CFA特许金融分析师《道德操守和专业行为准则》中英对照版
2012-03-08 09:47阅读：
CFA特许金融分析师《道德操守和专业行为准则》中英对照版
CFA全称 Chartered Financial Analyst
（特许金融分析师），是全球投资业里最为严格与含金量最高的资格认证，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准。自1962年设立CFA课程以来，对投资知识、准则及道德设立了全球性的标准，被广泛认知与认可。《金融时报》杂志于2006年将CFA专业资格比喻成投资专才的“黄金标准”。
Code of Ethics and Standards of Professional
Conduct
道德操守和专业行为准则
Preamble
导言
The CFA Institute Code of Ethics and Standards of Professional
Conduct are fundamental to the values of CFA Institute and
essential to achieving its mission to lead the investment
profession globally by setting high standards of education,
integrity, and professional excellence. High ethical standards are
critical to maintaining the public’s trust in financial markets and
in the investment profession. Since their creation in the 1960s,
the Code and Standards have promoted the integrity of CFA Institute
members and served as a mod
el for measur-ing the ethics of investment professionals globally,
regardless of job function, cultural differences, or local laws and
regulations. All CFA Institute members (including holders of the
Chartered Financial Analyst® [CFA®] designation) and CFA candidates
must abide by the Code and Standards and are encouraged to notify
their employer of this responsibility. Violations may result in
disciplinary sanctions by CFA Insti-tute. Sanctions can include
revocation of membership, revocation of candidacy in the CFA
Program, and revocation of the right to use the CFA
designation.
CFA 协会道德操守和专业行为准则是 CFA
协会价值观的基础，也是实现其使命━━通过确立最高水准的职业道德、教育水平和专业风范，引领全球投资业的重要部分。高要求的道德标准是在金融市场和投资行业中保持公众信任的关键。自
20 世纪 60 年代形成以来，无论工作职能、文化差异或地方法规如何，操守和准则都提升了 CFA
会员的诚信水平，并成为衡量全球投资行业道德水平的典范。CFA 协会的所有会员（包括 CFA 特许状持有人）和 CFA
考生必须遵守操守和准则，并鼓励向其雇主通报这一责任。违规将受到 CFA 协会的纪律制裁。制裁措施包括取消 CFA 会员资格、考生资格和
CFA 名衔的使用。
The Code of Ethics
道德操守
Members of CFA Institute (including CFA charterholders) and
candidates for the CFA designation (“Members and Candidates”)
must:
CFA 协会会员（包括 CFA 特许状持有人 ）和 CFA 考生（“会员和考生”）必须：
• 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.
•
坚持诚信、称职、勤奋、尊重的行为原则，以符合职业道德的方式对待投资专业领域的公众、客户、潜在客户、雇主、雇员、同事以及其他全球资本市场的参与者。
• Place the integrity of the investment profession and the
interests of clients above their own personal interests.
• 将投资专业的诚信和客户的利益置于个人利益之上。
• Use reasonable care and exercise independent professional
judgment when conducting investment analysis, making investment
recommendations, taking investment actions, and engaging in other
professional activities.
• 进行投资分析、提供投资建议、采取投资行动和参与其他专业活动时，应保持合理的谨慎，做出独立的专业判断。
• Practice and encourage others to practice in a
professional and ethical manner that will reflect credit on
themselves and the profession.
• 履行并鼓励其他人履行职业道德规范，彰显其自身和行业的信誉。
• Promote the integrity of and uphold the rules governing
capital markets.
• 促进资本市场诚信，支持资本市场管理规范。
• Maintain and improve their professional competence and
strive to maintain and improve the competence of other investment
professionals.
• 保持和加强自身专业能力以及努力保持和加强其他投资专业同仁的能力。
Standards of Professional Conduct
专业行为准则
I. Professionalism
I. 职业操守
A. Knowledge of the Law.
Members and Candidates must understand and comply with all
applicable laws, rules, and regulations (including the CFA
Institute Code of Ethics and Standards of Professional Conduct) of
any government, regulatory organization, licensing agency, or
professional association governing their professional activities.
In the event of conflict, Members and Candidates must comply with
the more strict law, rule, or regulation. Members and Candidates
must not knowingly participate or assist in and must dissociate
from any violation of such laws, rules, or regulations.
A. 法律知识
会员和考生必须理解和遵守由政府、监管组织、授权机构或管辖专业活动的专业协会颁布的所有适用法律、法规或规章（包括 CFA
协会道德操守和专业行为规范）。如有冲突，会员和考生必须遵守更为严格的法律、法规或规章。会员和考生不得有意参与或协助违反此类法律、法规或规章，并且必须回避这些违规行为。
B. Independence and Objectivity.
Members and Candidates must use reasonable care and judgment to
achieve and maintain independence and objectivity in their
professional activities. Members and Candidates must not offer,
solicit, or accept any gift, benefit, compensation, or
consideration that reasonably could be expected to compromise their
own or another’s independence and objectivity.
B. 独立性和客观性
会员和考生必须坚持合理审慎原则，在专业活动中实现和保持独立性与客观性。会员和考生不得提供、索要或接受任何常理上认为有损个人或其他人独立性与客观性的礼物、好处、补偿或报酬。
C. Misrepresentation.
Members and Candidates must not knowingly make any
misrepresentations relating to investment analysis,
recommendations, actions, or other professional activities.
C. 曲解
会员和考生不得有意曲解投资分析、建议、行动或其他专业活动。
D. Misconduct.
Members and Candidates must not engage in any professional conduct
involving dishonesty, fraud, or deceit or commit any act that
reflects adversely on their professional reputation, integrity, or
competence.
D. 渎职
会员和考生不得从事涉嫌欺骗、欺诈或舞弊的专业行为，或做出任何与专业声誉、诚信或称职相背离的行为。
II. Integrity of Capital Markets
II. 资本市场信誉
A. Material Nonpublic information.
Members and Candidates who possess material nonpublic information
that could affect the value of an investment must not act or cause
others to act on the information.
A. 重大非公开信息
会员和考生获得影响一项投资价值的重大非公开信息时，不得根据此信息行事或促使其他人根据此信息行事。
B. Market Manipulation.
Members and Candidates must not engage in practices that distort
prices or artificially inflate trading volume with the intent to
mislead market participants.
B. 操纵市场
会员和考生不得从事歪曲价格或人为抬高交易量试图误导市场参与者的行为。
III. Duties to Clients
III. 对客户的责任
A. Loyalty, Prudence, and Care.
Members and Candidates have a duty of loyalty to their clients and
must act with reasonable care and exercise prudent judgment.
Members and Candidates must act for the benefit of their clients
and place their clients’ interests before their employer’s or their
own interests.
A. 忠诚、审慎和谨慎
会员和考生有忠于客户的责任，必须保持合理的谨慎，做出审慎的判断。会员和考生必须依客户利益行事，将客户利益置于雇主或个人利益之上。
B. Fair Dealing.
Members and Candidates must deal fairly and objectively with all
clients when providing investment analysis, making investment
recommendations, taking investment action, or engaging in other
professional activities.
B. 公平对待
会员和考生必须公正客观地对待所有客户，提供投资分析、提供投资建议、采取投资行动或从事其他专业活动。
C. Suitability.
1. When Members and Candidates are in an
advisory relationship with a client, they must:
a. Make a reasonable inquiry into a
client’s or prospective client’s investment experience, risk and
return objectives, and financial constraints prior to making any
investment recommendation or taking investment action and must
reassess and update this information regularly.
b. Determine that an investment is
suitable to the client’s financial situation and consistent with
the client’s written objectives, mandates, and constraints before
making an investment recommendation or taking investment
action.
c. Judge the suitability of
investments in the context of the client’s total portfolio.
2. When Members and Candidates are
responsible for managing a portfolio to a specific mandate,
strategy, or style, they must make only investment recommendations
or take only investment actions that are consistent with the stated
objectives and constraints of the portfolio.
C. 适当性
1. 为客户提供咨询服务时，会员和考生必须：
a.
在做出投资建议或采取投资行动之前，适当地询问客户或潜在客户的投资经历、风险与利润目标、财务约束条件，并且必须定期地重新评估和更新此信息。
b.
在做出投资建议或采取投资行动之前，确定此项投资适合客户的财务状况，符合客户的书面目标、要求和约束条件。
c. 根据客户的投资组合，判断投资的适当性。
2.
当会员和考生负责管理投资组合，使其符合特定的要求、战略或风格时，他们提供的投资建议或采取的投资行动必须与规定的投资组合目标和约束条件保持一致。
D. Performance Presentation.
When communicating investment performance information, Members and
Candidates must make reasonable efforts to ensure that it is fair,
accurate, and complete.
D. 表现介绍
当沟通投资表现信息时，会员或考生必须做出应有的努力，确保该信息的合理、正确和完整。
E. Preservation of Confidentiality.
Members and Candidates must keep information about current, former,
and prospective clients confidential unless:
1. The information concerns illegal
activities on the part of the client or prospective client,
2. Disclosure is required by law, or
3. The client or prospective client permits
disclosure of the information.
E. 保密
会员和考生必须保守以前、当前和潜在客户的机密信息，除非：
1. 该信息涉及客户或潜在客户的违法活动。
2. 法律要求披露。
3. 客户或潜在客户允许披露此信息。
IV. Duties to Employers
IV. 对雇主的责任
A. Loyalty.
In matters related to their employment, Members and Candidates must
act for the benefit of their employer and not deprive their
employer of the advantage of their skills and abilities, divulge
confidential information, or otherwise cause harm to their
employer.
A. 忠诚
在雇佣方面，会员和考生必须依雇主利益行事，不得剥夺雇主占有其技能的权利，不得泄漏机密信息，不得从事其他损害雇主利益的行为。
B. Additional Compensation Arrangements.
Members and Candidates must not accept gifts, benefits,
compensation, or consideration that competes with or might
reasonably be expected to create a conflict of interest with their
employer’s interest unless they obtain written consent from all
parties involved.
B. 其他报酬安排
会员和考生不得接受礼物、好处、补偿或报酬，导致与雇主利益相竞争，或常理上认为会与雇主发生利益冲突，除非得到所有相关方的书面许可。
C. Responsibilities of supervisors.
Members and Candidates must make reasonable efforts to detect and
prevent violations of applicable laws, rules, regulations, and the
Code and Standards by anyone subject to their supervision or
authority.
C. 作为上司的责任
会员和考生必须做出应有的努力，发觉和防止受其监管或管理的人员从事违反适用法律、法规、规章以及操守和准则。
V. Investment Analysis, Recommendations, and
Actions
V. 投资分析、建议和行动
A. Diligence and Reasonable Basis.
Members and Candidates must:
1. Exercise diligence, independence, and
thoroughness in analyzing investments, making investment
recommendations, and taking investment actions.
2. Have a reasonable and adequate basis,
supported by appropriate research and investigation, for any
investment analysis, recommendation, or action.
A. 尽职和合理原则
会员和考生必须：
1. 进行投资分析、提供投资建议、采取投资行动时，保持尽职、独立和精确。
2. 任何投资分析、建议或行动都具有合理充分的依据，有适当的研究和调查支撑。
B. Communication with Clients and Prospective
Clients.
Members and Candidates must:
1. Disclose to clients and prospective
clients the basic format and general principles of the investment
processes they use to analyze investments, select securities, and
construct portfolios and must promptly disclose any changes that
might materially affect those processes.
2. Use reasonable judgment in identifying
which factors are important to their investment analyses,
recommendations, or actions and include those factors in
communications with
clients and prospective clients.
3. Distinguish between fact and opinion in
the presentation of investment analysis and recommendations.
B. 与客户和潜在客户沟通
会员和考生必须：
1.
向客户和潜在客户披露用于分析投资、选择证券、构建投资组合的投资过程的基本格式和一般原则，并且必须即时披露可能对这些过程产生重大影响的变动事项。
2.
应用合理的判断识别影响投资分析、建议或行动的重要因素，包括与客户和潜在客户沟通的那些因素。
3. 区分投资分析和建议演示中的事实和观点。
C. Record Retention.
Members and Candidates must develop and maintain appropriate
records to support their investment analyses, recommendations,
actions, and other investment-related communications with clients
and prospective clients.
C. 保留记录
会员和考生必须记载和保留适当的记录，以支持投资分析、建议、行动以及与客户和潜在客户沟通的投资相关事项。
VI. Conflicts of Interest
VI. 利益冲突
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.
A. 冲突披露
会员和考生必须全面合理地披露常理上认为会损害其独立性和客观性或妨碍其对客户、潜在客户和雇主履行责任的所有事项。会员和考生必须确保此披露的重要性，以简单的语言传达，并有效地沟通相关信息。
B. Priority of Transactions.
Investment transactions for clients and employers must have
priority over investment transactions in which a Member or
Candidate is the beneficial owner.
B. 交易优先权
客户和雇主的投资交易必须优先于会员或考生是受益人的投资交易。
C. Referral fees.
Members and Candidates must disclose to their employer, clients,
and prospective clients, as appropriate, any compensation,
consideration, or benefit received from or paid to others for the
recommendation of products or services.
C. 介绍费
会员和考生必须向其雇主、客户和潜在客户适当地披露因产品建议或服务而收到其他人、或者支付给其他人的补偿、报酬或好处。
VII. Responsibilities as a CFA Institute Member or
CFA Candidate
VII. CFA 会员或 CFA 考生的责任
A. Conduct as Members and Candidates in the CFA
Program.
Members and Candidates must not engage in any conduct that
compromises the reputation or integrity of CFA Institute or the CFA
designation or the integrity, validity, or security of the CFA
examinations.
A. CFA 会员和考生的行为
会员和考生不得从事任何危害 CFA 协会、CFA 特许状声誉和诚信的行为，也不得从事危害 CFA
考试诚信、有效性和安全性的行为。
B. Reference to CFA Institute, the CFA Designation, and the
CFA Program.
When referring to CFA Institute, CFA Institute membership, the CFA
designation, or candidacy in the CFA Program, Members and
Candidates must not misrepresent or exaggerate the meaning or
implications of membership in CFA Institute, holding the CFA
designation, or candidacy in the CFA program.
B. 关于 CFA 协会、CFA 名衔和 CFA 课程
当提及 CFA 协会、CFA 会员资格、CFA 名衔或 CFA 考生资格时，会员和考生不得曲解或夸大 CFA 协会、持有 CFA
特许状或 CFA 考生资格的意义或含意。
