Study Session 1: Guidance for S

6. CONFLICTS OF INTEREST

A. Disclosure of Conflicts. Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

The requirement that all potential areas of conflict be disclosed allows clients and prospects to judge motives and potential biases for themselves. Disclosure of broker-dealer marker-making activities would be included here. Broad service is another area of potential conflict.

The most common conflict that requires disclosure is actual ownership of stock in companies that the member recommends or that clients hold.

Another common source of conflicts of interest is a member's compensation/bonus structure, which can potentially create incentives to take actions that produce immediate gains for the member with little or no concern for longer-term returns for the client. Such conflicts must be disclose when the member is acting in an advisory capacity and must be updated in the case of significant change in compensation structure.

Members must give their employers enough information to judge the impact of a conflict, take reasonable steps to avoid conflicts, and report them promptly if they occur.

向雇主进行披露（Disclosure of Conflicts to Employers）。需要向雇主进行披露的事实主要包括：(1)持有向客户推荐或进行分析的股票；(2)在其他公司董事会任职；(3)其他会对其决策构成不利影响的事实。会员应及时就上述事实向其雇主报告，以便雇主对其影响进行充分评估并设法消除相关利益冲突。为避免利益冲突，雇主一般也要求雇员禁止个人交易或担任外部公司董事等。

向客户进行披露（Disclosure to Clients）。在投资行业中，利益冲突往往是不可避免的。最明显的且必须加以披露的利益冲突，是会员与以下主体之间存在的业务往来关系：(l)会员的雇主公司和上市公司；(2)投资银行；(3)保险或财务伙伴；(4)担任做市商的经纪人；(5)重要股票的受益人。会员必须采取必要的步骤来确定特定利益的冲突是否存在，并且当确认某项利益冲突存在时，应向客户或潜在客户予以披露。

为了使上述披露行为更好地发挥作用，会员必须以较为显著的方式对与利益冲突有关的信息加以披露，并且应当用较为平实的语言加以叙述，会员应当选择较为有效的信息交流方式将上述信息传达给客户和潜在客户。

持有股票和兼任董事（Conflicts with Stock Ownership & Conflicts as a Director）。作为投资建议，最明显的利益冲突就是分析员本身持有该公司的股票。虽然最好的方法是避免此种情况发生，但是如果不能避免，则分析员一定要做出充分披露。除此以外，兼任董事席位也是一个可能导致利益冲突的地方。1）董事职责也要对上市公司负责，与客户利益有冲突；2）董事容易获得重大非公开信息；3）董事一般会持有公司股票或期权；所以当分析员兼任上市公司董事时，需要建立防火墙或某些限制来避免利益冲突的情况发生。

Recommendations for Members

Any special compensation arrangements, bonus programs, commissions, and incentives should be disclosed.

任何的特殊报酬协议、奖金计划、佣金以及其他的激励机制都需要披露。会员从雇主处收取特别奖金（如基于短期业绩表现的奖金、业绩提成、举荐费等），且该奖金有可能与客户的利益产生冲突，则会员应当就上述情况向客户加以披露。如果雇主公司不同意会员对上述情况加以披露，则会员应当以书面形式请求对上述披露加以记录，并考虑终止与上述情况有关的其它业务活动。会员的雇主公司应将有关员工奖金的具体规定在公司员工奖励文件中明确说明。如果负责管理某项投资组合的会员是按照该投资组合的资本收入以一定比例获得报酬的，则该会员应就上述事实对其客户加以披露。如果会员或其雇主公司持有特别的代理人期权，可以将相关股票作为其金融业务活动补偿的一部分，则应当以脚注的形式在公司研究报告中对上述期权的具体金额和期限加以注明.

B. Priority of Transactions. Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner.

Client transactions take priority over personal transactions and over transactions made on  behalf of the member's firm. Personal transactions include situations where the member is a beneficial owner.

Personal transactions may be undertaken only after clients and the member's employer have had an adequate opportunity to act on a recommendation. Note that family member accounts that are client accounts should be treated just like any client account;they should not be disadvantaged. 

Members must not act on information about pending trades for personal gain. The overriding considerations with respect to personal trades are that they do not disadvantage any clients. 

When requested, members must fully disclose to investors their firm's personal trading policies. 

根据本条执业操守标准，如果会员是某项交易的受益人，则其客户和雇主将享有对同一笔证券交易或其他投资的优先权，以保证会员的个人交易行为不会和其客户和雇主的利益产生不利影响，在这里，会员作为“受益人(beneficial owner)”是指会员本人可以从证券交易中直接或间接获利。会员与客户具有相同的投资主体地位并不必然导致利益冲突的产生，在某些投资场合，有些客户甚至会要求会员与其共同参与特定投资并获取收益。但是，会员个人或其公司的投资主体地位不得对客户利益产生不利影响。客户与专业投资人士的个人利益可能产生冲突。尽管存在这样的利益冲突，但对于投资经理、投资顾客或基金管理人等专业投资人士通过投资活动获利的行为，只要满足以下 3个条件，就不属于不道德行为：(1)其客户并未因上述交易活动而受到不利影响，(2)上述投资专业人士并末从其客户的交易中获得任何个人利益；(3)上述投资活动不违反相关法规。只有在会员的客户和雇主有足够的机会根据会员所提供的建议进行相关投资活动以后，会员才可以用自己的账户进行个人交易。这里的“个人交易”是指会员使用以下账户进行的交易行为(1)会员本人的账户；(2)其家庭成员（包括配偶、了女及其他直系亲属）的账户；(3)会员可以直接或间接获得资金收入的账户（如信托账户和养老金账户等）。对于作为客户角色的家庭成员的账户，会员应当视同其他公司账户，不得基于家庭成员关系给于特殊优待或不公正对待。如果会员本人是账户的受益人之一，则会员应当就上述事实向其雇主进行披露，并确认该情况是否符合相关法律法规的规定。

Recommendations for Members

--Members can avoid conflicts that arise with IPOs by not participating in them.

参与股票 IPO(初次募股发行)应该受到限制。成员可以用不参与 IPO 的方式避免利益冲突.

--Members should encourage their firms to adopt the procedures listed in the following recommendations for firms if they have not done so. 

Recommendations for Firms

All firms should have basic procedures in place that address conflicts created by personal investing. The following areas should be included:

--Establish limitations on employee participation in equity IPOs.

--Establish restrictions on participation in private placements. Strict limits should be placed on employee acquisition of these securities and proper supervisory procedures should be in place. Participation in these investments raises conflict of interest issues similar to those of IPOs.

关于私募股权方面的限制。员工购买这些证券应该受到严格限制，适当的监督流程应该存在。参与这些投资会加剧利益冲突，就如参与 IPO 一样

--Establish blackout/restricted periods. Employees involved in investment decision man should have blackout periods prior to trading for clients---no front running(i.e. purchase or sale of securities in advance of anticipated client or employer purchases and sales). The size of the firm and type of security should help dictate how severe the blackout requirement should be.

建立管制期(Black-out Period)或限制交易机制。参与投资决定的雇员，在为客户交易之前，应该处于管制期或限制交易期(即不能在预期客户或者雇主将进行交易之前交易)。

--Establish reporting procedures, including duplicate trade confirmations, disclosure of personal holdings and beneficial ownership positions, and pre-clearance procedures.

汇报机制。上级应该建立汇报流程，包括双重的交易确认、披露个人持有(个人是受益人)的证券头寸、以及事前批准流程

C. Referral Fees. Members and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received from, or paid to, others for the recommendation of products or services.

Members must inform employers, clients, and prospects of any benefit received for referrals of customers and clients allowing them to evaluate the full cost of the service as well as any potential partiality. All types of consideration must be disclosed. 

会员必须向雇主、客户和潜在客户披露其本人因推荐客户而收受或支付他人的好处。通过这样，雇主、客户和潜在客户能够衡量服务的真正成本，以及是否是无偏见的。所有类型的好处费都必须被“合理的披露”。这里，“合理的披露”是指会员在向客户或潜在客户提供正式的投资建议之前，应向其说明以下内容：因向其推荐某金融产品，会员将从相关方面获得一定的报酬。此外，会员还需就上述报酬的具体性质加以披露，例如，该项报酬采用的是固定金额还是业务提成的方式，是一次性支付还是分期支付，以及报酬的具体金额等。

Recommendations for Members

--Members should encourage their firms to adopt clear procedures regarding compensation for referrals. 

会员应建议公司建立相关中介费用的制度

--Members should provide their employers with updates at least quarterly. 

Recommendations for Firms

--Firms that do not prohibit referral fees should have clear procedures for approval and policies regarding the nature and value of referral compensation received.

公司或许完全禁止中介费用。若公司没有严格禁止，那么应建立关于此类费用的合适的申请步骤

7. RESPONSIBILITIES  AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE

A. Conduct as Participants in CFA Institute Programs.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.

Members must not engage in any activity that undermines the integrity of the CFA charter. This Standard applies to conduct that includes:

--Cheating on the CFA exam or any exam.

在 CFA 考试或其他 CFA 协会考试中作弊或协助他人作弊

--Revealing anything about either broad or specific topics tested,content of exam questions, or formulas required or not required on the exam. 

向其他 CFA 考生或公众透露与考试有关的机密信息

--Not following rules and policies of the CFA program.

--Giving confidential information on the CFA Program to candidates or the public.

--Improperly using the designation to further personal and professional goals.

对 CFA 资格的不恰当使用；及利用与 CFA 协会的关系为个人谋取私利

--Misrepresenting information on the Professional Conduct Statement( PCS) or the CFA Institute Professional Development.

对执业操守规定或 CFA 协会职业发展规划的错误表述 Program.

B. Reference to CFA Institute, the CFA Designation, and the CFA Program. When referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program.

会员不能夸大CFA， 例如带来投资保障或实现超额收益

To maintain membership:

--Sign the PCS annually. 

--Pay CFA Institute membership dues annually. 

每年签署职业行为声明和缴纳会费是保持会员资格的必要条件

The Chartered Financial Analyst and CFA marks must always be used either after a charterholder's name or as adjectives, but not as nouns, in written and oral communications. 

“注册金融分析师”和“CFA”的商标必须紧跟在证书持有人的名字后面或在书面文件、口头交流中以形容同(而不是名词)的形式加以使用。例如，称呼自己为“ a CFA”是错误的.

The CFA designation should not be used in pseudonyms, such as online profile names,because CFA Institute must be able to verify that an individual has earned the right to use the CFA designation.

CFA 证书持有人使用 CFA 注册商标的的是使雇主、同事及客户对其 CFA 资格加以明确辨认。作为注册商标，该标识只能直接由证书持有者本人或者 CFA 的协会组织使用。

Recommendations for Members

Members should be sure that their firms are aware of the proper references to a member's CFA designation or candidacy, as errors in these references are common. 

如果不懂得该条内容，那么关于CFA名称的使用很可能被误用。会员应该将该条款及相关使用指南递送给公司的法律或合规部门及市场营销或公共关系等可能用到的部门。对于机构成为CFA协会的附属会员，会员也应建议公司采用经公司合规部门审定的范本来正确使用有关CFA的名称事宜.