1、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.
2、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(diǎn)評：主要是由于金融市場的復(fù)雜性和現(xiàn)在模型的復(fù)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.
3、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(jìn)，強(qiáng)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(diǎn)評：以前的準(zhǔn)則里面主要強(qiáng)調(diào)了要確保在CFA考試當(dāng)中不能違反考場紀(jì)律，而現(xiàn)在的準(zhǔn)則更多的強(qiáng)調(diào)應(yīng)該確保對整個CFA institute program的誠實(shí)，因為CFA協(xié)會當(dāng)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(diǎn)沒有什么影響。
4、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.
親愛的考生，為了幫助廣大學(xué)員在2015年CFA備考中取得良好的成績，金程網(wǎng)校為大家開設(shè)了CFA考試專欄，每天分享老師精心帶來的CFA歷年真題以及考試答案的詳細(xì)解析，幫助學(xué)員在學(xué)習(xí)中快速的提升考試成績，加強(qiáng)練習(xí)。
.gif)
相關(guān)CFA頻道內(nèi)容推薦: CFA考試科目 CFA報考資格 CFA報名條件
