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(Standard 1: Knowledge of the LAW, Standard 3, Standard 2: Integrity of…

- - - - Review Compliance Procedures on a regular basis
      - Maintain copies of current laws, rules and regulations
      - Firms are encouraged to have Code of Ethics
      - Firms should Provide Employees with information on laws, rules and regulations
  - - - When in doubt always consult with supervisor, compliance personal or a lawyer
        
        If They overlook it, Dissociate from the activities.
        
        If I am unable to dissociate from the activities, I will resign
        
        Encouraged to document the violations and steps taken to dissociate from them
        
        If Law requires to disclose, I will disclose
        
        Otherwise, it is encouraged but not required to report to government
        
        Encouraged but not required to report to CFAI
  - - - Analyst
        
        Charge Fixed payment for the research, and the outcome must not be influenced by the payment
        
        Don't accept any form of accommodations and Travel Reimbursement from the Clients, unless commercial options are unavailable
      - Sell Side Securities.
        (Please issue good rating for this stock so that the price goes up)
      - (Issue a good rating for this IPO)
        Buy Side Securities.
    - - Write research for my firm and I will pay it.
    - - Asset manager Hires Manager on behalf of the clients
        
        Gifts
        
        :red_cross: Lavish sumptuous gifts are not okay
        
        :check: Token Gifts are okay (Modest and Casual)
        
        Must Disclose to employer to conform with Standard conflict of interest.
        
        :check: When Clients Give Gifts out of gratitude
  - - - :red_cross: Omission of data that are otherwise false
      - :red_cross: Putting untrue Data or statement
    - - Keep copies of all recorded and cited documents, articles, or other materials
      - Give Through Citations
        
        :check:: I did research for a firm, they use it without citation
        No Violations
      - Firms are encouraged to Publish a Summary of Experience, Qualifications and services an employee is able to perform
      - Periodically Review Documents and communications of Employees for any misreprenstations
      - Publish a slit of the firm's available services and qualifications
  - - - Drinking at business hour is not an act of legal violation, but it reflects adversely on professional activity
      - :red_cross: Absence of conduct is a violation.
- - - - Firms should Strive to disseminate any new info simultaneously through all distribution Channels
      - Shorten the time frame through Decision and dissemination
      - Prohibit personnel who have prior knowledge from discussing it or taking action on it before dissemination.
    - - :check: Home Visit
        :check: Lounge Access
        :red_cross: Hot IPO selection
    - - Disseminate in a manner that all clients have fair opportunities to act on every recommendation
        
        Make sure the clients who acted on my previous recommendation are aware of the changes
        
        Should be adviced of the changes before taking investment actions
      - Keep a copy of list of clients
    - - Oversubscribed IPO must be proportionately distributary to all clients.
        
        It's okay to round of allocated number
        
        Document and disclose to clients about the allocation procedures.
        
        Treat all fee-paying Family members clients equally.
        
        With holding oversubscribed Hot IPOS for enticing future potential customer is a strict violations.
  - - - Group of Ultimate Beneficiaries Clients
      - Mutual Fund
        
        Invest according to mandate set by advisors
      - Individual Client
    - - Establish a policy Statement
        
        Submit quarterly all the itemized holdings of the client
    - - The commission I get
        
        From hired External Managers
      - If I am paying high fees for the benefits of the clients, and I get a big amount of soft dollar commission, Clients need to know.
      - Receiving Soft Dollar is Okay, if it only benefits the clients
    - - Voting for the best interest of your clients.
      - Due to Cost benefit considerations, It may not be benefit to vote for all proxied
        Clients must be informed about the voting policies of the firms
- - - - Disclosure of such information would affect the price
      - A reasonable investors would want the price before making investment decision
      - Distinctions
        
        Material
        
        New Products
        
        Adverse Auditor Opinions
        
        Mergers and Acquisitions
        
        Legal Disputes
        
        Earnings
        
        Changes in Security Ratings
        
        Not insider info, But has the potential to affect the market price, 3rd party research
        
        If My research opinion moves the market price, it's considered material information.
        
        The research was conducted using public and nonpublic nonmaterial information.
        
        :check: I am reserving this information for my clients to act on it, not publishing it.
        
        1 more item...
        
        Non-Material
        
        If source of the information is not that reliable. (Speculation from competitor)
        
        If effect on security price is ambiguous
    - - :red_cross: Analyst Conference Call
      - :red_cross: Social Media post (Private and friends only)
      - Avoid Selective Disclosure of material information,
        
        But Adopt Procedures to prevent the misuse of such material Information
    - - :red_cross: Telling others or clients to trade
      - :red_cross: Trading on mutual Fund
        
        Trading in any form of
        
        :red_cross: pooled investment
        
        :red_cross: derivatives
        
        :red_cross: alternative investments
        
        that have links to the associated security is also a violation.
      - :check: Conducting Professional work on material non public information
      - Periodically Review the trades of employees
        
        Maintain a list of securities that are barred from employees from trading
        
        :red_cross: Trading on personal account
  - - - If I take a violation with the intend to mislead, I will violate the standard regardless of the outcomes of the actions
      - Information Based
        
        Spreading false information to manipulate the price of a stock, regardless of the result
      - Transaction Based
        
        Buying or selling stocks using multiple accounts to manipulate the stocks, regardless of the result.