IV(B.8) Disclosure of Referral Fees: Members shall disclose to clients and prospects any consideration or benefit received by the member or delivered to others for the recommendation of any services to the client or prospect.

Compliance:

1. Disclose all agreements in writing to any client or prospect who has been referred.

2. Describe in the disclosure the nature of the consideration and the estimated dollar value of the consideration.

3. Consult a supervisor and legal counsel concerning any prospective arrangement regarding referral fees.

2-V.: Standards of Professional Conduct: V. Relationships with and Responsibilities to the Investing Public

A.: Prohibition against Use of Material Nonpublic Information

Standard: Members who possess material nonpublic information related to the value of a security shall not trade or cause others to trade in that security if such trading would breach a duty or if the information was misappropriated or relates to a tender offer. If members receive material nonpublic information in confidence, they shall not breach that confidence by trading or causing others to trade in securities to which such information relates. Members shall make reasonable efforts to achieve public dissemination of material nonpublic information disclosed in breach of a duty.

Compliance: Fire walls, minimum elements are:

1. Control over interdepartmental communications.

2. Review employee trading against restricted lists.

3. Restrict proprietary trading while the firm is in possession of material nonpublic information.

Additional procedures:

1. Restrict personal and proprietary employee trading.

2. Place securities on a restricted list when the firm has material nonpublic information.

3. Disseminate material nonpublic information only to those with a need to know.

4. Designate a supervisor who decides when trading is appropriate.

B.: Performance presentation

Standard:

1. Members shall not make any statements, orally or in writing, that misrepresent the investment performance that they or their firms have accomplished or can reasonably be expected to achieve.

2. If members communicate individual or firm performance information directly or indirectly to clients or prospective clients, or in a manner intended to be received by clients or prospective clients, members shall make every reasonable effort to assure that such performance information is a fair, accurate, and complete presentation of such performance.

Compliance: Misrepresentation about the investment performance of the firm can be avoided if the member maintains data about the firm’s investment performance in written form. Investment accounts should be combined into composites by investment class and risk groups.

3: Standards of Practice Handbook

a: Demonstrate a thorough knowledge of the Standards of Professional Conduct by recognizing and applying the Standards to specific situations.

This is an application of many different ethics concepts to different scenarios. After having learned the ethics material in earlier learning outcomes you will be able to apply these concepts to various scenarios as you take the quizzes.

b: Distinguish between conduct that conforms to the Code and the Standards and conduct that violates the Code and the Standards.

This requires looking at different scenarios and possibly applying several ethics concepts to each scenario. After you learn and understand the ethics concepts you will be able to apply them to specific situations through the quizzes.

4: AIMR Performance Presentation Standards Handbook

a: Explain the goals of the AIMR-PPS Standards.

The Standards have been designed to meet the following goals:

· To achieve greater uniformity and comparability among performance presentations.

· To improve the service offered to investment management clients.

· To enhance the professionalism of the industry.

· To bolster the notion of self-regulation.

Note: The Presentation Standards are intended primarily to be performance presentation standards, not performance measurement standards. Portions of the AIMR-PPS are required while some are recommended. AIMR strongly encourages the adoption of both required and recommended components of the Standards. Also, performance presentations may have to provide more than the minimum requirements of the AIMR-PPS to meet the full intent of the Standards.

b: Identify the parties affected by the AIMR-PPS standards.

· Firms. The PPS Standards are voluntary. The PPS are widely recognized as fair and accurate reporting guidelines for investment performance.

· AIMR Members, CFA Charterholders, and CFA Candidates. The PPS are not explicitly incorporated into the AIMR Code and Standards of Professional Conduct. The PPS does, however, help insure that members, charterholders and candidates are in compliance with Standard V(B), Performance Presentation, so that they will make no material misrepresentation of their performance results.

· Prospective and Current Clients. The PPS helps clients compare investment performance across firms. The PPS helps clients evaluate their investment manager’s performance.

c: Identify the four main topics of the AIMR-PPS standards (i.e., creation and maintenance of composites, calculation of returns, presentation of results, and disclosures).

· Creation and maintenance of composites. A composite is a set of portfolios that follow the same investment style.

· Calculation of returns.

· Presentation of results.

· Disclosures.

d: Identify what constitutes a valid claim of compliance with the AIMR-PPS standards.

To claim compliance, firms must meet all composite, calculation, presentation, and disclosure requirements. Adherence to the basic requirements, however, does not guarantee fair and adequate performance reporting. Compliance with the standards also requires adherence to all applicable laws and regulations. If the firm has made every reasonable effort to ensure that their performance presentation is in compliance with the PPS, the firm can use the following legend:?

XYZ Firm has prepared and presented this report in compliance with the Performance Presentation Standards of the Association for Investment Management and Research. AIMR has not been involved with the preparation or review of this report.

· Any use of the mark “AIMR” except as shown above is prohibited.

· If results are not in full compliance, performance cannot be presented as: Being in compliance with the AIMR-PPS except for …

· Statements referring to the calculation methodology used in a presentation as being in accordance or compliance with AIMR-PPS standards are prohibited.

· AIMR members who misuse the term AIMR, AIMR-PPS standards, or the Compliance Statement are subject to disciplinary sanctions under Standard V(B).

以上是關(guān)于金融分析師道德職業(yè)標(biāo)準(zhǔn)的主要試題內(nèi)容，希望對(duì)您能有所幫助。