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2 guidance for standards (7 responsibilities as a CFA institute member or…

- - - - relationship between the code and standards and application law
      - participation in or association with violations by others
      - investment products and applicable laws
    - - members and candidates
      - distribution area laws
      - legal counsel
      - dissociation
      - firms
  - - - buy-side clients
      - fund manager and custodial relationships
      - investment banking relationship
      - performance measurement and attribution
      - public companies
      - credit rating agency opinions
      - influence during the manager selection / procurement process
      - issuer-paid research
      - travel funding
  - - - impact on investment practice
      - performance reporting
      - social media
      - omissions
      - plagiarism
      - work completed for employer
    - - factual presentations
      - qualification summary
      - verify outside info
      - maintain webpages
      - plagiarism policy
- - - - what is
      - what constitutes
      - mosaic theory
      - social media
      - using industry experts
      - investment research reports
    - - achieve public dissemination
      - adopt compliance procedures
      - issue press releases
      - firewall elements
      - appropriate interdepartmental communications
      - physical separation of departments
      - prevention of personnel overlap
      - a reporting system
      - personal trading limitations
      - record maintenance
      - proprietary trading procedures
      - communication to all employees
  - - - information-based manipulaiton
      - transaction-based manipulation
- - - - understanding the application
      - identifying the actual investment client
      - developing the client's portfolio
      - soft commission policies
      - proxy voting policies
    - - regular account info
      - client approval
      - firm policies
  - - - investment recommendations
      - investment action
    - - develop firm policies
      - disclose trade allocation procedures
      - establish systematic account review
      - disclose levels of service
  - - - developing an investment policy
      - understanding the client's risk profile
      - updating an investment policy
      - the need for diversification
      - addressing unsolicited trading requests
      - managing to an index or mandate
    - - investment policy statement
      - regular updates
      - suitability test policies
  - - - apply the GIPS standards
      - compliance without applying GIPS standards
  - - - status of client
      - compliance with laws
      - electronic info and security
      - professional conduct investigation by CFA institute
    - - communication with clients
- - - - employer responsibilities
      - independent practice
      - leaving a employer
      - use of social media
      - whitleblowing
      - nature of employemt
    - - competition policy
      - termination policy
      - incident-reporting procedures
      - employee classification
  - - - system for supervision
      - supervision includes detection
    - - codes of ethics or compliance procedures
      - adequate compliance procedures
      - implementation of compliance education and training
      - establish an appropriate incentive structure
- - - - defining diligence and reasonable basis
      - using secondary or third-party reseach
      - using quantitatively oriented research
      - developing quantitatively oriented tech
      - selecting external advisers and subadvisers
      - group research and decision making
  - - - informing clients of the investment process
      - different forms of cummunication
      - identifying risk and limitations
      - report presentation
      - distinction between facts and opinion in reports
  - - - new media records
      - records are property of the firm
      - local requirements
- - - - to employers
      - to clients
      - cross-departmental conflicts
      - conflicts with stock ownership
      - conflicts as a director
  - - - avoiding potential conflicts
      - personal trading secondary to trading for clients
      - standards for nonpublic info
      - impact on all accounts with beneficial ownership