2020 CFA L3 原版書1：道德（CFA學習資料）

?CFAInstitute.Forcandidateuseonly.Notfordistribution.

ETHICALAND

PROFESSIONAL

STANDARDS

CFA

?

ProgramCurriculum

2020LEVELIIIVOLUME1

?

?

?CFAInstitute.Forcandidateuseonly.Notfordistribution.

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ISBN978-1-946442-88-8(paper)

ISBN978-1-950157-12-9(ebk)

10987654321

?CFAInstitute.Forcandidateuseonly.Notfordistribution.

HowtoUsetheCFAProgramCurriculum

vii

vii

viii

viii

x

BackgroundontheCBOK

OrganizationoftheCurriculum

FeaturesoftheCurriculum

DesigningYourPersonalStudyProgram

Feedback

xi

EthicalandProfessionalStandards

StudySession1

Reading1

EthicalandProfessionalStandards(1)

3

CodeofEthicsandStandardsofProfessionalConduct

Preface

5

5

EvolutionoftheCFAInstituteCodeofEthicsandStandardsof

ProfessionalConduct

6

6

7

StandardsofPracticeHandbook

SummaryofChangesintheEleventhEdition

CFAInstituteProfessionalConductProgram

AdoptionoftheCodeandStandards

Acknowledgments

9

10

10

11

11

15

15

16

16

EthicsandtheInvestmentIndustry

WhyEthicsMatters

CFAInstituteCodeofEthicsandStandardsofProfessionalConduct

Preamble

TheCodeofEthics

StandardsofProfessionalConduct

Reading2

GuidanceforStandardsI–VII

StandardI:Professionalism

StandardI(A)KnowledgeoftheLaw

Guidance

21

21

21

21

26

27

30

30

35

36

43

43

46

48

53

53

54

54

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardI(B)IndependenceandObjectivity

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardI(C)Misrepresentation

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardI(D)Misconduct

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

indicatesanoptionalsegment

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ii

Contents

StandardII:IntegrityofCapitalMarkets

StandardII(A)MaterialNonpublicInformation

Guidance

56

56

56

RecommendedProceduresforCompliance

ApplicationoftheStandard

60

63

StandardII(B)MarketManipulation

Guidance

68

68

ApplicationoftheStandard

69

StandardIII:DutiestoClients

StandardIII(A)Loyalty,Prudence,andCare

Guidance

73

73

73

RecommendedProceduresforCompliance

ApplicationoftheStandard

77

78

StandardIII(B)FairDealing

82

Guidance

82

RecommendedProceduresforCompliance

ApplicationoftheStandard

84

86

StandardIII(C)Suitability

90

Guidance

90

RecommendedProceduresforCompliance

ApplicationoftheStandard

93

94

StandardIII(D)PerformancePresentation

Guidance

97

97

RecommendedProceduresforCompliance

ApplicationoftheStandard

98

98

StandardIII(E)PreservationofCon?dentiality

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

101

101

103

103

105

105

105

109

109

116

116

116

116

118

118

120

122

126

126

126

130

130

137

138

StandardIV:DutiestoEmployers

StandardIV(A)Loyalty

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIV(B)AdditionalCompensationArrangements

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardIV(C)ResponsibilitiesofSupervisors

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardV:InvestmentAnalysis,Recommendations,andActions

StandardV(A)DiligenceandReasonableBasis

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardV(B)CommunicationwithClientsandProspectiveClients

Guidance

indicatesanoptionalsegment

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Contents

iii

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardV(C)RecordRetention

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

140

141

146

146

147

148

149

149

149

152

152

157

157

158

160

162

162

162

162

165

165

165

167

StandardVI:Con?ictsofInterest

StandardVI(A)DisclosureofCon?icts

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardVI(B)PriorityofTransactions

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardVI(C)ReferralFees

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

StandardVII:ResponsibilitiesasaCFAInstituteMemberorCFACandidate

StandardVII(A)ConductasParticipantsinCFAInstitutePrograms

Guidance

ApplicationoftheStandard

StandardVII(B)ReferencetoCFAInstitute,theCFADesignation,and

theCFAProgram

Guidance

RecommendedProceduresforCompliance

ApplicationoftheStandard

170

170

172

173

175

185

PracticeProblems

Solutions

Reading3

ApplicationoftheCodeandStandards:LevelIII

Introduction

MarciaLopez

DavidHockettandTeam

TheKochanskis

CastleBiotechnology

DavidPlume,PhD,CFA

SandraBenning,CFA

ClarisDeacon

LionsgateLimited&BankofAustralia

TonyHillandTeam

RobPortman,CFA

KirkGraeme,CFA

193

193

194

195

196

199

200

203

206

208

208

212

214

215

216

218

227

244

TheDelaneys

DavidMilgram

GabbySim

PracticeProblems

Solutions

indicatesanoptionalsegment

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iv

Contents

StudySession2

Reading4

EthicalandProfessionalStandards(2)

251

ProfessionalismintheInvestmentIndustry

Introduction

Professions

253

253

254

254

256

256

257

258

259

260

261

262

263

265

266

HowProfessionsEstablishTrust

ProfessionsAreEvolving

ProfessionalisminInvestmentManagement

TrustintheInvestmentIndustry

CFAInstituteasanInvestmentProfessionalBody

ExpectationsofInvestmentProfessionals

FrameworkforEthicalDecision-Making

DescriptionoftheFramework

ChallengesforInvestmentProfessionals

Summary

PracticeProblems

Solutions

Reading5

AssetManagerCodeofProfessionalConduct

Introduction

267

267

269

269

269

270

270

270

270

271

271

271

272

272

273

276

278

282

283

287

292

AdoptingtheCodeandClaimingCompliance

AcknowledgementofClaimofCompliancetoCFAInstitute

GeneralPrinciplesofConduct

AssetManagerCodeofProfessionalConduct

LoyaltytoClients

InvestmentProcessandActions

Trading

RiskManagement,Compliance,andSupport

PerformanceandValuation

Disclosures

Appendix6—RecommendationsandGuidance

LoyaltytoClients

InvestmentProcessandActions

Trading

RiskManagement,Compliance,andSupport

PerformanceandValuation

Disclosures

PracticeProblems

Solutions

Reading6

OverviewoftheGlobalInvestmentPerformanceStandards

Introduction

BackgroundoftheGIPSStandards

295

297

297

297

300

302

303

306

307

TheNeedforGlobalInvestmentPerformanceStandards

TheDevelopmentofPerformancePresentationStandards

GovernanceoftheGIPSStandards

OverviewoftheGIPSStandards

ProvisionsoftheGIPSStandards

FundamentalsofCompliance

indicatesanoptionalsegment

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Contents

v

InputData

310

314

316

319

322

325

328

331

334

335

341

347

349

350

356

358

360

363

365

370

370

373

374

377

384

395

CalculationMethodology:Time-WeightedTotalReturn

ReturnCalculations:ExternalCashFlows

AdditionalPortfolioReturnCalculationProvisions

CompositeReturnCalculationProvisions

ConstructingCompositesI—QualifyingPortfolios

ConstructingCompositesII—De?ningInvestmentStrategies

ConstructingCompositesIII—IncludingandExcludingPortfolios

ConstructingCompositesIV—Carve-OutSegments

Disclosure

PresentationandReportingRequirements

PresentationandReportingRecommendations

IntroductiontotheRealEstateandPrivateEquityProvisions

RealEstateProvisions

PrivateEquityProvisions

WrapFee/SeparatelyManagedAccount(SMA)Provisions

GIPSValuationPrinciples

GIPSAdvertisingGuidelines

Veri?cation

OtherIssues

After-TaxReturnCalculationChallenges

KeepingCurrentwiththeGIPSStandards

Summary

Appendix:GIPSGlossary

PracticeProblems

Solutions

Glossary

G-1

indicatesanoptionalsegment

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vii

HowtoUsetheCFA

ProgramCurriculum

C

ongratulationsonreachingLevelIIIoftheCharteredFinancialAnalyst?(CFA?)

Program.isexcitingandrewardingprogramofstudyre?ectsyourdesiretobecome

aseriousinvestmentprofessional.Youhaveembarkedonaprogramnotedforitshigh

ethicalstandardsandthebreadthofknowledge,skills,andabilities(competencies)

itdevelops.YourcommitmenttotheCFAProgramshouldbeeducationallyand

professionallyrewarding.

ecredentialyouseekisrespectedaroundtheworldasamarkofaccomplish-

mentanddedication.Eachleveloftheprogramrepresentsadistinctachievementin

professionaldevelopment.Successfulcompletionoftheprogramisrewardedwith

membershipinaprestigiousglobalcommunityofinvestmentprofessionals.CFA

charterholdersarededicatedtolife-longlearningandmaintainingcurrencywiththe

ever-changingdynamicsofachallengingprofession.eCFAProgramrepresentsthe

?rststeptowardacareer-longcommitmenttoprofessionaleducation.

eCFAexaminationmeasuresyourmasteryofthecoreknowledge,skills,and

abilitiesrequiredtosucceedasaninvestmentprofessional.esecorecompetencies

arethebasisfortheCandidateBodyofKnowledge(CBOK?).eCBOKconsistsof

fourcomponents:

AbroadoutlinethatliststhemajortopicareascoveredintheCFAProgram

(/programs/cfa/curriculum/cbok);

■■

Topicareaweightsthatindicatetherelativeexamweightingsofthetop-level

topicareas(/programs/cfa/curriculum/overview);

■■

Learningoutcomestatements(LOS)thatadvisecandidatesaboutthespeci?c

■■

knowledge,skills,andabilitiestheyshouldacquirefromreadingscoveringa

topicarea(LOSareprovidedincandidatestudysessionsandatthebeginning

ofeachreading);and

eCFAProgramcurriculumthatcandidatesreceiveuponexamination

registration.

■■

erefore,thekeytoyoursuccessontheCFAexaminationsisstudyingandunder-

standingtheCBOK.efollowingsectionsprovidebackgroundontheCBOK,the

organizationofthecurriculum,featuresofthecurriculum,andtipsfordesigningan

e?ectivepersonalstudyprogram.

BACKGROUNDONTHECBOK

eCFAProgramisgroundedinthepracticeoftheinvestmentprofession.Beginning

withtheGlobalBodyofInvestmentKnowledge(GBIK),CFAInstituteperformsa

continuouspracticeanalysiswithinvestmentprofessionalsaroundtheworldtodeter-

minethecompetenciesthatarerelevanttotheprofession.Regionalexpertpanelsand

targetedsurveysareconductedannuallytoverifyandreinforcethecontinuousfeed-

backabouttheGBIK.epracticeanalysisprocessultimatelyde?nestheCBOK.e

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HowtoUsetheCFAProgramCurriculum

viii

CBOKre?ectsthecompetenciesthataregenerallyacceptedandappliedbyinvestment

professionals.esecompetenciesareusedinpracticeinageneralistcontextandare

expectedtobedemonstratedbyarecentlyquali?edCFAcharterholder.

eCFAInstitutesta?,inconjunctionwiththeEducationAdvisoryCommittee

andCurriculumLevelAdvisors,whoconsistofpracticingCFAcharterholders,

designstheCFAProgramcurriculuminordertodelivertheCBOKtocandidates.

eexaminations,alsowrittenbyCFAcharterholders,aredesignedtoallowyouto

demonstrateyourmasteryoftheCBOKassetforthintheCFAProgramcurriculum.

Asyoustructureyourpersonalstudyprogram,youshouldemphasizemasteryofthe

CBOKandthepracticalapplicationsofthatknowledge.Formoreinformationonthe

practiceanalysis,CBOK,anddevelopmentoftheCFAProgramcurriculum,please

visit.

ORGANIZATIONOFTHECURRICULUM

eLevelIIICFAProgramcurriculumisorganizedintoseventopicareas.Each

topicareabeginswithabriefstatementofthematerialandthedepthofknowledge

expected.Itisthendividedintooneormorestudysessions.esestudysessions—16

sessionsintheLevelIIIcurriculum—shouldformthebasicstructureofyourreading

andpreparation.Eachstudysessionincludesastatementofitsstructureandobjective

andisfurtherdividedintoassignedreadings.Anoutlineillustratingtheorganization

ofthese16studysessionscanbefoundatthefrontofeachvolumeofthecurriculum.

ereadingsarecommissionedbyCFAInstituteandwrittenbycontentexperts,

includinginvestmentprofessionalsanduniversityprofessors.Eachreadingincludes

LOSandthecorematerialtobestudied,oftenacombinationoftext,exhibits,and

in-textexamplesandquestions.Areadingtypicallyendswithpracticeproblemsfol-

lowedbysolutionstotheseproblemstohelpyouunderstandandmasterthematerial.

eLOSindicatewhatyoushouldbeabletoaccomplishafterstudyingthematerial.

eLOS,thecorematerial,andthepracticeproblemsaredependentoneachother,

withthecorematerialandthepracticeproblemsprovidingcontextforunderstanding

thescopeoftheLOSandenablingyoutoapplyaprincipleorconceptinavariety

ofscenarios.

eentirereadings,includingthepracticeproblemsattheendofthereadings,are

thebasisforallexaminationquestionsandareselectedordevelopedspeci?callyto

teachtheknowledge,skills,andabilitiesre?ectedintheCBOK.

YoushouldusetheLOStoguideandfocusyourstudybecauseeachexamination

questionisbasedononeormoreLOSandthecorematerialandpracticeproblems

associatedwiththeLOS.Asacandidate,youareresponsiblefortheentiretyofthe

requiredmaterialinastudysession.

WeencourageyoutoreviewtheinformationabouttheLOSonourwebsite(www.

/programs/cfa/curriculum/study-sessions),includingthedescriptions

ofLOS“commandwords”onthecandidateresourcespageat.

FEATURESOFTHECURRICULUM

OPTIONAL

SEGMENT

Requiredvs.OptionalSegmentsYoushouldreadallofanassignedreading.Insome

cases,though,wehavereprintedanentirepublicationandmarkedcertainpartsofthe

readingas“optional.”eCFAexaminationisbasedonlyontherequiredsegments,

andtheoptionalsegmentsareincludedonlywhenitisdeterminedthattheymight

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HowtoUsetheCFAProgramCurriculum

ix

helpyoutobetterunderstandtherequiredsegments(byseeingtherequiredmaterial

initsfullcontext).Whenanoptionalsegmentbegins,youwillseeaniconandadashed

verticalbarintheoutsidemarginthatwillcontinueuntiltheoptionalsegmentends,

accompaniedbyanothericon.Unlessthematerialisspeci?callymarkedasoptional,

youshouldassumeitisrequired.Youshouldrelyontherequiredsegmentsandthe

reading-speci?cLOSinpreparingfortheexamination.

ENDOPTIONAL

SEGMENT

PracticeProblems/SolutionsAllpracticeproblemsattheendofthereadingsaswellas

theirsolutionsarepartofthecurriculumandarerequiredmaterialfortheexamination.

Inadditiontothein-textexamplesandquestions,thesepracticeproblemsshouldhelp

demonstratepracticalapplicationsandreinforceyourunderstandingoftheconcepts

presented.SomeofthesepracticeproblemsareadaptedfrompastCFAexaminations

and/ormayserveasabasisforexaminationquestions.

GlossaryForyourconvenience,eachvolumeincludesacomprehensiveglossary.

roughoutthecurriculum,aboldedwordinareadingdenotesatermde?nedin

theglossary.

Notethatthedigitalcurriculumthatisincludedinyourexaminationregistration

feeissearchableforkeywords,includingglossaryterms.

LOSSelf-CheckWehaveinsertedcheckboxesnexttoeachLOSthatyoucanuseto

trackyourprogressinmasteringtheconceptsineachreading.

SourceMaterialeCFAInstitutecurriculumcitestextbooks,journalarticles,and

otherpublicationsthatprovideadditionalcontextandinformationabouttopicscovered

inthereadings.Asacandidate,youarenotresponsibleforfamiliaritywiththeoriginal

sourcematerialscitedinthecurriculum.

NotethatsomereadingsmaycontainawebaddressorURL.ereferencedsites

wereliveatthetimethereadingwaswrittenorupdatedbutmayhavebeendeacti-

vatedsincethen.

SomereadingsinthecurriculumcitearticlespublishedintheFinancialAnalystsJournal?,

whichisthe?agshippublicationofCFAInstitute.Sinceitslaunchin1945,theFinancial

AnalystsJournalhasestablisheditselfastheleadingpractitioner-orientedjournalinthe

investmentmanagementcommunity.Overtheyears,ithasadvancedtheknowledgeand

understandingofthepracticeofinvestmentmanagementthroughthepublicationof

peer-reviewedpractitioner-relevantresearchfromleadingacademicsandpractitioners.

Ithasalsofeaturedthought-provokingopinionpiecesthatadvancethecommonlevelof

discoursewithintheinvestmentmanagementprofession.Someofthemostin?uential

researchintheareaofinvestmentmanagementhasappearedinthepagesoftheFinancial

AnalystsJournal,andseveralNobellaureateshavecontributedarticles.

CandidatesarenotresponsibleforfamiliaritywithFinancialAnalystsJournalarticles

thatarecitedinthecurriculum.But,asyourtimeandstudiesallow,westronglyencour-

ageyoutobeginsupplementingyourunderstandingofkeyinvestmentmanagement

issuesbyreadingthispractice-orientedpublication.Candidateshavefullonlineaccess

totheFinancialAnalystsJournalandassociatedresources.Allyouneedistologinon

usingyourcandidatecredentials.

Errataecurriculumdevelopmentprocessisrigorousandincludesmultiplerounds

ofreviewsbycontentexperts.Despiteoure?ortstoproduceacurriculumthatisfree

oferrors,therearetimeswhenwemustmakecorrections.Curriculumerrataareperi-

odicallyupdatedandpostedonthecandidateresourcespageat.

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HowtoUsetheCFAProgramCurriculum

x

DESIGNINGYOURPERSONALSTUDYPROGRAM

CreateaScheduleAnorderly,systematicapproachtoexaminationpreparationis

critical.Youshoulddedicateaconsistentblockoftimeeveryweektoreadingand

studying.Completeallassignedreadingsandtheassociatedproblemsandsolutions

ineachstudysession.ReviewtheLOSbothbeforeandafteryoustudyeachreading

toensurethatyouhavemasteredtheapplicablecontentandcandemonstratethe

knowledge,skills,andabilitiesdescribedbytheLOSandtheassignedreading.Usethe

LOSself-checktotrackyourprogressandhighlightareasofweaknessforlaterreview.

Successfulcandidatesreportanaverageofmorethan300hourspreparingfor

eachexamination.Yourpreparationtimewillvarybasedonyourprioreducation

andexperience,andyouwillprobablyspendmoretimeonsomestudysessionsthan

onothers.AstheLevelIIIcurriculumincludes16studysessions,agoodplanisto

devote15?20hoursperweekfor16weekstostudyingthematerial,andusethe?nal

fourtosixweeksbeforetheexaminationtoreviewwhatyouhavelearnedandpractice

withpracticequestionsandmockexaminations.isrecommendation,however,may

underestimatethehoursneededforappropriateexaminationpreparationdepending

onyourindividualcircumstances,relevantexperience,andacademicbackground.

Youwillundoubtedlyadjustyourstudytimetoconformtoyourownstrengthsand

weaknessesandtoyoureducationalandprofessionalbackground.

Youshouldallowampletimeforbothin-depthstudyofalltopicareasandaddi-

tionalconcentrationonthosetopicareasforwhichyoufeeltheleastprepared.

Aspartofthesupplementalstudytoolsthatareincludedinyourexamination

registrationfee,youhaveaccesstoastudyplannertohelpyouplanyourstudytime.

estudyplannercalculatesyourstudyprogressandpacebasedonthetimeremaining

untilexamination.Formoreinformationonthestudyplannerandothersupplemental

studytools,pleasevisit.

Asyouprepareforyourexam,wewille-mailyouimportantexaminationupdates,

testingpolicies,andstudytips.Besuretoreadthesecarefully.

CFAInstitutePracticeQuestionsYourexaminationregistrationfeeincludesdigital

accesstohundredsofpracticequestionsthatareadditionaltothepracticeproblems

attheendofthereadings.esepracticequestionsareintendedtohelpyouassess

yourmasteryofindividualtopicareasasyouprogressthroughyourstudies.Aftereach

practicequestion,youwillbeabletoreceiveimmediatefeedbacknotingthecorrect

responsesandindicatingtherelevantassignedreadingsoyoucanidentifyareasof

weaknessforfurtherstudy.Formoreinformationonthepracticequestionsets,please

visit.

CFAInstituteMockExaminationsYourexaminationregistrationfeealsoincludes

digitalaccesstothree-hourmockexaminationsthatsimulatethemorningandafter-

noonsessionsoftheactualCFAexamination.esemockexaminationsareintended

tobetakenafteryoucompleteyourstudyofthefullcurriculumandtakepractice

questionssoyoucantestyourunderstandingofthecurriculumandyourreadiness

fortheexamination.Youwillreceivefeedbackattheendofthemockexamination,

notingthecorrectresponsesandindicatingtherelevantassignedreadingssoyoucan

assessareasofweaknessforfurtherstudyduringyourreviewperiod.Werecommend

thatyoutakemockexaminationsduringthe?nalstagesofyourpreparationforthe

actualCFAexamination.Formoreinformationonthemockexaminations,pleasevisit

.

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HowtoUsetheCFAProgramCurriculum

xi

PreparatoryProvidersAfteryouenrollintheCFAProgram,youmayreceivenumer-

oussolicitationsforpreparatorycoursesandreviewmaterials.Whenconsidering

aprepcourse,makesuretheproviderbelongstotheCFAInstituteApprovedPrep

ProviderProgram.ApprovedPrepProvidershavecommittedtofollowCFAInstitute

guidelinesandhighstandardsintheiro?eringsandcommunicationswithcandidates.

FormoreinformationontheApprovedPrepProviders,pleasevisitwww.cfainstitute.

org/programs/cfa/exam/prep-providers).

Remember,however,thattherearenoshortcutstosuccessontheCFAexamina-

tions;readingandstudyingtheCFAcurriculumisthekeytosuccessontheexamina-

tion.eCFAexaminationsreferenceonlytheCFAInstituteassignedcurriculum—no

preparatorycourseorreviewcoursematerialsareconsultedorreferenced.

SUMMARY

EveryquestionontheCFAexaminationisbasedonthecontentcontainedintherequired

readingsandononeormoreLOS.Frequently,anexaminationquestionisbasedona

speci?cexamplehighlightedwithinareadingoronaspeci?cpracticeproblemandits

solution.Tomakee?ectiveuseoftheCFAProgramcurriculum,pleaserememberthese

keypoints:

1

Allpagesofthecurriculumarerequiredreadingfortheexaminationexceptfor

occasionalsectionsmarkedasoptional.Youmayreadoptionalpagesasback-

ground,butyouwillnotbetestedonthem.

2

3

Allquestions,problems,andtheirsolutions—foundattheendofreadings—are

partofthecurriculumandarerequiredstudymaterialfortheexamination.

Youshouldmakeappropriateuseofthepracticequestionsandmockexamina-

tionsaswellasothersupplementalstudytoolsandcandidateresourcesavailable

at.

4

5

Createascheduleandcommitsu?cientstudytimetocoverthe16studysessions,

usingthestudyplanner.Youshouldalsoplantoreviewthematerialsandtake

practicequestionsandmockexaminations.

Someoftheconceptsinthestudysessionsmaybesupersededbyupdated

rulingsand/orpronouncementsissuedafterareadingwaspublished.Candidates

areexpectedtobefamiliarwiththeoverallanalyticalframeworkcontainedinthe

assignedreadings.Candidatesarenotresponsibleforchangesthatoccurafterthe

materialwaswritten.

FEEDBACK

AtCFAInstitute,wearecommittedtodeliveringacomprehensiveandrigorouscurric-

ulumforthedevelopmentofcompetent,ethicallygroundedinvestmentprofessionals.

Werelyoncandidateandinvestmentprofessionalcommentsandfeedbackaswe

worktoimprovethecurriculum,supplementalstudytools,andcandidateresources.

Pleasesendanycommentsorfeedbacktoinfo@.Youcanbe

assuredthatwewillreviewyoursuggestionscarefully.Ongoingimprovementsinthe

curriculumwillhelpyouprepareforsuccessontheupcomingexaminationsandfor

alifetimeoflearningasaseriousinvestmentprofessional.

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EthicalandProfessional

Standards

StudySession1

StudySession2

EthicalandProfessionalStandards(1)

EthicalandProfessionalStandards(2)

ecandidateshouldbeabletodemonstrateathoroughknowledgeoftheCFA

InstituteCodeofEthicsandStandardsofProfessionalConduct,includingtherules

andsanctionsrelatingtodisciplinaryproceedings.

?2019CFAInstitute.Allrightsreserved.

?CFAInstitute.Forcandidateuseonly.Notfordistribution.

?CFAInstitute.Forcandidateuseonly.Notfordistribution.

ETHICALANDPROFESSIONALSTANDARDS

1

STUDYSESSION

EthicalandProfessional

Standards(1)

C

FAInstitutemembersandCFAProgramcandidatescontinuallyfacesituations

1

requiringprofessionalandethicaljudgement.Byactinginamannerconsistentwith

theCFAInstitute