CFA一级CFA一级冲刺宝典

1. CFA INSTITUTE members, CFA® Charter-holders and CFA candidates must adhere to the more strict laws; otherwise, they should comply with the Code and Standards.
2. If you are not sure about the violation，You Should: Seek the advice of the compliance officer in your firm.
3. Though members may delegate supervisory duties, they are not exempt from such delegation of the supervisory responsibilities.
4. 必须以书面形式向（in writing）雇主披露其向客户提供服务所获得的monetary compensation or other benefits。
5. A fiduciary is someone who acts for the benefit of someone else. In a position of trust, fiduciaries owe undivided loyalty to their clients and must place clients' interests before their own. A fiduciary must direct and operate the client's assets according to a higher standard of loyalty and extra care than the standard to which most people are held. Any pooling of funds must be managed in strict accordance to the trust documents.
Changes in the tenth edition:“must determine applicable fiduciary duty and must comply with such duty to persons and interests”现在被挪到了Standard I(A)regarding the responsibility to adhere to the most strict legal,regulatory, or CFA Institute requirements.
6. A fiduciary should exercise the judgment and care, under the circumstances the prevailing, a man of prudence, character and intelligence will exercise in the management of their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, consider the probable income as well as the probable safety of their capital.
（注：简言之，就是把别人的事当作自己的事来做）
7. Soft dollars：To obtain certain research and benefits aiding the investment decision-making process, managers may direct client trades to some broker offering the relevant goods and services. Brokerage is client’s asset, so managers shall direct client’s brokerage to obtain goods and services for the benefit of the very client.
8. Family accounts, as client accounts, should be treated fairly like any other accounts and should not be given special treatment or disadvantage.
 Material nonpublic information:
 "material" information ——have an impact on the price of a security or want to know it before reasonable investors making an investment decision. 
"nonpublic" information ——it has not been disseminated to the marketplace in general and investors have had no opportunity to react to the information.
9. 只要是内幕信息(insider information, material nonpublic information)，都不能用此信息来交易；
10. The mosaic theory concerns about predicting a corporate action or event based on a perceptive assembly and analysis of material public information or nonmaterial nonpublic information. The analysts and securities professionals may use mosaic theory and profit from their research efforts.