一、Standard VI 三子标准速览
| 子标准 | 核心 | 关键动作 |
|---|---|---|
| VI(A) 利益冲突披露 | 充分、公平、醒目、通俗地披露冲突 | 披露→更新→再披露 |
| VI(B) 交易优先级 | 客户 > 雇主 > 个人 | 建立合规体系→执行→审计 |
| VI(C) 介绍费 | 推荐相关的利益流动必须透明 | 双向披露（收/付） |
二、三标准逻辑关系
┌─────────────────────┐
│ Standard VI │
│ 利益冲突管理 │
└──────┬──────────────┘
│
┌────────────────┼────────────────┐
▼ ▼ ▼
┌─────────┐ ┌──────────┐ ┌──────────┐
│ VI(A) │ │ VI(B) │ │ VI(C) │
│ 识别+披露│ │ 交易管控 │ │ 介绍费透明│
└────┬────┘ └────┬─────┘ └────┬─────┘
│ │ │
▼ ▼ ▼
利益冲突全景 交易执行公平 推荐动机透明
│ │ │
└──────────────┴───────────────┘
│
▼
客户的信任 = 职业的根基
三、VI(A) 重点回顾
披露四要素
充分(Full) + 公平(Fair) + 醒目(Prominent) + 通俗(Plain Language)
常见利益冲突清单
- [ ] 个人持股（推荐的股票）
- [ ] 雇主投行关系
- [ ] 外部董事/顾问角色
- [ ] 薪酬与推荐挂钩
- [ ] 家庭关系
- [ ] 礼物和招待
四、VI(B) 重点回顾
优先级口诀：3C
Client → Company → Character
客户 雇主 自己
关键规则
| 规则 | 内容 |
|---|---|
| 无小额豁免 | 1 股也不行 |
| 覆盖家庭成员 | 配偶、子女账户视同自己 |
| 预先清算 | 个人交易需提前批准 |
| 静默期 | 研报发布前后禁个人交易 |
五、VI(C) 重点回顾
披露对象与时机
| 流动方向 | 披露给 |
|---|---|
| 你收到介绍费 | 客户 + 雇主 |
| 你支付介绍费 | 客户 + 雇主 |
| 非现金利益置换 | 客户 + 雇主 |
什么是介绍费？
- ✅ 现金佣金、礼物、旅游、折扣、服务置换、间接利益
- ❌ 正常工资奖金（非与推荐挂钩）、市场公开促销
六、交叉违规速查
| 场景 | 涉及标准 | 分析 |
|---|---|---|
| 持股未披露就发推荐 | VI(A) + I(B) | 冲突未披露 + 独立性受损 |
| 抢在客户前交易 | VI(B) + III(A) | 优先级违规 + 忠诚义务受损 |
| 收介绍费推荐不适当产品 | VI(C) + III(C) + III(A) | 三重违规！ |
| 藏在脚注里披露冲突 | VI(A) | 不醒目 = 违规 |
| 配偶账户优先交易 | VI(B) | 视同个人账户 |
| 集团内部推荐不披露奖金 | VI(C) + VI(A) | 介绍费 + 冲突未披露 |
七、综合练习
Q1. 以下哪种情况同时涉及 VI(A)、VI(B)、VI(C)？
A) 分析师未披露持股就推荐了一只股票
B) 基金经理收了基金公司的介绍费后推荐该基金，并让该基金优先于其他客户交易
C) 分析师在一份研报中遗漏了风险提示
D) 基金经理的个人账户比客户先交易
Q2. VI(A) 要求披露"醒目（prominent）"，这意味着：
A) 可以在文档末尾用小字注明
B) 必须在显著位置、用易于注意的方式呈现
C) 口头告知即可
D) 只要合规部门知道就可以
Q3. VI(B) 中"受益所有人"不包括：
A) 分析师本人的账户
B) 分析师配偶的账户
C) 分析师的未成年子女账户
D) 分析师同事的个人账户（无利益关系）
Q4. 关于 VI(C)，以下哪项错误？
A) 介绍费包括现金和非现金利益
B) 集团内部推荐可以不披露介绍费
C) 必须在推荐前或推荐时披露
D) 雇主和客户都是披露对象
Q5. Standard VI 三项子标准共同保护的核心价值是：
A) 雇主的利润最大化
B) 客户对投资专业人士的信任
C) 交易执行的速度
D) 投资产品的创新
答案
- B — 收了介绍费（VI(C)）+ 优先交易（VI(B)）+ 客户不知道利益冲突（VI(A)）= 三重违规。
- B — Prominent = 显著位置 + 易于注意的方式。脚注不算。
- D — 同事的账户不是你的受益账户（除非你有实际控制权或受益权）。
- B — 集团内部推荐同样是介绍费情境，不可豁免披露。
- B — Standard VI 共同保护的是客户对专业人士的信任——这是职业的根基。
下一课 L086：VI(A)-(C) 模拟测试 (7题) + 讲评
1. Standard VI Three Sub-Standards at a Glance
| Sub-Standard | Core | Key Action |
|---|---|---|
| VI(A) Disclosure of Conflicts | Disclose conflicts fully, fairly, prominently, and in plain language | Disclose → Update → Re-disclose |
| VI(B) Priority of Transactions | Client > Employer > Self | Build compliance system → Execute → Audit |
| VI(C) Referral Fees | All benefit flows tied to recommendations must be transparent | Bidirectional disclosure (receive/pay) |
2. Logical Relationship Among the Three Standards
┌─────────────────────┐
│ Standard VI │
│ Conflicts of │
│ Interest Management │
└──────┬──────────────┘
│
┌────────────────┼────────────────┐
▼ ▼ ▼
┌─────────┐ ┌──────────┐ ┌──────────┐
│ VI(A) │ │ VI(B) │ │ VI(C) │
│ Identify │ │ Trade │ │ Referral │
│ +Disclose│ │ Control │ │ Transparency│
└────┬────┘ └────┬─────┘ └────┬─────┘
│ │ │
▼ ▼ ▼
Conflict panorama Fair execution Transparent motives
│ │ │
└──────────────┴───────────────┘
│
▼
Client Trust = Foundation of the Profession
3. VI(A) Key Review
Four Elements of Disclosure
Full + Fair + Prominent + Plain Language
Common Conflict of Interest Checklist
- [ ] Personal shareholdings (recommended stocks)
- [ ] Employer investment banking relationships
- [ ] External director/advisory roles
- [ ] Compensation tied to recommendations
- [ ] Family relationships
- [ ] Gifts and entertainment
4. VI(B) Key Review
Priority Mnemonic: 3C
Client → Company → Character
Key Rules
| Rule | Detail |
|---|---|
| No de minimis exemption | Not even 1 share |
| Covers family members | Spouse and children's accounts = your own |
| Pre-clearance | Personal trades require prior approval |
| Quiet periods | No personal trading around research report publication |
5. VI(C) Key Review
Disclosure Recipients and Timing
| Flow Direction | Disclose To |
|---|---|
| You receive a referral fee | Client + Employer |
| You pay a referral fee | Client + Employer |
| Non-cash benefit exchange | Client + Employer |
What Is a Referral Fee?
- ✅ Cash commissions, gifts, travel, discounts, service swaps, indirect benefits
- ❌ Normal salary/bonuses (not tied to a referral), publicly available promotions
6. Cross-Violation Quick Reference
| Scenario | Standards Involved | Analysis |
|---|---|---|
| Undisclosed holdings when issuing a recommendation | VI(A) + I(B) | Conflict undisclosed + independence compromised |
| Trading ahead of clients | VI(B) + III(A) | Priority violation + loyalty breach |
| Receiving referral fees to recommend unsuitable products | VI(C) + III(C) + III(A) | Triple violation! |
| Disclosing conflicts buried in footnotes | VI(A) | Not prominent = violation |
| Spouse's account traded first | VI(B) | Treated as personal account |
| Intra-group referral without disclosing bonus | VI(C) + VI(A) | Referral fee + conflict not disclosed |
7. Comprehensive Exercises
Q1. Which of the following involves VI(A), VI(B), and VI(C) simultaneously?
A) An analyst recommends a stock without disclosing personal holdings
B) A fund manager receives a referral fee from a fund company, recommends the fund, and prioritizes it ahead of other client trades
C) An analyst omits risk warnings in a research report
D) A fund manager's personal account trades ahead of a client
Q2. VI(A) requires disclosure to be "prominent." This means:
A) It may appear in fine print at the end of the document
B) It must appear in a conspicuous position, presented in a way that is easily noticed
C) Oral disclosure is sufficient
D) Only the compliance department needs to know
Q3. Which of the following is NOT a "beneficial owner" under VI(B)?
A) The analyst's own account
B) The analyst's spouse's account
C) The analyst's minor child's account
D) A colleague's personal account (in which the analyst has no interest)
Q4. Regarding VI(C), which of the following is INCORRECT?
A) Referral fees include both cash and non-cash benefits
B) Intra-group referrals may be exempt from referral fee disclosure
C) Disclosure must occur before or at the time of the referral
D) Both the employer and client are disclosure recipients
Q5. The core value protected by Standard VI's three sub-standards collectively is:
A) Maximizing employer profits
B) Client trust in investment professionals
C) Speed of trade execution
D) Innovation in investment products
Answer Key
- B — Received a referral fee (VI(C)) + prioritized the trade (VI(B)) + client unaware of the conflict (VI(A)) = triple violation.
- B — Prominent = conspicuous position + easily noticed presentation. Footnotes do not count.
- D — A colleague's account is not your beneficial account (unless you have actual control or beneficial interest).
- B — Intra-group referrals are also referral fee scenarios; no disclosure exemption exists.
- B — Standard VI collectively protects client trust in professionals — this is the foundation of the profession.
Next L086: VI(A)-(C) Mock Test (7 Questions) + Review