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Equity FRA 똑같이 중요 (10) Fixed, Deri(↑), Corp Fin(↑), Ethics (5) Alt(↑), Port(↑), Quant, Econ 40 + 60 *0.5 = 70

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Equity FRA 똑같이 중요 (10) Fixed, Deri(↑), Corp Fin(↑), Ethics (5) Alt(↑), Port(↑), Quant, Econ 40 + 60 *0.5 = 70 (20) Equity FRA 똑같이 중요 (10) Fixed, Deri(↑), Corp Fin(↑), Ethics (5) Alt(↑), Port(↑), Quant, Econ 40 + 60 *0.5 = 70 - 1 - <Ethics> C&S + Research standard Code(6개) & Standards of Prof. Conduct Code: 윤리강령(ICICMC: Integrity Competence Independence Credit Market Clients) St~ : 행동강령(7개, 22개 세부조항) VII. Respsldt as a CFA M&C (CFA 멤버로서) IV. Conflicts of interests (이해상충) II Integrity of Cap. III Duties to IV Duties to Investment Analysis Mkt(자본시장 질서) Clients (고객) Employer(고용주) Reaud & Actns (일) I. Professionalism (나) KIMM 1. Professionalism : (1) 법 지식 (2) 독립성 & 객관성 (3) Misrepresentation (4) Misconduct 1(a) Knowledge of the law 1) 잘 알고? all applicable law 2) 지키고? more strict law (MS법); 미국(MS법), C&S(항상 적용), 베트남(LS법) a. 아무 언급 없을 때 : C&S b. 미국 vs C&S : 미국법 c. 베트남 vs C&S : C&S 3) Dissociate/Resign(잘못된 것 발견): 과정 암기 a. 확인 b. 보고 및 시정 (1) 내부보고: must to employer, supvsr, incharge (C&S보다 MS법) - should seek advice of counsel, or their complience dep when in doubt (2) 외부보고: optional(no requirement) when law requests ① client info 보호 check ② 4a loyalty 위배 but 법규 요구시 가능 c. Dissociate(협조 못하겠음)/Resign: 나를 separate 시키려는 노력, Documentation 필요 d. consider leaving a company 4) encourage firm to develop a code of ethics(C&S) Eg2> B는 C의 전환사채발행을 언더라이트 한 IB에 근무. B는 C가 해외 사업에서 3분기에 발생한 심각한 손실 숨긴 것을 발견. The preliminary prospectus는 이미 배포되었음 -> B는 동 발견을 회사내 appropriate supervisory persons에 보고해야 함. 동 사실이 수정되지 않고, IB가 사채발행에서 dissociate하지 않으면, B should sever all his connections with the underwriting. Brown은 또한 추가적 보고나 조치가 필요하지 않은지 법률 자문도 구해야 함 Q7 can participate or assist in a violation simply by having knowledge of the violation and not taking action to stop it (O) must report evidence of legal violations to the appropriate governmental and regulatory organization(X) 1b. Independence and Objectivity 1) Gifts -> 원칙 안됨, Cash X / 야구티켓, 콘도이용권 X ① token item(삼성생명 티셔츠 등 시장가치 없는 것) ② 예외2 : from clients, 고객은 나의 payer 이므로 성과급 개념, 이해갈등소지가 제일 낮음 - 2 - a. 과거 base : additional compensation, disclose to emp하면 o.k b. 미래 base : Disclose to emp & employer’s permission(4b Additional Compensation Arrangement, 3b Fair dealing(고객을 공정하게 다룸) 관련) 필요 2) IPR(Issuer Paid Research) : 좋은 기업인데 작아서 Analyst가 커버해주지 않으면 투자를 못 받을 수 있음 ① IPR임을 Disclose ② Analyst compensation(증권회사에서 주는 것임) a. Best : Flat Fee b. 2nd : flat fee + incentives (증권회사 전체 수익에 연동해서 받는 누구나 받는 ict) c. never : flat fee + incentives (IB, report’s conclusion, 대상회사주가) 3) Travel (원칙) 자신의 commercial travel에 대해 지급 (예외) commercial travel이 unavailable하면 modestly arranged travel 받을 수 있음(eg> 정 보수집 등 목적, property tour, accomodations or tickets); limit use of corporate aircraft to cases in which commercial transportation is not available (not ok) lavish, extravagant, luxurious hotels and meals (마케팅 등 목적도 안됨) 4) Relationships with other parties; 리서치 부서와 다른 부문과의 관계 ① IB 부서: disclosed(IB부서가 하는 일 공시, IB부서는 보통 내부정보 보유) & managed (firewall, different incharge, 서로 커뮤니케이션시(같이 마케팅 로드쇼) compliance dept. 있을 것, restricted list에 IB대상 회사를 올림 -> fact only report 작성, Report 결과와 IB compensation system 연동 X) a. Create a restricted list and distribute only factual information about companies on the list ② 신용평가기관 : 독립적 분석 보장, CRA(Credit rating agencies)의 report는 IPR처럼 고객 회사 fee 받고 작성(Members employed by CRA should make sure that procedures prevent undue influence by the firm issuing the security) ③ 기타 - 리서치시 IR부서의 자료뿐 아니라 공급자 등 다른 소스를 함께 고려할 것 - (국책펀드 등에서) investment mgr을 고를 때 독립성 지킬 것 - Restrict employee investments in equity IPOs and private placements. Require pre-approval if IPO purchases. - Firms should appoint a compliance officer(사람) and provide clear procedures for employee reporting of unethical behavior and violations of applicable regulations. Ex1> B사의 광업 애널 T는 PM사로부터 그룹으로 서부 US지역의 광업설비 투어를 제안받음. PM사 는 chartered group flights from site to site, 3일간 Spartan Motels 숙박(광산 근처의 유일한 호텔 체인) 제공. T는 다른 애널들처럼 PM사가 택시를 잡아주도록 함, 애널 J만이 고 용된 회사 정책에 따라 스스로 tab을 잡고 호텔 룸값을 지급 -> J가 일하는 회사의 정책이 Ib 와 가장 가까움 by avoiding even the appearance of a conflict of interest, but T와 다 른 애널들이 I(B)위반하지는 않음. 여행이 엄밀히 비즈니스 였으며 부적절하거나 호화 대접은 아님. 여정표상 chartered flights가 필요했으며 숙박도 평범 Ex2> H Brokerage의 광업담당 애널은 M&M 주가가 과대평가 되었다고 결론지었으나 negative - 3 - report가 동 회사 및 Hilton의 IB와의 좋은 관계를 망칠 것으로 예측. 실제로 H의 senior mgr은 자기 회사가 M&M으로부터 채권발행하는 업무를 수임받았다는 공문을 발송. 애널은 less-than-favorable로 레포트 발행 고려 -> offering이 기대되는 상황에서 H 가 M&M을 sales force를 위해 a restricted list 에 올리고 fact only report 작성하면 O.K Ex6> A money mgr receives a gift of significant value from a client as a reward for good performance over the prior period and informs her employer of the gift -> O.K Ex7> IPR시 fee를 a flat fee plus a bonus based on attracting new investors to the security로 함 -> violation Ex11> 성과분석가는 회사의 top IV mgr이 composite construction을 바꾼 것을 발견, removing a poorly performing large account and placing it in a different composite. 동 매니 저가 회사에 중요하고 사장의 친한 친구인 점을 고려하여 분석가는 동 변경을 성과 레포트 에 공시하지 않음 -> 분석가는 Ib위반, 바꾼 행위는 3d performance presentation위반, and may violate Ic misrepresentation Q17. during trip, received high society ticket to market his mutual funds -> 1b위반임 Q18. Based on C&S, a financial analyst is least likely required to C a. client로부터의 선물이나 추가적 보상을 고용주에 disclose b. disclose the value of consideration to be received for referrals(소개비, 중개비). c. 회사본사 방문시 commercial 교통이나 lodging을 pay해야함(HQ가 오지일 경우엔 허용) 1c Misrepresentation “결과물에 대한 광고” “고객이 미래 misleading 할만한 일들은 하지말라.” 1) 나(Qualifications; 자격요건, 학력 등) & 내가 할 수 있는 일 ① Available services: ex> bloomberg에서 자료를 제공받은 것임을 공지 ② Guarantee statements: 원금, 수익률 보장문구 불가 2) Plagiarism : 인용시 이름 적어야 하며 leading analyst, experts 등 안됌, 다른 사람 예측치 등 인용시 출처뿐 아니라 qualifying statement 및 caveats를 적어야 함 ① 기본 개념 : P/E, P/B 등 정의 적을 때에도 reference 필요 -> (예외) in my own words ② 인지된 기관에서 제공하는 factual data(inflation rate, GDP 등) -> ref할 필요 없음 ③ Second-hand research: (예> Author의 리포트를 Financial times에서 사용, 나는 FT보 고 사용): must refer author, FT는 optional ref. 3) Work completed for Employer: 퇴사한 시니어가 회사를 위해 만든 모델을 사용 -> 모델 소 유권은 회사에 있음 ① 회사: reissue without attribution ② 나(Junior): reissue without attribution, but reissue solely under junior’s name (X) 4) Ic중 성과 관련은 3d, 대고객(과정)은 5b; 합리적으로 기대되는 성과를 misrepresent하거나, 과거에 달성한 수익률과 비슷한 수익률을 달성할 능력이 있다고 말하거나 암시하면 안됌 Eg1> 안토니는 공공거래되는 기업이 고용한 IPR을 쓰는 애널리스트로 개인웹에서 독립적인 애널인 것처럼 활동. 웹에 몇 개 주식에 strong buy를 제시하였으나 주식관련 계약관계는 공시하지 않음 -> Ic misrepresentation 위반, 6a disclosure of conflicts 위반 ; 소셜미디어, 말, 전 자 등 포함 Eg2> DA의 anal B는 A의 신모델에 대해 토론중 아이디어를 얻어 동 모델의 concept에서 minor adjustment를 더해 새로운 결과 도출, DA에 보고 -> 원모델 저자 acknowledge 할 것 - 4 - Ex6> Interest only CMO가 미정부에 의해 보장된다 -> 1c 위반임 Ex7> Certificate of Deposit as guaranteed -> not violation as long as 미국 예보의 한도가 초과되지 않았고 보증의 성격이 고객에게 명확히 설명된 경우 Ex9> financial publication에 있는 research paper를 인용하면서 original research report만 언급하고 financial pb는 언급 안함 -> 1c 위반임, 둘다 언급할 것 Q10, Q23, Q33 successful performance, will benefit you in the future도 위반 - A라는 주가예측 모델 개발. Back-test(1950-2012)해보니 잘 맞음. 근데 모델이 복잡해 clients에 게 설명은 생략(5(B)위반), 근데 실제 모델을 다시 살펴보니 2008, 2009 데이터는 빼고 계산.(3(D) 위반), 투자자들에게 “최저 수익률 OO%를 벌어주겠다”라고 광고(1(C)위반) 1d misconduct 1) illegal & ethical: Ia knowledge of law(수정요구), no violation (ex> civil disobedience; 본인 신념 관련됨) legal & unethical: 더 안좋음, Id 위반(ex> 업무시간중 과도 음주로 업무중 전문성 의심, receipt fudging; 사적인 일로 경비처리) 2) M&C’s professional activities뿐 아니라 general activities 에도 적용됨 3) Professional Conduct Program (PCP) abuses: 죄가 없는데도 불구하고 고발 to actively seek CFA enforcement of C&S as a method of settling personal political, or other disputes unrelated to professional ethics 2. Integrity of Capital Market : (1) Material Non-Pub Into (2) 시장조작 2a Material nonpublic information : must not act or cause others to act, 뮤추얼펀드에도 적용 1) ① Material &② non-public information 알게 되면, 즉시 ③ firewall 만들어서 정보유출을 막을 것(정보의 주체가 내보낼때까지). 만약 정보를 내보내야 할 때에는 ④ public dissemination 하게 한다. ① Material (a & b) a. 주가, 혹은 투자자의 의사 결정에 영향 (ambiguous effect on price : not material) b. 신뢰성: from insiders, CEO, professionals(애널), industry experts o ↔ doctors, teachers, rumors, speculation X ; earnings, M&A, IPO, 자사주거래, strike 등 정보 ② public: 원한다면 누구나 볼 수 있는 정보 (접근가능성; availability) eg> subscription service(bloomberg, intranet 등): non-public으로 바뀌었음 a. 자료 접근 위해 특정 그룹 멤버십을 요구하는 social media의 멤버는 이 소스에서 얻은 material 정보가 public에서도 접근가능한지 verify해야 함(e.g., company filings, webpages, and press releases) ③ 만약 firewall(no action 조치)이 없다면 → 4(C) Responsibilities of Supervisors 위반 ④ = available to market place in general ex) press release (o) ↔ selective disclosure ex) analysts’ conference(집단내) (x) - M&A 등 IB중 내부정보 취득시 intended purpose에는 사용 가능하나 다른 목적으론 안됨 2) Mosaic Theory: Public + non-material info. → Investment Conclusion → Trading OK - 5 - ① 5(A) Diligence & Reasonable Basis 필요; 문서화(자료, 출처 등), public dissemination 5(C) Record Retention – 7년 M non-M P Non-P O.K 3) Recommended procedures for compliance ① firewall : ① substantial control of comm.
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