CFA1 - Acetates Ethique

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CFA1
SS1
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CFA1- DISCLAIMER
In agreement with Schweser Inc., materials found in the commercially sold Schweser CFA I preparation products have been included in the following presentation and tools used with this presentation.
Pierre Saint-Laurent
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CFA1- Study Session 1

Ethical and Professional Standards
1. Code of Ethics and Standards of Professional Conduct 2. Guidance for Standards I VII 3. Introduction to Global Investment Performance Standards 4. Global Investment Performance Standards
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CFA1- Study Session 1
Ethical and Professional Standards
Code of Ethics: DIFFERENT from Standards of Professional Conduct Code of Ethics: PRINCIPLES, need to learn themTHEY ARE THE LAWS Standards of Professional Conduct: APPLICATION of the principles- THEY ARE THE BYLAWS AND REGULATIONS
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Code of Ethics
1. 2. 3. 4. 5. 6. 7. 8.
CLIENTS deserve priority: CLIENTS deserve integrity: CLIENTS deserve care: BE Independent: BE Competent: ACT Lawfully: ACT Ethically: ACT Reputably:
PRIORITY INTEGRITY CARE INDEPENDENT COMPETENT LAWFUL ETHICAL REPUTABLE

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Code of Ethics
P I C I C L E R PIC-----WHAT CLIENTS DESERVE IC-------WHAT YOU ARE LER----HOW YOU ACT
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Code of Ethics
PIC-----PRIORITY/ INTEGRITY/ CARE IC-------INDEPENDENT/ COMPETENT LER----LAWFUL/ ETHICAL/ REPUTABLE
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Code of Ethics
According to the Code of Ethics, the professional judgment of a member should be:
A)independent. B)dependent on that of his/her colleagues. C)quick and timely.
A) The Code of Ethics states that the CFA Institute member shall Use reasonable care and exercise independent professional judgment. None of the other answers resemble anything in the Code.
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Standards of Professional Conduct

I. II. III. IV. V. Professionalism Integrity of Capital Markets Duties to Clients Duties to Employers Investment Analysis, Recommendations and Actions VI. Conflicts of Interest VII. Responsibilities as a CFA Institute Member or CFA Candidate
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Youre a CFA: what are your DUTIES (how you should ACT)
and
what is your BEHAVIOR (how you should WORK)
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1) HOW YOU SHOULD ACT I. Professionalism II. Integrity of Capital Markets III. Duties to Clients IV. Duties to Employers P--I--C--E: Professionalism/ Integrity/ Clients/ Employers
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2) HOW YOU SHOULD WORK V. Investment Analysis, Recommendations and Actions VI. Conflicts of Interest VII. Responsibilities as a CFA Institute Member or CFA Candidate
A--I--R: Analysis/ Interest/ Responsibilities
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1) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers I. Professionalism A. Knowledge of the law B. Independence and objectivity C. Misrepresentation D. Misconduct
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KEY ELEMENTS OF PROFESSIONAL CONDUCT
CLIENT GOES FIRST (EMPLOYER SECOND) YOU CANNOT BENEFIT FROM INSIDE/ MATERIAL NONPUBLIC INFORMATION MOSAIC THEORY SUITABILITY IS IMPORTANT
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DISCLOSE BE FAIR CREATE A PAPER TRAIL YOU CAN/ MUST GO AGAINST YOUR EMPLOYER WHEN WARRANTED IN DOUBT, SEEK PROFESSIONAL ADVICE
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1) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers How does a CFA ACT with professionalism? Knows the law/ is independent/ does not misrepresent/ does not engage in misconduct
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Guidance

A. Knowledge of the Law
Most strict First notify supervisor or compliance officer May confront wrongdoer directly Dissociate if necessary Inaction may be construed as participation No requirement to report violations to governmental authorities, but this may be appropriate in certain cases
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Guidance

B. Independence and Objectivity Modest gifts OK Distinguish between gifts from clients and gifts from entities trying to influence May accept gift from clients disclose to employer Investment banking relationships do not bow to pressure to issue favorable research For issuer-paid research, flat fee structure is preferred
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Guidance C. Misrepresentation Standard covers oral, written, or electronic communications Do not misrepresent qualifications, services of self or firm, or performance record, characteristics of an investment Do not guarantee a certain return No plagiarism written or oral communications
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Guidance D. Misconduct This Standard covers conduct that may not be illegal, but could adversely affect a members ability to perform duties

Adopt a code of ethics to which every employee must adhere Disseminate a list of potential violations and associated disciplinary sanctions Conduct background checks on potential employees look for good character, and eligibility to work in the investment industry
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Professionalism
A money manager works for a full-service brokerage firm. After meeting with a new client and gathering all relevant information, the money manager says that she thinks her firm can perform all the financial services the new client needs. With respect to Standard I(C), Misrepresentation, this:
A)may not be a violation if the manager's opinion is based upon the factual information gathered. B)may not be a violation if the representation was made orally. C)is a violation because she should have gathered the relevant information before the prospect became a client.
A There is no violation if the opinion is based upon the factual information gathered and the firms actual capabilities. This is true whether or not the representation was written, oral, or electronic. None of the other choices are correct.
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A) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers II. Integrity of capital markets A. Material nonpublic information B. Market manipulation
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1) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers How does a CFA ACT with integrity? Does not use material nonpublic information/ Does not engage in market manipulation
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Guidance A. Material Nonpublic Information Material if disclosure of information would impact a securitys price or if reasonable investors would want the information before making an investment decision If price effect is ambiguous, information may not be considered material
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Guidance
A. Material Nonpublic Information Information is nonpublic until it has been made available to the marketplace Information made available to analysts is considered nonpublic until it is made available to investors in general
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A. Material Nonpublic Information Mosaic Theory No violation when an analyst reaches an investment conclusion about a corporate action or event through analysis of public information, together with non-material nonpublic information
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Guidance
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Guidance B. Market Manipulation Do not engage in transaction-based manipulation give false impression of activity / price movement; gain dominant position in an asset to manipulate price of the asset or a related derivative Do not distribute false, misleading information
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Integrity of Capital Markets
An analyst provides services for a charitable organization and in return gets free membership in the organization. Part of her job is to manage the liquid assets of the organization, and those assets include stocks. Her supervisor in the organization calls her and tells her to buy a certain stock for the portfolio based upon insider information from a board member in the organization. The analyst objects, but the supervisor says this is what they have always done and sees no reason for changing now. The analyst complies with the request. With respect to Standards IV(A), Loyalty to Employer, and II(A), Material Nonpublic Information, the analyst violated:
A)both Standards IV(A) and II(A); B)only Standard II(A) that prohibits insider trading; C)only Standard IV(A) requiring duty of loyalty.
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B) only Standard II(A) that prohibits insider trading. An employee/employer relationship does not necessarily mean monetary compensation for services. Complying with the request is a violation of II(A) which prohibits trading on insider information. Standard IV(A) Loyalty deals with going into business for yourself, leaving an employer and continuing to act in the employer's best interest until their resignation becomes effective, and whistleblowing which means that the member's interests and their firm's interests are secondary to protecting the integrity of capital markets and the interests of the clients.
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1) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers III. Duties to clients A. Loyalty, prudence and care B. Fair Dealing C. Suitability D. Performance presentation E. Preservation of confidentiality
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1) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers III. Duties to clients
How does a CFA ACT with clients? Is loyal, prudent, careful/ Deals fairly/ Ascertains suitability of actions and recommendations/ Presents performance accurately and in relevant manner/ Preserves confidentiality
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Guidance A. Loyalty, Prudence, and Care Take investment actions in clients best interests Exercise prudence, care, skill and diligence that a person acting in a like capacity and familiar with such matters would use Follow applicable fiduciary duty
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Guidance A. Loyalty, Prudence, and Care Manage pools of client assets according to terms of governing documents Make investment decisions in context of total portfolio Vote proxies responsibly and disclose proxy voting policies to clients Soft dollars must benefit client
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Guidance
B. Fair Dealing No discrimination against any clients when disseminating investment recommendations or taking investment action Fair does not mean equally Different levels of service OK as long as disclosed, and does not disadvantage any clients
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Guidance
B. Fair Dealing
Investment recommendations:
All clients must have fair chance to act on every recommendation If client is unaware of recommendation change, advise before accepting trade order
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Guidance
B. Fair Dealing
Investment actions:
Treat all clients fairly consider investment objectives, circumstances Disclose written allocation procedures Do not disadvantage any clients when distributing hot issues
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Guidance C. Suitability When in advisory relationship, gather client information at the outset and prepare IPS Update IPS at least annually Consider whether leverage (derivatives) is suitable for client If managing a fund to an index or other mandate, invest according to mandate
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Guidance
D. Performance Presentation Do not misstate performance or mislead clients about investment performance Do not misrepresent past performance Provide fair and complete performance information Do not state or imply ability to achieve returns similar to those achieved in the past
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Guidance E. Preservation of Confidentiality
In some cases it may be required by law to report activities to relevant authorities This Standard extends to former clients Exception: may provide confidential information to CFA Institute for an investigation under Professional Conduct Program
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Duties to clients
A money management firm has the following policy concerning new recommendations: When a new recommendation is made, each portfolio manager estimates the likely transaction size for each of their clients. Clients are notified of the new recommendation in the order of their estimated transaction sizelargest first. All clients have signed a form where they acknowledge and consent to this allocation procedure. With respect to Standard III(B), Fair Dealing, this is:
A) Such a policy is a violation of the Standard and client acknowledgement and/or consent does not change that fact.
A)a violation of the standard. B)not a violation because the clients are aware of the policy. C)not a violation because the clients have signed the consent form.
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1) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers IV. Duties to employers A. Loyalty B. Additional compensation arrangements C. Responsibilities of supervisors
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1) HOW YOU SHOULD ACT P--I--C--E: Professionalism/ Integrity/ Clients/ Employers IV. Duties to employers
How does a CFA ACT with employers? Is loyal/ Discloses additional compensation arrangements/ Exercises appropriate supervisory duties
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Guidance A. Loyalty/ Independent practice: If planning to engage in independent practice, notify employer of services provided, expected duration, and compensation Do not proceed without consent from employer
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Guidance A. Loyalty/Leaving an employer:
If seeking new employment, act in best interest of employer until resignation is effective Do not take records or files without permission Simple knowledge of names of former clients is OK No prohibition on use of experience or knowledge gained at former employer
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Guidance
A. Loyalty Whistleblowing:
Permitted only if it protects client or integrity of capital markets Not permitted for personal gain
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Guidance B. Additional Compensation Arrangements Compensation and benefits covers direct compensation by the client and other benefits received from third parties For written consent from all parties involved, email is acceptable
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Guidance
C. Responsibilities of Supervisors Supervisors must take steps to prevent employees from violating laws, rules, regulations, or the Code and Standards Supervisors must make reasonable efforts to detect violations
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Duties to employers
For many years, John Berger, CFA, has been a mentor of Bob Chennings, a family friend, who just earned the CFA designation. Berger is the CEO of a firm that just hired Chennings, but the hiring was done at a lower level so Berger and Chennings have no direct contact in the daily operation of the firm. With respect to Standard IV(C), Responsibilities of Supervisors, Berger:
A)must develop a set of written procedures to prevent violations derived from his mentoring Chennings. B)assumes no extra responsibility with the hiring of Chennings. C)must both develop written procedures concerning Chennings and routinely evaluate his performance.
B) assumes no extra responsibility with the hiring of Chennings. As a CEO, Berger is responsible for reasonable procedures being in place for the entire firm. Since Berger is not the supervisor of Chennings, however, Berger assumes no extra responsibility upon his hiring.
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2) HOW YOU SHOULD WORK A--I--R: Analysis/ Interest/ Responsibilities V. Investment Analysis, Recommendations and Actions A. Diligence and reasonable basis B. Communication with clients and prospective clients C. Record retention
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2) HOW YOU SHOULD WORK A--I--R: Analysis/ Interest/ Responsibilities
How does a CFA WORK with respect to investment analysis, recommendations and actions? Applies diligence and a reasonable basis/ Communicates fairly and accurately with clients and prospective clients/ Retains records of sources of analyses, recommendations and actions
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Guidance A. Diligence and Reasonable Basis Make reasonable efforts to cover all relevant issues when arriving at an investment recommendation
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Guidance A. Diligence and Reasonable Basis
Using secondary or third-party research:

Determine soundness of the research review assumptions, rigor, timeliness, and independence of analysis
Group research and decision making:

As long as there is reasonable basis for opinion, member does not necessarily have to agree with the opinion
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Guidance
B. Communication with Clients and Prospective Clients Distinguish between facts and opinions Include basic characteristics of the security Inform clients of any change in investment processes Suitability of investment portfolio context All communication covered, not just reports
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Guidance C. Record Retention Maintain records to support research, and the rationale for conclusions and actions Records firms property and cannot be taken when member leaves without firms consent If no regulatory requirement, CFA Institute recommends retention period of 7 years
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Investment Analysis, Recommendations and actions
Robert Hamilton, a CFA candidate, is preparing a research report on Pets-R-Us for public distribution. Hamilton's preliminary report contains unfavorable earnings forecasts for the next four quarters. As part of his analysis, Hamilton met with Linda Brisson, the president of Pets-R-Us, and asked her to review the preliminary report for factual inaccuracies. Brisson revised Hamilton's earnings forecasts so that the quarterly earnings showed an upward trend and resulted in positive earnings by the fourth quarter. Hamilton included the revised earnings figures in his report without further review. Although the final report included the basic characteristics of Pets-R-Us, it emphasized certain areas such as projected quarterly earnings but only briefly touched on others.
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Investment Analysis, Recommendations and actions
According to CFA Institute Standards of Professional Conduct on research reports, Hamilton: A)did not violate the Standard. B)violated the Standard because he did not thoroughly review and analyze any information provided by Brisson. C)violated the Standard because he asked Brisson to review the report for factual inaccuracies.
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B) violated the Standard because he did not thoroughly review and analyze any information provided by Brisson. Standard V(B) permits Hamilton to ask company management to review his report for factual inaccuracies, but Hamilton should have taken care to thoroughly review and analyze any information provided by the company. The research report should have remained the product of Hamilton's own independent and objective analysis.
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2) HOW YOU SHOULD WORK A--I--R: Analysis/ Interest/ Responsibilities VI. Conflicts of interest A. Disclosure of conflicts B. Priority of transactions C. Referral fees
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How does a CFA WORK to avoid conflicts of interest? Discloses conflicts/ Prioritizes client and employer transactions over own/ Discloses referral fees
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Guidance A. Disclosure of Conflicts Disclose to clients:
All matters that could impair objectivity allow clients to judge motives, biases Examples between member / firm and issuer, investment banking, underwriting, broker / dealer market-making activities, significant stock ownership, board service
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Guidance A. Disclosure of Conflicts Disclose to employers:
Conflicts of interest ownership of stock analyzed / recommended, board participation, financial and other pressures that may influence decisions Also covers conflicts that could be damaging to employers business
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Guidance
B. Priority of Transactions Beneficial owner has direct / indirect personal interest in the securities Client, employer transactions take priority over personal transactions (including beneficial ownership) Family member accounts that are client accounts must be treated as other client accounts
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Guidance C. Referral Fees Disclosure allows clients and employers to evaluate full cost of service and any potential biases Disclosure is to be made prior to entering into any formal agreement for services Disclose the nature of the consideration
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Conflicts of Interest
Which of the following is a possible breach of fiduciary duties by a CFA Institute member who manages assets on behalf of a client?
A)None of these breach fiduciary duties. B)Voting all proxies of stocks the client owns. C)Using directed brokerage.
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B) Voting all proxies of stocks the client owns. Proxies have economic value to the client. To comply with Standard III(A), the analyst is obligated to vote proxies in an informed and responsible manner. A cost benefit analysis may show that voting all proxies may not benefit the client, so voting proxies may not be necessary in all instances. Directed brokerage occurs when the client requests that a portion of the client's brokerage be used to purchase services that directly benefit the client. Although, this may prevent best execution, it does not violate the Standards as it was directed by the
client, not the brokerage firm.
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2) HOW YOU SHOULD WORK A--I--R: Analysis/ Interest/ Responsibilities VII. Responsibilities as a CFA Institute Member or CFA Candidate A. Conduct as members and candidates in the CFA Program B. Reference to CFA Institute, the CFA designation, and the CFA program
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How does a CFA WORK to uphold responsibilities to the CFA Institute and CFA Program? Refrain from conduct detrimental to CFA Institute and/or CFA Program/ Refers to CFA Institute, the CFA designation, and the CFA program in approved and appropriate fashion
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How does a CFA WORK to uphold responsibilities to the CFA Institute and CFA Program? Refrain from conduct detrimental to CFA Institute and/or CFA Program/ Refers to CFA Institute, the CFA designation, and the CFA program in approved and appropriate fashion
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Guidance
A. Conduct as Members and Candidates in CFA Program Conduct includes:

Cheating on the exam Disregarding rules and policies or security measures related to exam administration Giving confidential information to candidates or public
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Guidance
A. Conduct as Members and Candidates in CFA Program Conduct includes (continued):
Improper use of CFA designation to further personal and professional objectives Misrepresenting the CFA Institute Professional Development Program or the Professional Conduct Statement
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Guidance
B. Reference to CFA Institute, the CFA Designation, and the CFA Program CFA Institute membership:

Complete PCS annually Pay membership dues annually
Failure to comply with above results in an inactive member status
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Guidance
B. Reference to CFA Institute, the CFA Designation, and the CFA Program Using the CFA designation:
Use the marks Chartered Financial Analyst or CFA in a manner that does not misrepresent or exaggerate the meaning or implications of holding the CFA designation
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Guidance
B. Reference to CFA Institute, the CFA Designation, and the CFA Program Reference to the CFA program:
Candidates may reference participation in CFA program, but do not imply achievement of any type of partial designation OK to say passed all levels on first attempt, but do not imply superior ability
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Guidance
B. Reference to CFA Institute, the CFA Designation, and the CFA Program Improper use of the CFA marks:
The Chartered Financial Analyst and CFA marks must always be used either after a charterholders name or as adjectives, not as nouns
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At the conclusion of the Level I CFA examination (morning section), proctors announce that candidates should stop writing. John Davis continues to randomly fill in ovals. Despite 2 specific warnings, Davis keeps filling out ovals for 30 seconds.
Davis has: a) Violated VII(A) b) Violated VII (B) c) Violated III (A) and VII (A)
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a) VII (A) has been violated (rules and regulations of the CFA Program).
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REMINDERKEY ELEMENTS OF PROFESSIONAL CONDUCT

CLIENT GOES FIRST (EMPLOYER SECOND) YOU CANNOT BENEFIT FROM INSIDE/MATERIAL NONPUBLIC INFORMATION MOSAIC THEORY SUITABILITY IS IMPORTANT
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DISCLOSE BE FAIR CREATE A PAPER TRAIL YOU CAN/MUST GO AGAINST YOUR EMPLOYER WHEN WARRANTED IN DOUBT, SEEK PROFESSIONAL ADVICE
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GIPS
Global Investment Performance Standards WHY?
Standardize performance measurement Allow meaningful comparisons between managers Mitigate misrepresentation, track record cherry picking and selective data presentations
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GIPS
Global Investment Performance Standards Definitions are critical
The FIRM The COMPOSITE Precise rules exist to define the firm and to calculate performance (via composites)
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GIPS
Global Investment Performance Standards
The FIRM is a distinct management entity with discretion on portfolio management The COMPOSITE is the aggregation of all actual feepaying, discretionary portfolios for a 5-year minimum, or since inception (add performance results each year up to 10 years)
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GIPS
Key elements of GIPS
0.
1.
2.
Fundamentals of compliance issues for firms to consider when claiming GIPS compliance, including definition of firm Input data must be consistent, for full, fair, comparable performance presentations Calculation methodology certain methodologies are required; be uniform in methods
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GIPS
Key elements of GIPS 3. Composite construction create meaningful, asset-weighted composites 4. Disclosures certain info must be disclosed about presentation / policies 5. Presentation and reporting present investment performance according to GIPS requirements
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GIPS
Key elements of GIPS 6. Real estate provisions also apply to real estate investments, regardless of level of control the firm has over management of the investment 7. Private equity value according to GIPS Private Equity Valuation Principles, unless open-end or evergreen fund (then follow regular GIPS)
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GIPS
With respect to reporting investment results, Global Investment Performance Standards (GIPS) require a minimum of: A)three years of historical performance. B)five years of historical performance. C)ten years of historical performance.
B) five years of historical performance. GIPS require a minimum of five years of conforming historical performance results
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GIPS
A good way to describe the Global Investment Performance Standards (GIPS) is a: A) legal doctrine with criminal penalties. B) screening mechanism for determining appropriate international investments. C) common yardstick for means of comparison.
C) common yardstick for means of comparison. Just like the Presentation Performance Standards (PPS), the GIPS serve as a yardstick so the performance of one individual or firm can be properly compared to that of another.
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THIS IS FOR YOUR PERSONAL USE ONLY. REPRODUCTION AND ELECTRONIC TRANSMITTAL ARE EXPRESSLY FORBIDDEN.

CFA1- Study Session 1

PRIORITY INTEGRITY CARE INDEPENDENT COMPETENT LAWFUL ETHICAL REPUTABLE

PIC-----PRIORITY/ INTEGRITY/ CARE IC-------INDEPENDENT/ COMPETENT LER----LAWFUL/ ETHICAL/ REPUTABLE

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

A--I--R: Analysis/ Interest/ Responsibilities

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

A. Knowledge of the Law

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Using secondary or third-party research:

Group research and decision making:

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Complete PCS annually Pay membership dues annually

Failure to comply with above results in an inactive member status

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

Standards of Professional Conduct

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