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www.cfainstitute.org

2014 CFA Institute

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Read the attached file carefully and answer the following questions:

1. What is the main goal of announcing this charter?

2. Under the heading "Duties to clients" the issue of convenience is discussed. What is meant by convenience and why is it important to professional behavior?

3. What is the purpose of having a clause on "duties towards employers"?

4. What is meant by "recommendation fees" under the heading of "conflict of interest"? What is the relationship of this issue with ethics and standards of behavior?

Smoothing

The CFA Charter of Ethics and Standards of Professional Conduct is one of the foundations on which the CFA Institute values are based and essential to achieving its mission to lead the investment profession on the global level by setting high standards in education and ethics for the basic benefit of society. High ethical standards are important to maintaining public confidence in the financial markets and in the investment profession. Since its establishment in the 1960s, the Charter and Standards have promoted the integrity of CFA Institute members and played the role of role model in measuring the ethics of investment professionals around the world, regardless of their job duties, cultural differences, or local laws and regulations. All CFA Institute members (including Chartered Financial Analyst (CFA ) candidates) and candidates for the CFA title must adhere to the Charter and Standards and are encouraged to inform their employers of this responsibility. It is possible that their wrongdoing will lead to disciplinary penalties imposed by CFA Institute. These sanctions may include revocation of their membership, cancellation of their candidacy for membership in the CFA program, and the right to use the title of Certified Financial Analyst.

Ethics Charter

CFA Institute members (including those holding the CFA Chartered Financial Analyst title) and candidates for the CFA title (Members and Candidates) must:

To practice and encourage others to practice professional principles and ethical standards that increase confidence in them and their profession. Promote the integrity and viability of global capital markets for the essential benefit of society. Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

Bad display. Members and candidates must not knowingly misrepresent financial analysis, recommendations, procedures, or other professional activities. bad behavior. Members and candidates must not engage in any professional conduct that includes dishonesty, fraud, deception, or any act that may have a different effect on their reputation, integrity or professional competence.

Integrity in capital markets Significant non-public information. Members and candidates who have important non-public information that could affect the value of the investment, and must not take action or cause others to do something based on that information. Market manipulation. Members and candidates must not engage in any price manipulation practices or falsely inflate trading volumes in order to mislead participants in financial markets.

T. Th.

2. A.

B.

Act with integrity, competence, earnestness, respect, and ethical behavior with the general public, clients, future potential clients, business owners, employees, investment colleagues and other participants in global capital markets.

To put the integrity of the investment profession and the interest of clients before their own personal interests.

To use reasonable care and to make independent professional decisions when undertaking investment analysis, presenting investment recommendations, undertaking investment activities, or participating in other professional activities.

Standards of professional conduct

1. Professional professionalism a. Knowledge of the law. Members and candidates must understand and adhere to all

Laws, rules and regulations (including the CFA Charter of Ethics and Standards of Professional Conduct) issued by any government, regulator, licensing department, or trade union to which their professional activities are subject. In the event of conflicting regulations, members and candidates must adhere to the strictest laws, rules or regulations. Members and candidates must not knowingly or knowingly participate, or assist in any violation of such laws, rules, or regulations, and stay away from it.

B. Independence and objectivity. Members and candidates must use adequate care and wisdom to achieve objectivity, independence and conservatism

On them in their professional activities. Members and candidates must not present or

They demand or accept any gift, benefit, compensation or remuneration that may affect their independence or objectivity or the independence or objectivity of others.

5. Investment analysis, recommendations and actions a. Diligence and reasonable grounds. Members and candidates must:

1. Exercising diligence, independence and comprehensiveness when analyzing investments, making investment recommendations, or undertaking investment activities.

2. To have a sufficient and reasonable basis supported by appropriate research and investigations for any investment analysis, recommendation or action.

B. Communicate with clients or potential clients in the future. Members and candidates must:

1. Disclosure to clients and potential clients of the basic formation and general principles of investment processes used in investment analysis, selection of financial documents, and investment portfolio formation. They must disclose in a timely manner any changes that could materially affect these processes.

2. Disclosure to clients and potential clients the significant limitations and risks associated with the investment process.

3. Use a reasonable decision to determine the important factors for their investment analysis, recommendations, or business, including those factors when communicating with clients and potential clients in the future.

4. Distinguish between facts and opinions when providing investment analysis and recommendations. T. Keep records. Members and candidates must develop and maintain

With adequate records to support their investment analysis, recommendations, actions, and all other matters relating to their communications with existing clients and potential clients.

6. Conflict of interest a. Disclosure of conflicts of interest. Members and candidates must disclose

Is complete and fair in all matters that could reasonably be expected to limit their independence or objectivity or adversely affect their duties towards their clients, potential future clients, and employers. Members and candidates must ensure that this disclosure is clear, communicated in easy language, and that they communicate relevant information effectively.

B. The priority of investment transactions. Investment transactions for clients and employers must have priority, and precede investment transactions in which interest accrues to the member or nominee.

T. Recommendation fees. Members and candidates must disclose to their business owners, their clients, and potential customers, as appropriate, any compensation, money, or interest received by or paid to others in exchange for recommendations for products or services.

7. Responsibilities as Members and Candidates of CFA Institute a. Behavior as CFA Institute program participants. Members and candidates must not

They engage in any conduct that has a negative impact on the reputation or integrity of CFA Institute programs, the CFA title, or the integrity, validity and integrity of CFA exams.

B. Reference to CFA Institute, CFA Title Conferred, and CFA Program. Members and candidates must when referring to CFA Institute, or CFA membership,

Or the title issued by CFA, or nomination to the CFA program, not to misrepresent or exaggerate the meanings or connotations of membership of the CFA Institute, hold the title of CFA, or nominate to participate in the CFA program.

In the event of a conflict between this translation and the English version, the English version of the Code of Ethics and Standards of Professional Conduct will be binding.

3. Duties to clients a. Loyalty, sophistication, and care. Members and candidates have a duty of loyalty

To their clients and they must work with sufficient care and exercise wisdom and sophistication when making a decision. Members and candidates must act for the benefit of their clients and place the interest of their clients above the interest of their employer and before their own interest.

B. Treat fair. Members and candidates must deal fairly and objectively with all clients when providing investment analyzes, giving investment recommendations, undertaking investment work, or engaging in other professional activities.

T. Convenience. 1. When members and candidates play an advisory role in their relationships with clients

They must: a. Make reasonable inquiries about the current client's investment experience or

The potential client, the degree of risk and the target return rate in addition to any other financial restrictions before giving any investment recommendation, or undertaking any investment work, and this information must be re-evaluated and updated regularly.

B. Ensure that the desired investment is compatible with the client's financial situation and is consistent with his written financial goals, recommendations, and investment restrictions before making an investment recommendation or undertaking an investment action.

T. Deciding whether the investment is appropriate within the framework of the client's overall investment portfolio.

2. When members and candidates are responsible for managing an investment portfolio in accordance with specific instructions, strategy, or method, they must make investment recommendations, or take investment measures, that are consistent only with the stated objectives and restrictions of the investment portfolio.

Th. Show performance. When presenting investment performance, members and candidates must make sufficient efforts to ensure that the proposal is fair, accurate, and complete.

C. Maintain confidentiality. Members and candidates must maintain the confidentiality of the information of current, former and potential clients in the future unless: 1. The information relates to illegal activities on the part of the client or client.

Likely, or

2. Disclosure of information was required by law, or 3. The client or potential client was permitted to disclose it.

4. Duties towards employers a. Loyalty. Members and candidates must, in matters related to their jobs,

And work in the interest of the employers, and not to deprive the employer of benefiting from their skills and capabilities, and not to publish confidential information, or otherwise that leads to harm to their employers.

B. Additional compensation measures. Members and candidates must not accept gifts, benefits, compensation, or funds that create a competitive atmosphere or are possible to

To some extent, it creates a conflict of interest, with the interest of their employer, unless they obtain written consent from all concerned parties.

T. Supervisors' responsibilities. Members and candidates must make sufficient efforts to ensure that any individual under their authority or supervision complies with applicable laws.

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