CFA考试即将到来,为了方便正在积极复习的学员们,高顿网校CFA小编将CFA一级考试的重点整理出来,以供学员们在考试复习当中,更清晰的理顺思路和复习方针。
CFA
CFA一级知识点总结
Ethics部分
Objective of codes and standard:永远是为了maintain publictrust in
1.Financial market
2.Investment profession
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6个code of ethics
1.Code 1—ethics and pertinent dpersons
2.Code 2---primacy of client’sinterest
a.Integrity with investmentprofession
b.客户利益高于自身利益
3.Code 3---reasonable andindependent
a.必须注意reasonable care
b.必须exercise independent professional judgment---必须独立判断!
4.Code 4---ethical culture in theprofession
a.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
5.Code 5---ethnical culture inthe capital market!
a.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!
b.Capital market是基于
i.Fairly pricing of risky assets;
ii.Investors‘confidence
6.有关competence—能力---competence
CFA
7个standard of professional conduct
1.Standard 1---professionalism---knowledgeof law
a.不需要成为法律专家,但是必须understand和comply with applicable law;
b.当两个law发生conflict,则要遵守更加严格的法律!
c.Knowingly---know or should know
d.必须attempt to stop the violation,如果不能stop,then must dissociatefrom the violation!必须从其中分离出去!
i.Remove name from the writtenreport;
ii.Ask for a different assignment
e.并不要求向有关部门report!(do not require)
f.向CFA进行书面报告report--encouraged to so
2.Standard 1---professionalism---integrity of capital market
a.Bias from client or othergroups—listed company,controlling shareholder!
b.Bias from sell side analyst
c.Buyer side client—
d.Issuer paid report---只能接受flat feefor their work
3.Standard 1---professionalism---misinterpretation—不能误导客户,不能剽窃其他人的研究成果
在写报告时注明出处,同时不能带有任何歧义。
信息沟通是要详尽,要让客户清楚地知道,不能带有歧义从而误导客户。
出现了不能保证投资收益这种说法eg.I can guarantee that
涉及到了版权、使用权的问题
4、Standard 1 D---professionalism---misconduct-行为上的误导
5、Standard 2 A---integrity of capital markets—material nonpublic information
不能使用非公开信息!---material nonpublic information---
mosaic theory---conclusion from analysis of public and non-material nonpublic information
对策
6、standard 2 B--integrity of capital markets—market manipulation
操作市场,扭曲价格
7、standard 3—duties to clients
Loyalty,prudence and care---
如何定义客户?---考虑终受益人
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