道德与职业准则 · Standard I 综合案例 · 中文版 CFA Level 1 · Ethics & Professional Standards
📋 本课导读
前面 L003-L012 我们学完了 Standard I 下四项细则： - I(A) 法律知识（Knowledge of the Law） - I(B) 独立性与客观性（Independence and Objectivity） - I(C) 不当陈述（Misrepresentation） - I(D) 不当行为（Misconduct）
本课通过 8 道综合案例题，帮你建立跨细则的判断力——考题往往不会告诉你「这题考 I(B)」，而是让你自己识别违规项。
案例 1：研究报告的层层问题
背景： 张三是 XYZ 资产管理公司的股票分析师。他撰写了一份关于 ABC 公司的买入评级报告。以下是他准备报告的过程：
- 张三从一家独立研究机构获得了 ABC 的财务预测数据，该机构要求注明来源。张三在报告中使用这些数据时未标注来源，声称是自己模型的输出结果。
- 张三持有 ABC 公司 500 股。他在报告中未披露自己持有该股票。
- 张三的老板要求他在报告中添加「ABC 是我们投行客户」的披露。张三照做了。
- 报告发布前，ABC 的一位高管告诉张三，公司下季度将出现重大亏损。张三没有修改报告中的正面盈利预测。
问题 1：张三在第(1)项行为上违反了哪个标准？
A. I(A) — 法律知识 B. I(B) — 独立性与客观性 C. I(C) — 不当陈述 D. I(D) — 不当行为
问题 2：张三在第(2)项行为上违反了什么？
A. 未违反任何标准，因为 500 股不算多 B. I(B) — 独立性与客观性，未披露持仓影响独立性 C. I(C) — 不当陈述，因为报告中对利益冲突做了虚假陈述 D. I(D) — 不当行为，持有推荐股票是违法行为
问题 3：张三在第(4)项行为上最直接违反了什么？
A. I(A) — 法律知识，因为他可能违反了内幕交易法规 B. I(C) — 不当陈述，因为他明知预测不实却不修正 C. I(D) — 不当行为，因为他与高管私下沟通 D. 未违反标准，他只是没有采取行动
案例 2：新入职分析师的困境
背景： 李华刚从 CFA 三级考试通过，正在积累工作经验以申请 CFA 持证人。她的名片上写着「李华，CFA」。她还告诉客户「我已经是 CFA 持证人，我们的投资策略保证年回报 15% 以上」。
她的上司暗示她，如果想让研究报告更有竞争力，可以忽略一些对估值不利的信息。一位客户送她一瓶价值 500 元的红酒作为感谢，她接受了。
问题 4：李华的名片和声称违反了什么标准？
A. 仅违反 I(C) — 不当陈述（名片和保证回报） B. 仅违反 VII(B) — CFA 名称使用 C. I(C) — 不当陈述 + VII(B) — CFA 名称使用 D. 未违反，因为她确实通过了三级考试
问题 5：关于上司暗示的做法，哪个说法正确？
A. 李华应按上司要求做，因为服从上级是 CFA 准则的一部分 B. 如果李华遵循上司建议，她将违反 I(B) 和 I(C) C. 只有上司才面临职责，李华不需负责 D. 在竞争压力下，这是合理的商业判断
问题 6：李华接受客户红酒后需要做什么？
A. 什么都不用做，500 元不算贵重 B. 只需要向公司合规部门披露 C. 根据 I(B)，她必须向雇主披露这个礼物，并评估是否影响独立性 D. 必须退还给客户
案例 3：合规总监的两难
背景： 王强是 DFG 投资公司的合规总监。他发现了以下几件事：
- 公司一位基金经理在国外出差时参与了一起醉酒斗殴事件，被当地警方拘留了 24 小时。事件未上新闻。
- 公司一位分析师将客户的季度报告中的数据四舍五入处理了（小偏差，对整体分析无实质影响），但未告知客户处理方式。
- 公司交易部门的实习生被发现在用个人账户交易一只股票，而该股票正在被公司研究部门覆盖。实习生称不知情。
问题 7：关于基金经理（事件1），王强应该怎么做？
A. 报告给监管机构 B. 根据 I(D)，评估该行为是否影响其职业诚信，采取相应合规措施 C. 不需要做任何事，因为是私人事务发生在国外 D. 立即解雇他
问题 8：关于实习生（事件3），最优先的措施是什么？
A. 立即解雇实习生 B. 这是 VI(B) 交易优先级的问题，需要调查后再决定 C. 不需要管，他只是实习生 D. 向监管机构报告违规行为
📝 答案与解析
问题 1 答案：C — I(C) 不当陈述
解析： 张三使用他人研究数据却不标注来源，声称是自己模型输出 → 这是典型的 I(C) Misrepresentation。不当陈述包括：剽窃他人工作、夸大业绩、遗漏重要信息导致误导。使用第三方研究必须注明出处，否则构成学术/职业不诚信。
I(A) 不涉及，此处没有违反法律的问题。I(B) 虽然可能受质疑（依赖第三方研究），但核心违规是来源的虚假陈述。I(D) 需要涉及欺骗、欺诈、或影响职业诚信的不当行为，剽窃更直接对应 I(C)。
问题 2 答案：B — I(B) 独立性与客观性
解析： 持有推荐股票是利益冲突，影响分析师的客观性。根据 I(B)，必须披露所有可能影响独立性的因素。持股 500 股不是「少」的问题——任何可能导致利益冲突的持仓都需披露。即使数量少，已构成客观性风险。
问题 3 答案：B — I(C) 不当陈述
解析： 得知亏损内幕后，张三仍保持正面预测，这意味着他明知报告中的盈利预测已经不再合理（misleading），却未修正。这是 I(C) 的「遗漏导致误导」。此外，该行为同时触发了 I(A) 的内幕信息问题（是否构成 MNPI 使用），题目问的是「最直接」的违规 → 报告中的不实陈述。
问题 4 答案：C — I(C) 不当陈述 + VII(B) CFA 名称使用
解析： - 名片写「CFA」 → 违反 VII(B)，她尚未获得持证人资格，不得使用 CFA 名称 - 「保证年回报 15%」 → 违反 I(C)，业绩承诺/保证是典型的 misrepresentation - 两项属于不同标准，均构成违规
问题 5 答案：B — 违反 I(B) 和 I(C)
解析： 「忽略对估值不利的信息」会导致： - 报告存在偏差，误导客户 → I(C) Misrepresentation - 分析师受到上司压力而放弃客观判断 → I(B) Independence and Objectivity
CFA 准则要求分析师独立判断，不能以「服从上级」为由牺牲客观性。如果上司施压，分析师应上报合规部门或寻求独立审查。
问题 6 答案：C — 向雇主披露并评估影响
解析： 根据 I(B)，接受任何可能影响独立性的礼物或好处，需要： 1. 向雇主披露 2. 评估是否影响分析的客观独立性
500 元红酒不属于「轻微」范畴（通常只有象征性价值如日历、钢笔才算 trivial）。是否需要退还取决于公司政策和评估结果，但至少必须披露。
问题 7 答案：B — 根据 I(D) 评估
解析： I(D) Misconduct 规定：「不得从事任何涉及欺骗、欺诈、盗窃或任何对职业声誉、诚信或能力有负面影响的行为」。醉酒斗殴被警方拘留涉及职业诚信和声誉风险。即使发生在国外、未上新闻，作为合规总监也需要评估其对基金经理职业诚信的影响，采取相应措施（如警告、合规培训等）。不一定非要报告监管机构或解雇。
问题 8 答案：B — 调查后再决定
解析： 实习生用个人账户交易被覆盖的股票，这涉及 VI(B) Priority of Transactions（交易优先级）问题——个人交易是否抢在客户之前？但 I(D) 也相关——是否会损害公司职业声誉？王强应： 1. 先调查事实：是否知情、是否涉及 MNPI、交易时间与客户交易的关系 2. 根据调查结果决定处理措施 3. 「立即解雇」过于草率，可能不公正
🧠 考点小结
| 标准 | 核心判断关键词 |
|---|---|
| I(A) | 法律知识、法规知晓义务、举报不合规行为 |
| I(B) | 独立性、客观性、利益披露、礼物与好处、发行人付费研究 |
| I(C) | 剽窃、夸大陈述、遗漏导致误导、业绩保证、使用第三方材料 |
| I(D) | 欺骗、欺诈、盗窃、损害职业诚信的行为、个人行为与职业声誉 |
常见陷阱
- 一件事可能违反多条标准 → 考试中如果出现这种场景，通常问「最直接」或「首先违反」哪条
- I(C) vs I(D) 辨析：I(C) 侧重于「说/写的内容不实」→ 信息层面；I(D) 侧重于「行为本身不诚实」→ 行为层面
- I(B) 的「看似微小」：小礼物、小持仓都需要披露，没有所谓「金额门槛」
- 「我不知情」不是挡箭牌：CFA 准则要求主动了解并遵守，不知情通常不能免责
下一课：L014 — Standard I 全部标准综合复习
Ethics & Professional Standards · Standard I Integrated Cases CFA Level 1 · Lesson 13 of 560
📋 Lesson Overview
In L003-L012 we covered the four sub-standards under Standard I:
- I(A) Knowledge of the Law
- I(B) Independence and Objectivity
- I(C) Misrepresentation
- I(D) Misconduct
This lesson uses 8 integrated case questions to build cross-standard judgment — CFA exam questions rarely tell you "this tests I(B)." You must identify the violation yourself.
Case 1: Layers of Problems in a Research Report
Background: Zhang San is an equity analyst at XYZ Asset Management. He wrote a BUY report on ABC Company. Below is his report preparation process:
- Zhang obtained ABC's financial projections from an independent research firm, which required source attribution. Zhang used the data without citing the source, claiming it was output from his own model.
- Zhang owns 500 shares of ABC. He did not disclose this holding in the report.
- Zhang's manager asked him to add a disclosure: "ABC is an investment banking client." Zhang complied.
- Before the report was published, an ABC executive told Zhang the company would report a significant loss next quarter. Zhang did not revise the positive earnings forecast in his report.
Question 1: Which standard did Zhang violate in action (1)?
A. I(A) — Knowledge of the Law B. I(B) — Independence and Objectivity C. I(C) — Misrepresentation D. I(D) — Misconduct
Question 2: What did Zhang violate in action (2)?
A. No violation — 500 shares is negligible B. I(B) — Independence and Objectivity, failure to disclose a conflict of interest C. I(C) — Misrepresentation, because the report falsely presents the analyst as conflict-free D. I(D) — Misconduct, holding a recommended stock is illegal
Question 3: Which standard is most directly violated in action (4)?
A. I(A) — Knowledge of the Law, potential insider trading issues B. I(C) — Misrepresentation, knowingly maintaining a misleading forecast C. I(D) — Misconduct, privately communicating with company executives D. No violation — he merely chose not to act
Case 2: The New Analyst's Dilemma
Background: Li Hua recently passed CFA Level III and is accumulating work experience to apply for the CFA charter. Her business card reads "Li Hua, CFA." She also tells clients, "I am a CFA charterholder, and our investment strategy guarantees annual returns above 15%."
Her supervisor hints that to make research reports more competitive, she could omit information unfavorable to valuations. A client gives her a bottle of wine worth ¥500 as a thank-you gift; she accepts.
Question 4: What standard(s) do Li Hua's business card and claims violate?
A. Only I(C) — Misrepresentation (business card and guaranteed returns) B. Only VII(B) — Use of CFA Designation C. I(C) — Misrepresentation + VII(B) — Use of CFA Designation D. No violation — she did pass all three levels
Question 5: Regarding the supervisor's suggestion, which statement is correct?
A. Li Hua should follow the supervisor's instructions; obedience is required under the CFA Code B. If Li Hua follows the advice, she would violate both I(B) and I(C) C. Only the supervisor bears responsibility; Li Hua has no duty D. Given competitive pressure, this is reasonable business judgment
Question 6: What must Li Hua do after accepting the client's wine?
A. Nothing — ¥500 is not substantial B. Only disclose to the firm's compliance department C. Under I(B), she must disclose the gift to her employer and assess whether it impairs independence D. Must return it to the client
Case 3: The Compliance Officer's Dilemma
Background: Wang Qiang is the compliance director at DFG Investment. He discovers the following:
- A fund manager got into a drunken brawl while traveling abroad and was detained by local police for 24 hours. The incident did not make the news.
- An analyst rounded figures in a client's quarterly report (minor deviation, no material impact on analysis) but did not inform the client of the treatment.
- An intern in the trading department was found trading a stock in a personal account while the company's research department actively covered it. The intern claims ignorance.
Question 7: Regarding the fund manager (incident 1), what should Wang Qiang do?
A. Report to regulators B. Under I(D), assess whether the conduct affects professional integrity and take appropriate compliance actions C. Do nothing — it is a private matter that occurred abroad D. Immediately dismiss the fund manager
Question 8: Regarding the intern (incident 3), what is the most appropriate first step?
A. Immediately terminate the intern B. This relates to VI(B) Priority of Transactions — investigate first, then decide C. Do nothing — the person is only an intern D. Report the violation to regulators
📝 Answers & Explanations
Q1 Answer: C — I(C) Misrepresentation
Explanation: Zhang used third-party research data without citing the source and claimed it was his own model output → classic I(C) Misrepresentation. Misrepresentation includes: plagiarizing others' work, exaggerating performance, omitting material information that leads to misleading statements. Using external research requires proper attribution; failure to do so constitutes academic/professional dishonesty.
I(A) is not triggered — no legal violation here. I(B) might be questioned (reliance on third-party research), but the core violation is the false claim about the source. I(D) requires dishonesty, fraud, or conduct reflecting poorly on professional integrity; plagiarism maps more directly to I(C).
Q2 Answer: B — I(B) Independence and Objectivity
Explanation: Owning shares of a stock you recommend creates a conflict of interest that impairs objectivity. Under I(B), all factors that may affect independence must be disclosed. 500 shares is not the issue — any holding that could create a conflict must be disclosed. Even a small position constitutes an objectivity risk.
Q3 Answer: B — I(C) Misrepresentation
Explanation: After learning about the impending loss, Zhang maintained his positive forecast — meaning he knowingly left the report's earnings projection as misleading without correction. This is I(C) "omission leading to misrepresentation." The conduct also implicates I(A) (potential MNPI issues), but the question asks for the "most direct" violation → the false statement in the report.
Q4 Answer: C — I(C) Misrepresentation + VII(B) CFA Designation
Explanation: - "Li Hua, CFA" on business card → Violates VII(B): she has not yet earned the charter and cannot use the CFA designation - "Guaranteed annual returns above 15%" → Violates I(C): performance guarantees are classic misrepresentation - Both standards are violated independently
Q5 Answer: B — Violates both I(B) and I(C)
Explanation: "Omitting information unfavorable to valuations" would: - Produce a biased, misleading report → I(C) Misrepresentation - Show the analyst sacrificing objectivity under superior pressure → I(B) Independence and Objectivity
CFA standards require analysts to exercise independent judgment. "Following orders" does not excuse sacrificing objectivity. If pressure exists, escalate to compliance or seek independent review.
Q6 Answer: C — Disclose to employer and assess impact on independence
Explanation: Under I(B), any gift that could impair independence requires: 1. Disclosure to employer 2. Assessment of whether objectivity is compromised
A ¥500 wine bottle does not fall under "token" items (only nominal items like calendars or pens qualify). Whether to return it depends on firm policy and the assessment outcome, but disclosure is mandatory.
Q7 Answer: B — Assess under I(D) and take appropriate compliance actions
Explanation: I(D) Misconduct states: "Must not engage in any conduct involving dishonesty, fraud, deceit, or any act that reflects adversely on professional reputation, integrity, or competence." A drunken brawl with police detention implicates professional integrity and reputational risk. Even though it occurred abroad and did not make the news, the compliance director must evaluate its impact on professional integrity and take proportional measures (warning, compliance training, etc.). Reporting to regulators or immediate dismissal is not necessarily required.
Q8 Answer: B — Investigate first, then decide
Explanation: An intern trading a covered stock in a personal account involves VI(B) Priority of Transactions — did personal trades precede client trades? But I(D) is also relevant — does this damage the firm's professional reputation? Wang Qiang should: 1. First investigate: was the intern aware? Is MNPI involved? What are the trade timings relative to client orders? 2. Determine action based on findings 3. Immediate termination is premature and potentially unjust
🧠 Key Takeaways
| Standard | Core Judgment Cues |
|---|---|
| I(A) | Knowledge of laws/regulations, obligation to report non-compliance |
| I(B) | Independence, objectivity, conflict disclosure, gifts & benefits, issuer-paid research |
| I(C) | Plagiarism, exaggerated claims, omission leading to misrepresentation, performance guarantees, third-party materials |
| I(D) | Dishonesty, fraud, theft, conduct harming professional integrity, personal conduct vs. professional reputation |
Common Pitfalls
- One act may violate multiple standards → Exam questions often ask which standard is "most directly" or "first" violated
- I(C) vs. I(D) distinction: I(C) focuses on "the content stated/written is untrue" → information level; I(D) focuses on "the act itself is dishonest" → conduct level
- I(B) "seemingly minor" items: Small gifts and small holdings all require disclosure — there is no "materiality threshold"
- "I didn't know" is no defense: CFA standards require proactive awareness and compliance; ignorance is generally not an excuse
Next: L014 — Standard I Full Comprehensive Review