讀standards of practice handbook 11th edition

LOS2.a: Describe the structure of the CFA Institute professional conduct program and the process for the enforcement of the Code and Standards.

The CFA Institute Professional Conduct Program is covered by the CFA Institute Bylaws and the Rules of Procedure for Proceedings Related to Professional Conduct.

CFA協會的有關規定（Bylaws）和執行調查程序制度（Rules of Procedures）組成了關于道德規范和職業行為準則強制執行的基本結構.

The ?program is based on the principles of fairness of the process to members and candidates and maintaining the confidentiality of the proceedings.

所有會員一律平等 并且調查程序秉持保密原則

可能有以下原因引起調查的問詢程序:

1.Self-disclosure by members or candidates on their annual Professional Conduct Statement of involvement in civil litigation or a criminal investigation, or that the member of candidates is the subject of a written complaint.

會員和候選人每年關于自己職業行為遵循情況的自我披露，例如是否違法或接受有關刑事調查或受到別人投訴等

2.Written complaints about a member of candidate's professional conduct that are ?received by the Professional Conduct staff.

協會的工作人員收到對某會員和候選人的書面投訴

3.Evidence of misconduct by a member or candidate that the Professional Conduct staff received through public sources, such as a media article or broadcast.

協會工作人員通過公開渠道如新聞媒體得知某會員的不當行為等

4. A report by a CFA exam proctor of a possible violation during the examination.

CFA監考官員關于考試中會員違規行為的報告

5. Analysis of exam materials and monitoring of social media by CFA Institute.

對考試內容和社交媒體的綜合分析

一旦問詢開始，主管官員可能會要求寫出書面的解釋，還可能(1) interview the subject member or candidate. ?（2）interview the complainant or other third parties. ?(3) collect documents and records relevant to the investigation.

官員可能會做出以下決定：（1）that no disciplinary sanctions are appropriate. 不進行紀律處分. ?(2) to issue a cautionary letter. ?發布一個警告信. ?(3). to discipline the member or candidate. 進行紀律處分

In a case where the Professional Conduct staff finds a violation has occurred and proposes a disciplinary sanction, the member or candidate may accept or reject the sanction. If the member of candidate chooses to reject the sanction, the matter will be referred to a disciplinary review panel of CFA Institute members for a hearing.

如果指定的官員根據報告，對違反道德規范行為的會員進行了紀律處分，則被處分的會員或候選者可以選擇接受或者不接受該處分決定。如果會員和候選人不接受該處分決定，那么該事件將由CFA協會的紀律審查委員會和當地CFA的志愿者共同組成陪審團來進行聽證。聽證的主要目的是判斷該會員是否違反有關規定及對應的處罰措施是否適當.

Sanctions imposed may include condemnation by the member's peers or suspension of candidate's continued participation in the CFA Program.

CFA協會處罰措施包括公開譴責、暫停會員資格和使用CFA資格，或收回對CFA資格的授予。CFA候選人違反考試紀律等可能會被取消考試成績或終止參加以后的CFA考試。

LOS 2.b: State the six components of the Code of Ethics and the seven Standard of Professional Conduct.

注冊金融分析師協會成員和候選人必須:(code of ethics)

1.Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, colleagues in the investment profession, and other participants in the global capital markets.

堅持正直、勝任、勤奮、令人尊重的做事原則，以合乎職業道德的方式對待投資行業內的公眾、客戶、潛在客戶、雇主、雇員、同事以及其他全球資本市場的參與者

2.Place the integrity of the investment profession and the interests of clients above their own personal interests.

將投資行業的誠信和客戶的利益置于個人利益之上

3. Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

進行投資分析、提供投資建議、采取投資行動和執行其他專業活動時，應保持合理的謹慎，做出獨立的職業判斷

4.Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

履行并鼓勵其他人履行職業道德規范，彰顯其自身和行業的信譽

5.Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

提升資本市場信譽，支持資本市場管理條例

6. Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

保持和提高專業勝任能力，努力保持和提高他人在投資行業的專業勝任能力

The standards of professional conduct

1.Professionalism

2.Integrity of Capital Markets

3.Duties to clients

4.Duties to employers

5.Investment Analysis, Recommendations, and actions

6.Conflicts of interest

7.Responsibilities as a CFA Institute Member or CFA Candidate

LOS2.c: Explain the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.

職業行為準則（The standards of professional conduct）:

1. PROFESSIONALISM

A. Knowledge of the law. Members and Candidates must understand and comply with all applicable laws, rules, and regulations( including the CFA Institute Code of Ethics and Standards of Professional Conducts) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in any violation of laws, rules, or regulations and must disassociate themselves from any such violation.

會員和考生必須理解和遵守由政府、監管組織、授權機關或管理職業活動的職業協會制定的所有適用的法律、法規或規章（包括CFA協會道德規范和職業行為標準）。如果發生沖突，會員和考生必須遵守更為嚴格的法律、法規或規章。會員和考生不得有意參與或協助違反此類法律、法規或規章，并且必須脫離這些違規行為。

B. Independence and Objectivity. Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer,solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.

會員和考生必須保持應有的謹慎，做出合理的判斷，在執行專業活動時實現和保持獨立性與客觀性。會員和考生不得提供、索要或接受任何常理上認為有損個人或其他人獨立性與客觀性的禮物、好處、補償或報酬.

C.Misrepresentation.?Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional acti

會員和考生不得有意曲解投資分析、建議、行動或其他專業活動.

D. Misconduct. Members and Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

會員和考生不得從事涉嫌欺騙、欺詐或舞弊的職業行為，或做出任何與職業聲譽、正直性或專業勝任能力相背離的行為

2. INTEGRITY OF CAPITAL MARKETS

A. Material Nonpublic Information. Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

擁有影響投資價值的重大非公開信息的會員和考生不得根據此信息行事或促使其他人根據此信息行事.

B. Market Manipulation. Members and Candidates must mot engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

會員和考生不得從事歪曲價格或人為抬高交易量試圖誤導市場參與者的行為.

3. ?DUTIES TO CLIENTS

A. Loyalty,Prudence, and Care. Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients' interests before their employer's or their own interests.

會員和考生有忠于客戶的責任，必須保持合理的謹慎，做出盡職的判斷。會員和考生必須依客戶利益行事，將客戶利益置于雇主或個人利益之上.

B. Fair Dealing. Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

會員和考生進行投資分析、提供投資建議、采取投資行動或從事其他專業活動時，必須公正客觀地與所有客戶進行交易.

C. Suitability.

--When Members and Candidates are in an advisory relationship with a client, they must:

?a. Make a reasonable inquiry into a client's or prospective clients' investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action and must reassess and update this information regularly.

?在做出投資建議或采取投資行動之前，詢問客戶或潛在客戶的投資經歷、風險與利潤目標、財務約束條件，并且必須定期地重新評估和更新此信息.

?b. Determine that an investment is suitable to the client's financial situation and consistent with the client's written objectives, mandates, and constraints before making an investment recommendation or taking investment action.

在做出投資建議或采取投資行動之前，確定此項投資適合客戶的財務狀況，符合客戶的書面目標、要求和約束條件.

? c. Judge the suitability of investments in the context of the client's total portfolio.

?根據客戶的投資組合角度，判斷投資的適合性

--When Members and Candidates are responsible for managing a portfolio to a specific mandate, strategy, or style, they must make only investment recommendations or take investment actions that are consistent with the stated objectives and constraints of the portfolio.

當會員和考生負責管理投資組合，使其符合特定的要求、戰略或風格時，他們提供的投資建議或采取的投資行動必須與規定的投資組合目標和約束條件保持一致.

D. Performance Presentation. When communicating investment performance information, Members or Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.

當溝通投資表現信息時，會員或考生必須做出應有的努力，確保該信息的合理、正確和完整.

E. Preservation of Confidentiality. Members and Candidates must keep information about current, former, and prospective clients confidential unless:

--The information concerns illegal activities on the part of the client or prospective client or prospective client.

--Disclosure is required by law, or

--The client or prospective client permits disclosure of the information.

會員和考生必須保守以前、當前和潛在客戶的機密信息，除非：

--該信息涉及客戶或潛在客戶的違法活動。

--法律要求披露。

--客戶或潛在客戶允許披露此信息。

4. DUTIES TO EMPLOYERS

A. Loyalty. In matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

在與自身雇傭有關的事務方面，會員和考生必須依雇主利益行事，不得剝奪雇主占有其技能的權利，不得泄漏機密信息，不得從事其他損害雇主利益的行為.

B. Additional Compensation Arrangement. Members and candidates must not accept gifts, benefits, compensation, or consideration that competes with, or might reasonably be expected to create a conflict of interest with, their employer's interest unless they obtain written consent from all parties involved.

會員和考生不得接受禮物、好處、補償或報酬，導致與雇主利益相競爭，或常理上認為會與雇主發生利益沖突，除非得到所有相關方的書面許可.

C. Responsibilities of Supervisors. Members and Candidates must take reasonable efforts to ensure that anyone subject to their supervision or authority complies with applicable laws, rules, regulation, and the Code and Standards.

會員和考生必須做出應有的努力，發覺和防止受其監督或管理的人員從事違反適用法律、法規、規章以及道德和標準的行為.

5. INVESTMENT ANALYSIS, RECOMMENDATION, AND ACTIONS

A. Diligence and Reasonable Basis. Members and Candidates must:

--Exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions.

--Having a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action.

--進行投資分析、提供投資建議、采取投資行動時，保持勤奮、獨立和精確。

--任何投資分析、建議或行動都具有合理充分的依據，有適當的研究和調查支撐.

B. Communication with Clients and Prospective Clients. Members and Candidates must

--Disclose to clients and prospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes.

向客戶和潛在客戶披露用于分析投資、選擇證券、構建投資組合的投資過程的基本格式和一般原則，并且必須即時披露可能對這些過程產生重大影響的變動事項.

--Disclose to clients and prospective clients significant limitations and risks associated with the investment process.

向客戶和潛在客戶披露投資過程中會出現的顯著不利因素和風險.

--Use reasonable judgment in identifying which factors are important to their investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.

應用合理的判斷識別影響投資分析、建議或行動的重要因素，包括與客戶和潛在客戶溝通的那些因素.

--Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

區分投資分析和建議演示中的事實和觀點.

C. Record Retention. Members and Candidates must develop and maintain appropriate records to support their investment analysis, recommendations, actions, and other investment-related communications with clients and prospective clients.

會員和考生必須記載和保留適當的記錄，以支持投資分析、建議、行動以及與客戶和潛在客戶溝通的投資相關事項.

6. CONFLICTS OF INTEREST

A. Disclosure of Conflicts. Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

會員和考生必須全面合理地披露常理上認為會損害其獨立性和客觀性或妨礙其對客戶、潛在客戶和雇主履行責任的所有事項。會員和考生必須確保此披露的重要性，以簡單的語言傳達，并有效地溝通相關信息.

B. Priority of Transactions. Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner.

客戶和雇主的投資交易必須優先于會員或考生是受益人的投資交易.

C. Referral Fees. Members and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received from, or paid to, others for the recommendation of products or services.

會員和考生必須向其雇主、客戶和潛在客戶適當地披露因產品建議或服務而收到其他人、或者支付給其他人的補償、報酬或好處.

7. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE

A. Conduct as Participants in CFA Institute Programs. 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.

會員和考生不得從事任何危害CFA協會、CFA特許狀聲譽和誠信的行為，也不得從事危害CFA考試誠信、有效性和安全性的行為.

B. Reference to CFA Institute, the CFA Designation, and the CFA Program. When referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program.

當提及CFA協會、CFA會員資格、CFA特許狀或CFA考試資格時，會員和考生不得曲解或夸大CFA協會、持有CFA特許狀或CFA考試資格的意義或含意.