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由于handbook內(nèi)容很多，不熟悉ethics的同學(xué)會(huì)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)?zhǔn)備考試有所幫助。——By金程教育培訓(xùn)師何旋

1、Code：Old:Promote the integrity of and uphold the rules governing capital markets.

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

點(diǎn)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(qiáng)調(diào)了CFA會(huì)員應(yīng)該promote viability of the global capital market。

因?yàn)殡S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(huì)員必須要維護(hù)資本市場的rules，但是有可能因?yàn)檫@些rules太過于僵化反而不適合現(xiàn)在資本市場的發(fā)展了。資本市場終的發(fā)展是要對社會(huì)有利對投資者有利，所以要求會(huì)員要促進(jìn)資本市場的與時(shí)俱進(jìn)，不能僵化，資本市場的規(guī)則也應(yīng)該本著終對投資者有利的原則隨著社會(huì)的進(jìn)步而改革。

2、Standard：每一條standard都有content、guidance、recommended procedures、example四個(gè)方面的內(nèi)容。

3、content的改變代表這一個(gè)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)；

4、guidance的改變主要體現(xiàn)在在原有內(nèi)容上的補(bǔ)充。所有條款的guidance的改變，主要的兩個(gè)方面體現(xiàn)在：social media platform（比如Facebook、twitter）和financial modeling所帶來的影響，因?yàn)檫@兩個(gè)方面是金融市場近幾年非常突出的特點(diǎn)，一個(gè)是出現(xiàn)在社交媒體平臺(tái)上的信息越來越多，很多人都可以在自己的社交媒體平臺(tái)上發(fā)表看法給投資者和客戶看，另一個(gè)是所用的金融模型越來越復(fù)雜；

5、example的改變主要是為了配合guidance的補(bǔ)充，增加了很多案例，當(dāng)然也刪減了幾個(gè)案例，但是主要是主題重復(fù)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(dāng)中強(qiáng)調(diào)了一個(gè)以前沒有提到的職業(yè)：performance analyst，主要是基金公司中，做performance evaluation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(dāng)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(jìn)行考察，新增的Example需要大家自己去閱讀，具體的理解我們會(huì)在課程中詳細(xì)介紹。

6、下面從每一個(gè)條款來看主要變化：

(1)Standard I(A) Knowledge of the Law

案例的改變：新增Example 8 (Failure to Maintain Knowledge of the Law)

強(qiáng)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。

(2)Standard I(B) Independence and ObjectivityGuidance的改變：增加了兩條：

a.Performance Measurement and Attribution Performance measurement部門的獨(dú)立客觀性也會(huì)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(jiǎng)金或者讓自己符合公司規(guī)定，可能會(huì)影響到performance analyst的獨(dú)立客觀性.

b.Influence during the Manager Selection/Procurement Process 會(huì)員可能會(huì)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(shí)候應(yīng)該客觀獨(dú)立，不能接受別人的賄賂；也可能會(huì)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?yàn)槊绹霈F(xiàn)“pay to play”的丑聞。

案例的改變：新增example 13、14、15、16Standard I(C) Misrepresentation

7、Guidance的改變：增加了三條

(1).Performance Reporting

Performance benchmark selection：選的benchmark不對可能會(huì)錯(cuò)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 evaluations 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

8、Guidance的改變：增加了兩條

(1).Social Media

利用社交媒體平臺(tái)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(zé)任，所以協(xié)會(huì)強(qiáng)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(gè)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(gè)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(diǎn)評：強(qiáng)調(diào)了不僅要預(yù)防和檢查下屬是否犯錯(cuò)，更重要的是要盡可能促使他們遵守規(guī)定，這個(gè)才是終目的。

Guidance的改變：

點(diǎn)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(diǎn)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(diǎn)，由于是重復(fù)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.

通過解讀handbook變化內(nèi)容，對handbook點(diǎn)線面講解，幫助大家更清晰梳理CFA考試中handbook的內(nèi)容？

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