell side analyst Buyer side client— Issuer paid report只能接受flat fee for their work Standard 1 professionalismmisinterpretation—不能误导客户， 不能剽窃其他人的研究成果 Standard 1 professionalismmisconduct Standard 2integrity of capital market 不能使用非公开信息！material nonpublic information mosaic theoryconclusion from analysis of public and non-material nonpublic information standard 3—duties to clients Loyalty, 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 recommendation Investment actiontakin