Study Session 1 ： Ethical and Professional Standards
所有章節(jié)的學(xué)習(xí)分為三個步驟。
1. 考綱分析，根據(jù)考綱理出待掌握知識點(diǎn)
2. 閱讀理解钧大，以 Notes 為主
3. 課后習(xí)題
考綱分析
將2017年考綱與2016年考綱進(jìn)行對比，2017年新增了 Reading 1 Ethics and Trust in the Investment Profession
Reading 1 Ethics and Professional Trust in the Investment Profession
考綱知識點(diǎn)
1. Explain ethics
2. Describe the role of a code of ethics in defining a profession
3. Identify challenges to ethical behavior
4. Distinguish between ethical and legal standard
5. Describe the need of high ethical standards in the investment industry
6. Describe and apply a framework for ethical decision making
閱讀筆記
Introduction
1. 概念：下定義（什么是道德）宜咒、正面闡述（道德的角色）幌绍、反面解釋（識別挑戰(zhàn)道德的行為）、同異分析（道德與法規(guī)）趾牧、重要性（必須性）检盼、方法論（有道德的決策框架）
2. 為什么要學(xué)習(xí)道德？
從業(yè)者不是簡單的遵守法律法規(guī)翘单，因為法律法規(guī)有可能空缺吨枉、沖突、不清晰哄芜；因此一個從業(yè)者應(yīng)該愿意并能夠運(yùn)用自己的知識來發(fā)現(xiàn)潛在的道德風(fēng)險貌亭，并在（法規(guī)空缺、沖突认臊、不清晰）的情況下給出解決方案圃庭。
3. 從業(yè)者受到客戶信任的三個最重要因素：
3.1 透明公開的業(yè)務(wù)操作
3.2 為解決問題或危機(jī)，做出負(fù)責(zé)任的行為
3.3 有道德的業(yè)務(wù)操作
知識點(diǎn)回答
閱讀筆記
Ethics
名詞解釋:
Stakeholder：利益相關(guān)者失晴，指那些會被從業(yè)者的決定直接或間接影響到的個人或團(tuán)體冤议，在這個決定中，他們會持有股權(quán)或者股份师坎；
Moral principles / Ethical principles：道德原則恕酸，是用于規(guī)范定義被認(rèn)可是好的、可接受的胯陋、有義務(wù)的行為蕊温，以及壞的袱箱、不可接受的、禁止的行為的信念义矛。
Ethics：倫理道德发笔，另一個定義，是對道德原則的研習(xí)凉翻，即對善與惡的研習(xí)了讨，對面對錯誤機(jī)會時如何進(jìn)行對的選擇的學(xué)習(xí)。
Code of Ethics：CFA社區(qū)用于規(guī)范成員制轰，描述義務(wù)事項和禁止事項的一系列準(zhǔn)則前计，被稱為Code of Ethics。
Standards of conduct：作為CFA社區(qū)成員最少可接受的行為準(zhǔn)則的基準(zhǔn)垃杖，同時也助于解釋Code of Ethics
1. 道德行為男杈，是遵從道德原則，在個人利益與行為導(dǎo)致其他人直接和間接造成結(jié)果之間取得平衡的行為调俘。
2. 有道德的行為伶棒，是有益的，并符合社會對道德的期望彩库。一個行為使得受影響的利益相關(guān)者的結(jié)果得到改善肤无，則被認(rèn)為是有益的。例如骇钦，如實告知風(fēng)險與成本就是一個有益的行為宛渐。
3. 誠實、公平司忱、正義皇忿、勤奮畴蹭、尊重別人的權(quán)利坦仍。這些道德作為基礎(chǔ)。
4. 政府與其他相關(guān)實體叨襟，通過頒布法律法規(guī)的方式來傳播有義務(wù)與被禁止的行為繁扎；不同的法律法規(guī)會影響到不同的信念與價值觀。
5. Code of Ethics and Standards of Professional Conduct糊闽，可以在CFA Institute Standards of Practice Handbook 中找到梳玫。
知識點(diǎn)回答
1. Ethics can be described as a set of moral principles that provide guidance for our behavior;
2. Standards of conduct serve as benchmarks for the minimally acceptable behavior required of members of a group.
閱讀筆記
Ethics and Professionalism
名詞解釋：
Job，以此為生右犹；
Vocation提澎，十分般配而愿意貢獻(xiàn)的；
Profession念链，基于特定知識或技術(shù)盼忌、基于服務(wù)他人积糯，被分享并遵從一個共同的道德代碼的成員而從事；
Principle based Standards：CFA Institute Code and Standards谦纱；
Rule based Standards：often narrowly defined
知識點(diǎn)回答
1. Professionals use specialized knowledge and skills in service to others.
2. A profession's code of ethics publicly communicates the shared principles and expected behaviors of a profession's members.
閱讀筆記
Challenges to ethical conduct
名詞解釋：
Situational influences：情景影響看成，屬于外部因子，比如環(huán)境或文化跨嘉，決定了我們的思想川慌、影響我們的決策與行為。即可導(dǎo)致善的行為祠乃，也可以導(dǎo)致惡的行為梦重。
一般來說，錢與名聲跳纳，是重要的情景影響因子忍饰。還有一個關(guān)鍵的因子，是忠誠（導(dǎo)致善于惡）寺庄。
對公司來說艾蓝，合規(guī)政策是建立公司道德文化的好的開端，但過分強(qiáng)調(diào)服從和合規(guī)政策斗塘，也是一種惡的情景影響因子并導(dǎo)致錯誤的決定赢织。
1. 第一個挑戰(zhàn)：過于自信，帶來的偏見
2. 第二個挑戰(zhàn)：失與認(rèn)識或顯著低情景影響因素的效果
知識點(diǎn)回答
1. Situational influences馍盟，which are external factors于置，can shape our thinking，decision making贞岭，and behavior and are more likely to lead to unethical behavior than internal traits or character.
2. Situation influences can motivate individuals to act in their short-term self-interests without recognizing the long-term risks or consequences for themselves and others.
閱讀筆記
The Importance of Ethical Conduct in the Investment Industry
1. Capital flows more efficiency between investors and borrowers when financial market participants are confident that all parties will behave ethically.
2. The investment industry and financial markets are built on trust. Reasons: The nature of the client relationship, differences in knowledge and access to information, the nature of investment products and services.
知識點(diǎn)回答
1. Investment professionals have a special responsibility because clients entrust them to protect the clients's assets.
閱讀筆記
Ethical vs Legal Standards
1. Laws and regulations often codify ethical actions that lead to better outcomes for society or specific groups of stakeholders.
2. Although laws frequently codify ethical actions, legal and ethical conduct are not always the same.
3. eg. material nonpublic information
4. eg. the area of "whistleblowing"八毯，refers to the disclosure by an individual of dishonest, corrupt, or illegal activity by an organization or government.
5. types of conduct
| legal | legal & ethical | ethical |
6. the law is not always the best mechanism to reduce unethical behavior for several reasons.
6.1 laws typically follow market practices;
6.2 regulators' responses typically take significant time, during which the problematic practice may continue or even grow;
6.3 a new law may be vague, conflicting, and/or too narrow in scope, also may reduce or even eliminate the existing activity while simultaneously creating an opportunity for a different, but similarly problematic activity.
6.4 laws vary across countries or jurisdictions, allowing questionable practices to move to places that lack laws relevant to the questionable practices.
6.5 laws are also subject to interpretation and compliance by market participants.
知識點(diǎn)回答
1. Some ethical behavior may be illegal; for example, civil disobedience.
2. New laws designed to reduce or eliminate conduct that adversely affects the markets can create opportunities for different, but similarly problematic, conduct.
閱讀筆記
Ethical decision-making frameworks
1. One strategy to increase trust in the investment industry is to increase the ability and motivation of market participants to act ethically
2. the single most important factor in promoting ethical behavior among the firm's employees is development, maintenance, and demonstration of a strong culture of integrity within the firm by senior management.
3. First step：adopting a code which clearly lays out the ethical principles that guide the thought processes and conduct. It's necessary but insufficient.
4. Second step：establish an ethical framework to guide internal thought process
5. Ethical decision-making framework
Identity：relevant facts，stakeholders and duties owed瞄桨，ethical principles话速， conflicts of interest
Consider：situational influences，additional guidance芯侥，alternative actions
Decide and act
Reflect：was the outcomes as anticipated泊交？Why or why not？
知識點(diǎn)回答
閱讀筆記
Conclusion
1. Ethics refers to the study of making good choices. Ethics encompasses a set of moral principles of conduct that provide guidance for behavior.
2. Situational influences are external factors that may shape our behavior.
3. Challenges to ethical behavior include being overconfident in our own morality, underestimating the effect of situational influences, and focusing on the immediate rather than long-term outcomes or consequences of a decision.
4. In any given profession, the code of ethics publicly communicates the established principles and expected behavior of its members.
5. Members of a profession use specialized knowledge and skills to serve others, they share and agree to adhere to a common code of ethics to serve others and advance the profession.
6. A code of ethics helps foster public confidence that members of the profession will use their specialized skills and knowledge to serve their clients and others.
7. High ethical standards always matter and are of particular importance in the investment industry, which is based almost entirely on trust. Clients trust investment professionals to use their specialized skills and knowledge to serve clients and protect client assets. All stakeholders gain long-term benefits when investment professionals adhere to high ethical standards.
8. Rules and laws often codify ethical actions that leads to better outcomes for society and specific groups of stakeholders.
9. Organizations and individuals generally adhere to legal standards, but legal standards are often created to address past ethical failings and do not provide guidance for an evolving and increasingly complex world.
10. Legal standards are rule based. Ethical conduct goes beyond legal standards, balancing self-interest with the direct and indirect consequences of behavior on others.
11. A framework for ethical decision making can help people look at and evaluate a decision from different perspectives, enabling them to identify important issues, make wise decisions, and limit unintended consequences.