读standards of practice handbook 11th edition

LOS2.a: Describe the structure of the CFA Institute professional conduct program and the process for the enforcement of the Code and Standards.

The CFA Institute Professional Conduct Program is covered by the CFA Institute Bylaws and the Rules of Procedure for Proceedings Related to Professional Conduct.

CFA协会的有关规定（Bylaws）和执行调查程序制度（Rules of Procedures）组成了关于道德规范和职业行为准则强制执行的基本结构.

The  program is based on the principles of fairness of the process to members and candidates and maintaining the confidentiality of the proceedings.

所有会员一律平等 并且调查程序秉持保密原则

可能有以下原因引起调查的问询程序:

1.Self-disclosure by members or candidates on their annual Professional Conduct Statement of involvement in civil litigation or a criminal investigation, or that the member of candidates is the subject of a written complaint.

会员和候选人每年关于自己职业行为遵循情况的自我披露，例如是否违法或接受有关刑事调查或受到别人投诉等

2.Written complaints about a member of candidate's professional conduct that are  received by the Professional Conduct staff.

协会的工作人员收到对某会员和候选人的书面投诉

3.Evidence of misconduct by a member or candidate that the Professional Conduct staff received through public sources, such as a media article or broadcast.

协会工作人员通过公开渠道如新闻媒体得知某会员的不当行为等

4. A report by a CFA exam proctor of a possible violation during the examination.

CFA监考官员关于考试中会员违规行为的报告

5. Analysis of exam materials and monitoring of social media by CFA Institute.

对考试内容和社交媒体的综合分析

一旦问询开始，主管官员可能会要求写出书面的解释，还可能(1) interview the subject member or candidate.  （2）interview the complainant or other third parties.  (3) collect documents and records relevant to the investigation.

官员可能会做出以下决定：（1）that no disciplinary sanctions are appropriate. 不进行纪律处分.  (2) to issue a cautionary letter.  发布一个警告信.  (3). to discipline the member or candidate. 进行纪律处分

In a case where the Professional Conduct staff finds a violation has occurred and proposes a disciplinary sanction, the member or candidate may accept or reject the sanction. If the member of candidate chooses to reject the sanction, the matter will be referred to a disciplinary review panel of CFA Institute members for a hearing.

如果指定的官员根据报告，对违反道德规范行为的会员进行了纪律处分，则被处分的会员或候选者可以选择接受或者不接受该处分决定。如果会员和候选人不接受该处分决定，那么该事件将由CFA协会的纪律审查委员会和当地CFA的志愿者共同组成陪审团来进行听证。听证的主要目的是判断该会员是否违反有关规定及对应的处罚措施是否适当.

Sanctions imposed may include condemnation by the member's peers or suspension of candidate's continued participation in the CFA Program.

CFA协会处罚措施包括公开谴责、暂停会员资格和使用CFA资格，或收回对CFA资格的授予。CFA候选人违反考试纪律等可能会被取消考试成绩或终止参加以后的CFA考试。

LOS 2.b: State the six components of the Code of Ethics and the seven Standard of Professional Conduct.

注册金融分析师协会成员和候选人必须:(code of ethics)

1.Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, colleagues in the investment profession, and other participants in the global capital markets.

坚持正直、胜任、勤奋、令人尊重的做事原则，以合乎职业道德的方式对待投资行业内的公众、客户、潜在客户、雇主、雇员、同事以及其他全球资本市场的参与者

2.Place the integrity of the investment profession and the interests of clients above their own personal interests.

将投资行业的诚信和客户的利益置于个人利益之上

3. Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

进行投资分析、提供投资建议、采取投资行动和执行其他专业活动时，应保持合理的谨慎，做出独立的职业判断

4.Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

履行并鼓励其他人履行职业道德规范，彰显其自身和行业的信誉

5.Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

提升资本市场信誉，支持资本市场管理条例

6. Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

保持和提高专业胜任能力，努力保持和提高他人在投资行业的专业胜任能力

The standards of professional conduct

1.Professionalism

2.Integrity of Capital Markets

3.Duties to clients

4.Duties to employers

5.Investment Analysis, Recommendations, and actions

6.Conflicts of interest

7.Responsibilities as a CFA Institute Member or CFA Candidate

LOS2.c: Explain the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.

职业行为准则（The standards of professional conduct）:

1. PROFESSIONALISM

A. Knowledge of the law. Members and Candidates must understand and comply with all applicable laws, rules, and regulations( including the CFA Institute Code of Ethics and Standards of Professional Conducts) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in any violation of laws, rules, or regulations and must disassociate themselves from any such violation.

会员和考生必须理解和遵守由政府、监管组织、授权机关或管理职业活动的职业协会制定的所有适用的法律、法规或规章（包括CFA协会道德规范和职业行为标准）。如果发生冲突，会员和考生必须遵守更为严格的法律、法规或规章。会员和考生不得有意参与或协助违反此类法律、法规或规章，并且必须脱离这些违规行为。

B. Independence and Objectivity. Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer,solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.

会员和考生必须保持应有的谨慎，做出合理的判断，在执行专业活动时实现和保持独立性与客观性。会员和考生不得提供、索要或接受任何常理上认为有损个人或其他人独立性与客观性的礼物、好处、补偿或报酬.

C.Misrepresentation. Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional acti

会员和考生不得有意曲解投资分析、建议、行动或其他专业活动.

D. Misconduct. Members and Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

会员和考生不得从事涉嫌欺骗、欺诈或舞弊的职业行为，或做出任何与职业声誉、正直性或专业胜任能力相背离的行为

2. INTEGRITY OF CAPITAL MARKETS

A. Material Nonpublic Information. Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

拥有影响投资价值的重大非公开信息的会员和考生不得根据此信息行事或促使其他人根据此信息行事.

B. Market Manipulation. Members and Candidates must mot engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

会员和考生不得从事歪曲价格或人为抬高交易量试图误导市场参与者的行为.

3.  DUTIES TO CLIENTS

A. Loyalty,Prudence, and Care. Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients' interests before their employer's or their own interests.

会员和考生有忠于客户的责任，必须保持合理的谨慎，做出尽职的判断。会员和考生必须依客户利益行事，将客户利益置于雇主或个人利益之上.

B. Fair Dealing. Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

会员和考生进行投资分析、提供投资建议、采取投资行动或从事其他专业活动时，必须公正客观地与所有客户进行交易.

C. Suitability.

--When Members and Candidates are in an advisory relationship with a client, they must:

 a. Make a reasonable inquiry into a client's or prospective clients' investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action and must reassess and update this information regularly.

 在做出投资建议或采取投资行动之前，询问客户或潜在客户的投资经历、风险与利润目标、财务约束条件，并且必须定期地重新评估和更新此信息.

 b. Determine that an investment is suitable to the client's financial situation and consistent with the client's written objectives, mandates, and constraints before making an investment recommendation or taking investment action.

在做出投资建议或采取投资行动之前，确定此项投资适合客户的财务状况，符合客户的书面目标、要求和约束条件.

  c. Judge the suitability of investments in the context of the client's total portfolio.

 根据客户的投资组合角度，判断投资的适合性

--When Members and Candidates are responsible for managing a portfolio to a specific mandate, strategy, or style, they must make only investment recommendations or take investment actions that are consistent with the stated objectives and constraints of the portfolio.

当会员和考生负责管理投资组合，使其符合特定的要求、战略或风格时，他们提供的投资建议或采取的投资行动必须与规定的投资组合目标和约束条件保持一致.

D. Performance Presentation. When communicating investment performance information, Members or Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.

当沟通投资表现信息时，会员或考生必须做出应有的努力，确保该信息的合理、正确和完整.

E. Preservation of Confidentiality. Members and Candidates must keep information about current, former, and prospective clients confidential unless:

--The information concerns illegal activities on the part of the client or prospective client or prospective client.

--Disclosure is required by law, or

--The client or prospective client permits disclosure of the information.

会员和考生必须保守以前、当前和潜在客户的机密信息，除非：

--该信息涉及客户或潜在客户的违法活动。

--法律要求披露。

--客户或潜在客户允许披露此信息。

4. DUTIES TO EMPLOYERS

A. Loyalty. In matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

在与自身雇佣有关的事务方面，会员和考生必须依雇主利益行事，不得剥夺雇主占有其技能的权利，不得泄漏机密信息，不得从事其他损害雇主利益的行为.

B. Additional Compensation Arrangement. Members and candidates must not accept gifts, benefits, compensation, or consideration that competes with, or might reasonably be expected to create a conflict of interest with, their employer's interest unless they obtain written consent from all parties involved.

会员和考生不得接受礼物、好处、补偿或报酬，导致与雇主利益相竞争，或常理上认为会与雇主发生利益冲突，除非得到所有相关方的书面许可.

C. Responsibilities of Supervisors. Members and Candidates must take reasonable efforts to ensure that anyone subject to their supervision or authority complies with applicable laws, rules, regulation, and the Code and Standards.

会员和考生必须做出应有的努力，发觉和防止受其监督或管理的人员从事违反适用法律、法规、规章以及道德和标准的行为.

5. INVESTMENT ANALYSIS, RECOMMENDATION, AND ACTIONS

A. Diligence and Reasonable Basis. Members and Candidates must:

--Exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions.

--Having a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action.

--进行投资分析、提供投资建议、采取投资行动时，保持勤奋、独立和精确。

--任何投资分析、建议或行动都具有合理充分的依据，有适当的研究和调查支撑.

B. Communication with Clients and Prospective Clients. Members and Candidates must

--Disclose to clients and prospective clients the basic format and general principles of the investment processes used to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that might materially affect those processes.

向客户和潜在客户披露用于分析投资、选择证券、构建投资组合的投资过程的基本格式和一般原则，并且必须即时披露可能对这些过程产生重大影响的变动事项.

--Disclose to clients and prospective clients significant limitations and risks associated with the investment process.

向客户和潜在客户披露投资过程中会出现的显著不利因素和风险.

--Use reasonable judgment in identifying which factors are important to their investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.

应用合理的判断识别影响投资分析、建议或行动的重要因素，包括与客户和潜在客户沟通的那些因素.

--Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

区分投资分析和建议演示中的事实和观点.

C. Record Retention. Members and Candidates must develop and maintain appropriate records to support their investment analysis, recommendations, actions, and other investment-related communications with clients and prospective clients.

会员和考生必须记载和保留适当的记录，以支持投资分析、建议、行动以及与客户和潜在客户沟通的投资相关事项.

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.

会员和考生必须全面合理地披露常理上认为会损害其独立性和客观性或妨碍其对客户、潜在客户和雇主履行责任的所有事项。会员和考生必须确保此披露的重要性，以简单的语言传达，并有效地沟通相关信息.

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.

客户和雇主的投资交易必须优先于会员或考生是受益人的投资交易.

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.

会员和考生必须向其雇主、客户和潜在客户适当地披露因产品建议或服务而收到其他人、或者支付给其他人的补偿、报酬或好处.

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.

会员和考生不得从事任何危害CFA协会、CFA特许状声誉和诚信的行为，也不得从事危害CFA考试诚信、有效性和安全性的行为.

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.

当提及CFA协会、CFA会员资格、CFA特许状或CFA考试资格时，会员和考生不得曲解或夸大CFA协会、持有CFA特许状或CFA考试资格的意义或含意.