📖 Standard VI(A)：利益冲突披露

1. Standard Text

Standard VI — Conflicts of Interest

VI(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.

2. Core Concepts

2.1 What Is a "Conflict of Interest"?

Conflict of Interest = An actual or potential conflict
between personal/employer interests and client interests

The key question is not "Did it actually affect my judgment?"
but "Would a reasonable person think it could affect my judgment?"

2.2 The Four Elements of Disclosure

3. Common Sources of Conflicts of Interest

3.1 Personal Level

3.2 Employer Level

3.3 Between Clients

4. Timing and Method of Disclosure

4.1 When to Disclose

Timeline:
    │
    ├──→ Before establishing the relationship: Disclose all known conflicts to client/employer at the outset
    │
    ├──→ During the relationship: Disclose new conflicts promptly as they arise
    │
    ├──→ Periodic updates: Confirm and update disclosures at least annually
    │
    └──→ Upon material changes: Disclose immediately

4.2 How to Disclose

4.3 Depth of Disclosure

Basic disclosure ✅:
"I hold shares in XYZ Company."

Full disclosure ✅✅:
"I hold 500 shares of XYZ Company, representing approximately 3% of my personal portfolio, purchased in March 2025.
This holding could affect my objectivity in analyzing XYZ Company."

5. Common Violations & Gray Areas

5.1 Typical Violations

5.2 Gray Areas: In-Depth Analysis

Case A: Token Shareholding

An analyst holds 10 shares of a company (total value ~$500) and recommends the stock without disclosure.

Analysis: While the holding is minimal, VI(A) provides no "de minimis exemption." Theoretically, disclosure is still required. The practical test: Would a reasonable client consider this information important?

Case B: Indirect Holdings via ETF

An analyst recommends a stock, and an ETF held by the analyst contains that stock.

Analysis: Generally, indirect ETF holdings do not require separate disclosure. However, if the stock represents a significant portion of the ETF and the analyst actively recommends it, disclosure may be warranted.

Case C: Spouse's Holdings

An analyst's spouse holds the recommended stock; the analyst does not.

Analysis: Family members' holdings may be viewed as a conflict of interest (a reasonable person would consider it potentially influential). Disclosure is recommended.

6. VI(A) Intersections with Other Standards

7. Best Practice Checklist

• [ ] Establish and regularly update a list of personal holdings for disclosure
• [ ] All research reports include a standardized conflict-of-interest statement
• [ ] Use prominent formatting for material conflicts (bold, separate paragraph)
• [ ] Use plain language that clients can understand
• [ ] Retain disclosure records (V(C) requirement)
• [ ] Complete disclosures before new clients sign contracts
• [ ] Periodically review for new conflicts requiring disclosure
• [ ] In doubtful cases: err on the side of over-disclosure rather than omission

8. Memory Aid

"Three Do's and Three Don'ts of Disclosure"

9. Practice Questions

1. Standard VI(A) requires that conflict-of-interest disclosures satisfy the following core criteria:

A) Reporting to regulators only
B) Full, fair, prominent, and in plain language
C) A standard paragraph in the annual report is sufficient
D) Internal compliance awareness only

2. An analyst writes a favorable research report on ABC Company. The analyst holds 1,000 shares of ABC, representing 5% of total assets. The report contains no disclosure. This:

A) Is compliant because 5% is not considered material
B) Is a violation; the holding must be disclosed in the report
C) Requires disclosure to the employer only
D) Is not a violation if the analyst is a long-term investor

3. Which disclosure method best satisfies VI(A) requirements?

A) In small print in a footnote on page 30 of the report
B) In a bold, separate paragraph prominently placed on the first page of the report
C) Orally disclosed only when a client asks
D) Filed with compliance but not disclosed to clients

4. A portfolio manager's spouse is the CFO of a listed company in which the fund holds shares. The portfolio manager should:

A) Sell the company's shares
B) Disclose this relationship to clients and the employer
C) Resign
D) Do nothing; it is the spouse's relationship

5. Regarding the relationship between VI(A) and I(B), which of the following is most accurate?

A) VI(A) can fully replace I(B)
B) Disclosing conflicts allows relaxation of independence requirements
C) VI(A) protects I(B) independence through the disclosure mechanism — the two are complementary
D) The two standards are unrelated

Answer Key

1. B — Full, fair, prominent, and plain language are the four core requirements of VI(A) disclosure.
2. B — Shareholdings, regardless of size, constitute a conflict of interest and must be disclosed in research reports.
3. B — A prominent position (first page, bold, separate paragraph) is best practice for VI(A)'s "prominent" requirement.
4. B — A spouse serving as a senior executive constitutes a conflict of interest and must be fully disclosed to clients and the employer. Selling shares or resigning may not be necessary.
5. C — VI(A)'s disclosure mechanism is an important tool for protecting I(B) independence; the two are complementary, not substitutes.

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