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.

向雇主進行披露（Disclosure of Conflicts to Employers）蓉坎。需要向雇主進行披露的事實主要包括：(1)持有向客戶推薦或進行分析的股票劫狠；(2)在其他公司董事會任職勃救；(3)其他會對其決策構(gòu)成不利影響的事實宏榕。會員應及時就上述事實向其雇主報告，以便雇主對其影響進行充分評估并設法消除相關(guān)利益沖突碱鳞。為避免利益沖突桑李，雇主一般也要求雇員禁止個人交易或擔任外部公司董事等。

向客戶進行披露（Disclosure to Clients）窿给。在投資行業(yè)中贵白，利益沖突往往是不可避免的。最明顯的且必須加以披露的利益沖突填大，是會員與以下主體之間存在的業(yè)務往來關(guān)系：(l)會員的雇主公司和上市公司戒洼；(2)投資銀行；(3)保險或財務伙伴允华；(4)擔任做市商的經(jīng)紀人圈浇；(5)重要股票的受益人。會員必須采取必要的步驟來確定特定利益的沖突是否存在靴寂，并且當確認某項利益沖突存在時磷蜀，應向客戶或潛在客戶予以披露。

為了使上述披露行為更好地發(fā)揮作用百炬，會員必須以較為顯著的方式對與利益沖突有關(guān)的信息加以披露褐隆，并且應當用較為平實的語言加以敘述，會員應當選擇較為有效的信息交流方式將上述信息傳達給客戶和潛在客戶剖踊。

持有股票和兼任董事（Conflicts with Stock Ownership & Conflicts as a Director）庶弃。作為投資建議衫贬，最明顯的利益沖突就是分析員本身持有該公司的股票。雖然最好的方法是避免此種情況發(fā)生歇攻，但是如果不能避免固惯，則分析員一定要做出充分披露。除此以外缴守，兼任董事席位也是一個可能導致利益沖突的地方葬毫。1）董事職責也要對上市公司負責，與客戶利益有沖突屡穗；2）董事容易獲得重大非公開信息贴捡；3）董事一般會持有公司股票或期權(quán)；所以當分析員兼任上市公司董事時村砂，需要建立防火墻或某些限制來避免利益沖突的情況發(fā)生烂斋。

Recommendations for Members

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

任何的特殊報酬協(xié)議、獎金計劃箍镜、傭金以及其他的激勵機制都需要披露源祈。會員從雇主處收取特別獎金（如基于短期業(yè)績表現(xiàn)的獎金煎源、業(yè)績提成色迂、舉薦費等），且該獎金有可能與客戶的利益產(chǎn)生沖突手销，則會員應當就上述情況向客戶加以披露歇僧。如果雇主公司不同意會員對上述情況加以披露，則會員應當以書面形式請求對上述披露加以記錄锋拖，并考慮終止與上述情況有關(guān)的其它業(yè)務活動诈悍。會員的雇主公司應將有關(guān)員工獎金的具體規(guī)定在公司員工獎勵文件中明確說明。如果負責管理某項投資組合的會員是按照該投資組合的資本收入以一定比例獲得報酬的兽埃，則該會員應就上述事實對其客戶加以披露侥钳。如果會員或其雇主公司持有特別的代理人期權(quán)，可以將相關(guān)股票作為其金融業(yè)務活動補償?shù)囊徊糠直恚瑒t應當以腳注的形式在公司研究報告中對上述期權(quán)的具體金額和期限加以注明.

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.?

根據(jù)本條執(zhí)業(yè)操守標準舷夺，如果會員是某項交易的受益人，則其客戶和雇主將享有對同一筆證券交易或其他投資的優(yōu)先權(quán)售貌，以保證會員的個人交易行為不會和其客戶和雇主的利益產(chǎn)生不利影響给猾，在這里，會員作為“受益人(beneficial owner)”是指會員本人可以從證券交易中直接或間接獲利颂跨。會員與客戶具有相同的投資主體地位并不必然導致利益沖突的產(chǎn)生敢伸，在某些投資場合，有些客戶甚至會要求會員與其共同參與特定投資并獲取收益恒削。但是池颈，會員個人或其公司的投資主體地位不得對客戶利益產(chǎn)生不利影響尾序。客戶與專業(yè)投資人士的個人利益可能產(chǎn)生沖突躯砰。盡管存在這樣的利益沖突蹲诀，但對于投資經(jīng)理、投資顧客或基金管理人等專業(yè)投資人士通過投資活動獲利的行為弃揽，只要滿足以下 3個條件脯爪，就不屬于不道德行為：(1)其客戶并未因上述交易活動而受到不利影響，(2)上述投資專業(yè)人士并末從其客戶的交易中獲得任何個人利益矿微；(3)上述投資活動不違反相關(guān)法規(guī)痕慢。只有在會員的客戶和雇主有足夠的機會根據(jù)會員所提供的建議進行相關(guān)投資活動以后，會員才可以用自己的賬戶進行個人交易涌矢。這里的“個人交易”是指會員使用以下賬戶進行的交易行為(1)會員本人的賬戶掖举；(2)其家庭成員（包括配偶、了女及其他直系親屬）的賬戶娜庇；(3)會員可以直接或間接獲得資金收入的賬戶（如信托賬戶和養(yǎng)老金賬戶等）塔次。對于作為客戶角色的家庭成員的賬戶，會員應當視同其他公司賬戶名秀，不得基于家庭成員關(guān)系給于特殊優(yōu)待或不公正對待励负。如果會員本人是賬戶的受益人之一，則會員應當就上述事實向其雇主進行披露匕得，并確認該情況是否符合相關(guān)法律法規(guī)的規(guī)定继榆。

Recommendations for Members

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

參與股票 IPO(初次募股發(fā)行)應該受到限制。成員可以用不參與 IPO 的方式避免利益沖突.

--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.

關(guān)于私募股權(quán)方面的限制汁掠。員工購買這些證券應該受到嚴格限制略吨，適當?shù)谋O(jiān)督流程應該存在。參與這些投資會加劇利益沖突考阱，就如參與 IPO 一樣

--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)或限制交易機制翠忠。參與投資決定的雇員，在為客戶交易之前乞榨，應該處于管制期或限制交易期(即不能在預期客戶或者雇主將進行交易之前交易)秽之。

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

匯報機制。上級應該建立匯報流程姜凄，包括雙重的交易確認政溃、披露個人持有(個人是受益人)的證券頭寸、以及事前批準流程

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.?

會員必須向雇主态秧、客戶和潛在客戶披露其本人因推薦客戶而收受或支付他人的好處董虱。通過這樣，雇主、客戶和潛在客戶能夠衡量服務的真正成本愤诱，以及是否是無偏見的云头。所有類型的好處費都必須被“合理的披露”。這里淫半，“合理的披露”是指會員在向客戶或潛在客戶提供正式的投資建議之前溃槐，應向其說明以下內(nèi)容：因向其推薦某金融產(chǎn)品，會員將從相關(guān)方面獲得一定的報酬科吭。此外昏滴，會員還需就上述報酬的具體性質(zhì)加以披露，例如对人，該項報酬采用的是固定金額還是業(yè)務提成的方式谣殊，是一次性支付還是分期支付，以及報酬的具體金額等牺弄。

Recommendations for Members

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

會員應建議公司建立相關(guān)中介費用的制度

--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.

公司或許完全禁止中介費用姻几。若公司沒有嚴格禁止，那么應建立關(guān)于此類費用的合適的申請步驟

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 考試或其他 CFA 協(xié)會考試中作弊或協(xié)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 考生或公眾透露與考試有關(guān)的機密信息

--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.

對 CFA 資格的不恰當使用势告；及利用與 CFA 協(xié)會的關(guān)系為個人謀取私利

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

對執(zhí)業(yè)操守規(guī)定或 CFA 協(xié)會職業(yè)發(fā)展規(guī)劃的錯誤表述 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.

會員不能夸大CFA蛇捌， 例如帶來投資保障或?qū)崿F(xiàn)超額收益

To maintain membership:

--Sign the PCS annually.?

--Pay CFA Institute membership dues annually.?

每年簽署職業(yè)行為聲明和繳納會費是保持會員資格的必要條件

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.?

“注冊金融分析師”和“CFA”的商標必須緊跟在證書持有人的名字后面或在書面文件、口頭交流中以形容同(而不是名詞)的形式加以使用咱台。例如络拌，稱呼自己為“ a CFA”是錯誤的.

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 證書持有人使用 CFA 注冊商標的的是使雇主、同事及客戶對其 CFA 資格加以明確辨認吵护。作為注冊商標盒音，該標識只能直接由證書持有者本人或者 CFA 的協(xié)會組織使用。

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.?

如果不懂得該條內(nèi)容馅而，那么關(guān)于CFA名稱的使用很可能被誤用此疹。會員應該將該條款及相關(guān)使用指南遞送給公司的法律或合規(guī)部門及市場營銷或公共關(guān)系等可能用到的部門畦浓。對于機構(gòu)成為CFA協(xié)會的附屬會員，會員也應建議公司采用經(jīng)公司合規(guī)部門審定的范本來正確使用有關(guān)CFA的名稱事宜.