CFA一级内容：CFA历年考试模拟题.doc

ＣＦＡ一级内容：CFA历年考试模拟题(一）
 一、Eｔｈicaｌ　aｎd Proｆｅｓsionaｌ Sｔａndaｒds

1.: Codｅ ｏf　Ｅthiｃs

　 A.: Staｔe　the four ｃoｍponenｔs of　the Code ｏf Ethics.

　　Ｍemberｓ of ＡＩMＲ ｓｈall:

１. Act with inteｇrity, ｃompeｔeｎce， dｉgnｉty,　and in　aｎ eｔhｉｃａl manner when dｅalｉng wｉth ｔhe　puｂｌic, cliｅnts, ｐrospects, employｅrs, ｅmｐloyees, and ｆeｌlow　meｍbeｒｓ.

　 2. Pｒacｔice and encｏurage otheｒs to ｐｒactｉcｅ iｎ a prｏfessｉoｎal anｄ ｅthicａl　mａｎner　that ｗill rｅflｅct cｒedｉt　ｏn members and ｔheir pｒｏfession.

３.　Striｖe ｔo ｍaintaｉｎ and imｐｒｏvｅ their ｃoｍpetｅnｃe and the ｃoｍpetｅnce　oｆ others in ｔhｅ professiｏｎ.

　 4. Ｕsｅ reaｓonable cａrｅ and exeｒcｉse iｎdependenｔ ｐrｏfｅｓsioｎal ｊuｄgment.

　tｏ ｌａuｎcｈ Stａｎｄａrｄs of Ｐractｉｃe

　　2-I.: Ｓtaｎdards of Professional Coｎduct： Ｉ． Ｆunｄamenｔａl Responｓｉｂilｉｔies

A.: Knｏw　tｈｅ laws anｄ rulｅs．

Standard：　Mａinｔain kｎowｌedge of ａnｄ ｃoｍply ｗiｔh all apｐlicaｂle ｌawｓ, rulｅs,　anｄ regulatｉons (includinｇ ＡIMR’s　Cｏde of Eｔhics and Sｔanｄａrds oｆ Profesｓiｏnal　Ｃoｎｄuct） of　ａny gｏvernment, goveｒnｍenｔ agency, rｅｇulatoｒy ｏrgaｎization, licensiｎg agｅncy,　oｒ proｆessiｏｎal associatｉｏｎ govｅrｎiｎg ｔhｅ mｅｍbers’ professiｏnａl aｃtｉviｔies．

　Ｃoｍpｌiance: Ｍemｂeｒs ｃaｎ ａcqｕiｒe　and maiｎｔain ｋnowleｄge aboｕｔ applｉcaｂlｅ laws，　ruｌes,　ａnｄ　ｒegulatiｏns by:

　 · Maintａｉｎinｇ curｒeｎt files on　aｐｐlｉcａｂle statutes, ｒｕles,　anｄ　ｒｅgulaｔiｏns．

· Keｅping iｎformed.

　　· Ｒevieｗing　written　ｃｏmｐliance　procedｕrｅs on ａ　ｒegulａｒ ｂasｉｓ.

　B.: Dｏn'ｔ bｒeａk or　ｈeｌp otheｒs breaｋ　thｅ law.

　 Stａndard:　Ｎot knowiｎgly parｔiciｐate or assｉst iｎ　any viｏlａtioｎ　oｆ sucｈ lａws,　rules, oｒ　regulａtions.

　 Ｃｏmｐliaｎce：　Ｗheｎ　members　ｓuspect　a clｉenｔ or a　cｏlleagｕe of ｐlanning oｒ engaｇing ｉn　oｎｇoing illegal aｃtivitieｓ, membｅrs sｈoｕld take　ｔhe followｉnｇ　actions:

　　·　Cｏnsuｌt couｎsｅl to determinｅ if　tｈe condｕｃt iｓ, iｎ fact,　iｌｌｅgaｌ.

　·　Disａssociate from any　illegaｌ ｏr ｕnethｉcaｌ actiｖity.　Ｗhen memｂeｒs have rｅａsｏｎablｅ　grounds to belｉeｖe that a ｃｌient’s oｒ employｅe’s activitｉes are ilｌegaｌ or uｎｅthical, the mｅmbers sｈould diｓsoｃｉaｔｅ from theｓe　aｃtｉvｉtieｓ ａｎd urgｅ ｔｈeｉr fｉｒm to atｔempt tｏ persｕadｅ　ｔhe perｐetratoｒ to　ｃeａse sｕｃh actｉvｉtｙ.

　　2-II.： Stａnｄards　of Ｐrofｅｓsioｎal Ｃｏndｕｃｔ：　II． Relaｔionships　witｈ and Reｓponsibiliｔies to　tｈe　Prｏfessioｎ

Ａ.: Use ｏｆ Professiｏｎaｌ Designａｔｉon

　 II(A.1)

　AIＭＲ　members mａｙ ｒeｆerencｅ thｅiｒ　membershiｐ ｏnly in ａ dｉgｎified　anｄ ｊudiｃｉous　maｎner． The ｕｓe ｏf　thｅ　rｅfｅreｎｃe ｍay be ａｃｃｏmpａnｉed　by an accｕｒatｅ exｐｌａnａtion　oｆ　thｅ requiremｅntｓ thａt ｈave been　mｅt ｔo ｏｂｔａin membershｉp in ｔhｅse ｏrganizaｔioｎs.

ＩI(A．2)

　　Tｈｏｓｅ who ｈave　eａｒｎｅｄ　ｔhe rｉgｈｔ　to uｓe tｈe　Charｔeｒｅd Fｉｎanciaｌ Aｎalysｔ deｓignatｉon mａy use the marks　“Chａrtered Financｉａｌ Aｎａlysｔ” ｏr “CFA”　anｄ are encourageｄ　tｏ do　sｏ,　bｕｔ oｎly ｉn a ｐropeｒ, dignifieｄ， aｎd juｄiｃiｏus mannｅｒ. Ｔhe uｓｅ of ｔhe dｅsignａtｉoｎ may　be　aｃｃompanｉｅｄ by aｎ　accurate　eｘplanａｔiｏｎ ｏｆ the ｒeqｕｉremｅｎtｓ ｔhat have　beｅn ｍｅt tｏ obtain　the ｒighｔ　to use　ｔhe desｉｇnatｉoｎ.

　　II(Ａ.3)

　Ｃaｎdidateｓ ｉn　thｅ　CFA Pｒｏgram,　as ｄeｆined　in the AIMR　Bylaｗs,　maｙ rｅfｅrｅnce ｔhｅir parｔicipaｔｉon in ｔhe CＦＡ Progｒam, ｂut thｅ　ｒｅｆerenｃｅ　ｍust ｃleａｒly ｓtate ｔhａｔ　an inｄivｉduaｌ is a　ｃandiｄate in tｈe ＣFA Ｐrogｒam ａnｄ ｃａnnｏｔ ｉｍpｌy tｈat thｅ candidatｅ has　achieved any type oｆ　paｒtiａl dｅsiｇnation．

　　Ｂ.:　Proｆessional Ｍiscｏndｕct

II（Ｂ.１)

　Ｍｅmｂｅｒs shaｌl nｏt enｇagｅ　iｎ　any prｏfeｓsｉonaｌ　cｏnｄuｃt　iｎvolvｉｎg diｓhｏnestｙ,　fraud,　ｄeceit, or mｉsｒｅpresenｔation　or　coｍmiｔ aｎｙ act tｈat　reflects adversely oｎ　their　honesty, ｔrｕstworthinｅss, oｒ professiｏnal comｐeteｎｃe.

　 II（Ｂ.2)

Memｂers and　ｃandidates　sｈall　noｔ ｅngａｇe ｉn any conｄucｔ or cｏmmit ａny act　tｈat ｃompｒｏmiseｓ　the integrity of　tｈe CFＡ desiｇnatiｏn ｏr the iｎteｇrity oｒ　valiｄｉty of tｈｅ ｅｘａｍiｎaｔions leadinｇ tｏ thｅ　aｗａrｄ of ｔhe riｇht tｏ　ｕse the ＣFA　designａｔｉｏn.

　　Coｍｐｌianｃe:

1．　Mａke clear　thａt　ｄisｈｏｎｅst peｒsoｎal ｂｅｈaviｏr reｆlectｓ　poｏrｌy on ｔｈe proｆｅsｓion．

　2.　Ａdopt a ｃode ｏｆ　ethiｃs ｔo ｗhich eveｒy eｍploｙee musｔ subscrｉbe.

　3. Coｎduｃt ｂackgroｕnd cｈｅcｋs oｎ poｔeｎtial empｌｏyees to ｅnsure　that tｈey are oｆ gooｄ cｈａracter anｄ ｅligible to work ｉn　the　ｉnvestmｅｎｔ industry.

　Ｃ.: Ｐroｈiｂiｔion ａgaiｎst Plagｉａriｓm

　　Ｓtａndard: Membｅrs　shａll　ｎot copｙ oｒ ｕsｅ, in　ｓｕbstanｔiａlly ｔhe ｓame form as tｈe　originaｌ, ｍaｔｅrｉａl　prepared ｂy ａnotｈｅr　withｏut ａcknowlｅｄginｇ aｎｄ ideｎtifｙing thｅ name ｏｆ the aｕthor， puｂlisｈer,　or　souｒce oｆ ｓuch matｅrｉal．　Ｍembｅrs may ｕse, wｉthout aｃkｎowledgmｅnt, factｕaｌ ｉｎforｍatｉoｎ pubｌｉｓhｅｄ ｂy ｒeｃｏｇｎizｅd　financial and　stａtｉstiｃａl　ｒeporｔinｇ ｓｅrｖices　oｒ similar ｓoｕrｃes.

　 Ｃompｌｉａnce:

　　1. Mａintain copieｓ　oｆ materials thａｔ wｅre reliｅd on in　ｐrｅpaｒiｎg the reseａrch　repoｒｔ.

　2. Atｔribute　qｕotａtioｎs (ａnd proｊｅctｉoｎs, ｔａbｌes, statistiｃｓ,　mｏdels,　ａnd ｍeｔｈodｏｌｏgiｅs） useｄ otheｒ than　ｒecｏgnizｅd　finａncｉａl anｄ statistｉcal ｒｅportｉng seｒvｉｃes.

3. Atｔrｉbutｅ ｐaｒaphｒases and　suｍmarｉeｓ of maｔerｉaｌ　ｐｒｅｐａred by otｈerｓ．

　 ２-III.: Standards ｏf Professional Conduｃt: III. Relaｔiｏnshｉps anｄ Resｐoｎsiｂiｌitieｓ ｔo tｈe Emploｙer

A.： Inform yｏuｒ　Emplｏyer oｆ　the Codｅ　aｎd Standａrds

　IIＩ（A.1)

Memberｓ sｈａｌl inform ｔhｅir eｍｐloyer in wｒiｔｉng， thrｏugh　tｈeiｒ direct ｓuperｖisor, that ｔhey　are ｏbligateｄ tｏ　compｌy　wｉth the Codｅ and Standards and aｒe　subject to disｃiplinary　sancｔioｎs　fｏｒ ｖiolationｓ ｔhereof.

　III(A．2）

　　Memｂeｒs shall deliｖer a coｐy　of thｅ Cｏdｅ ａｎd Standarｄｓ ｔo　their employｅr if the employer does nｏt ｈａvｅ　ａ ｃopy．

　Compliaｎcｅ： Memｂers shouｌｄ　ｎoｔify tｈeir　supeｒvisｏr in　ｗritｉｎg　of the Cｏde ａnd　Standaｒｄs and　the　membeｒ’ｓ　responsｉｂility　to folｌｏw　them．　Ｔｈe ｍｅmber should ａｌｓo　ｓuggesｔ ｔｈａt the　emplｏyeｒs adopt tｈe Coｄｅ　anｄ Staｎdaｒds anｄ disseminatｅ　iｔ throｕghｏｕt the　ｆirm． Ｉf the empｌoｙer　has pｕblicｌy ａckｎowｌｅdｇed,　ｉn writｉng, that ｔhey　havｅ adopｔed AIMＲ’ｓ Code anｄ Ｓtanｄardｓ ａs　pａｒｔ of　the firm’s　poｌicies theｎ the　ｍeｍbeｒ neｅd nｏｔ gｉｖe thｅ　fｏrmａl wｒiｔｔｅn nｏｔificaｔiｏn as reqｕired by ＩIＩ（A）.

　 Ｂ.： Dutｙ ｔo Employｅr

Ｓtａndarｄ： Ｍemｂeｒs　ｓhalｌ ｎｏｔ　ｕndertakｅ ａｎy ｉndepenｄenｔ praｃtiｃe thａｔ　cｏｕｌd result ｉn　coｍpensatiｏn ｏr oｔher beｎｅfit iｎ comｐeｔition with　their　empｌoyer ｕnｌｅｓs they obtａiｎ writｔeｎ　consｅnｔ　from both their ｅmplｏyeｒ aｎｄ thｅ pｅｒsｏnｓ　oｒ eｎtitiｅs for whom ｔhｅy　undertake ｉndeｐendent ｐractiｃe．

　　Ｃｏmpliａnｃｅ:

　1. Members who ｐlan　ｔo engage ｉn indeｐendent prａｃｔｉcｅ fｏｒ compensation ｓhoｕld provide wｒitten statｅmｅnｔs to　their employer ｄｅｓcrｉbｉnｇ the ｔypes of　services thｅｙ　will pｅrｆorm， ｔhe ｅxpected duｒatｉon ｏf the services, and　tｈe cｏmpensatｉon thｅｙ ｗｉlｌ receive.

　 2. Mｅｍbｅrs shｏｕｌd aｌso diｓclose ｔｏ their pｒoｓｐｅctive clients the idｅｎｔｉty　of ｔheｉr emploｙeｒ, thｅ ｆact tｈat they　are performing indepenｄeｎtly　ｏf　the　eｍploｙer, aｎｄ what their employeｒ woulｄ chａrge for　simiｌaｒ　ｓｅrviｃeｓ.

　 3. Ｍｅｍbers seeｋing new empｌoymeｎt ｓhould　not contａcｔ ｅｘisting　cliｅｎｔs or poteｎｔｉal cｌｉentｓ ｐrior　tｏ ｌeａｖｉng　theｉｒ　emploｙeｒ or tａke ｒecｏｒｄs/filｅs to thｅｉr ｎew　eｍpｌoｙer　ｗｉthout the writteｎ ｐermｉｓsｉon ｏf　thｅ ｐrevioｕs employer.

　　C.: Disｃｌose Ｃonｆliｃtｓ beｔweeｎ yｏu　aｎd youｒ Emｐloyeｒ

　　III(C．1):

　 Membｅrs shall ｄｉsclｏｓe tｏ　their　emｐｌｏyer all ｍaｔters, includｉnｇ ｂeneｆicｉａl oｗnershｉp oｆ seｃuritieｓ ｏr ｏtheｒ investmeｎtｓ， tｈａt　rｅasonａbly　could　be eｘpeｃtｅd tｏ ｉnｔeｒfere wｉth their　dｕｔy　to theｉr ｅｍployeｒ ｏr　ａbｉlity tｏ ｍaｋｅ ｕｎbiased and oｂjectｉve recomｍｅndaｔioｎs.

　　III(Ｃ.2):

　　Meｍbｅrs　shall complｙ wｉｔｈ any prohibitions oｎ acｔiviｔiｅｓ imｐosed　ｂy tｈeir　employｅr if a conｆｌiｃｔ of iｎterｅｓｔ exiｓts．

Ｃompｌiance: Membeｒs ｓhｏulｄ　rｅpoｒt　to thｅiｒ emｐｌoyers ａny　ｂenｅficｉａl iｎｔeｒest aｎｄ any spｅｃiaｌ relaｔiｏnshｉps， ｌike ｃoｒporate directｏrshiｐs, tｈat　mａｙ　ｒeasonably ｂe　considereｄ a conflｉct oｆ inｔeｒeｓt ｗiｔh thｅｉr　rｅsｐｏnsibｉliｔｉes.　Memｂｅrs should aｌso　ｄiscｕss　the situatiｏn wiｔh thｅｉr　firm’s comｐliance　ｏfficer ｂefｏre takiｎg ａny actｉon tｈat cｏuld　ｌｅａd tｏ a　ｃonflict　of　iｎteｒｅsｔ.

　　Ｄ.: Dｉｓclosｅ Aｄdiｔiｏｎaｌ　Compeｎsａtｉon　ｆrom Oｕtside　tｈｅ Firｍ to ｙｏur Employeｒ

　Standａrd: Membｅrs shaｌｌ　discｌose to thｅｉr empｌoｙｅr iｎ writiｎg　alｌ moｎetaｒy compensatiｏn or ｏther beneｆits that tｈey ｒeceｉve ｆor　theｉr sｅrｖices tｈａt　aｒｅ iｎ ａddiｔｉｏｎ to cｏmpｅnｓatiｏn or beｎｅfitｓ conｆｅrred by a ｍeｍbeｒ’s ｅｍploｙer.

Cｏmｐlianｃｅ: Meｍbers should make　aｎ immedｉate ｗrittｅn　reｐort　to　thｅir　employer spｅcifｙｉng aｎy cｏmpensａtion oｒ　benefits they receivｅ oｒ ｐｒopｏse ｔo　receive fｏr servｉcｅs　in addｉｔiｏn　to　what thｅiｒ empｌoyeｒ ｉs to gｉve tｈｅm. Ｔｈis ｗritteｎ repoｒt should sｔａte tｈｅ terｍs　of anｙ oｒal or wrｉｔten　ａgreｅmｅnｔ, thｅ　ａmount of　coｍpeｎsatｉon， ａnd the ｄuratiｏn oｆ the ａｇｒeeｍｅnt．

　E.： Respoｎsibiliｔiｅs of Superviｓｏｒs

　　Sｔaｎｄarｄ： Ｍemｂers with ｓupｅrｖisｏｒｙ　reｓponsｉbｉｌities, aｕthｏrｉty,　oｒ thｅ ability tｏ iｎflｕeｎce tｈｅ ｃonｄuct　ｏf othｅｒs　shａｌl eｘercise ｒeasonabｌｅ supervｉsｉon ｏｖer those subjecｔ tｏ thｅir　sｕｐerｖision or　ａutｈoritｙ tｏ prｅvent any vｉolaｔiｏｎ oｆ　applicable　ｓtatutｅｓ,　reguｌatiｏn，　or prｏvisions　ｏf tｈe Ｃode　anｄ Standａrds. In sｏ doing, ｍembers aｒe entｉtｌeｄ ｔｏ reｌｙ ｏn　ｒｅaｓonable procedｕｒeｓ deｓigｎeｄ　tｏ dｅｔeｃt and prevent ｓuch violatioｎs.

Complｉance: Ｔhe supeｒｖisoｒ and　ｔhe　compliance ｏｆficer　shoｕｌd:

　1. Dｉssｅminate the complianｃe　pｒｏcedｕrｅｓ.

　　2. Ｕpｄate ｔhe prｏcedｕｒｅs　as nｅcessary．

　　３. Ｅdｕcａte　tｈe　ｓｔaｆf　ａｎd ｉssue ｐｅｒiodic　reminders．

４. Ｉncoｒpoｒａte　a professional conduct evaluation　inｔo the emｐloyee’s peｒfｏrmaｎce review.

　 5． Review employｅe ａctｉonｓ ｔｏ　ensurｅ coｍｐliaｎｃｅ ａｎｄ　ideｎtify vｉｏlators， initiaｔing ｐrｏcedｕｒes ｏnce ａ ｖｉoｌation　has ocｃｕrrｅｄ.　A supｅrｖｉsoｒ　sｈould rｅspｏnd prompｔly to the ｖiolaｔion by conｄuｃtinｇ ａ　ｔhorｏugh inveｓｔｉgatioｎ, ａnd placing limiｔａtｉons oｎ　thｅ ｗｒｏｎgdoｅr untｉl ｔhe inｖestigation　is ｃompleｔe.

　2-IＶ.： Sｔａndards of Pｒofessiｏnaｌ Cｏｎｄucｔ： IV. Rｅｌationsｈｉps ｗitｈ ａnｄ Rｅspｏnsibiliｔiｅｓ to Ｃliｅnts　ａnd Ｐrｏｓpeｃｔｓ

Ａ.：　Tｈｅ Ｉnvesｔment　Procｅｓs

　 IV(Ａ.１) Ｒeaｓoｎablｅ　Ｂasis ａnd Rｅｐresentａtionｓ． Members shall：

　　ａ. Eｘｅｒcｉse　dｉligｅnce anｄ ｔhoroｕghｎess in making investment　recomｍendationｓ　oｒ in tａkｉng inｖestment actiｏｎｓ．

　　b． Have　a reasonａble and adｅquａte basｉs, suｐpｏrteｄ by ａpｐｒoｐrｉａte resｅarcｈ and　iｎvestiｇation, for　sｕcｈ recｏｍmenｄatｉons or　acｔiｏns.

　 ｃ．　Make reasonaｂlｅ aｎｄ dｉlｉgｅｎt　ｅfforts ｔo　avoiｄ any　mａterial mｉsreｐresｅｎtaｔion in　ａny　ｒｅsｅarch reporｔ or ｉnvｅstｍent rｅcoｍmenｄａtiｏn．

　 d. Maｉｎtａin　appｒopriatｅ reｃords to ｓupport ｔｈe ｒeasonablｅｎｅss ｏf sucｈ reｃoｍmendatiｏns or actionｓ.

　　Compliａnce：

　1． Anａlｙzｅ　ｔｈe　invesｔment’s　basｉｃ characteristics (ｒecoｒｄｓ musｔ sｈow the charａｃtｅｒｉstｉcs ｏf the　invｅstment anｄ the　ｂasiｓ　foｒ tｈe recommeｎdaｔion）．

２. Anａlyzｅ　tｈｅ ｎeedｓ of thｅ　poｒｔfolio (incｌｕｄes　the client’s nｅeds， aｓ well as　the neｅｄｓ of the　totaｌ　ｐorｔｆoｌio).

3． Ｍaｉnｔaiｎ ｆileｓ ｔo suppｏrｔ investｍent recoｍｍendaｔions．

　IＶ(Ａ．2) Reｓｅarcｈ Rｅporｔs. Mｅｍbｅrs　sｈaｌｌ:

　ａ. Use reasonabｌe　ｊudgmｅnt　ｒｅgarｄｉng ｔhｅ inclｕsｉoｎ or eｘcｌusion　of relevａｎt ｆａｃｔors ｉｎ reｓeａrch　ｒepｏrts．

　 ｂ.　Diｓtingｕisｈ　between facts　ａｎd ｏｐinioｎｓ in researｃh reporｔs.

　c． Indicate　the　basic ｃharacteriｓtiｃs of the　invｅsｔmeｎt invｏlvｅd when preparｉng　fｏｒ publｉc　ｄｉstｒibution a　ｒｅsearch ｒｅport tｈat is nｏt ｄｉrecｔlｙ relaｔed　to a spｅｃiｆic poｒtfｏliｏ or clｉenｔ.

Ｃｏｍpｌiaｎce: Members shoulｄ conｓｉdｅr incｌuｄinｇ the　fｏｌloｗing ｉnｆｏrmation iｎ reseaｒｃh repｏrｔｓ:

　１.　Exｐected ａnnuaｌ ｒates oｆ ｒeｔurn, calculated on a ｔｏｔal return baｓｉs.

2. Ａnnual iｎcｏｍe ｅxpｅctatｉoｎs.

　３. Cuｒｒｅｎt rate of rｅturn or yieｌｄ.

4. Tｈe　deｇrｅe　of uncertainｔy　aｓsｏcｉａtｅd with the cash flows， and otｈer ｒisk　factors．

　5　Tｈｅ　ｉｎｖeｓtmenｔ’s　mａrkeｔaｂility oｒ liquidｉty．

　 ＩV（A．3) Indepｅndeｎce and Obｊecｔiｖitｙ.　Meｍbers　shａｌl ｕｓe reaｓonablｅ caｒe　ａnd judｇmｅnt ｔo　aｃｈｉeve anｄ ｍainｔain inｄepｅndｅnce aｎd　objｅctiviｔy ｉn makinｇ investｍenｔ rｅcommendations ｏr ｔaking investmenｔ ａｃｔｉons．

Coｍpliance:

1． Proｔect　ｉnｔegritｙ of　opiｎions． Rｅpoｒts sｈouｌｄ ｒeflｅｃt　tｈe　anａlyｓｔ’s unｂiａseｄ opinion．

2.　Ｄiｓcloｓe aｌl corｐoｒａtｅ　ｒｅlationshｉps （i.e., dｉrｅctorships， unｄeｒwriｔing arrangemeｎtｓ　oｒ actｉng as a ｍarket makeｒ).

　　3. Ｄｉscｌoｓｅ ｐersｏnal holｄiｎgs ａnd bｅneｆiciaｌ ownｅrshiｐｓ.

４. Ｃｒｅate a resｔricteｄ list．

5　Reｓtrict spｅcial cｏsｔ arrangemｅｎts. Members should ｐａy fｏｒ their　commerciａl transportatioｎ aｎd hotｅl ｃhargｅs.

　6． Limｉｔ　giftｓ (UＳ$10０ iｓ ｔhe　ｍaximuｍ accepｔaｂｌe　vａlue ｆｏr a ｇiｆt or gｒatｕity)．

　　７. Reｓtricｔ investments (stricｔ ｌimiｔｓ sｈoulｄ be impｏsed on　priｖatｅ plａｃeｍeｎｔs）．

　8． Rｅview　ｐrｏceduｒｅs (ｓｕpervｉse　tｈe pｅrｓonａｌ invｅstmｅｎt ａctivities ｏf tｈe emploｙeｅｓ).

　 B.： Iｎteraｃtions with Clientｓ　aｎd　Pｒospects

IV(B.1) Fidｕciaｒy Duｔiｅs:　In relationshｉps with clients, ｍｅmbers sｈａlｌ use ｐaｒtｉcular care in ｄｅteｒminｉng applicable ｆiｄuciarｙ duty and ｓhaｌl ｃｏmｐｌy with　such duｔy as to ｔhoｓe ｐersons　and iｎtｅrests to whoｍ the dｕtｙ is oweｄ. Ｍembers must aｃt ｆｏr tｈｅ beneｆit　of　tｈeir　clｉentｓ anｄ place ｔheir　clieｎｔs＇　iｎｔerestｓ　bｅfore tｈｅiｒ own.

　　Ｃompliance:

　1． Follｏｗ all applicａｂｌe　rｕleｓ anｄ　laws.

　 2. Eｓtablish　thｅ iｎveｓtment oｂjectｉves　of　ｔhe ｃlient.

　 ３. Diveｒｓify.

4． Deａl fａirly ｗiｔh all clientｓ　with resｐｅｃt tｏ ｉｎvesｔment aｃtions．

　 ５.　Disｃlｏｓｅ all possibｌｅ coｎflicts　ｏｆ interesｔ．

６. Diｓｃloｓe　coｍｐeｎsation　arrangeｍｅnｔs.

　７.　Prｅserve　ｔhe confidｅntiａｌity　of cｌienｔ inｆormatioｎ.

　 8．　Maiｎtaｉn loｙalｔｙ　to tｈe plan　bｅnｅficiarｉｅs.

　　IVB.2） Portfoliｏ Invｅstｍｅnt　Recoｍmeｎdatｉons and Aｃtiｏns: Members shall:

　a． Make　a reasｏnaｂle　ｉnqｕiry ｉnto a cliｅnt's fｉnaｎｃiaｌ ｓituａtioｎ, iｎｖestmeｎt ｅｘperience, ａnd inｖesｔmenｔ ｏbｊectｉvｅs ｐｒior to mａkｉng any iｎvｅｓtｍｅｎｔ recｏmmendatｉons aｎd sｈall updａｔe thｉs inｆormaｔiｏn as necessary,　but no leｓｓ frｅquently than annually, to aｌlow the meｍbers ｔｏ　ａdjust ｔheir iｎveｓtment reｃommendatioｎｓ　tｏ rｅflect　ｃhangeｄ ciｒｃｕmstanceｓ．

　　ｂ. Coｎsider the　aｐpropriatenesｓ and suｉtabｉlity of　iｎvｅstｍeｎt ｒｅcomｍendａtioｎs ｏr aｃtioｎs ｆor each ｐortｆolｉｏ oｒ cｌｉenｔ (iｎcｌudiｎｇ the needs aｎd cｉｒcumsｔａnces of　the porｔｆｏliｏ　ｏｒ client,　the　basic ｃｈaｒaｃtｅｒisｔｉｃs ｏf thｅ iｎvｅstｍent involｖed,　ａnd tｈe　ｂasiｃ　ｃharaｃterｉｓtics　of ｔｈe ｔotａl　portfolio).

　c. Distinguｉsh between　facｔs anｄ　opinions in presｅnting recｏmmｅnｄaｔｉoｎs.

　 d. Ｄiｓclose to cliｅnｔs aｎｄ ｐｒospecｔs the basic format　ａnd geｎeral ｐｒincｉpleｓ of tｈe investmeｎt ｐrocesses　ｂy ｗhｉcｈ securities　are sｅｌecteｄ ａｎd portｆolｉoｓ are consｔructeｄ ａnd ｓｈaｌl　prｏmptlｙ　dｉsclose　to cｌients and prospｅcts aｎy chａnｇeｓ that mｉｇht　ｓｉｇnｉficantｌｙ aｆｆect ｔｈｏse prｏｃｅｓses．

　　Ｃｏmｐliance: Know bａｓiｃ　ｎａtｕre ｏf yｏur clienｔ; know objｅｃｔiｖeｓ　and constraints.

　IV(Ｂ.3) Fair Dealiｎg： Ｍembers shａll ｄeal　fairly ａnd objecｔively wｉth　ａlｌ clｉenｔs ａnｄ prospectｓ　ｗhen ｄiｓseｍiｎatｉng inveｓtｍent　reｃｏmmendatｉｏns, diｓsemｉnaｔiｎg ｍateriaｌ　cｈanges in prｉｏr invesｔment ｒecoｍmｅndations,　and　ｔakｉng　invｅstｍent action.

　Ｃompliance:

　 1. Limｉｔ ｔhe ｎｕmber ｏf ｐeople ｐｒivy ｔo recommｅｎdａtｉｏｎs ａnd　chａnges.

　2. Shｏrtｅn the timｅ fｒaｍe ｂetwｅｅn　iｎitiatｉon ａｎd　disseminａｔiｏｎ.

　3. Publｉｓｈ perｓｏnnel guiｄeｌines for　ｐre-dissemiｎatｉoｎ.

　4. Simｕltaｎｅouｓ disｓeｍｉnatｉon．

　 5． Eｓtablisｈ rules ａboｕt employｅe tｒadｉng　acｔiviｔies.

　　6. Eｓtａblｉsh pｒoｃeｄureｓ　fｏｒ　ｄeｔerｍining matｅrial ｃha