一、Ethical and Professional Standards
1.: Code of Ethics
A.: State the four components of the Code of Ethics.
Members of AIMR shall:
1. Act with integrity, competence, dignity, and in an ethical manner when
dealing with the public, clients, prospects, employers, employees, and fellow
2. Practice and encourage others to practice in a professional and ethical
manner that will reflect credit on members and their profession.
3. Strive to maintain and improve their competence and the competence of
others in the profession.
4. Use reasonable care and exercise independent professional judgment.
to launch Standards of Practice
2－I.: Standards of Professional Conduct: I. Fundamental
A.: Know the laws and rules.
Standard:Maintain knowledge of and comply with all applicable laws, rules,
and regulations （including AIMR’s Code of Ethics and Standards of Professional
Conduct） of any government, government agency, regulatory organization,
licensing agency, or professional association governing the members’
Compliance: Members can acquire and maintain knowledge about applicable
laws, rules, and regulations by:
· Maintaining current files on applicable statutes, rules, and
· Keeping informed.
· Reviewing written compliance procedures on a regular basis.
B.: Don't break or help others break the law.
Standard: Not knowingly participate or assist in any violation of such
laws, rules, or regulations.
Compliance: When members suspect a client or a colleague of planning or
engaging in ongoing illegal activities, members should take the following
· Consult counsel to determine if the conduct is, in fact, illegal.
· Disassociate from any illegal or unethical activity. When members have
reasonable grounds to believe that a client’s or employee’s activities are
illegal or unethical, the members should dissociate from these activities and
urge their firm to attempt to persuade the perpetrator to cease such
2－II.: Standards of Professional Conduct: II. Relationships with and
Responsibilities to the Profession
A.: Use of Professional Designation
AIMR members may reference their membership only in a dignified and
judicious manner. The use of the reference may be accompanied by an accurate
explanation of the requirements that have been met to obtain membership in these
Those who have earned the right to use the Chartered Financial Analyst
designation may use the marks “Chartered Financial Analyst” or “CFA” and are
encouraged to do so, but only in a proper, dignified, and judicious manner. The
use of the designation may be accompanied by an accurate explanation of the
requirements that have been met to obtain the right to use the designation.
Candidates in the CFA Program, as defined in the AIMR Bylaws, may reference
their participation in the CFA Program, but the reference must clearly state
that an individual is a candidate in the CFA Program and cannot imply that the
candidate has achieved any type of partial designation.
B.: Professional Misconduct
Members shall not engage in any professional conduct involving dishonesty,
fraud, deceit, or misrepresentation or commit any act that reflects adversely on
their honesty, trustworthiness, or professional competence.
Members and candidates shall not engage in any conduct or commit any act
that compromises the integrity of the CFA designation or the integrity or
validity of the examinations leading to the award of the right to use the CFA
1. Make clear that dishonest personal behavior reflects poorly on the
2. Adopt a code of ethics to which every employee must subscribe.
3. Conduct background checks on potential employees to ensure that they are
of good character and eligible to work in the investment industry.
C.: Prohibition against Plagiarism
Standard:Members shall not copy or use, in substantially the same form as
the original, material prepared by another without acknowledging and identifying
the name of the author, publisher, or source of such material. Members may use,
without acknowledgment, factual information published by recognized financial
and statistical reporting services or similar sources.
1. Maintain copies of materials that were relied on in preparing the
2. Attribute quotations （and projections, tables, statistics, models, and
methodologies） used other than recognized financial and statistical reporting
3. Attribute paraphrases and summaries of material prepared by others.
2－III.: Standards of Professional Conduct: III. Relationships and
Responsibilities to the Employer
A.: Inform your Employer of the Code and Standards
Members shall inform their employer in writing, through their direct
supervisor, that they are obligated to comply with the Code and Standards and
are subject to disciplinary sanctions for violations thereof.
Members shall deliver a copy of the Code and Standards to their employer if
the employer does not have a copy.
Compliance:Members should notify their supervisor in writing of the Code
and Standards and the member’s responsibility to follow them. The member should
also suggest that the employers adopt the Code and Standards and disseminate it
throughout the firm. If the employer has publicly acknowledged, in writing, that
they have adopted AIMR’s Code and Standards as part of the firm’s policies then
the member need not give the formal written notification as required by
B.: Duty to Employer
Standard:Members shall not undertake any independent practice that could
result in compensation or other benefit in competition with their employer
unless they obtain written consent from both their employer and the persons or
entities for whom they undertake independent practice.
1. Members who plan to engage in independent practice for compensation
should provide written statements to their employer describing the types of
services they will perform, the expected duration of the services, and the
compensation they will receive.
2. Members should also disclose to their prospective clients the identity
of their employer, the fact that they are performing independently of the
employer, and what their employer would charge for similar services.
3. Members seeking new employment should not contact existing clients or
potential clients prior to leaving their employer or take records/files to their
new employer without the written permission of the previous employer.
C.: Disclose Conflicts between you and your Employer
Members shall disclose to their employer all matters, including beneficial
ownership of securities or other investments, that reasonably could be expected
to interfere with their duty to their employer or ability to make unbiased and
Members shall comply with any prohibitions on activities imposed by their
employer if a conflict of interest exists.
Compliance:Members should report to their employers any beneficial interest
and any special relationships, like corporate directorships, that may reasonably
be considered a conflict of interest with their responsibilities. Members should
also discuss the situation with their firm’s compliance officer before taking
any action that could lead to a conflict of interest.
D.: Disclose Additional Compensation from Outside the Firm to your
Standard:Members shall disclose to their employer in writing all monetary
compensation or other benefits that they receive for their services that are in
addition to compensation or benefits conferred by a member’s employer.
Compliance:Members should make an immediate written report to their
employer specifying any compensation or benefits they receive or propose to
receive for services in addition to what their employer is to give them. This
written report should state the terms of any oral or written agreement, the
amount of compensation, and the duration of the agreement.
E.: Responsibilities of Supervisors
Standard:Members with supervisory responsibilities, authority, or the
ability to influence the conduct of others shall exercise reasonable supervision
over those subject to their supervision or authority to prevent any violation of
applicable statutes, regulation, or provisions of the Code and Standards. In so
doing, members are entitled to rely on reasonable procedures designed to detect
and prevent such violations.
Compliance:The supervisor and the compliance officer should:
1. Disseminate the compliance procedures.
2. Update the procedures as necessary.
3. Educate the staff and issue periodic reminders.
4. Incorporate a professional conduct evaluation into the employee’s
5. Review employee actions to ensure compliance and identify violators,
initiating procedures once a violation has occurred. A supervisor should respond
promptly to the violation by conducting a thorough investigation, and placing
limitations on the wrongdoer until the investigation is complete.
2－IV.: Standards of Professional Conduct: IV. Relationships with and
Responsibilities to Clients and Prospects
A.: The Investment Process
IV（A.1） Reasonable Basis and Representations.Members shall:
a. Exercise diligence and thoroughness in making investment recommendations
or in taking investment actions.
b. Have a reasonable and adequate basis, supported by appropriate research
and investigation, for such recommendations or actions.
c. Make reasonable and diligent efforts to avoid any material
misrepresentation in any research report or investment recommendation.
d. Maintain appropriate records to support the reasonableness of such
recommendations or actions.
1. Analyze the investment’s basic characteristics （records must show the
characteristics of the investment and the basis for the recommendation）.
2. Analyze the needs of the portfolio （includes the client’s needs, as well
as the needs of the total portfolio）.
3. Maintain files to support investment recommendations.
IV（A.2） Research Reports.Members shall:
a. Use reasonable judgment regarding the inclusion or exclusion of relevant
factors in research reports.
b. Distinguish between facts and opinions in research reports.
c. Indicate the basic characteristics of the investment involved when
preparing for public distribution a research report that is not directly related
to a specific portfolio or client.
Compliance:Members should consider including the following information in
1. Expected annual rates of return, calculated on a total return basis.
2. Annual income expectations.
3. Current rate of return or yield.
4. The degree of uncertainty associated with the cash flows, and other risk
5. The investment’s marketability or liquidity.