．.．．．-..．????C?二級(jí)培訓(xùn)項(xiàng)目?WeightingsinCFAIISessionContentEthical!&ProfessionalStandardsQuantitativeMeEconoWeightings10-15StudySession12-345-68FinancialeportingandAnalysisCorporate10-15Study12-13FixedIncome14Derivatives15AlternativevestmeSession16-17PortfolioManageent10-153-392蕓業(yè)．創(chuàng)新增值Proceedings??TheCFAofGovernorsmaintainsoversightandresponsibilityfortheConductProgramandDisciplinaryReviewCommittee(DRC)areresponsibleforenforcementCodeStandards.lcomeanumberofsources.?S-disclosureonannualConductStatementsofinvolvementincivillitiationoracriminalnvestiationormembercandidateisthesubjectofacompl.??complaboutprofessonalbythef.dencemisconductbyamembercandidateionalConductfthroughpublicsources,suchasaarticleor.?AbyaCFAmproctoraduringtheexamination.7-392蕓業(yè)．創(chuàng)前．增值Proceedings??Onceaninquiryinitiated,ProfessionalConductstaffwriting)explanationfrommembermay:???interviewthememberorcandidateinterviewthecomplainantotherthirdpartiesdocumentsrecordsanttheinvestigationTheDesignateddecide:?---------------、1?atioatiierroposesa???thatnodisciplinarysanctionsappropriate,,toissueacautionaryletterdisciplinethemembercandidatedisciplinarysanction+orCandidatelRejectReferredtoapanel飛omposed---o-f-D-C--m-em--be-rs----II\I，?8-392蕓業(yè)．創(chuàng)新．增值ThePanel?membercandidatedoesnotacceptchargesandproposedsanction,isreferredtoapanelcomposedDRC(DisciplineReviewCommmembers.reviewmaterialsandpresentationsfromProfessConductstaffandfromthememberorcandidate.Thepanel'staskistodeterminewhetheraviolationofCodeandStandardstestingpoliciesoccurred,ifso,whatsanctiondimposed.SanctionsmposedbyCFAInstitutemayhavesignificanttheyincludeubliccensuresusmembershiuseoftheCFAdesignation,andrevocationthecharter.CandidatesenrolledintheProgramhaveviolatedCodeandStandardsortestingsuspendedorfromfurntheProgram.???9-392蕓業(yè)．創(chuàng)新．增值andCodeandStandards?AMC?AssetManagerCodeProfessionalConduct(AMC),whichdesigned,inpart,helpmanagerscomplyregulationscodesofethforadvisers.?draftedspecificallyforfirm.?CodeStandards?AimedatindividualinvestmentprofessionalswhoaremembersofCFAInstituteorcandidatesintheCFAProgram.10-392蕓業(yè)．創(chuàng)新．增值Standardl(B):Case5?5.(ResearchIndependenceSalesPressure)Warnerstanalystsalaryiscloselerformanceroratebonddepartment.Nearthequarter'send,saleseaskhertoaroblematicbonlareinventorwhichwereunabletobethattanoroblem.?Comment:theinappropriateinternalsales-linkedsalarytnottWarner'sadvise.scase,shemusttopushtheproblematicbondclientssabletojustifythatmarketpricehasalreadyadjustedroperatingproblem.50392蕓業(yè)．創(chuàng)新．增值Standardl(D):Case5?Case5.(ProfessionalMisconduct)Whmanythesecuritiestheefund'sdeclinemarkedly.Rasmussenobserthateperformehedgenotthisdecline.Rasmussenapproacheseheadtradingaboutconcern.eresponseisthateisgsuccessfulequalifiedquestionthefundandthisnotherconcern.Shefairlysuregnotright,sheecomplianceofficer,whoalsoherstayawayfromeissuethehedgereporting.?Comment:Rasmussenhascomeuponerrorcomplianceractices.Shesometoconfirmdoubtandthenfollowefirm'sprocedurestoreportpotentiallyunethical.fallinternalcommunicationssatisfshouldconsiderortintheactivittothearoriatere?100392蕓業(yè)．創(chuàng)新．增值Standardlll(A):?Guidance-IdentifyingtheActualClient9.vinglclientsmaybeyxbecausetheyinvolveanumberests.?notonlyputobligationstoclientsfirstallbutalsoendeavortoavoidallrealorpotentialconflictsofinterest.10.notresponsibilitiesinvestmentmanagement,shouldalsobeidered.?Mustlookrolesandwhenadeterminationofwhor?Easilyidentifiable:companypublicshareholders.150392蕓業(yè)．創(chuàng)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蕓業(yè)．創(chuàng)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蕓業(yè)．創(chuàng)新．增值StandardV(A):Case12?Case(successfulduediligence/failedinvestment):investmentrohigh-net-worhclients.Oneofhisaboutahedgefundwhichhasahreturn.Throughesearch,tellhisclientthatthisfundusinglongshortstrategytheyextensiveleverage.rreviewingofeskdthesnefundeandesye,eoariskyprofileas.However,lweekslater,thefundsufferedaseveelossandtheclientisquestioningNewburyabouthiswork.?Comment:Newbury'srecommendationappropriate.Theistguaranteedsrepor.However,shoulddiscussthehisprocessandeinvestmentdownsideriskwithclientandmakesuretheisyunderstandeunderlyingriskcobinedtothereturn.392蕓業(yè)．創(chuàng)新．增值StandardVl(B):??2.Client>employer>individual?Individual-lowner.3.After7buy,aviolation.Musthaveenoughetoletclientshaveopportunitiestorespondtoron.Guidance-gt??ti??C??flicts4.Conflictsbetweenthelientsinterestaninvestmentprofessionalspersonalinteresty5.fint,individualmanagers,advisers,orfundemployeesmakingmoneyfrompersonalinvestmentsslongs??etisdisadvantagedetrade,theinvestmentprofessionaldoesnottpersonallytradesundertakenforclients,?complywithapplicableregulatory?Guidance-P??????gS?c??d?ry?gf?rC?s6.Clientsemployersertradesharcandidaestefiiaryow????7.eclientsncertaininvestmentsituationsrequireinvestmentpersonneltohavealignedinterests.Butmustn'tadverselyttinvestment.350392蕓業(yè)．創(chuàng)新．增值CurrencyExchange日Warm-叩：depreciation?Example:thedollar-Swissfrancrateincrease:CHF=1.7799o1.8100.eSwissfranchasdepreciarelativeothedollar-itnowtakesmoreSwissfrancstobuyadollar.?nincreaseinthenumericalvalueofeeratemeanstthebasecurrencyhasapprciatedandthatthepricecurrencydeprciated.1.7799CHF/USDto1.8100CHF/USD??USOappreciatedthereoreCHFdepreciated8-蕓業(yè)．創(chuàng)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-蕓業(yè)．創(chuàng)新．增值口ExampleIE?/lib?t-1ISelectCountryFactorsandHistoricalmi:cData2000-2010GwthGrowthnLaborProdutivityinHoursGrowthhWorkedinTFP(%)(C/?)nP,11Countryctors（％）（％）y.A?Hig?l?v?]of妞;????????????m????????????educatedwo皇kforce·Lowtari訂sonforei