前言:自2015年起
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.
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) Suitability
Guidance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 Confidentiality
Recommended 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**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
来源:微信公众号一次过CFA ,若需引用或转载请保留此处信息,未加入此版权信息,盗版者将追究法律责任!
相关CFA内容推荐:
.jpg)
.jpg)
.jpg)
