Escolar Documentos
Profissional Documentos
Cultura Documentos
member s
Preface 7
a r e strongly u r ged to discu ss with their super visor s a nd lega l a nd complia nce
depa r tments the content of the Code a nd St a nda r d s a nd the member s genera l
obliga tions u nder the Code a nd St a nd a r d s
8 Reading 1 Code of Ethicsand Standardsof Professional Conduct
Preface 9
10 Reading 1 Code of Ethicsand Standardsof Professional Conduct
Ethicsand the Investment Industry 11
I.
A
II.
A
CFAInstitute Code of Ethicsand Standardsof Professional Conduct 17
III.
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C
1
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3
IV.
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18 Reading 1 Code of Ethicsand Standardsof Professional Conduct
V.
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VI.
A
B
CFAInstitute Code of Ethicsand Standardsof Professional Conduct 19
VII.
A
StandardI: Professionalism 23
24 Reading 2 Guidance for StandardsIVII
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StandardI: Professionalism 25
26 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 27
StandardI: Professionalism 31
32 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 33
34 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 35
StandardI: Professionalism 37
38 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 39
40 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 41
42 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 43
StandardI: Professionalism 55
56 Reading 2 Guidance for StandardsIVII
StandardII: Integrity of Capital Markets 57
StandardII: Integrity of Capital Markets 69
StandardII: Integrity of Capital Markets 71
StandardIII: Dutiesto Clients 73
StandardIII: Dutiesto Clients 79
80 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 81
82 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 83
84 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 85
StandardIII: Dutiesto Clients 87
88 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 89
90 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 91
92 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 93
StandardIII: Dutiesto Clients 95
96 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 97
98 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 99
100 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 101
1
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StandardIV: Dutiesto Employers 119
StandardIV: Dutiesto Employers 121
StandardV: Investment Analysis, Recommendations, and Actions 127
StandardV: Investment Analysis, Recommendations, and Actions 129
StandardV: Investment Analysis, Recommendations, and Actions 131
132 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 133
134 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 135
136 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 137
1
138 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 139
140 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 141
142 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 143
144 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 145
146 Reading 2 Guidance for StandardsIVII
StandardV: Investment Analysis, Recommendations, and Actions 147
StandardVI: Con ictsof Interest 159
160 Reading 2 Guidance for StandardsIVII
StandardVI: Con ictsof Interest 161
162 Reading 2 Guidance for StandardsIVII
StandardVI: Con ictsof Interest 163
164 Reading 2 Guidance for StandardsIVII
StandardVII: Responsibilitiesasa CFAInstitute Member or CFACandidate 165
StandardVII: Responsibilitiesasa CFAInstitute Member or CFACandidate 167
168 Reading 2 Guidance for StandardsIVII
StandardVII: Responsibilitiesasa CFAInstitute Member or CFACandidate 169
170 Reading 2 Guidance for StandardsIVII
StandardVII: Responsibilitiesasa CFAInstitute Member or CFACandidate 171
StandardVII: Responsibilitiesasa CFAInstitute Member or CFACandidate 173
(continu ed)
174 Reading 2 Guidance for StandardsIVII
StandardVII: Responsibilitiesasa CFAInstitute Member or CFACandidate 175
Asia Fu t u r es Lt d.
176 Reading 2 Guidance for StandardsIVII
Practice Problems 177
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178 Reading 2 Guidance for StandardsIVII
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9
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Practice Problems 179
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180 Reading 2 Guidance for StandardsIVII
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A
Practice Problems 181
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182 Reading 2 Guidance for StandardsIVII
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Practice Problems 183
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30
B
184 Reading 2 Guidance for StandardsIVII
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Practice Problems 185
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C
186 Reading 2 Guidance for StandardsIVII
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40
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C
Solutions 187
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188 Reading 2 Guidance for StandardsIVII
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Solutions 189
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190 Reading 2 Guidance for StandardsIVII
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Solutions 191
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192 Reading 2 Guidance for StandardsIVII
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Solutions 193
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194 Reading 2 Guidance for StandardsIVII
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196 Reading 3 Introduction to the Global Investment Performance Standards(GIPS)
Veri cation 197
Introduction 201
Introduction 203
204 Reading 4 The GIPSStandards
5
Provisionsof the Global Investment Performance Standards 207
0.A.1
0.A.2
0.A.3
0.A.4
0.A.5
0.A.6
0.A.7
208 Reading 4 The GIPSStandards
0.A.8
0.A.9
0.A.10
0.A.11
0.A.12
0.A.13
0.A.14
0.A.15
0.A.16
0.B.1
0.B.2
0.B.3
0.B.4
Provisionsof the Global Investment Performance Standards 209
1.A.1
1.A.2
1.A.3
a
b
c
1.A.4
1.A.5
1.A.6
1.A.7
1.B.1
1.B.2
1.B.3
1.B.4
2.A.1
2.A.2
210 Reading 4 The GIPSStandards
2.A.3
2.A.4
2.A.5
2.A.6
2.A.7
a
2.B.1
2.B.2
3.A.1
3.A.2
3.A.3
Provisionsof the Global Investment Performance Standards 211
3.A.4
3.A.5
3.A.6
3.A.7
3.A.8
3.A.9
3.A.10
3.B.1
3.B.2
4.A.1
212 Reading 4 The GIPSStandards
4.A.2
4.A.3
4.A.4
4.A.5
4.A.6
a
b
c
4.A.7
4.A.8
4.A.9
4.A.10
4.A.11
4.A.12
Provisionsof the Global Investment Performance Standards 213
4.A.13
4.A.14
4.A.15
4.A.16
4.A.17
4.A.18
4.A.19
4.A.20
4.A.21
4.A.22
4.A.23
4.A.24
4.A.25
4.A.26
4.A.27
4.A.28
4.A.29
214 Reading 4 The GIPSStandards
4.A.30
4.A.31
4.A.32
4.A.33
4.A.34
b
4.A.35
4.B.1
4.B.2
4.B.3
4.B.4
4.B.5
4.B.6
4.B.7
4.B.8
5.A.1
a
Provisionsof the Global Investment Performance Standards 215
g
h
5.A.2
5.A.3
5.A.4
5.A.5
5.A.6
5.A.7
216 Reading 4 The GIPSStandards
5.A.8 a
i.
ii.
iii.
5.B.1
5.B.2
a
b
c
d
5.B.3
5.B.4
5.B.5
5.B.6
5.B.7
5.B.8
5.B.9
Provisionsof the Global Investment Performance Standards 217
6.A.1
6.A.2
6.A.3
6.A.4
a
b
6.A.5
6.A.6
6.A.7
218 Reading 4 The GIPSStandards
6.A.8
6.A.9
6.A.10
a
b
6.A.11
6.A.12
6.A.13
6.A.14
6.A.15
6.A.16
Provisionsof the Global Investment Performance Standards 219
6.A.17
6.A.18
6.A.19
6.A.20
6.A.21
6.A.22
6.A.23
a
6.A.24
6.A.25
a
b
c
d
220 Reading 4 The GIPSStandards
6.A.26
a
b
6.B.1
6.B.2
6.B.3
6.B.4
6.B.5
6.B.6
6.B.7
6.B.8
6.B.9
Provisionsof the Global Investment Performance Standards 221
7.A.1
7.A.2
7.A.3
7.A.4
7.A.5
7.A.6
7.A.7
222 Reading 4 The GIPSStandards
7.A.8
7.A.9
7.A.10
7.A.11
7.A.12
7.A.13
7.A.14
7.A.15
7.A.16
7.A.17
7.A.18
7.A.19
7.A.20
7.A.21
a
Provisionsof the Global Investment Performance Standards 223
7.A.22
7.A.23
a
b
c
d
7.A.24
a
b
c
7.A.25
7.A.26
7.A.27
7.A.28
224 Reading 4 The GIPSStandards
7.B.1
7.B.2
7.B.3
7.B.4
7.B.5
7.B.6
7.B.7
Provisionsof the Global Investment Performance Standards 225
8.A.1
8.A.2
8.A.3
8.A.4
b
226 Reading 4 The GIPSStandards
8.A.5
8.A.6
8.A.7
GIPSValuation Principles 227
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228 Reading 4 The GIPSStandards
12
13
14
15
16
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18
19
20
d
GIPSValuation Principles 229
10
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12
a
b
c
d
230 Reading 4 The GIPSStandards
1
2
3
GIPSAdvertising Guidelines 231
4
5
a
6
7
8
9
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232 Reading 4 The GIPSStandards
1
2
a
5
a
6
Veri cation 233
a
b
c
d
e
f
g
1
a
234 Reading 4 The GIPSStandards
2
a
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
x.
b
c
Veri cation 235
i.
ii.
iii.
iv.
v.
vi.
i.
ii.
iii.
iv.
v.
i.
ii.
iii.
236 Reading 4 The GIPSStandards
h
GIPSGlossary 237
(continu ed)
238 Reading 4 The GIPSStandards
GIPSGlossary 239
(continu ed)
240 Reading 4 The GIPSStandards
GIPSGlossary 241
(continu ed)
242 Reading 4 The GIPSStandards
GIPSGlossary 243
(continu ed)
244 Reading 4 The GIPSStandards
GIPSGlossary 245
2
246 Reading 4 The GIPSStandards
Cust om
Composit e Composit e Benchmark Composit e Benchmark Number Internal Composite Firm
Gross Ret urn Net Return Ret urn 3-Yr St Dev 3-Yr St Dev of Dispersion Assets Assets
Year (%) (%) (%) (%) (%) Portfolios (%) ($ M) ($ M)
2
Appendix A: Sample Compliant Presentations 247
4
5
8
248 Reading 4 The GIPSStandards
Appendix A: Sample Compliant Presentations 249
Value-Added
Composite Benchmark Returns
Net-of-Fees (Open-End Funds/
Composite Gross-of-Fees Returns Returns Separate Accounts) Composite Statistics at Year End
External Non-Real
Income Capital Total Total Income Capital Total Composite Appraisal % Total Firm Estate % of
Return Return Return Low High Return Return Return Return # of Assets of Composite Assets Composite
Year (%) (%) (%) (%) (%) (%) (%) (%) (%) Portfolios (HKD Million) Assets (HKD Million) Assets
2002 7.9 1.9 9.9 n/a n/a 8.8 8.4 1.6 7.1 5 3,085 25 13,919 0
2003 8.5 2.9 11.7 5.8 20.4 10.5 8.0 1.0 9.2 6 3,294 25 14,911 0
2004 8.2 2.6 10.9 5.5 19.2 8.3 7.5 6.7 14.4 7 3,348 44 15,144 0
2005 6.6 11.2 18.1 9.0 31.6 16.6 6.8 12.7 19.7 7 3,728 72 19,794 0
2006 6.1 7.9 14.2 7.1 24.9 12.5 6.2 9.9 16.3 8 4,022 46 20,482 0
2007 5.4 8.0 13.7 6.8 23.9 11.8 5.6 9.9 15.6 7 4,348 33 24,219 0
2008 5.2 11.4 6.6 9.8 1.6 8.2 5.1 11.1 5.9 7 3,836 100 21,447 0
2009 7.5 2.7 10.3 5.2 18.1 7.4 7.3 3.2 10.8 7 3,371 52 16,601 0
2010 7.2 1.7 9.0 4.2 19.5 6.9 7.8 3.1 11.1 7 2,852 38 4,516 0
2011 7.2 2.8 10.2 5.1 17.8 8.1 7.1 3.2 10.6 7 3,457 50 17,414 5
Composit e
Composite Gross TWR NET TWR Benchmark Composite at Year-End
External Non-Real
Income Capital Tot al Tot al Income Capital Total Composite Appraisal % Total Firm % of Estate % of
Return Return Return Return Return Return Return # of Assets Leverage of Composite Assets Firm Composite
Year (%) (%) (%) (%) (%) (%) (%) Portfolios (U.S. Million) (%) Asset s (U.S. Million) Assets Assets
4/06 12/06 3.2 0.8 2.5 4.0 4.9 2.2 7.2 1 70 40 35 2,641 20 0
2007 2.5 3.4 6.0 4.5 5.8 1.1 7.1 1 164 45 28 3,125 18 0
2008 6.2 1.9 8.2 6.7 6.9 3.8 10.9 1 215 50 100 2,754 18 0
2009 7.4 30.7 38.6 36.1 7.0 10.2 17.4 1 256 53 44 2,142 21 0
2010 6.6 13.7 7.3 8.8 6.1 8.8 2.5 1 111 57 28 1,873 19 0
2011 5.8 1.5 4.3 2.8 5.4 2.6 3.0 1 112 60 85 2,247 20 15
Total
Commit ted Paid-In Cumulative
Gross Net Capit al Capital Distributions TVPI DPI RVPI PIC
Year SI-IRR SI-IRR (U.S. Million) (U.S. Million) (U.S. Million) Multiple Multiple Multiple Multiple
(continu ed)
254 Reading 4 The GIPSStandards
Appendix A: Sample Compliant Presentations 255
256 Reading 4 The GIPSStandards
Appendix A: Sample Compliant Presentations 257
SI-IRR
Gross- Benchmark Committed Paid-In Cumulative
Investment of-Fees Return Capital Capital Distributions Assets DPI RVPI TVPI PIC
Strategy (%) (%) ($ Mil) ($ Mil) ($ Mil) ($ Mil) Multiple Multiple Multiple Multiple
Venture
Capital 65.3 32.6 8.0 8.0 16.0 2.0 2.0 0.3 2.3 1.0
Buyout 11.3 10.2 12.0 12.0 13.0 4.5 1.1 0.4 1.5 1.0
258 Reading 4 The GIPSStandards
Appendix A: Sample Compliant Presentations 259
260 Reading 4 The GIPSStandards
Appendix A: Sample Compliant Presentations 261
10
11
262 Reading 4 The GIPSStandards
Appendix B: Sample Advertisements 263
264 Reading 4 The GIPSStandards
Appendix B: Sample Advertisements 265
266 Reading 4 The GIPSStandards
4
Appendix C: Sample List of Composite Descriptions 267
9
268 Reading 4 The GIPSStandards
10
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12
Appendix C: Sample List of Composite Descriptions 269
13
14
15
270 Reading 4 The GIPSStandards
A
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C
2
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C
A
B
C
Solutions 271