【各级别适用】CFA Ethics第十一版Handbook改变总结

点评：code一共有六大条，第十一版只改变了这一条。新的内容里面强调了CFA会员应该promote viability of the global capital market。

因为随着信息技术的发展，金融市场的发展越来越迅速，以前的内容里要求会员必须要维护资本市场的rules，但是有可能因为这些rules太过于僵化反而不适合现在资本市场的发展了。资本市场最终的发展是要对社会有利对投资者有利，所以要求会员要促进资本市场的与时俱进，不能僵化，资本市场的规则也应该本着最终对投资者有利的原则随着社会的进步而改革。

1.Performance Measurement and Attribution

• Performance measurement部门的独立客观性也会受到威胁，主要是发生在基金公司和投资公司，基金经理为了拿绩效奖金或者让自己符合公司规定，可能会影响到performance analyst的独立客观性

2.Influence during the Manager Selection/Procurement Process

• 会员可能会作为pension fund或者endowment的代表去帮助他们寻找投资经理，你在寻找投资经理的时候应该客观独立，不能接受别人的贿赂；也可能会作为pension和endowment的被雇用对象，如果你贿赂别人，同样违反这一条。

• 这一条的提出是因为美国政坛出现“pay to play”的丑闻。

1.Performance Reporting

• Performance benchmark selection：选的benchmark不对可能会错误陈述自己的业绩。

• Members and candidates may misrepresent the success of their performance record through presenting benchmarks that are not comparable to their strategies.

• Standard I(C) do not require that a benchmark always be provided in order to comply.

• Disclose the reasons behind the use of this reference index to avoid misrepresentations of their performance.

• Members and candidates should discuss with clients on a continuous basis the appropriate benchmark to be used for performance evaluations and related fee calculations.

• Reporting misrepresentations：valuations for illiquid or non-traded securities

2.Social Media

在社交媒体上也不能misrepresentation，特别很多情况下都是匿名的。

3.Omissions

• The omission of a fact or outcome can be misleading, especially given the growing use of models and technical analysis processes.

• The outcomes from models shall not be presented as fact because they represent the expected results

• Members and candidates should encourage their firms to develop strict policies for composite development to prevent cherry picking—situations in which selected accounts are presented as representative of the firm’s abilities.

1.Social Media

利用社交媒体平台发布信息和获得信息的话，也要遵守II(A)，确保不是内幕信息，是公开信息。

2.Using Industry Experts

Members and candidates are ultimately responsible for ensuring that they are not requesting or acting on confidential information received from external experts.

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.

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.

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.

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.

点评：强调了不仅要预防和检查下属是否犯错，更重要的是要尽最大可能促使他们遵守规定，这个才是最终目的。

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。

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.

点评：主要是由于金融市场的复杂性和现在模型的复杂性。

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.

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.

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。