一、Standard I 四项子标准速览
| 子标准 | 核心 | 一句话 |
|---|---|---|
| I(A) 法律知识 | 知法守法 | 了解并遵守所有适用法律和准则 |
| I(B) 独立客观 | 不被收买 | 不接受任何可能损害独立性的利益 |
| I(C) 禁止虚假陈述 | 不说假话 | 不明知进行任何虚假陈述 |
| I(D) 禁止职业不端 | 行为要正 | 不欺诈、不欺骗、不丢职业的脸 |
二、四标准逻辑链
I(A) 法律知识 ──→ 知道什么能做、什么不能做
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I(B) 独立客观 ──→ 让你的判断不被污染
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I(C) 禁止虚假陈述 ──→ 让你的表达真实准确
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I(D) 禁止职业不端 ──→ 让你的行为经得起审视
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信任 = 专业性的根基
三、常见交叉违规
| 场景 | 违规标准 |
|---|---|
| 简历夸大 | I(C) + I(D) |
| 接受礼物出偏颇报告 | I(B) + I(C) |
| 虚假研报误导客户 | I(C) + I(D) + 可能 II(B) |
| 忽视新法规 | I(A) |
| 抄袭他人研报 | I(C) + 可能 IV(A) |
| 酒驾/涉毒 | I(D) |
四、I(A) 重点
- 知道 → 了解所有适用法律和准则（不只是 CFA 准则）
- 遵守 → 遵守更严格的标准
- 报告 → 发现违规要脱离、报告
- 举报 → CFA 准则鼓励但不强制的举报义务
五、I(B) 重点
- 礼物政策：$0-$25 无问题，$25-$100 建议披露，>$100 拒绝或等价支付
- 投行压力：独立性 > 雇主商业利益
- 发行人付费研报：必须披露付费关系，且不能只出正面报告
- 公司访问：交通住宿应自付，拒绝奢侈品招待
六、I(C) 重点
- 虚假陈述五类：主动造假、遗漏、夸大、抄袭、误用模型
- 业绩展示：完整、公平、准确；模拟要标注
- 引用规则：来源 + 时间 + 内容
- GIPS：推荐采用，至少 5 年记录
七、综合测试
Q1. 分析师 A 通过 CFA 一级，名片印"CFA"。研究报告中使用了大段来自高盛的文字但未注明出处。同事发现 A 的简历将"助理分析师"写成"首席分析师"。A 违反了哪些标准？
A) 仅 I(C)
B) I(C) + VII(A)
C) I(C) + VII(A) + I(D)
D) I(C) + VII(A) + I(D) + I(B)
Q2. I(A) 要求当 CFA 准则比当地法律更严格时：
A) 遵守当地法律
B) 遵守 CFA 准则（更严格的标准）
C) 两者取平均
D) 仅需遵守雇主的政策
Q3. 以下哪种做法最能保护 I(B) 独立客观性？
A) 接受所有礼物但全部披露
B) 建立明确的礼物上限、超出部分自付或拒绝
C) 不接受任何价值的礼物
D) 只在客户问起时才解释
Q4. 防止 I(C) 抄袭的最佳方法是：
A) 不使用他人的任何工作
B) 所有引用标注来源、时间、内容
C) 只引用政府数据
D) 使用法律术语免责
Q5. Standard I 四个子标准的共同目标是：
A) 最大化投资收益
B) 保护投资专业人士的信誉和公众信任
C) 最小化合规成本
D) 保护雇主的利益
答案
- C — CFA 标识误用(VII(A)) + 抄袭(I(C)) + 简历夸大(I(D)) = 三个标准
- B — CFA 准则遵循"更严格标准优先"原则
- B — 明确上限 + 合理接受/婉拒机制 = 平衡务实与独立
- B — 来源、时间、内容 = 引用三要素
- B — Standard I 保护的是专业信誉和公众信任
下一课 L040：I(A)-(D) 模拟测试 (7题) + 讲评
1. Standard I Four Sub-Standards at a Glance
| Sub-Standard | Core | In One Line |
|---|---|---|
| I(A) Knowledge of the Law | Know and follow the law | Understand and comply with all applicable laws and codes |
| I(B) Independence & Objectivity | Cannot be bought | Do not accept any benefit that could compromise independence |
| I(C) Misrepresentation | Do not lie | Do not knowingly make any misrepresentations |
| I(D) Misconduct | Behave with integrity | No fraud, no deceit, no disgrace to the profession |
2. The Logical Chain
I(A) Knowledge of the Law ─→ Know what you can and cannot do
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I(B) Independence & Objectivity ─→ Keep your judgment untainted
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I(C) Misrepresentation ─→ Make your communications truthful and accurate
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I(D) Misconduct ─→ Make your conduct withstand scrutiny
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Trust = Foundation of Professionalism
3. Common Cross-Violations
| Scenario | Standards Violated |
|---|---|
| Résumé inflation | I(C) + I(D) |
| Accepting gifts for biased reports | I(B) + I(C) |
| False research misleading clients | I(C) + I(D) + possibly II(B) |
| Ignoring new regulations | I(A) |
| Plagiarizing others' research | I(C) + possibly IV(A) |
| DUI / drug involvement | I(D) |
4. I(A) Key Points
- Know → Understand all applicable laws and codes (not only the CFA Code)
- Comply → Follow the stricter standard
- Report → Dissociate and report when violations are discovered
- Whistleblow → Encouraged but not mandatory under the CFA Code
5. I(B) Key Points
- Gift policy: $0–$25 generally fine, $25–$100 disclosure recommended, >$100 decline or pay equivalent
- Investment banking pressure: Independence > employer's commercial interests
- Issuer-paid research: Must disclose the payment relationship; cannot issue only positive reports
- Company visits: Travel and accommodation should be self-paid; decline luxury hospitality
6. I(C) Key Points
- Five types of misrepresentation: fabrication, omission, exaggeration, plagiarism, model misuse
- Performance presentation: Complete, fair, accurate; simulated must be labeled
- Citation rules: Source + date + content
- GIPS: Recommended; at least a 5-year track record
7. Comprehensive Exercises
Q1. Analyst A passed CFA Level I and printed "CFA" on a business card. Their research report used large sections of Goldman Sachs text without attribution. A colleague discovered that A's résumé listed "Chief Analyst" instead of "Assistant Analyst." Which standards has A violated?
A) Only I(C)
B) I(C) + VII(A)
C) I(C) + VII(A) + I(D)
D) I(C) + VII(A) + I(D) + I(B)
Q2. I(A) requires that when the CFA Code is stricter than local law:
A) Follow local law
B) Follow the CFA Code (the stricter standard)
C) Take an average of the two
D) Only need to follow employer policies
Q3. Which practice best protects I(B) independence and objectivity?
A) Accept all gifts but disclose everything
B) Establish clear gift limits; self-pay or decline amounts exceeding limits
C) Never accept gifts of any value
D) Only explain when clients ask
Q4. The best method to prevent I(C) plagiarism is:
A) Never using anyone else's work
B) Citing all references with source, date, and content
C) Only citing government data
D) Using legal disclaimers
Q5. The shared objective of Standard I's four sub-standards is:
A) Maximizing investment returns
B) Protecting the credibility of investment professionals and public trust
C) Minimizing compliance costs
D) Protecting employer interests
Answer Key
- C — CFA designation misuse (VII(A)) + plagiarism (I(C)) + résumé fraud (I(D)) = three standards violated.
- B — The CFA Code follows a "stricter standard prevails" principle.
- B — Clear limits + a reasonable accept/decline mechanism = balanced, practical, independent.
- B — Source, date, content = the three elements of a proper citation.
- B — Standard I protects professional credibility and public trust.
Next L040: I(A)-(D) Mock Test (7 Questions) + Review