CFA Level 1 备考 · 以题带学 · 每日一课
📖 正文
本课覆盖 Standard VI：利益冲突（Conflicts of Interest） 和 Standard VII：CFA 成员与候选人的责任（Responsibilities as a CFA Institute Member or CFA Candidate）。
Standard VI：利益冲突
VI(A) 利益冲突的披露（Disclosure of Conflicts） 要求对所有可能损害独立性或客观性的事项进行全面、公正的披露。披露范围包括：拥有某只推荐股票的头寸、担任公司董事、与发行方有业务关系、家庭成员在发行方工作等。关键原则：当存在疑问时，倾向于披露（when in doubt, disclose）。披露必须显著、明确，不能隐藏在脚注中。受益所有权（beneficial ownership）——包括配偶和受抚养子女持有的证券——必须视为你自己的持仓。
VI(B) 交易优先顺序（Priority of Transactions） 明确交易执行顺序：客户 > 雇主 > 个人。自己和直系亲属的交易必须排在客户和雇主之后。这条规则适用于所有"接入"（access）投资决策信息的账户，包括看似独立但可能与客户利益冲突的账户。IPO 股票和热门发行（hot issues）的分配必须遵守严格的优先顺序——客户永远排在前面。
VI(C) 介绍费（Referral Fees） 要求在接受或支付介绍费时，必须在与客户/潜在客户的约定关系建立前进行披露。披露内容包括费用性质、金额或比例、支付方和接收方。介绍费与 III(A) 忠诚义务和 IV(B) 额外报酬条款可能同时触发。
Standard VII：CFA 成员与候选人的责任
VII(A) 会员和候选人行为（Conduct as Members and Candidates） 要求不得从事任何有损 CFA 协会声誉或其公信力的行为。这包括但不限于：在专业考试中作弊、伪造 CFA 协会文件、在调查过程中不配合 CFA 协会纪律审查。注意：个人生活中的违法或不道德行为不一定违反 VII(A)，但如果该行为反映了对成员诚信和专业能力的负面影响，则可能构成违规。
VII(B) 引述与使用 CFA 称号（Reference to CFA Institute, the CFA Designation, and the CFA Program） 规定了 CFA 称号和徽章的正确使用方式。关键规则：CFA 不能作为名词使用（"I am a CFA" 是错误的），只能作为形容词（"I am a CFA charterholder"）。不能夸大 CFA 称号的含义（如暗示 CFA=投资保证）。必须按年度签署职业品行声明（Professional Conduct Statement）并缴纳会费以维持会员资格。
🔑 关键定义
- 受益所有权（Beneficial Ownership）：包括你本人、配偶及受抚养子女持有的所有证券，在披露利益冲突时必须视为自己的持仓（Beneficial Ownership）
- 介绍费（Referral Fees）：因推荐客户或业务而收取/支付的报酬，必须在业务关系建立前向客户披露（Referral Fees）
- 交易优先顺序（Priority of Transactions）：客户交易优先于雇主交易优先于个人交易（Priority of Transactions）
📝 今日练习
Q1. 分析师张女士持有某上市公司的股票，其配偶也在该公司工作。她在研究报告中推荐"买入"该股票。根据 CFA 准则：
A) 违规，因为她不应推荐自己持股的公司 B) 不违规，只要她在报告中充分披露了持股情况和配偶关系 C) 不违规，只要她的持股不构成重大比例
Q2. CFA 持证人李先生在他的名片上印有"John Li, C.F.A."字样。这种做法：
A) 合规 B) 违规，CFA 称号后不应加句点 C) 违规，CFA 称号名片的排版有具体规定
Q3. 基金管理人获得了一只热门 IPO 的配售份额。基金账户和个人账户都提交了申购。正确的分配方式是：
A) 按账户规模按比例分配 B) 客户账户全部满足后，剩余部分分配给个人账户 C) 申购资金最大的账户应优先分配
查看答案
**Q1: B** — 解析：VI(A) 的核心原则是"披露而非禁止"。拥有推荐股票的持仓或与发行方有关联本身不违规，但必须做充分、明确的披露，让客户了解潜在的冲突。 **Q2: B** — 解析：VII(B) 规定 CFA 称号后不应使用句点。"C.F.A." 是不正确的写法，应使用 "CFA"（无句点）。这是 CFA 协会对称号格式的明确规定。 **Q3: B** — 解析：VI(B) 交易优先顺序要求客户完全优先。热门 IPO 申购应以客户为第一优先级。在客户需求完全满足前将任何份额分配给个人账户构成违规。按比例分配在此处不适用，因为"公平"不等于"与个人共享稀缺资源"。📌 复习要点
- VI(A) 核心原则：存在疑问时倾向于披露，披露必须显著明确
- VI(B) 交易顺序：客户 > 雇主 > 个人，IPO 分配必须客户优先
- VI(C) 介绍费必须在关系建立前披露，包含金额/比例
- VII(B) CFA 称号规则：不能用为名词，不能加句点，不能夸大含义
CFA Level 1 Exam Prep · Question-Driven Learning · Daily Lesson
📖 Reading
This lesson covers Standard VI: Conflicts of Interest and Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate.
Standard VI: Conflicts of Interest
VI(A) Disclosure of Conflicts requires full and fair disclosure of all matters that could reasonably impair independence or objectivity. The scope includes: owning shares in a recommended company, serving as a board director, having a business relationship with the issuer, or having a family member employed by the issuer. The guiding principle: when in doubt, disclose. Disclosure must be prominent, explicit, and unambiguous — burying it in footnotes is insufficient. Beneficial ownership — which includes securities held by a spouse and dependent children — must be treated as your own holdings for conflict disclosure purposes.
VI(B) Priority of Transactions establishes the execution hierarchy: clients > employer > personal. Transactions for personal accounts and those of immediate family must follow those for clients and employer. This rule applies to all accounts over which you have investment discretion or "access" to information about investment decisions. For IPOs and hot issues, the priority is absolute — clients must be fully satisfied before any allocation reaches personal or employer accounts.
VI(C) Referral Fees requires disclosure of any consideration received or paid for client referrals. The disclosure must occur before entering into any formal agreement with the client or prospective client. The disclosure must include the nature of the consideration, the amount or percentage, and the parties involved. Referral fee situations may simultaneously trigger III(A) Loyalty, Prudence, and Care, and IV(B) Additional Compensation.
Standard VII: CFA Institute Responsibilities
VII(A) Conduct as Members and Candidates prohibits any conduct that compromises the reputation or integrity of CFA Institute, the CFA designation, or the CFA examination process. This includes, but is not limited to: cheating on professional examinations, falsifying CFA Institute documents, and failing to cooperate with CFA Institute disciplinary proceedings. Note: illegal or unethical conduct in one's personal life does not automatically violate VII(A), but it may if the conduct reflects adversely on the member's honesty, trustworthiness, or professional competence.
VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program governs the proper use of CFA marks. Critical rules: "CFA" must never be used as a noun (e.g., "I am a CFA" is incorrect); it must be used only as an adjective (e.g., "I am a CFA charterholder"). The designation must not be embellished or exaggerated to imply guarantees of investment performance. Members must annually sign the Professional Conduct Statement and pay dues to maintain active membership status.
🔑 Key Definitions
- Beneficial Ownership: Securities held by the member, spouse, and dependent children — all must be treated as the member's holdings for conflict disclosure purposes
- Referral Fees: Compensation paid or received for client referrals; must be disclosed to the client before the relationship is established
- Priority of Transactions: The execution hierarchy requiring client transactions first, then employer, then personal
📝 Practice Questions
Q1. An analyst owns shares in a company she covers, and her spouse works there. She publishes a "Buy" recommendation on the stock. Under the CFA Standards:
A) This is a violation, as she should not recommend a stock she owns B) This is not a violation, provided she prominently discloses her ownership and the spousal relationship C) This is not a violation, provided her ownership is not a material percentage of her portfolio
Q2. A CFA charterholder prints business cards reading "John Li, C.F.A." This practice is:
A) Compliant with CFA Institute guidelines B) A violation — periods should not be used after each letter of the CFA designation C) A violation — there are specific layout requirements for displaying the designation on business cards
Q3. A fund manager receives an allocation of a hot IPO. Both client accounts and the manager's personal account submitted for shares. The correct allocation priority is:
A) Pro-rata distribution based on account size B) Client accounts must be fully satisfied before any allocation goes to the personal account C) Accounts with the largest subscription amounts should receive priority
View Answers
**Q1: B** — Explanation: VI(A)'s core principle is "disclose, don't prohibit." Owning shares in a recommended company or having a related-party relationship is not inherently a violation. However, full and prominent disclosure is required so that clients can assess the potential conflict. **Q2: B** — Explanation: VII(B) specifies that periods should not be used with the CFA designation. "C.F.A." is incorrect; the proper format is "CFA" without periods. This is a specific CFA Institute formatting rule. **Q3: B** — Explanation: VI(B) Priority of Transactions requires absolute client priority for IPOs and hot issues. Allocating any shares to personal accounts before client demand is fully satisfied constitutes a violation. Pro-rata sharing of scarce resources with personal accounts is not acceptable under this standard.📌 Key Takeaways
- VI(A) guiding principle: when in doubt, disclose — and make the disclosure prominent
- VI(B) Transaction priority: clients > employer > personal; IPO allocation must satisfy clients first
- VI(C) Referral fees must be disclosed prior to establishing the client relationship, including amount/percentage
- VII(B) CFA usage rules: never a noun, no periods, no exaggerated implications