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Ethical and Professional Standards - Describe the structure of the CFA Institute Professional Conduct Program and the process for the enforcement of the Code and Standards
- Self -disclosure, - Written complaints by the Professional Conduct staff - Complaints received through sources, - Reports by a CFA exam - Interview member/candidate, - Interview complainant, - Collect documents and records - No disciplinary sanctions, - Cautionary letter, - Discipline member/candidate
Ethical and Professional Standards - State the six components of the Code of Ethics
- Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets; - Place the integrity of the investment profession and the interest of clients above their own personal interests - Use reasonable care and exercise independent professional judgement when conducting investment analysis, making investment recommendations, taking investment action, and engaging in other professional activities - Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession - Promote the integrity of, and uphold the rules governing, capital markets - Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals
Ethical and Professional Standards - State the seven Standards of Professional Conduct
I: Professionalism II: Integrity of Capital Markets III: Duties to Clients IV: Duties to Employers V: Investment Analysis, Recommendations, and Actions VI: Conflicts of Interest VII: Responsibilities as a CFA Institute Member or CFA Candidate
Ethical and Professional Standards - What are the sub -sections of PROFESSIONALISM?
Knowledge of the Law Independence and Objectivity Misrepresentation Misconduct
Ethical and Professional Standards - What are the sub -sections of INTEGRITY OF CAPITAL MARKETS?
Material Nonpublic Information Market Manipulation
Ethical and Professional Standards - What are the sub -sections of DUTIES TO CLIENTS?
Loyalty, Prudence, and Care Fair Dealing Suitability Perfomance Presentation Preservation of Confidentiality
Ethical and Professional Standards - What are the sub -sections of DUTIES TO EMPLOYERS?
Loyalty Additional Compensation Arragements Responsibility of Supervisors
Ethical and Professional Standards - What are the sub -sections of INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS?
Diligence and Reasonable Basis Communication with Clients and Prospective Clients Record Retention
Ethical and Professional Standards - What are the sub -sections of CONFLICTS OF INTEREST?
Disclosure of Conflicts Priority of Transactions Referral Fees
Ethical and Professional Standards - What are the sub -sections of RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE?
Conduct as Members and Candidates in the CFA Program Reference to CFA Institute, the CFA Designation, and the CFA Program
Chapter 1 - What is an traditional investment?
Traditional investments include long positions in equities, fixed income, and cash
Chapter 1 - What are the five types of alternative investments?
Real assets Hedge funds Commodities Private Equity (including mezzanine and distressed debt) Structured Products (including credit derivatives)
Chapter 1 - Describe real assets
real assets focuses on investments in which the underlying assets involve direct ownership of nonfinancial assets
Chapter 1 - What subset of real assets is not included in the CAIA curriculum
Timberland, raw land and farmland
Chapter 1 - What is a hedge funds unique fueature?
Hedge funds are less regulated than trad. Investments
Chapter 1 - What are subsets of private equity?
Venture capital Leveraged buyouts Mezzanine debt Distressed debt
Chapter 1 - Describe private equity
Private equity includes both equity and debt positions that, among other things, are not publicly traded
Chapter 1 - What is the simplest and most common example of structured products
debt and equity securities
Chapter 1 - What are subsets of structured products?
Illiquidity means that the investment trades infrequently / with low volume and that returns are difficult to observe due to lack of trading
Chapter 1 - What are the risks and advantages of illiquidity?
risk: illiquid assets can be difficult to sell advantage: higher returns
Chapter 1 - Define efficiency and inefficiency
efficiency refers to the tendency or market prices to reflect all available information. Inefficiency refers to the deviation of actual valuations from those valuations that would be anticipated in an efficient market
Chapter 1 - how are competition and transaction costs in inefficient markets?