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.....-...••••Cꢀ二级培训项目•WeightingsinCFAIISessionContentEthical!&ProfessionalStandardsQuantitativeMeEconoWeightings10-15StudySession12-345-68FinancialeportingandAnalysisCorporate10-15Study12-13FixedIncome14Derivatives15AlternativevestmeSession16-17PortfolioManageent10-153-392芸业.创新增值Proceedings►►TheCFAofGovernorsmaintainsoversightandresponsibilityfortheConductProgramandDisciplinaryReviewCommittee(DRC)areresponsibleforenforcementCodeStandards.lcomeanumberofsources.•S-disclosureonannualConductStatementsofinvolvementincivillitiationoracriminalnvestiationormembercandidateisthesubjectofacompl.••complaboutprofessonalbythef.dencemisconductbyamembercandidateionalConductfthroughpublicsources,suchasaarticleor.•AbyaCFAmproctoraduringtheexamination.7-392芸业.创前.增值Proceedings►►Onceaninquiryinitiated,ProfessionalConductstaffwriting)explanationfrommembermay:•••interviewthememberorcandidateinterviewthecomplainantotherthirdpartiesdocumentsrecordsanttheinvestigationTheDesignateddecide:ꢀ---------------、1�atioatiierroposesa•••thatnodisciplinarysanctionsappropriate,,toissueacautionaryletterdisciplinethemembercandidatedisciplinarysanction+orCandidatelRejectReferredtoapanel飞omposed---o-f-D-C--m-em--be-rs----II\I,㢖8-392芸业.创新.增值ThePanel►membercandidatedoesnotacceptchargesandproposedsanction,isreferredtoapanelcomposedDRC(DisciplineReviewCommmembers.reviewmaterialsandpresentationsfromProfessConductstaffandfromthememberorcandidate.Thepanel'staskistodeterminewhetheraviolationofCodeandStandardstestingpoliciesoccurred,ifso,whatsanctiondimposed.SanctionsmposedbyCFAInstitutemayhavesignificanttheyincludeubliccensuresusmembershiuseoftheCFAdesignation,andrevocationthecharter.CandidatesenrolledintheProgramhaveviolatedCodeandStandardsortestingsuspendedorfromfurntheProgram.►►►9-392芸业.创新.增值andCodeandStandards►AMC•AssetManagerCodeProfessionalConduct(AMC),whichdesigned,inpart,helpmanagerscomplyregulationscodesofethforadvisers.•draftedspecificallyforfirm.►CodeStandards•AimedatindividualinvestmentprofessionalswhoaremembersofCFAInstituteorcandidatesintheCFAProgram.10-392芸业.创新.增值Standardl(B):Case5ꢀ5.(ResearchIndependenceSalesPressure)Warnerstanalystsalaryiscloselerformanceroratebonddepartment.Nearthequarter'send,saleseaskhertoaroblematicbonlareinventorwhichwereunabletobethattanoroblem.•Comment:theinappropriateinternalsales-linkedsalarytnottWarner'sadvise.scase,shemusttopushtheproblematicbondclientssabletojustifythatmarketpricehasalreadyadjustedroperatingproblem.50392芸业.创新.增值Standardl(D):Case5ꢀCase5.(ProfessionalMisconduct)Whmanythesecuritiestheefund'sdeclinemarkedly.Rasmussenobserthateperformehedgenotthisdecline.Rasmussenapproacheseheadtradingaboutconcern.eresponseisthateisgsuccessfulequalifiedquestionthefundandthisnotherconcern.Shefairlysuregnotright,sheecomplianceofficer,whoalsoherstayawayfromeissuethehedgereporting.•Comment:Rasmussenhascomeuponerrorcomplianceractices.Shesometoconfirmdoubtandthenfollowefirm'sprocedurestoreportpotentiallyunethical.fallinternalcommunicationssatisfshouldconsiderortintheactivittothearoriatere•100392芸业.创新.增值Standardlll(A):�Guidance-IdentifyingtheActualClient9.vinglclientsmaybeyxbecausetheyinvolveanumberests.�notonlyputobligationstoclientsfirstallbutalsoendeavortoavoidallrealorpotentialconflictsofinterest.10.notresponsibilitiesinvestmentmanagement,shouldalsobeidered.�Mustlookrolesandwhenadeterminationofwhor�Easilyidentifiable:companypublicshareholders.150392芸业.创新.增值Standardlll(C):Case1-2�Case1(InvestmentSuitability-RiskProfile).hrecommendsinvesting20%ofhhis2clients'ortfoliosindividendieldsmall-ca臣.Onehavgalargeassetisginvestpartlyaggressivelywhiletheotheronlwantstoachieveasteadreturnhwvolatility.•Comment:Thetwoclientshavedifferentfinancialcircumstancesandobjectives.Smith'srecommendationisnotsuitablesteadyaviolation.�Case2(InvestmentSuitability-EntirePortfolio).alterssuestshisenttousecoveredoptionsintheportfoliotoimprovetheperformaneinaportfolioperspective.Hehisclientossiblecomesincludinxconsiderationdownsideriskc.•Comment:shasidtheateristicsofeclient'sentireortfolioandexplainedtheinvestmente.snota200392芸业.创新.增值口Standard(A)>丿ane,CFA,quitherjobaportfoliomanageratinvestmentfirm.hadanon-solicithefirmseveralyearsago.丿receivedpermissiontotakehisformancehiywithacopyofsoftware-tradingplatform.,media丿anesentmessagesannouncingwaslookingclientshernewimanagementAccessto丿'socialmediasitesisrestrictedtofiandleastlikelyviolatedtheCFAInstituteStandardsofProfessConductconcerningher:A.Tradingsoftware.B.performancehistory.Non-solicitationagreement.250392芸业.创新.增值StandardV(A):Case12ꢀCase(successfulduediligence/failedinvestment):investmentrohigh-net-worhclients.Oneofhisaboutahedgefundwhichhasahreturn.Throughesearch,tellhisclientthatthisfundusinglongshortstrategytheyextensiveleverage.rreviewingofeskdthesnefundeandesye,eoariskyprofileas.However,lweekslater,thefundsufferedaseveelossandtheclientisquestioningNewburyabouthiswork.•Comment:Newbury'srecommendationappropriate.Theistguaranteedsrepor.However,shoulddiscussthehisprocessandeinvestmentdownsideriskwithclientandmakesuretheisyunderstandeunderlyingriskcobinedtothereturn.392芸业.创新.增值StandardVl(B):��2.Client>employer>individualꢀIndividual-lowner.3.After7buy,aviolation.Musthaveenoughetoletclientshaveopportunitiestorespondtoron.Guidance-gtꢁꢄtiꢅꢆCꢃꢄflicts4.Conflictsbetweenthelientsinterestaninvestmentprofessionalspersonalinteresty5.fint,individualmanagers,advisers,orfundemployeesmakingmoneyfrompersonalinvestmentsslongsꢀꢀetisdisadvantagedetrade,theinvestmentprofessionaldoesnottpersonallytradesundertakenforclients,ꢀcomplywithapplicableregulatory�Guidance-PꢁꢂꢃꢄꢅꢆgSꢁcꢃꢄdꢅryꢃgfꢃrCꢆs6.Clientsemployersertradesharcandidaestefiiaryow����7.eclientsncertaininvestmentsituationsrequireinvestmentpersonneltohavealignedinterests.Butmustn'tadverselyttinvestment.350392芸业.创新.增值CurrencyExchange日Warm-叩:depreciation�Example:thedollar-Swissfrancrateincrease:CHF=1.7799o1.8100.eSwissfranchasdepreciarelativeothedollar-itnowtakesmoreSwissfrancstobuyadollar.�nincreaseinthenumericalvalueofeeratemeanstthebasecurrencyhasapprciatedandthatthepricecurrencydeprciated.1.7799CHF/USDto1.8100CHF/USD��USOappreciatedthereoreCHFdepreciated8-芸业.创新.增值Example日>CarryTradeIToday'sone-yearCurrencyPairExchangeRatesLIBOR丿PY0.1%81.3080.00.ꢀwouecloseto?CorrectAnswer:�JPYIAUDx1.0750=87.4YIAUDlater=80.00x1=86.421gross=—(1+4.50%)X1.03338return=n=3.33%-0.1%=58-芸业.创新.增值口ExampleIEꢀ/libꢁt-1ISelectCountryFactorsandHistoricalmi:cData2000-2010GwthGrowthnLaborProdutivityinHoursGrowthhWorkedinTFP(%)(C/ꢀ)nP,11Countryctors(%)(%)y.AꢀHigꢓlꢍvꢍ]of妞;ꢁꢂꢃꢄꢅꢆꢇꢈꢉꢊꢋꢌmꢍꢎꢏ•••ꢐꢑꢒꢓꢔꢕeducatedwo皇kforce·Lowtari订sonforei
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