CFA Lv2 道德

CFA 2级道德思维导图习题，包含I. Professionalism、II. Integrigy of Capital Markets、III. Duties to Clients、IV. Duties to Employers。

CFA Lv2 道德

• I. Professionalism
  • A. Knowledge of the law
    • 知法
      • 工作相关
      • 无需法律专家
    • 守法
      • 更严格
        • 多国法律+Code
    • 发现违规
      • 报告->回避->可能辞职
        • 报告给上级和合规
      • Inaction
    • 报告给监管机构、CFA
      • 非必须
  • B. Independence and objectivity
    • 威逼利诱
      • 威逼
        • Buy side manager -> sell side analysis
        • IBD -> research
          • firewall
          • restricted list
            • 只陈述事实，不发表观点
        • External manager
      • 利诱
        • Gifts
          • 影响独立客观性
          • 不影响独立客观性
            • modest
          • 客户送礼
            • 事前向雇主披露
        • Issuer-paid research
          • flat fee
          • 披露
        • Travel funding
          • 雇主或者自己付费
          • remote
            • 可接受，要披露
    • 例题
      • While in her home office Duffy prepares for a video call with Lucy Tilton, CFA. Duffy met Tilton while attending a CFA-sponsored conference. Tilton is a portfolio manager specializing in alternative investments, specifically the use of futures and options to mitigate risk for accounts that allow the use of alternative investments. Duffy is particularly interested in adding someone with this expertise as it is not her strength. Tilton is very interest in working with Duffy, but she feels Victory has not reached an asset management level to support the compensation she requires. They decide on a mutually beneficial arrangement in which Tilton will create a report for Duffy’s use with daily commentary about how she is navigating the market for her firm and their clients. Tilton relishes the idea of working for a smaller firm and hopes to join Duffy in the near future. Which CFA Institute Code of Ethics and Standards of Professional Conduct has Tilton most likely violated? A. Standard IV(A), Loyalty B. Standard I(B), Independence and Objectivity C. Both Standard IV(A), Loyalty, and Standard I(B), Independence and Objectivity
        • C is correct. Tilton has violated both Standard IV(A), Loyalty, and Standard I(B), Independence and Objectivity. She has violated Standard IV(A), Loyalty, by agreeing to a mutually beneficial arrangement to provide Duffy with a daily commentary about how she is navigating the market for her clients and the firm with the idea that she will be able to join the firm at some later date and become a potential equity owner. Standards IV(A) states that in matters related to their employment, CFA Institute members and CFA candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer. Her agreement with Duffy conflicts with the requirements of Standard IV. She is not acting for the sole benefit of her employer, and although she has not deprived them of the advantage of her skills and abilities, she is causing them harm by giving the information she uses in making her decision to another firm. She is also in violation of Standard I(B), Independence and Objectivity, which states that CFA Institute members and CFA candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another’s independence and objectivity. She is offering her current employer’s proprietary commentary in the idea that she will be able to join DalTex and become an equity owner. Tilton has most likely violated other CFA Institute Code of Ethics and Standards of Professional Conduct, including but into limited to Standard III, Duties to Clients.
          • 这里关键的点是，题目没说现在的雇主知道并且接受，所以就是默认不知道，所以既违反了独立客观性，又违反了对雇主的忠诚。
    • 例题
      • In preparation for job interviews, Cadler reaches out to Voeltz's clients, former colleagues, and vendors to ask if they would write her a letter of recommendation. She makes the following requests to: Abby: "Each year, you have given my team lots of kudos for our investment research and investment recommendations. I'm wondering if you wouldn't mind writing a letter of recommendation for me. I can give you the details of my role as team leader so you can include them." Robert: "Since we both find ourselves looking for a job, how about we provide letters of recommendation for each other? I can provide some key points I would like for you to highlight, and you're welcome to provide points for me to include in my recommendation of you." Fredrica: "When I get a new position, I'd love to recommend your services, as I appreciate the independent economic research reports you provided to my team. In the meantime, could you please write me a recommendation that mentions what great equity research reports my team provided to our clients?" Which of Cadler's recommendation requests most likely complies with Standard I(B): Independence and Objectivity now and/or in the future?Her request to: A. Abby B. Robert C. Fredrica
        • A is correct A. Correct. Cadler's request to Abby most likely complies with Standard I(B): Independence and Objectivity. Standard I(B) requires Members and Candidates to use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objectivity. Abby is a client of Voeltz and would not have any potential conflict of interest that would jeopardize her independence or objectivity by writing a recommendation explaining the relationship and/or Cadler's role as team leader. B. Incorrect. Cadler's request to Robert is most likely a violation of Standard I(B). The fact that Robert is a former colleague implies that he and Cadler would not be objective or independent when writing their recommendations. They both have something to gain if each writes a favorable recommendation for the other. C. Incorrect. Cadler's request to Fredrica is most likely a violation of Standard I(B). Cadler implies she will recommend Fredrica’s services to her next employee if Fredrica gives a favorable recommendation to Cadler. This could possibly remove Cadler's independence when making a recommendation to her future employer when hiring independent research providers. In addition, Fredrica, a provider of economic research, likely would not have seen Cadler's equity research reports for clients unless she was a client herself. So, to write a recommendation without having firsthand knowledge would be unethical for Fredrica, and acting without integrity would cause Cadler to violate Standard I(A): Knowledge of the Law.
          • 要注意，B和C都是利诱互惠。A没有看到直接的潜在利益冲突。
  • C. Mispresentation
    • 错误陈述
      • 资质
      • 服务范围
      • 第三方信息
        • 要验证
      • 外部基金经理
    • 业绩报告
      • 准确，完整
      • 保证unpredictable returns
      • cherry-picking
      • 合适的benchmark
      • shopping for values
        • 可以估值，但是不能人为选择最好的估值
    • 隐瞒、遗漏、剽窃
      • 模型≠事实
  • D. Misconduct
    • 职业相关
      • 政治立场不是渎职
    • 欺诈、欺骗、偷窃
      • 骗保属于欺诈，也是misconduct
    • 渎职≠违法
    • 个人破产
      • 和欺诈或不诚实商业行为无关
• II. Integrigy of Capital Markets
  • A. Material nonpublic information
    • 重大非公开
      • 自己用
      • 他人用
      • 重大：影响价格+来源可靠
      • 非公开：未向公众披露
    • Mosaic theory
  • B. Market manipulation
    • 基于信息
      • 散播假信息
    • 基于交易
      • 非法操纵价量信息
        • 例题
          • Amanda Jackson, CFA, is an equity fund manager. Earlier this month, Jackson took a large short position in the stock of Golden Brothers. Soon afterward Golden Brothers’ share dropped by 2%. During non-trading hours, Jackson posted a message on a well-known online investment forum about Golden Brothers in which he exaggerates the quality issues with a crucial product of the company. Golden Brothers’ share decreased another 3% on the following day and Jackson placed a buy order to close his short position in Golden Brothers. According to the CFA Institute Standards of Professional Conduct, Jackson has: A. violated the Standards only regarding posting the message online. B. not violated the Standards. C. violated the Standards regarding both his trading actions and posting of the message online.
            • 答案： A 解析： 根据题目内容， Jackson 在当月建立了 Golden Brothers 股票空头头寸并在之后下买入指令进行平仓， 这两笔操作属于正常交易。 尽管买入、 卖出会对股票价格、成交量产生影响， 但并不存在刻意扭曲股价或放大成交量的情况。 而她在网上投资论坛发贴夸大了 Golden Brothers 关键产品的问题， 显然属于散播不实信息误导市场参与者， 违反了 II(B)-Market Manipulation， 因此正确选项为 A。 对于选项 B， Jackson 违反了 II(B)-Market Manipulation。 因此， 该选项错误。 对于选项 C， Jackson 的交易操作属于正常交易。 因此， 该选项错误。
              • 这里的关键是，本身是做空头寸，再交易，并不违规。传播信息是信息操纵的违规，但是交易行为本身不违规。
      • 合法交易策略
        • block trade
        • short selling
        • arbitrage
• III. Duties to Clients
  • A. Loyalty, prudence and care
    • 识别真正客户
      • 养老金、信托
        • 受益人
    • 软美元
      • 非货币
      • 客户资产，客户收益
        • 必须直接收益
        • 提升基金经理
      • 选择broker标准
        • best transaction cost
        • best execution
      • 例题
        • Skylark primarily uses mutual funds from Prexel Funds for client accounts. Prexel charges fees that are higher than similar funds; however, some of these fees are given back to Skylark as rebates. Skylark uses these rebates to maintain reporting systems for the benefit of all clients. The systems enable both Skylark and clients to access better and more timely performance data. Prexel Funds' net-of-fee performance is better than its competitor funds. Skylark determines Prexel to be best suited for clients. Holt discloses this arrangement to clients when they open an account with Skylark. Does the rebate arrangement with Prexel violate the Standard relating to loyalty, prudence, and care? A. No B. Yes, because the rebate should not be used for Skylark's operations C. Yes, because Holt should have sought lowest cost mutual funds for clients
          • 正确答案：A 答案解析： A.Correct because while Prexel charges higher than average fees, this arrangement is disclosed to clients and Skylark uses fees which are returned as rebates for the benefit of clients. This is not a violation of Standard III(A) - Loyalty, Prudence, and Care. A member or candidate who pays a higher brokerage commission than he or she would normally pay to allow for the purchase of goods or services, without corresponding benefit to the client, violates the duty of loyalty to the client. Additionally, disclosures should be made to clients regarding fee arrangements, sub-advisory agreements, or other situations involving nonstandard fee structures. Equally important is the disclosure of arrangements in which the firm benefits directly from investment recommendations. An obvious conflict of interest is the rebate of a portion of the service fee some classes of mutual funds charge to investors. Members and candidates should ensure that their firms disclose such relationships so clients can fully understand the costs.
            • 识别软美元用途
    • 代理投票
      • cost-benefit analysis
  • B. Fair dealing
    • Fair ≠ equal
    • 投资推荐
      • 一视同仁
        • 同时发布给所有客户
      • 更新投资推荐
        • 特殊关注之前利用你的报告做投资的人
      • 客户相反要求
        • 先建议，再执行
    • 投资行动
      • 超额认购：按申购资金比例分配
        • 按order比例
      • 自己不参与hot issue
      • family-member accounts
        • 正常交钱就应该一视同仁
      • 例题
        • Like most employees, Lee maintains his retirement portfolio with Skylark. His adult sister also has a fee-paying account with Skylark which is managed in the same manner as other clients. Recently, Prexel Funds offered a limited number of shares in the previously closed Prexel Commodity Strategies Fund (PCSF) to Skylark. The demand for PCSF shares from Skylark's suitable clients far exceeded the limited supply available. To avoid any conflict of interest, Lee did not allocate any shares to himself, or his sister. Did Lee violate the Standard relating to fair dealing in his allocation of PCSF shares? A. No B. Yes, because he should have allocated shares to his sister's account C. Yes, because he should have allocated shares to both his sister's and to his account
          • 正确答案：B B.Correct because his sister's account is managed in the same manner as other client accounts and therefore should have been allocated shares. If the issue is oversubscribed, members and candidates should forgo any sales to themselves or their immediate families in order to free up additional shares for clients. If the investment professional’s family-member accounts are managed similarly to the accounts of other clients of the firm, however, the family-member accounts should not be excluded from buying such shares.
            • 家人应该正常操作
    • 辨析
      • Ask all clients to sign a waiver stating they acknowledge that...
      • Manage spouse's fee-paying client as other fee-paying clients
      • first-in, first-out basis for block trades
  • C. Suitability
    • IPS
      • 严格遵守
      • 更新
        • 至少一年一次
        • 重大变化立刻更新
    • 客户不当要求
      • 非重大
        • 提醒->满足
      • 重大
        • 更新IPS
        • 不更新IPS->终止投顾关系
    • 集合资产
      • 不考虑单个客户
      • 只要跟Mandate就好
      • 推荐集合资产的销售要负责合适性
  • D. Performance presentation
    • 公平、准确、完整
    • cherry-picking
    • 包含已终止账号
    • 保证unpredictable returns
    • 历史收益率≠未来收益率
    • 例题
      • Orton proceeds to evaluate the returns of the firm's multi-asset strategies and is verifying that all accounts are in the appropriate composites. He identifies one non-discretionary, segregated, and non-fee-paying account within the largest composite for further scrutiny. To be compliant with the Standards, should the account identified by Orton be utilized in the composite? A. Yes B. No, because it is non-fee-paying C. No, because it is non-discretionary
        • C is correct The identified portfolio may not be included in any composite because it is non- discretionary. A non–fee-paying account may be included in a composite, so long as it is discretionary and segregated.
          • 不能自主做决定的，千万不能放进去。
          • 不给钱的，可以放，可以不放。
  • E. Preservation of confidentiality
    • 泄露客户信息
      • 客户状态
      • 遵守适用法律
      • 电子信息
      • PCP调查
        • 法律允许可以提供
    • 例外
      • 违法
      • 法律要求
        • 法律不允许披露，则不能披露
      • 客户同意
    • 辨析
      • submits confidential client information to the PCP
• IV. Duties to Employers
  • A. Loyalty
    • 法律和资本市场 > 客户 > 雇主 > 个人
    • 兼职
      • 有冲突
        • 书面同意
      • 无冲突
        • 无需曝露
        • 不能影响本职工作
        • 例题
          • Lee is offered an opportunity to teach an online commercial law course for a semester at his former university. He will not receive any compensation for the role. Lee is able to accommodate the teaching outside of his regular work schedule as Skylark's policy permits employees to work from home and use flexible time when attending office in person. With respect to the commercial law course, is Lee required to take any action to comply with the Standard relating to duty to employers? A. No B. Yes, prior to accepting the offer, he must obtain prior written approval from Holt C. Yes, after accepting the offer, he must inform Holt of the terms in a written report
            • 正确答案：A A.Correct because Lee's offer to teach the commercial law course is uncompensated and given the firm's flexible time policy, he would be able to carry out this activity without affecting his work responsibilities. Hence, it does not create a requirement to seek permission from his employer nor a responsibility to disclose the activity to his employer. Standard IV(B) requires members and candidates to obtain permission from their employer before accepting compensation or other benefits from third parties for the services rendered to the employer or for any services that might create a conflict with their employer’s interest. Additionally, members and candidates must obtain permission for additional compensation/benefits because such arrangements may affect loyalties and objectivity and create potential conflicts of interest. Disclosure allows an employer to consider the outside arrangements when evaluating the actions and motivations of members and candidates.
              • 看不到直接相关不用汇报
    • 离职
      • 离职正式生效前不能招揽现客户
      • 可以做准备
      • 竞业禁止协议
        • 与前雇主竞争
      • 带走雇主资料
        • 要书面同意
      • 公司的社交账号是雇主资产
      • 辨析
        • Notify clients of your new role before changing employers
      • 例题
        • When Johnny arrives at work, he learns that only a few of the senior staff in Boston will be retained and reassigned to positions in NYC. The remaining staff, including himself, will be laid off. Emails have already been sent to all clients of the Boston office, announcing the closure and layoffs. Contact information about who will be handling their business out of the NYC office was included, with a promise of more information to come. Johnny has maintained separate personal and professional social media accounts. Prior to his official termination, he updates all his social media accounts with the pending change in his employment status. He adds a message to his professional social media accounts that these accounts will be shut down within two weeks. Many of these platforms generate an automatic update to all the members of Johnny's networks, alerting them to the changes in his profile. Which of the following best describes Johnny’s handling of his social media presence? A. His handling of social media presence complied with the Standards B. He violated his non-solicitation agreement and the Standard relating to loyalty by not deleting his professional accounts immediately upon termination C. He violated his non-solicitation agreement and the Standard relating to loyalty as the automatic updates that some accounts generate are a form of solicitation
          • A is correct Johnny’s handling of his social media accounts complied with the Standards, and his maintenance of separate personal and professional accounts is exemplary. It would be unreasonable to assume that the less active members of his professional networks would be aware of his change in status in such a short timeframe. Not immediately deleting his professional account, by itself, does not automatically form the basis of a solicitation violation. The automatic update only conveys information that his former clients would have already received directly from TCP itself or via news reports.
            • 员工私人和公司用同一个账号，叫做"role model"，CFA没强制规定要怎么做，只要求和雇主商量(discuss)就可以
            • 离职
              • 离职原因
                • 如果被解雇，一定要如实说是被解雇
                  • 为了面子说我自己离开，为了追求其他机会
                    • 违反对客户忠诚
              • 新公司叫啥
                • 不能说：我3周后离职，我会去xx公司，我很期待新的职业发展
                  • 说新公司名就是隐含solicitation
                • 可以说：我3周后离职，我会去另外一家公司，我很期待新的职业发展
      • 例题
        • Chan provides her resignation to Berg, effective in 10 business days. Chan expects to remain at the bank during the notice period to transition her client portfolios and to ensure that she leaves the bank on good terms. However, after reviewing the bank's standard policy for an employee's departure, Chan realizes that she must notify her clients and provide an alternative contact person. Accordingly, on the same day that she submits her resignation notice, Chan contacts all of her clients, informing them of her planned departure and providing Berg's contact information. If clients ask about her departure, Chan informs them she is starting her own firm. Immediately after contacting her clients, Chan updates her social media profile, which includes personal and professional contacts and information on the product offerings of her new firm. With regard to informing her clients of her planned departure and updating her social media profile, did Chan violate the Standards? A. No B. Yes, because of the timing when she updated her social media accounts C. Yes, because of the timing when she informed clients that she was starting her own firm
          • 正确答案：B A.Incorrect because publicly updating her social media to include references to the new firm and product offering would be detrimental and potential cause harm to her current employer and is a violation of the Standards. B.Correct because publicly updating her social media to include references to the new firm and product offering would be detrimental and potentially cause harm to her current employer by causing confusion amongst her clients and promoting her firm ahead of her employer. While in her Notice period, Chan still has a duty of loyalty to her employer. C.Incorrect because once notice is provided to the employer of the intent to resign, the member or candidate must follow the employer's policies and procedures related to notifying clients of his or her planned departure. In this case, Chan appeared to follow her employer's policies and procedures with notifying clients, so there was no violation.
            • 这里有2个关键点。还没离职的时候，更新社交媒体，会损害雇主的利益；告知客户自己未来安排，不是自己主动说的， 是客户问的时候被动回答的，所以不违反。
      • 例题
        • Victoria Duffy, CFA, recently left her position as a portfolio manager at DalTex Investment Advisors (DalTex). Her departure was not restricted by a noncompete agreement, and before leaving, she returned the company-owned electronic devices she had been issued. Duffy has started her own investment management firm, Victory Investment Management (Victory). She has talked with several individuals about joining the firm as part of the management team and potentially being an equity owner. Duffy has lunch with Linda Kercheval, CFA, the chief compliance officer at DalTex, as she is interested in offering Kercheval a position at Victory. During their meeting, Duffy shares with Kercheval a presentation that includes the proposed management structure, the investment products to be offered, and a list of potential clients. Kercheval noted several of the names on the list were clients Duffy had frequent contact with while at DalTex. Based on the information provided, did Duffy most likely violate any CFA Institute Code of Ethics and Standards of Professional Conduct during her lunch meeting with Kercheval? A. No B. Yes, with regards to Standard III, Duties to Clients C. Yes, with regards to Standard IV, Duties to Employers
          • A is correct. Based on the information provided, Duffy has not violated any CFA Institute Code of Ethics and Standards of Professional Conduct during her lunch meeting with Kercheval. Including potential client names in the presentation she shared with Kercheval, several of which are clients of her former employer whom she had frequent contact with, is not a violation. There is no evidence she approached them before leaving DalTex or got their information from a DalTex client list. Standard IV, Duties to Employers, specifically Standard IV(A), Loyalty, states that in matters related to their employment, CFA Institute members and CFA candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer. Once an employee has left the firm, the skills and experience an employee obtained while employed are not confidential or privileged information. Similarly, simple knowledge of the names and existence of former clients generally is not considered to be confidential information unless deemed such by a confidentiality agreement or by law. The standard does not prohibit former employees from contacting clients of their previous firm as long as the contact information does not come from the records of the former employer or violate an applicable noncompete agreement. Because there is no evidence Duffy is in possession of client information other than the client’s name, she would also not be in violation of Standard III, Duties to Clients, specifically Standard III(E), Preservation of Confidentiality, which states members and candidates must keep information about current, former, and prospective clients confidential.
            • 这题巧妙的地方在于，虽然看到了之前客户的名字，但是题目没直接说来源是从前雇主那边带出来的，那么来源就是没问题的，就不违反。
            • 多多体会CFA出题人的脑回路
    • 揭发
      • 雇主违法，鼓励揭发
      • For personal gain
        • 比如竞争对手给奖励
      • 例题
        • Lauren Lester, CFA, is a managing partner of Zebra Investment Advisory. Oliver Orton, CFA, is a junior portfolio manager, and Will Walton is a senior investment analyst at the firm. Orton is reviewing performance records from the firm’s fixed income funds and notices that there may have been a slight overstatement of returns due to the methodology used to determine interest income. As Orton begins to research the issue, he notices that Lester, as the most senior employee in the firm, had reviewed and signed off on the performance calculations. Orton decides that he will not report his findings to his supervisor. By not reporting his findings to his supervisor, does Orton violate the Standards? A. No B. Yes, because he should have reported his findings to his supervisor C. Yes, because the slight overstatement misrepresents actual performance
          • B is correct Not reporting his findings to his supervisor would be a violation of the Standards. This would be a misrepresentation of performance, and Orton should elevate the issue to his supervisor for further remediation.
            • slight overstatement misrepresents actual performance的确也是客观存在的问题，但是这个不是Orton的问题。题目问的是Orton违反了什么，所以应该选B。
  • B. Additional compensation arrangements
    • 好处
      • 有利益冲突
        • 书面同意
      • 无利益冲突
        • 不强制披露
    • 例题
      • Several months later, Victory has gained enough clients to support adding Tilton as an employee. Tilton submits her resignation to her current employer, and although they are disappointed, they are excited for her and her new opportunity. Because they really like her work they ask if she could provide them with a daily commentary about her views regarding the market. Additionally, they are willing to pay her a monthly fee for providing the service. Because it is basically the same report she is currently providing Duffy, she agrees, and they negotiate a contract between the two of them with a quarterly fee paid direct to her. Tilton informs Duffy about the agreement, and Duffy agrees but is only willing to do this for a period of one year. Duffy makes the following recommendations regarding the arrangement: ■ Recommendation 1: You need to draft an agreement outlining what you are doing and how much they are paying you over the next year. ■ Recommendation 2: You and your former employer need to sign the agreement. ■ Recommendation 3: We also need to send a disclosure to all of our clients and potential clients. Which recommendation with regards to Tilton’s agreement is most likely insufficient to prevent a violation of CFA Institute Code of Ethics and Standards of Professional Conduct? A. Recommendation 1 B. Recommendation 2 C. Recommendation 3
        • B is correct A.Incorrect. Recommendation 1, “You need to draft an agreement outlining what you’re doing and how much they are paying you over the next year,” is necessary to address Tilton's agreement with her previous employer. The written agreement should state the terms, which include the nature of the compensation, the approximate amount of compensation, and the duration of the agreement. Tilton's agreement creates two different conflicts of interest. One with Duffy's clients and potential clients and one between Tilton and her new employer. B.Correct. With regards to Tilton's agreement with her previous employer, Recommendation 2, “You and your former employer need to sign the agreement,” is insufficient to prevent a violation of Standard IV(B), Additional Compensation. Standard IV(B) states that CFA Institute members and CFA candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer’s interest unless they obtain written consent from all parties involved. Duffy addresses the requirement for written consent in Recommendation 2, but it is incomplete. To be in compliance, Duffy should also sign the agreement, not just Tilton and her former employer. Recommendation 1, “You need to draft an agreement outlining what you're doing and how much they are paying you over the next year,” does meet recommended procedures for compliance with Standard IV(B). The written agreement should state the terms, which include the nature of the compensation, the approximate amount of compensation, and the duration of the agreement. Tilton's agreement creates two different conflicts of interest. One with Duffy's clients and potential clients and one between Tilton and her new employer. The conflict of interest the agreement creates with Duffy's clients is covered under Standard VI(A), Disclosure of Conflicts. Duffy addresses the requirements under Standard VI(A) in Recommendation 3, “We will also need to send notification to all our clients and potential clients disclosing the agreement.” Standard VI(A) states that members and candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. The second conflict of interest created by Tilton’s agreement is under Standard IV(B) and was addressed when Tilton disclosed the conflict to Duffy. C.Incorrect. Recommendation 3, “We will also need to send notification to all our clients and potential clients disclosing the agreement,” is necessary to address Tilton’s agreement with her previous employer. Standard VI(A) states that members and candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. The second conflict of interest created by Tilton’s agreement is under Standard IV(B) and was addressed when Tilton disclosed the conflict to Duffy.
          • 这题的关键在于，就算现在雇主是知晓的，也是不够的，必须书面同意。所以现在的雇主必须签字。
  • C. Responsibilitie of supervisors
    • 监管系统
      • 充分
        • 监管，实施，定期审查
      • 不充分
        • 拒绝书面接受
      • 授权委派
        • 指导被授权者
      • 发现违规
        • 迅速响应，全面调查，限制行为，加强监管
    • 主动监察的监管
      • reasonable effort
        • 过程导向
      • 例题
        • Several weeks later, at her new firm, Chan receives an email from a client who is upset about finding significant errors in a research report provided by one of Chan's new employees. The client mentions the errors to Chan and suggests that Chan did not sufficiently review the report before publication. Chan is surprised by these errors because she has established a compliance process to validate all research reports and findings. Specifically, Chan validated the referenced sources and believed the analysis to be sound when the employee sent the report. Chan calls the employee into her office to review the client's concern. The employee acknowledges the errors, one of which included entering a stock price increase, rather than a stock price decrease, in the model used. Chan updates the client and commits to reviewing the firm's compliance process. With regard to the errors on the research report, did Chan violate the Standards? A. No B. Yes, because she failed to detect the error C. Yes, because she failed to have an adequate system for supervision
          • 正确答案：A A.Correct because Chan had an existing compliance process to review and validate all research reports. Chan reviewed the employee's report, validated the sources, and believed the analysis to be sound when it was published. "If a member of candidate has adopted reasonable procedures and taken steps to institute an effective compliance program, then the member or candidate may not be in violation of Standard IV (C) if he or she does not detect violations that occur despite these efforts." B.Incorrect because the error was entering a a stock price increase, rather than a decrease. The Standards "requires that members and candidates with supervisory responsibility make reasonable efforts to prevent and detect violations by ensuring the establishment of effective compliance systems." Chan had established a compliance procedure and processes at her firm and validated the report before publication. "If a member of candidate has adopted reasonable procedures and taken steps to institute an effective compliance program, then the member or candidate may not be in violation of Standard IV (C) if he or she does not detect violations that occur despite these efforts." C.Incorrect because Chan had an established compliance program in place prior to the occurrence of the violation. "Although compliance procedures cannot be designed to anticipate every potential violation, they should be designed to anticipate the activities most likely to result in misconduct. Compliance programs must be appropriate for the size and nature of the organization."
            • 只要题目有说，有努力去做相关动作，就是正确的，就是合规的，就是不违反的。……Specifically, Chan validated the referenced sources and believed the analysis to be sound……
• V. Investment Analysis, Recommendations and Actions
  • A. Diligence and reasonable basis
    • 勤勉与合理
      • create a research report at least once a week
    • 第三方研究报告
      • 来源和质量
        • 公司里有专门同事已经验证，不需要再验证
      • 公司政策
    • 量化模型研究
      • 使用者
      • 开发者
        • 要求更高
    • 外部顾问选择
      • 勤勉尽职审查
        • 合规
        • 内控
        • 风格
        • 实施
    • 团队研究和决策
      • 意见不一致人接受他人意见
        • 无需除名
        • 可以拒绝
        • 也可以署名
          • 报告客观，独立，有合理依据
          • 署名后不能再反对
    • 例题
      • Chan receives a call from a client requesting a report on the telecommunications industry. Chan knows that she will not complete a full report because she plans to leave the bank to start her own private equity firm. Chan recalls another partner published a telecommunications industry report last month. However, that partner left the bank shortly after publication and is not available for any follow-up questions. Chan advises the client of the partner's report and forwards it, without changes, to the client. Did Chan violate the Standards by forwarding the partner's telecommunications industry report to the client? A. No B. Yes, because the author of the report no longer works at the bank C. Yes, because she knowingly provided work completed by another partner
        • 正确答案：A A.Correct because Chan did not misrepresent the completed report as her own work, the firm continues to own the rights to completed work by analysts/partners no longer with the firm, and she advised the client of the original source. B.Incorrect because "research and models developed while employed by a firm are the property of the firm. The firm retains the right to continue using the work completed after a member or candidate has left the organization." C.Incorrect because "plagiarism is defined as copying or using in substantially the same form materials prepared by others without acknowledging the source of the material or identifying the author and publisher of such material." In this example, Chan advises the client of the existing report and shares the report without making any changes or any representations that Chan herself completed the work.
          • 几个关键的：一字未改，没有署名；离开后报告是公司财产；告诉了客户背景
  • B. Communication with clients and prospective clients
    • 诚信、透明、充分披露
    • 投资流程
      • 全面披露
      • 重大事项及时通知
      • 披露投资的基本特征
    • 沟通方式
      • 一视同仁
      • Capsule form
        • 提供额外信息
    • 区分观点和事实
      • 观点
        • 预测
        • 推荐
        • i.e. I believe the return will be 15%
      • 实时
        • i.e. the return will be 15%
  • C. Record retention
    • 期限
      • 没规定，>=7年
      • 有规定案例规定
    • 记录是公司财产
      • 雇主允许可以带走
      • 有支出文件才能使用
• VI. Conflits of Interest
  • A. Disclosure of conflits
    • 向客户披露
      • 个人与发行公司
      • 个人的公司和发行公司
      • 费用安排
    • 向雇主披露
      • 与客户利益冲突
      • 损害雇主利益
    • 作为director的利益冲突
  • B. Priority of transactions
    • 客户 > 雇主 > 个人
    • Beneficial ownership
      • 本人
      • 亲属（配偶和未成年子女）
      • 直接和货间接金钱利益的账号
    • 例题
      • Though he remains bullish on the stock, he is concerned about the size of his personal position, which is now more than 15% of his portfolio. One of his clients recently placed a limit order at $50 per share, which represents the highest bid in the market. The lowest offer is $52. Somer considers filling the client'’s order with some of his own shares at the $50 bid price. If he fills the client's order for shares of the technology firm, would Somer violate the Standard related to priority of transactions? A. No B. Yes, because the client would be disadvantaged by the trade C. Yes, because he would benefit personally from a trade undertaken for a client
        • C is correct A. Incorrect because Somer would personally benefit from a trade undertaken for a client by realizing a large gain and reducing the portfolio risk arising from his large position, which results in several potential conflicts of interest. At a minimum he would need to disclose to the client that he was filling the order from his own account and seek permission from Karibe to do so. He should also make the same offer available to all of Karibe's clients to avoid violating his duty to clients. B. Incorrect because the client is not disadvantaged by the trade (and in fact gets the order filled at a discount to the prevailing market price.) C. Correct because the guidance for Standard VI(B) specifies that nothing is inherently unethical about making money from personal investments as long as (1) the client is not disadvantaged by the trade, (2) the investment professional does not personally benefit from trades undertaken for clients, and (3) the investment professional complies with applicable regulatory requirements. In this case, Somer would personally benefit from a trade undertaken for a client by realizing a large gain and reducing the portfolio risk arising from his large position, which results in several potential conflicts of interest. At a minimum he would need to disclose to the client that he was filling the order from his own account and seek permission from Karibe to do so. He should also make the same offer available to all of Karibe's clients because otherwise he risks disadvantaging them.
          • 要注意，和客户交易，自己不能从中收益
    • 辨析
      • trades in personal accounts of 200 shares or less are not subject to preclearance
  • C. Referral fees
    • 披露
      • 时间
        • 签合同前
      • 利益的详细内容
      • 辨析
        • disclose estimated dollar amount if asked
• VII. Responsibilities as a CFA Institute Member or a CFA Candidate
  • A. Conduct as participants in CFA Institute programs
    • 泄露考试信息
    • 考试违规
    • 关于协会和考试的个人观点
    • 例题
      • Walton, who recently took the Level II portion of the CFA examination, is asked by Lester about his perception of the test. Walton replied, “Overall, I thought the exam was less challenging than I anticipated. However, the ethics section posed some complex questions, and I felt that I did extremely well on the interest-rate swap components of the fixed income section.” Which statement of Walton's was a violation of the Standards? A. “…the ethics section posed some complex questions” B. “Overall, I thought the exam was less challenging than I anticipated” C. “I felt that I did extremely well on the interest-rate swap components of the fixed income section”
        • Walton violated the Standards by mentioning specifically an area of the exam (interest-rate swaps) that was covered on the exam. General comments about how easy or tricky he thought parts of the exam were would not be considered a violation.
          • 可以说科目
            • 不能说具体知识点或者章节
            • 唯一的例外的道德的职业行为准则，可以说
    • 例题
      • Which of the following statements is most likely included in the CFA Code of Ethics? A. Members must place their clients’ interests before their employer’s interests. B. Members must distinguish opinions from facts. C. Members must strive to maintain and improve the competence of others in the profession.
        • 答案： C 解析： 注意本题考查的是六条 Code of Ethics 的内容， 不是 Guidance for Standards 的准则内容， 选项 A 和选项 B 都属于七大准则的内容， 因此正确选项为 C。 对于选项 A， 将客户利益置于雇主利益之上是准则的要求。 因此， 该选项错误。 对于选项 B， 区分事实和观点是准则的要求。 因此， 该选项错误。
          • 放这题的原因在于，虽然少见，但是CFA有可能真的会咬文嚼字问你Code of Ethics和Guidance for standards有什么。一般上面常见的是code，其他是standards
  • B. Reference to CFA Institute, designation and program
    • CFA会员=CPS+年会费
    • CFA持证人
      • 要求；通过3级考试，3年工作经验，PCS，年会费
      • 陈述或者夸大头衔
      • 匿名时使用CFA头衔
      • CFA是形容词，不是每次
      • 辨析
        • completed Level I of the CFA Program
        • By upholding the CFA Code of Ethics and Standards of Professional Conduct, you send a message to the industry that you really care about the interests of your clients and the integrity of the capital markets.
        • CFA elite
    • 候选人
      • 注册考生
      • Partial designation
• Logic Chain
  • 发现违规
    • 发现客户违规
      • 汇报合规 -> 脱离 -> 极端情况辞职
        • 脱离是必须的
        • 辞职不是必须的
          • 合规不作为时则必须辞职
            • 合规和上级沆瀣一气，下属不辞职也违规
    • 发现雇主违规
      • 坐实
        • 向外部举报
          • 内部和外部区分
            • 外部
              • 关键词：regulatory authorities/agencies
            • 内部
              • 有时候不直接说compliance，但是说xx department，就是内部部门
      • 怀疑
        • 关键词: suspect, think, reckon, believe
        • 向合规举报 + 不同流合污
  • 道德和法律关系
    • 大原则最严格
    • 特例：记录留存直接按法律
      • 形式和时长都要合规
        • 形式：纸和电子版都行
        • CFA推荐7年
    • 特例：保密看法律要求
      • 对象是客户，不是雇主
  • 投行和研究部门的关系
    • 防火墙
      • 建立在IBD和RD之间
      • 绝对禁止RD薪酬和IBD业绩挂钩
    • 限制清单
      • 分析师使用
        • 限制清单上的禁止交易是错的，因为它是分析师使用的
      • 只说事实，不说观点
      • 适用情况
        • 分析对象和自己有共同利益
        • 自己研究收到施压
      • 限制清单不是强制的
        • 如果题目说MUST，是错的
          • i.e. must refrain from giving any opinion
        • 不放限制清单的话，做full disclosure也行
          • 只要full disclosure，就可以发表观点
  • 付费报告
    • 只能收flat fee
      • 最标准：one-time cash payment
      • 不能含权或者与业绩挂钩
  • 礼物
    • 收取
      • 基金经理
        • 事前：画饼
          • 披露和允许
        • 事后：奖励
          • 只要披露
            • 要注意道德是最低标准，如果说事后奖励披露并且获得雇主同意才收，是对的
          • 多贵重都能收
      • 分析师
        • 无论何时，只能收一般礼物
          • 关键词：modest, token items, customary ordinary business-related entertainment
            • 只要有关键词business，就可以收luxury
          • 如果公司绝对禁止，那么modest也不能收
    • 披露
      • 优先选all parties involved
      • 如果没all，选包含related clients
      • 还没有，选leader+compliance/legal
      • 不要选没修饰的client
        • 这个是说all client，没这个必要
  • 模型使用
    • 模型使用讲究程序正义，一定要充分了解，结果不重要
    • 只要有model出现，输出的都是opinion
      • 绝对不能用will + 模型结果
    • 模型必须有model + supporting data/document
      • 离职带走模型，不带走数据，新雇主直接使用是违规的。除非明确说底层数据也被允许带走，才能继续使用。
        • 常见词：directly show to
      • 如果公司允许带走memory card / supporting data，凭借记忆重新组织使用模型是可以的
        • 常见词：replicate
      • 如果公司允许带走model，凭借记忆背下了模型的数据，是违规的
        • 常见词：replicate
  • 业绩承诺
    • 保本：principal/payment guaranteed
      • 以下可以：存单（CD），银行存款，所有国债
    • 保息：return/interest guaranteed
      • 有且只有短期国债（short-term gov bond）
      • 长期国债都不行
    • 禁止用历史暗示未来
    • 禁止把团队的混淆成个人业绩
  • 不能收的礼物：luxury, exclusive, extra
  • 偏远地区：distant, remote, in the distance, far away, not easily accessible, out of the way, without easy reach
    • 交通安排看到commercial transportation可以无脑选
    • CFA没要求差旅费谁承担
      • 差旅费必须雇主承担是错的
  • provide all service是过度承诺，直接判错
  • 终止的账号：terminated, liquidated，都要汇报
  • 渎职(misconduct)
    • 核心：一切有可能损害专业形象的，都是渎职
    • 常见
      • 贿赂(bribe)
        • 闯红灯，掏钱给警察以求免于处罚
      • 欺骗
        • 隐瞒真实离职理由
      • 违规使用信用卡套现(cash out)
      • 个人破产
        • 被处罚要披露，否则算渎职
        • 自己原因破产，可以不披露，不算渎职
      • 政治意见非法游行被抓不算渎职
  • 重大非公开信息
    • 重大
      • 人
        • 关键词: board, senior manager, CEO, director, professor
          • 注意retailer，哪怕main retailer，都不算重大
      • 事
        • 关键词：patent, trademark, 管理层变更，财务信息
        • rumor不是重大
    • 非公开
      • 除了公开外的，都是非公开
        • 常见：chatting room, internal meeting, talk, brochure, during lunch
      • 公开
        • official website
        • news conference
        • TV interview
        • publicly published newspaper
        • hotline
        • 除了上面5个，基本一棒子打死非公开
    • 如果掌握
      • stop -> report -> push to public
        • 如果机构，不能立刻stop
  • 市场操纵
    • 信息
      • 关键词：drive/control price
        • 比如繁花最后的股战
      • 大股东基于独立客观判断，觉得股价要下跌，卖了，结果导致股价大幅下单，是可以的
    • 交易
  • 识别客户
    • 养老金：老板发起，员工收益
    • 教育基金：父母发起，孩子收益
    • 对发起人要fiduciary duty
      • 必须严格遵守mandate/IPS
    • 对受益人要legal duty
      • 可以忽略受益人的不合理或个性化要求
    • Mutual fund: 只需要严格按照mandate就不违规
  • 不当要求
    • 一定要先评估，不能直接拒绝
      • must reject inreasonable 是错的
    • 影响不大
      • 提醒后执行
    • 影响大
      • 要求重签IPS
        • 客户接受
          • 可以执行，出问题不违规
        • 客户拒绝
          • 终止合作
  • 代理投票
    • in all proxy voting是错的
      • 没精力
    • always stand with the board是错的
      • 客户可能是小股东
    • 时间撞车
      • 做cost-benefit analysis
        • 去投事大的
        • 参考重大非公开，决定什么是重大
  • 软美元
    • 本质是客户资产
    • 必须直接使客户收益
      • 不能买和客户无关的研报
      • 不能cover operating expense
    • 禁止报考CFA或者参加培训
      • improve skills是错的
    • 要看客户是否禁止软美元
      • full service
        • 可以用软美元
      • trade/execution-only
        • 软美元使用合规，基金经理也不合规
  • 选trader
    • 未指定
      • 选best execution & best cost
    • 有指定
      • 直接执行指令，不需要做尽调
  • Hot issue (oversubscribed)
    • 自己不能参加
    • 基于order size分配
    • 禁止平均分配
    • 禁止根据客户规模
      • 常见词：merely based on the asset size
    • 只能在数量和先后有区别，其他必须完全一致
    • 价格平均是可以的
  • 亲属账户
    • 可以给亲属提供理财服务
      • 不提供是违规
    • 只有直系亲属的非付费账号要滞后交易
    • 一般亲属和付费的直系亲属要一视同仁
      • 常用词：fee paying, with contract
    • family account, 如果基金经理有beneficiary ownership，视为自己账户，否则视为一般亲属账号
  • 公平对待
    • 不能豁免
      • 如滞后提供投资建议，就算客户同意，合规批准，基金经理只是照做，也违规
    • 如果有客户确认执行投资建议
      • must offer extra notice
      • 案例
        • 推荐
          • 2个客户买入，2个客户没买
        • 投资建议改变
          • 同时通知4个客户
            • 邮件
            • 不通知那2个没买的算违规
            • 先通知买的，后通知没买的也违规
          • 特别提醒2个投资的了
            • 电话
            • 没给买的额外的提醒也违规
  • 公司信息
    • 用个人电脑存公司信息
      • 如果公司有规定就违规
      • 如果公司没规定就不违规
        • 可以保存，但是不能违规使用
    • 在职期间与雇主业务有交集的产生，都是雇主财产
      • 小明是量化分析师，下班时间，用个人电脑做了个量化模型，是雇主财产
  • independent practice
    • 只要这个词出现，就代表有利益冲突
    • 必须disclose + written consent from employer
      • 必须获得允许后才能做
        • 如果披露了还没拿到允许就直接做，违规
    • 哪怕服务于非盈利性质(non-profitable/not-for-profit)的福利项目、基金会也必须这样做
  • 离职
    • 离职期间可以做离职准备
      • 不允许招揽原客户
      • 只能下班时间做
    • 离职后可以有利益冲突
      • 除非有竞业协议
  • 个人投资交易和推荐建议违背
    • 如果是个人原因，比如生病、交学费，只需要披露，不需要雇主允许
  • 上司责任
    • 可以授权，出问题不能免责
    • 上司应该尽最大努力监管（从而免责）
      • 如果违规有工作有关，一棒子打死，不能免责
        • 上司建立防火墙，勤勉监管，但是下属还是想办法攻破了，上司违规
        • 下属生活行为，比如考试作弊、恶意透支信用卡，上司不违规
  • 报告
    • 报告署名
      • 大家都是以个人身份参与，只是一起研究
        • 若共同成果需要共同署名
          • 不署名其他参与者则违规
        • 使用他人成果必须引用
        • 非个人成果不得侵占
      • 同一公司
        • 产出属于公司
        • 可以不署名其他人，不违规
    • 二手报告(secondary research)
      • 公司数据库数据
      • 不需要验证
      • 也不需要署名
    • 第三方(third party)
      • 必须正确引用
        • 要遵守引用格式
        • from website, from expertise
      • 必须验证
      • 如果是使用外部顾问
        • 必须向客户披露
          • 因为相当于对外部透露客户信息
        • 不需要考虑suitability
          • 比如向投资期货，自己不了解，找一个懂期货的外部顾问，不用考虑投资策略是否适合
  • 尽职调查
    • 常见违规词：quickly, overnight, fast
    • 常见合格词：exhaustive, in detail, full, in extension
  • 团队研究
    • 个人意见和团队不符
      • 只要过程有理有据，可以署名，不影响独立客观性
        • 署名后不能散播和团队结论不符的意见
      • 如果发现研究过程的独立客观性受影响，或者理论依据不足，必须拒绝署名
  • 向客户提供投资信息
    • 可以提供简略信息(capsule form)
      • 但是也必须进行审慎研究
      • 必须保留完整研究细节供客户查阅
        • 如果分析师提供了投资建议后，删除了研究数据，违背了record retention
  • 推荐费
    • 必须事前披露
    • 不管任何形式，哪怕不是cash，或者被抵消
    • 哪怕不发生，只要名义存在，也要披露
  • CFA头衔
    • 必须通过3级别考试+3年经验+递交PCS+交钱
      • 必须缺一不可
    • 考试通过
      • complete CFA course
      • complete CFA program
    • 不能说Lv3, Lv3 holder
    • 必须真实全名，i.e. Mike是错的
    • 不能和投资能力挂钩
  • 考试信息
    • 可以讨论原版书，官网，mock，其他出版物
    • 不能讨论考试题
    • 不能说哪个知识点没考
    • 只能说考试难度
      • 不能说计算多，定义少
    • 可以抱怨考试不公平，时间短，恶意针对你
  • 会员资格(candidancy)
    • 报名考试到考试结束
      • 如果一个人报名了CFA考试，谎称通过了考试，已经具有会员资格
        • 前半句是错的，后半句是对的
        • 如果题目选项说违反了reference to membership/candidacy，这个没违反
  • CFA道德
    • CFA道德对非CFA协会成员无约束力
    • 如果考完试不继续报名，则失去会员资格，不能宣称自己遵守CFA道德
    • 协会不对道德遵守提供担保和验证
      • 小明不是CFA协会成员，但是仰慕CFA
        • 宣称自己遵守CFA道德
        • 宣称自己行为尽量和CFA道德靠拢
        • 要求CFA协会对自己遵守道德做担保
        • 要求CFA协会对自己遵守道德做验证
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  • 的是重要知识点，颜色越深越重要
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  • 该思维导图只用来努力覆盖70%基础知识点和常规考法，不覆盖任何拓展知识点和难题、进阶题。