小編導讀：2015年CFA一級二級三級考綱里有一個重大改變，就是ethics的參考書由第10版handbook改為第11版handbook。由于handbook內(nèi)容很多，不熟悉ethics的同學會對第11版到底有何改變摸不著頭腦，而ethics的部分對CFA一二三級都很重要，所以我把考綱的變化全部總結(jié)了一遍，把變化部分的主要內(nèi)容以及主要理解共享給大家，希望能夠?qū)蕚淇荚囉兴鶐椭?/div>
　　New:Promote the integrity and viability of the global capital markets for the ultimate benefit of society.
　　點評：code一共有六大條，第十一版只改變了這一條。新的內(nèi)容里面強調(diào)了CFA會員應(yīng)該promote viability of the global capital market。
　　因為隨著信息技術(shù)的發(fā)展，金融市場的發(fā)展越來越迅速，以前的內(nèi)容里要求會員必須要維護資本市場的rules，但是有可能因為這些rules太過于僵化反而不適合現(xiàn)在資本市場的發(fā)展了。資本市場最終的發(fā)展是要對社會有利對投資者有利，所以要求會員要促進資本市場的與時俱進，不能僵化，資本市場的規(guī)則也應(yīng)該本著最終對投資者有利的原則隨著社會的進步而改革。
　　Standard：
　　每一條standard都有content、guidance、recommended procedures、example四個方面的內(nèi)容。
　　content的改變代表這一個條款發(fā)生了重大的本質(zhì)性的改變，其中有三條發(fā)生了content的改變：IV(C), V(B), VII(A)；
　　guidance的改變主要體現(xiàn)在在原有內(nèi)容上的補充。所有條款的guidance的改變，最主要的兩個方面體現(xiàn)在：social media platform（比如Facebook、twitter）和financial modeling所帶來的影響，因為這兩個方面是金融市場近幾年非常突出的特點，一個是出現(xiàn)在社交媒體平臺上的信息越來越多，很多人都可以在自己的社交媒體平臺上發(fā)表看法給投資者和客戶看，另一個是所用的金融模型越來越復雜；
　　example的改變主要是為了配合guidance的補充，增加了很多案例，當然也刪減了幾個案例，但是主要是主題重復的案例刪減了，所以內(nèi)容上和難度上都沒有降低。（很多增加的案例主要是social media帶來的影響，以及，今年的ethics當中強調(diào)了一個以前沒有提到的職業(yè)：performance analyst，主要是基金公司中，做performance *uation和performance attribution的，也就是核算基金的業(yè)績表現(xiàn)，看基金的業(yè)績當中有多少是基金經(jīng)理的功勞）。由于CFA考試主要是以案例形式進行考察，新增的Example需要大家自己去閱讀，具體的理解我們會在課程中詳細介紹。
　　下面從每一個條款來看主要變化：
　　Standard I(A) Knowledge of the Law
　　案例的改變：新增Example 8 (Failure to Maintain Knowledge of the Law)
　　強調(diào)：如果你要在social media上發(fā)布信息，相關(guān)法律法規(guī)也要遵循，如果你不熟悉，可以咨詢。
　　Standard I(B) Independence and ObjectivityGuidance的改變：增加了兩條：
　　1.Performance Measurement and Attribution
　　Performance measurement部門的獨立客觀性也會受到威脅，主要是發(fā)生在基金公司和投資公司，基金經(jīng)理為了拿績效獎金或者讓自己符合公司規(guī)定，可能會影響到performance analyst的獨立客觀性
　　2.Influence during the Manager Selection/Procurement Process
　　會員可能會作為pension fund或者endowment的代表去幫助他們尋找投資經(jīng)理，你在尋找投資經(jīng)理的時候應(yīng)該客觀獨立，不能接受別人的賄賂；也可能會作為pension和endowment的被雇用對象，如果你賄賂別人，同樣違反這一條。
　　這一條的提出是因為美國政壇出現(xiàn)“pay to play”的丑聞。
　　案例的改變：新增example 13、14、15、16Standard I(C) Misrepresentation
　　Guidance的改變：增加了三條
　　1.Performance Reporting
　　Performance benchmark selection：選的benchmark不對可能會錯誤陳述自己的業(yè)績。
　　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 *uations and related fee calculations.
　　Reporting misrepresentations：valuations for illiquid or non-traded securities
　　2.Social Media
　　在社交媒體上也不能misrepresentation，特別很多情況下都是匿名的。
　　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.
　　案例的改變：新增example 14、15、16；刪掉了原example 1.
　　Standard I(D) Misconduct沒有改變。Standard II(A) Material Nonpublic Information
　　Guidance的改變：增加了兩條
　　1.Social Media
　　利用社交媒體平臺發(fā)布信息和獲得信息的話，也要遵守II(A)，確保不是內(nèi)幕信息，是公開信息。
　　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.
　　案例的改變：新增example 9、10、11、12；刪掉了原example 2、4、5、11、12.
　　Standard II(B) Market Manipulation
　　案例的改變：新增example 9；修改了原example 2、5，但是總體案例含義是一樣的。
　　Standard III(A) Loyalty, Prudence, and Care
　　Guidance的改變：增加了一條
　　Understanding the Application of Loyalty, Prudence, and Care
　　并不是所有的崗位和職業(yè)都要求你有fiduciary的責任，所以協(xié)會強調(diào)：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.
　　但是不管是不是資產(chǎn)管理的崗位，所有的從業(yè)人員都必須要以客戶利益為先。
　　兩個特別提出的崗位：
　　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.
　　案例的改變：新增example 10、11.
　　Standard III(B) Fair Dealing
　　案例的改變：新增example 8、9、10.
　　Standard III(C) SuitabilityGuidance的改變：增加了一條
　　Addressing Unsolicited Trading Requests
　　客戶要求的trading request和IPS不一致，那么這種trading肯定不是我建議客戶做的，這種trading request就是unsolicited。
　　原則：the member or candidate should refrain from making the trade until he or she discusses the concerns with the client.
　　Standard III(D) Performance Presentation
　　案例的改變：新增example 6、7、8.
　　Standard III(E) Preservation of ConfidentialityRecommended Procedures for Compliance：增加一個額外的要求
　　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.
　　案例的改變：新增example 5.Standard IV(A) Loyalty
　　Guidance的改變：增加了一條
　　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.
　　案例的改變：新增example 14、15.
　　Standard IV(B) Additional Compensation Arrangements沒有改變。Standard IV(C) Responsibilities of Supervisors
　　Content的改變：Members and Candidates must make reasonable efforts to ensure that any- one subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.
　　點評：強調(diào)了不僅要預防和檢查下屬是否犯錯，更重要的是要盡*5可能促使他們遵守規(guī)定，這個才是最終目的。
　　Guidance的改變：
　　點評：全部重新修訂。但是只是很多表述換了一下說法，本質(zhì)含義變化不大。在guidance里面增加了兩點要求。
　　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.
　　相應(yīng)的，在recommended procedure里也增加了這兩點，由于是重復的地方，這里就不再列出，大家只需要記一處即可。
　　案例的改變：新增example 8、9.
　　Standard V(A) Diligence and Reasonable Basis
　　Guidance的改變：修訂了兩條，原先只有一條“Quantitatively Oriented Research”，現(xiàn)在變成兩條“Using Quantitatively Oriented Research”和“Developing Quantitatively Oriented Techniques”。
　　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.
　　案例的改變：新增example 13、14、15、16、17.
　　Standard V(B) Communication with Clients and Prospective Clients
　　Content的改變：新增“Disclose to clients and prospective clients significant limitations and risks associated with the investment process. ”
　　點評：主要是由于金融市場的復雜性和現(xiàn)在模型的復雜性。
　　Guidance的改變：
　　1.修訂了一條：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.新增了一條：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.
　　案例的改變：新增example 11、12、13、14.
　　Standard V(C) Record Retention
　　Guidance的改變：增加了一條
　　New Media Records
　　沒有什么本質(zhì)的增加，這一條只是為了與時俱進，強調(diào)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.
　　Standard VI(A) Disclosure of Conflicts
　　案例的改變：新增example 12.
　　Standard VI(B) Priority of Transactions
　　沒有改變。
　　Standard VI(C) Referral Fees
　　案例的改變：刪了原example 4.
　　Standard VII(A) Conduct as Participants in CFA Institute Programs
　　Content的改變：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.
　　點評：以前的準則里面主要強調(diào)了要確保在CFA考試當中不能違反考場紀律，而現(xiàn)在的準則更多的強調(diào)應(yīng)該確保對整個CFA institute program的誠實，因為CFA協(xié)會當中不僅有CFA考試，還有其他證書。不過這只是說法的改變，從后面的案例來看（案例沒有任何新增），針對考試來講，考察的重點沒有什么影響。
　　Guidance的改變：沒有本質(zhì)性改變，很多原來描述中的CFA examination都變成了CFA institution program。
　　案例的改變：刪了原example 7.
　　Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program
　　案例的改變：新增example 7.
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