上一篇文章给大家提到，道德会有两篇重难点讲解的文章，今天就先来看第一篇，关于学习22条细则遇到的难点。

在学习22条细则时

大家普遍反馈有两大难点:

Gift & Soft dollar

今天，Caroline老师将为大家逐一剖析

可要做好笔记哟

1

难点一：Gift/benefits

据同学们反馈，在学习Gifts时，往往弄不清楚什么礼物能收，什么礼物不能收？什么情况要披露，什么情况需要得到同意，今天老师就为大家解决这些疑惑。

同学们之所以会有这些疑惑，是因为在道德中，跟Gifts相关的细则有三条，规定有细微的不一样，老师先带大家看一下这三条细则关于礼物分别如何规定：

本知识点讲解链接：

（复制链接到浏览器，即可观看）

http://video1.cdn.gaodun.com/player/loader.html?26ggw18I0h15QXzT-3

Standard I(B). Independence and Objectivity

Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation,or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.

Ø Best practice：

Not offer, solicit, or accept any gift, benefit, compensation,or consideration.

Ø Except：

l Modest gifts（inexpensive，纪念品）are acceptable.

l A gift from a client is acceptable, but members and candidates shoulddisclose to their employers prior to accepting such gift/benefit.

Standard IV(B). Additional Compensation Arrangements

Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer’s interest unless they obtain written consent from all parties involved.

Standard VI(A). Disclosure of Conflicts

Ø Disclosure of Conflicts to Clients-Fee or compensation arrangements that would conflict with clients’ interest

Ø Disclosure of Conflicts to Employers - Financial or other pressures that could influence a decision

难点一相应练习&详细解析

Peter Morris is a senior portfolio manager at Robearn Investments. As part of his role he often makes internal presentations at Robearn concerning current market conditions and his view on the various companies in the sector that he covers. Due to his high profit and experience, Morris is approached to make public speeches and presentations on similar matters at industry dinners and conferences in return for financial compensation. According to Standard IV(B) Additional Compensation Arrangements, Morris should:

A. Refuse the offer

B. Disclose to Robearn the potential additional compensation from public speaking prior to engaging in the activity

C. Obtain written consent from all parties involved prior to engaging in any public speaking.

Answer: C

【题目解析】

这题说的是Morris是Robearn投资公司的有一个高级组合经理。作为他工作的一部分，他经常在Robearn内部做关于现在市场情况以及他关于他负责的行业的众多公司的观点。因为他的高收益和丰富的经验，Morris被邀请在有偿在行业晚宴和会议上发表关于类似问题的公开演讲。根据standard IV(B) Additional Compensation Arrangements，Morris应该：

A选项说的是拒绝这个offer

B选项说的是在参加这个活动前吧可能的compensation披露给Robearn

C选项说的是在参加任何公开演讲前获得所有相关方的书面同意

这条细则要求的是获得所有相关方的书面同意，选C

2

难点二：Soft dollar

本知识点讲解链接如下：

（复制链接到浏览器，即可观看）

http://video1.cdn.gaodun.com/player/loader.html?26gh97760h12Y7w0-3

下面给大家讲解一下第二个难点，Soft dollar，他是III（A）Standard III(A). Loyalty, Prudence, and Care下的一个知识点，规定如下：

Soft Commission Policies: assets of clients

Ø When selecting broker for clients, members must seek “best transaction cost” and “best execution”

Ø Soft dollars(Soft commissions): Purchase research services

Ø Directed brokerage: A client direct a manager to use the client’s brokerage to purchase services or goods；manager should disclose to the client may not be getting best execution from it.

这里就不给额外的练习题了

老师直接给大家讲解

道德原版书的"终极大魔王"——第28题

本知识点讲解链接如下：

（复制链接到浏览器，即可观看）

http://video1.cdn.gaodun.com/player/loader.html?26ggwo0r0h13XTj8-3

Carter works for Invest Today, a local asset management firm. A broker that provides Carter with proprietary research through client brokerage arrangements is offering a new trading service. The broker is offering low-fee, execution-only trades to complement its traditional full-service, execution-and-research trades. To entice Carter and other asset managers to send additional business its way, the broker will apply the commissions paid on the new service toward satisfying the brokerage commitment of the prior full-service arrangements. Carter has always been satisfied with the execution provided on the full service trades, and the new low-fee trades are comparable to the fees of other brokers currently used for the accounts that prohibit soft dollar arrangements.

A. Carter can trade for his accounts that prohibit soft dollar arrangements under the

new low-fee trading scheme.

B. Carter cannot use the new trading scheme because the commissions are prohibited

by the soft dollar restrictions of the accounts.

C. Carter should trade only through the new low-fee scheme and should increase his

trading volume to meet his required commission commitment.

希望大家看完这篇文章

这两个知识点

不再是你们备考过程中的“拦路虎”哟

- 完 -

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