接下来，小编就带着大家去看道德的先进个准则的guidance和example，记得看完后再去找几道题目练习哦~如果有用，告知小编，小编继续完成接下的21个，如果没用的话，小编再换新主题~

　　STANDARD I:PROFESSIONALISM

 

　　Standard I(A)Knowledge of the Law

 

　　ØMembers and Candidates must understand and comply with all applicable laws,rules,and regulations(including the CFA Institute Code of Ethics and Standards of Professional Conduct)of any government,regulatory organization,licensing agency,or professional association governing their professional activities.

 

　　会员和考生必须了解并且遵守与工作相关的法规，规则及准则。

 

　　ØIn the event of conflict,Members and Candidates must comply with the more strict law,rule,or regulation.

 

　　如果法规等之间有冲突，应该遵守更严格的

 

　　ØMembers and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws,rules,or regulation.

 

　　会员和考试不能参与或支持并且需要远离违反法律，法规及准则的行为

 

　　Guidance（重要，非常重要，十分重要！！！）：

 

　　ØRelationship between the Code and Standards and Applicable Law

 

　　会员和考试必须遵守更严格的applicable law

 

　　Applicable law是任何能限制管理考生和会员的法律、法规和准则

 

　　考生和会员不能做违反道德准则的事情，即使是合法的，也不可

 

　　ØParticipation in or Association with Violations by others

 

　　如果发现别人违反法规，公司制度或道德准则：

 

　　首先跟违反的人进行对峙劝说其改正；

 

　　然后报告给上司或者合规部；

 

　　必须跟违法和不道德的事情撇清关系；

 

　　在极端的情况，如果不容易撇清关系，需要选择辞职。

 

　　在发现别人违反法规或公司制度时，不作为是不行的；

 

　　鼓励但是不强制把违反行为报告给CFA协会；

 

　　同时CFA考生和会员不必将违反行为报告给政府专业机构；

 

　　遇到这种情况，可咨询专家，但是一定要确保专家具备独立性。

 

　　ØInvestment Products and Applicable Laws

 

　　当涉及到投资产品时，需要确保开发、销售的投资产品符合当地的法律法规，在跨境交易时，需要做尽职调查，确保遵守各国法律

 

　　Example 1(Notification of Known Violations):

 

　　Michael Allen works for a brokerage firm and is responsible for an underwriting of securities.A company official gives Allen information indicating that the financial statements Allen filed with the regulator overstate the issuer’s earnings.Allen seeks the advice of the brokerage firm’s general counsel,who states that it would be difficult for the regulator to prove that Allen has been involved in any wrongdoing.

 

　　这个Example主要是关于如何识别违反knowledge of the law的行为。Michael Allen在一个负责承销证券的经纪公司（在国外负责承销证券的一般是投行；在国内是券商，就是中信证券那种，还有一些商业银行的投资银行部也会做一些债券承销工作）工作。一个公司职员反馈给Allen一些信息表明Allen递交给监管机构的一个财报高估了发行商的earnings。Allen找到他们公司的法律顾问寻求建议，法律顾问表示监管机构很难证明Allen有不当行为。Allen的行为违反了Knowledge of the law了吗？违反了吗？违反了吗？

 

　　Comment:Although it is recommended that members and candidates seek the

 

　　advice of legal counsel,the reliance on such advice does not absolve a member or candidate from the requirement to comply with the law or regulation.Allen should report this situation to his supervisor,seek an independent legal opinion,and determine whether the regulator should be notified of the error.

 

　　哈哈，答案当然是违反啦，Allen找的是自己公司的法律顾问寻求建议，我们guidance中的Participation in or Association with Violations by others表明，可咨询专家，但是一定要确保专家具备独立性，公司内部的法律顾问意见不具备独立性，所以Allen的行为不合适

 

　　Example 2(Dissociating from a Violation):

 

　　Lawrence Brown’s employer,an investment banking firm,is the principal underwriter for an issue of convertible debentures by the Courtney Company.Brown discovers that the Courtney Company has concealed severe third-quarter losses in its foreign operations.The preliminary prospectus has already been distributed.

 

　　这个Example主要是关于发现了别人违反了法律和道德准则，需要怎么处理的问题。Lawrence Brown的雇主是一家投资银行，他负责Courtney Company公司convertible debentures（可转债券，是一种可以转换为所购买公司股票的债券，相当于是债券+option）较初承销。Brown发现Courtney Company隐藏了一个海外投资的四分之三的亏损额。初步募股书已经完成。Brown应该怎么做呢？

 

　　Comment:Knowing that the preliminary prospectus is misleading,Brown should

 

　　report his findings to the appropriate supervisory persons in his firm.If the matter

 

　　is not remedied and Brown’s employer does not dissociate from the underwriting,Brown should sever all his connections with the underwriting.Brown should also seek legal advice to determine whether additional reporting or other action should be taken.

 

　　Brown发现了初步募股书是带有误导性的，应该按照guidance中Participation in or Association with Violations by others中规定的，需要把发现报告中的错误告诉合适的监管人(包括合规部等）；如果依旧没有纠正这一错误并且他的公司没有跟Courtney Company的承销撇清关系，则他自己需要完全撇清关系，并且可以咨询法律专家是否需要做进一步的动作行为

 

　　Example 3(Dissociating from a Violation):

 

　　Kamisha Washington’s firm advertises its past performance record by showing the 10-year return of a composite of its client accounts.Washington discovers,however,that the composite omits the performance of accounts that have left the firm during the 10-year period,whereas the description of the composite indicates the inclusion of all firm accounts.This omission has led to an inflated performance figure.Washington is asked to use promotional material that includes the erroneous performance number when soliciting business for the firm.

 

　　这个Example同样是关于发现了别人违反了法律和道德准则，需要怎么处理的问题。Kamisha Washington的公司通过展示其客户们10年账户的表现宣传其公司的过往业绩表现。Washington发现，宣传描述过往表现包括了所有客户账户然而实际上遗漏了这十年间离开了其公司的客户的账户业绩表现。这一遗漏导致了业绩表现被夸大。Washington被要求用粉饰了的包含错误表现的数值的材料去招揽客户。Washington应该怎么做呢？

 

　　Comment:Misrepresenting performance is a violation of the Code and Standards.Although she did not calculate the performance herself,Washington would be assisting in violating Standard I(A)if she were to use the inflated performance number when soliciting clients.She must dissociate herself from the activity.If discussing the misleading number with the person responsible is not an option for correcting the problem,she can bring the situation to the attention of her supervisor or the compliance department at her firm.If her firm is unwilling to recalculate performance,she must refrain from using the misleading promotional material and should notify the firm of her reasons.If the firm insists that she use the material,she should consider whether her obligation to dissociate from the activity requires her to seek other employment.

 

　　在之后的misrepresentation（误导性和错误性陈述）中，会详细讲到，在做投资业绩报告时，披露的业绩要准确且完善，被清盘的账户的业绩应该要披露在历史业绩中。所以Washington所在的公司用夸大了的业绩表现招揽客户违反了道德准则，她应该撇清自己跟这一行为的关系。首先跟违反的人进行对峙劝说其改正；如果不改正的话，需要报告给上司或者合规部；如果公司不愿意重新计算业绩；她应该避免使用这些粉饰过得材料并且告知公司原因，如果公司坚持使用这些材料，她需要考虑是否要辞职

 

　　Example 4(Following the Highest Requirements):

 

　　James Collins is an investment analyst for a major Wall Street brokerage firm.He works in a developing country with a rapidly modernizing economy and a growing capital market.Local securities laws are minimal—in form and content—and include no punitive prohibitions against insider trading.

 

　　这个Example是关于应该遵守较严格的法规的问题。James Collins是华尔街主要的一家经纪公司的投资分析师。他工作于一个快速实现经济现代化并且资本快速增长的的发展中国家。当地的证券法律在形式和内容都不完善，对内幕交易没有惩罚性禁令。那么James可以做内幕交易吗？

 

　　Comment:Collins must abide by the requirements of the Code and Standards,

 

　　which might be more strict than the rules of the developing country.He should be

 

　　aware of the risks that a small market and the absence of a fairly regulated flow of information to the market represent to his ability to obtain information and make timely judgments.He should include this factor in formulating his advice to clients.In handling material nonpublic information that accidentally comes into his

 

　　possession,he must follow Standard II(A)–Material Nonpublic Information.

 

　　虽然当地的法律对内幕交易没有限制，然而CFA的道德准则中Standard II(A)–Material Nonpublic Information规定不能利用和促使他人利用重大非公开信息做内幕交易。James工作所在地法律没有道德准则严格，应该遵守更严格的道德准则，所以也不能做内幕交易。其实这些Example都不太严谨，应该先表明James是CFA考生或者持证人

 

　　Example 5(Following the Highest Requirements):

 

　　Laura Jameson works for a multinational investment adviser based in the United States.Jameson lives and works as a registered investment adviser in the tiny,but wealthy,island nation of Karramba.Karramba’s securities laws state that no investment adviser registered and working in that country can participate in initial public offerings(IPOs)for the adviser’s personal account.Jameson,believing that,as a US citizen working for a US-based company,she should comply only with US law,has ignored this Karrambian law.In addition,Jameson believes that as a charterholder,as long as she adheres to the Code and Standards requirement that she disclose her participation in any IPO to her employer and clients when such ownership creates a conflict of interest,she is meeting the highest ethical requirements.

 

　　这个Example同样是关于应该遵守较严格的法规的问题，Laura Jameson是一位供职于总部在美国的跨国公司的投资顾问，Jameson居住并且作为注册投资顾问工作在一个很小但很富饶的Karramba的一个岛国。Karramba的证券法规定工作于它们的投资顾问不能够参与IPO发行的股票购买。Jameson坚信他作为美国人同时供职于美国的公司，只需要遵守美国法律，可以忽视Karramba的法律。另外，Jameson相信作为一个CFA持证人，一旦遵守道德准则的要求披露了他参与IPO的行为给他的雇主和有利益冲突的客户，他便遵守了较严格的法规。Jameson的观点正确吗，违反了道德准则吗？

 

　　Comment:Jameson is in violation of Standard I(A).As a registered investment

 

　　adviser in Karramba,Jameson is prevented by Karrambian securities law from

 

　　participating in IPOs regardless of the law of her home country.In addition,

 

　　because the law of the country where she is working is stricter than the Code and

 

　　Standards,she must follow the stricter requirements of the local law rather than the requirements of the Code and Standards.

 

　　Jameson违法了Standard I(A)Knowledge of the Law.道德准则规定，需要遵守较严格的法规，法规包括道德准则，工作所在地，公司所在地等；所以他需要遵守较严格的Karramba的法规，不能参与IPO的购买

 

　　Example 6(Laws and Regulations Based on Religious Tenets):

 

　　Amanda Janney is employed as a fixed-income portfolio manager for a large international firm.She is on a team within her firm that is responsible for creating and managing a fixed-income hedge fund to be sold throughout the firm’s distribution centers to high-net-worth clients.Her firm receives expressions of interest from potential clients from the Middle East who are seeking investments that comply with Islamic law.The marketing and promotional materials for the fixed-income hedge fund do not specify whether or not the fund is a suitable investment for an investor seeking compliance with Islamic law.Because the fund is being distributed globally,Janney is concerned about the reputation of the fund and the firm and believes disclosure of whether or not the fund complies with Islamic law could help minimize potential mistakes with placing this investment.

 

　　这个Example是关于基于宗教教义的法律法规的问题。Amanda Janney是一位固定收益投资组合经理供职于一家大型国际公司。他是公司一个负责创建和管理固定收益对冲基金的团队的一员，这个基金通过公司的分销中心卖给高净值客户。她的公司收到中东地区一个潜在客户的投资意向是想要投资符合伊斯兰法律的产品。市场营销和宣传材料都没有显示这一固收对冲基金是否符合伊斯兰教法律。因为这一对冲基金会被分销到全世界，Janney考虑到为了基金和公司的声誉，披露这一基金是否符合伊斯兰教法可以使投资的潜在错误较小化。是否应该披露呢？

 

　　Comment:As the financial market continues to become globalized,members and candidates will need to be aware of the differences between cultural and religious laws and requirements as well as the different governmental laws and regulations.Janney and the firm could be proactive in their efforts to acknowledge areas where the new fund may not be suitable for clients.

 

　　随着投资市场的全球化，会员和考生需要一是到各地风俗，文化，宗教和法律的差异。Janney和她的公司应该积极主动的尽自己的努力了解告知那些新基金不适用的地区的客户

 

　　Example 7(Reporting Potential Unethical Actions):

 

　　Krista Blume is a junior portfolio manager for high-net-worth portfolios at a large global investment manager.She observes a number of new portfolios and relationships coming from a country in Europe where the firm did not have previous business and is told that a broker in that country is responsible for this new business.At a meeting on allocation of research resources to third-party research firms,Blume notes that this broker has been added to the list and is allocated payments for research.However,she knows the portfolios do not invest in securities in the broker’s country,and she has not seen any research come from this broker.Blume asks her supervisor about the name being on the list and is told that someone in marketing is receiving the research and that the name being on the list is OK.She believes that what may be going on is that the broker is being paid for new business through the inappropriate research payments,and she wishes to dissociate from the misconduct.

 

　　这一Example涉及如何报告潜在的非道德的行为。Krista Blume是一位服务于一个大型世界投资公司的高净值组合的初级投资组合经理。她观察到一个来自欧洲的和他们曾经没有合作关系的公司建立了新的合作关系和几个新的投资组合，并且由一位在他们国家的证券经纪人会负责接下来的合作。在分配研究员资源到第三方研究公司的会议上，Blume注意到这位证券经纪人已经被支付了研究费用。然而，她知道并没有投资组合投资在这一经纪人所在区域的证券，并且这个经纪人没有做任何研究。Blume询问主管上司客户还未收到研究报告却支付了研究费用是否可以。她相信这笔研究前收到的支付是不合适的，她希望撇清跟这一不当行为的关系。她到底应该怎么做呢？

 

　　Comment:Blume should follow the firm’s policies and procedures for reporting

 

　　potential unethical activity,which may include discussions with her supervisor or

 

　　someone in a designated compliance department.She should communicate her

 

　　concerns appropriately while advocating for disclosure between the new broker

 

　　relationship and the research payments.

 

　　Blume应该按照公司的规定上报这一潜在的不到的行为给他的主管上司和合规部门。并且与他们讨论对于新的经纪关系和研究费用合理的披露处理方法

 

　　Example 8(Failure to Maintain Knowledge of the Law):

 

　　Colleen White is excited to use new technology to communicate with clients and potential clients.She recently began posting investment information,including performance reports and investment opinions and recommendations,to her Facebook page.In addition,she sends out brief announcements,opinions,and thoughts via her Twitter account(for example,“Prospects for future growth of XYZ company look good!#makingmoney4U”).Prior to White’s use of these social media platforms,the local regulator had issued new requirements and guidance governing online electronic communication.White’s communications appear to conflict with the recent regulatory announcements.

 

　　这一Example是关于没有持续更新相关法律法规知识的问题。Colleen White喜欢使用新技术跟客户和潜在客户进行交流。近期，她开始在她的Facebook发表投资信息，包括投资表现报告，投资意见和相关推荐。另外，她通过她的Twitter账户向外发送简短的宣告，投资意见等（例如，XYZ工资未来发展不错，为你赚钱）。在White使用社交平台之前，当地监管部门发表了新的关于网上交流的新要求和引导的公告。White的行为和这一新公告有了冲突。White是否违反了道德准则呢？

 

　　Comment:White is in violation of Standard I(A)because her communications do

 

　　not comply with the existing guidance and regulation governing use of social

 

　　media.White must be aware of the evolving legal requirements pertaining to new

 

　　and dynamic areas of the financial services industry that are applicable to her.She should seek guidance from appropriate,knowledgeable,and reliable sources,such as her firm’s compliance department,external service providers,or outside counsel,unless she diligently follows legal and regulatory trends affecting her professional Responsibilities.

 

　　White违反了Standard I(A)Knowledge of the Law，在使用社交媒体是，应该遵守当地的法律法规。White需要定期更新她关于相关法律法规的知识。看完CFA道德部分，再来了解下CFA相关备考资料吧→>>点击领取CFA免费资料大礼包　

来源|金融先进考   若需引用或转载,请联系原作者,感谢作者的付出和努力!

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