Ethics 部分
Objective of codes and standard：永远是为了maintain publictrust in
1.      Financial market
2.      Investment profession
6个code of ethics
1.      Code 1—ethics and pertinent dpersons
2.      Code 2---primacy of client’sinterest
a.      Integrity with investmentprofession
b.     客户利益高于自身利益
3.      Code 3---reasonable andindependent
a.      必须注意reasonable care
b.     必须exercise independent professional judgment---必须独立判断！
4.      Code 4---ethical culture in theprofession
a.      不但自己要practice，而且要鼓励别人practice—不仅仅是自己一个人去做，要所有人共同去做
5.     Code 5---ethnical culture inthe capital market!
a.     促进整个capital market的integrity，推广其相关法规---增强公众对资本市场的trust！
b.     Capital market是基于
i.     Fairly pricing of risky assets；
ii.     Investors‘ confidence
6.      有关competence—能力---competence
7个standard of professional conduct
1.     Standard 1---professionalism---knowledgeof law
a.     不需要成为法律专家，但是必须understand和comply with applicable law；
b.     当两个law发生conflict，则要遵守更加严格的法律！
c.      Knowingly---know or should know
d.     必须attempt to stop the violation， 如果不能stop， then must dissociatefrom the violation！必须从其中分离出去!
i.     Remove name from the writtenreport;
ii.     Ask for a different assignment
e.     并不要求向有关部门report！（do not require）
f.       向CFA 进行书面报告report--encouraged to so
2.     Standard 1 ---professionalism---integrity of capital market
a.     Bias from client or othergroups—listed company，controlling shareholder！
b.     Bias from sell side analyst
c.     Buyer side client—
d.     Issuer paid report---只能接受flat feefor their work
3.      Standard  1 ---professionalism---misinterpretation—不能误导客户， 不能剽窃其他人的研究成果