Sie sind auf Seite 1von 269

6 Reading 1 Code of Ethicsand Standardsof Professional Conduct

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

12 Reading 1 Code of Ethicsand Standardsof Professional Conduct


Ethicsand the Investment Industry 13
14 Reading 1 Code of Ethicsand Standardsof Professional Conduct
CFAInstitute Code of Ethicsand Standardsof Professional Conduct 15
16 Reading 1 Code of Ethicsand Standardsof Professional Conduct

I.
A

II.
A
CFAInstitute Code of Ethicsand Standardsof Professional Conduct 17

III.
A

C
1

2
3
IV.
A
18 Reading 1 Code of Ethicsand Standardsof Professional Conduct

V.
A

VI.
A

B
CFAInstitute Code of Ethicsand Standardsof Professional Conduct 19

VII.
A

22 Reading 2 Guidance for StandardsIVII


StandardI: Professionalism 23
24 Reading 2 Guidance for StandardsIVII

less

more
StandardI: Professionalism 25
26 Reading 2 Guidance for StandardsIVII


StandardI: Professionalism 27

28 Reading 2 Guidance for StandardsIVII


StandardI: Professionalism 29
30 Reading 2 Guidance for StandardsIVII


StandardI: Professionalism 31
32 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 33
34 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 35

36 Reading 2 Guidance for StandardsIVII


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

44 Reading 2 Guidance for StandardsIVII


StandardI: Professionalism 45
46 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 47

48 Reading 2 Guidance for StandardsIVII


StandardI: Professionalism 49
50 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 51
52 Reading 2 Guidance for StandardsIVII
StandardI: Professionalism 53
54 Reading 2 Guidance for StandardsIVII


StandardI: Professionalism 55
56 Reading 2 Guidance for StandardsIVII


StandardII: Integrity of Capital Markets 57

58 Reading 2 Guidance for StandardsIVII


StandardII: Integrity of Capital Markets 59
60 Reading 2 Guidance for StandardsIVII
StandardII: Integrity of Capital Markets 61

62 Reading 2 Guidance for StandardsIVII


StandardII: Integrity of Capital Markets 63
64 Reading 2 Guidance for StandardsIVII
StandardII: Integrity of Capital Markets 65
66 Reading 2 Guidance for StandardsIVII
StandardII: Integrity of Capital Markets 67
68 Reading 2 Guidance for StandardsIVII


StandardII: Integrity of Capital Markets 69

70 Reading 2 Guidance for StandardsIVII


StandardII: Integrity of Capital Markets 71

72 Reading 2 Guidance for StandardsIVII


StandardIII: Dutiesto Clients 73

74 Reading 2 Guidance for StandardsIVII


StandardIII: Dutiesto Clients 75
76 Reading 2 Guidance for StandardsIVII
StandardIII: Dutiesto Clients 77

78 Reading 2 Guidance for StandardsIVII


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

86 Reading 2 Guidance for StandardsIVII


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

94 Reading 2 Guidance for StandardsIVII


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
2
3

102 Reading 2 Guidance for StandardsIVII


StandardIII: Dutiesto Clients 103

104 Reading 2 Guidance for StandardsIVII


StandardIV: Dutiesto Employers 105

106 Reading 2 Guidance for StandardsIVII


StandardIV: Dutiesto Employers 107

108 Reading 2 Guidance for StandardsIVII


StandardIV: Dutiesto Employers 109
110 Reading 2 Guidance for StandardsIVII
StandardIV: Dutiesto Employers 111
112 Reading 2 Guidance for StandardsIVII
StandardIV: Dutiesto Employers 113
114 Reading 2 Guidance for StandardsIVII
StandardIV: Dutiesto Employers 115
116 Reading 2 Guidance for StandardsIVII
StandardIV: Dutiesto Employers 117
118 Reading 2 Guidance for StandardsIVII


StandardIV: Dutiesto Employers 119

120 Reading 2 Guidance for StandardsIVII


StandardIV: Dutiesto Employers 121

122 Reading 2 Guidance for StandardsIVII


StandardIV: Dutiesto Employers 123
124 Reading 2 Guidance for StandardsIVII
StandardIV: Dutiesto Employers 125
126 Reading 2 Guidance for StandardsIVII


StandardV: Investment Analysis, Recommendations, and Actions 127

128 Reading 2 Guidance for StandardsIVII


StandardV: Investment Analysis, Recommendations, and Actions 129

130 Reading 2 Guidance for StandardsIVII


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

148 Reading 2 Guidance for StandardsIVII


StandardVI: Con ictsof Interest 149

150 Reading 2 Guidance for StandardsIVII


StandardVI: Con ictsof Interest 151
152 Reading 2 Guidance for StandardsIVII
StandardVI: Con ictsof Interest 153
154 Reading 2 Guidance for StandardsIVII
StandardVI: Con ictsof Interest 155
156 Reading 2 Guidance for StandardsIVII
StandardVI: Con ictsof Interest 157

158 Reading 2 Guidance for StandardsIVII


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

166 Reading 2 Guidance for StandardsIVII


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

172 Reading 2 Guidance for StandardsIVII


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

A
B

C
2

5
178 Reading 2 Guidance for StandardsIVII

A
B
C

C
8

C
9

A
Practice Problems 179

B
C
10

A
B
C

11

12
A

13

14
180 Reading 2 Guidance for StandardsIVII

15

16

I.

II.

A
B
C
17

A
Practice Problems 181

B
C
18

19

A
B
C

20
A

21

A
B
C
22
182 Reading 2 Guidance for StandardsIVII

C
23

24

A
B
C
25

A
B

26

27
Practice Problems 183

28

29

C
30

B
184 Reading 2 Guidance for StandardsIVII

31

32

33

34
Practice Problems 185

35

36

C
37

C
186 Reading 2 Guidance for StandardsIVII

38

39

A
B

40

A
B

C
Solutions 187

4
188 Reading 2 Guidance for StandardsIVII

10
Solutions 189

11

12

13

14
190 Reading 2 Guidance for StandardsIVII

15

16

17

18

19
Solutions 191

20

21

22

23

24
192 Reading 2 Guidance for StandardsIVII

25

26

27

28

29

30

31
Solutions 193

32

33

34

35

36
194 Reading 2 Guidance for StandardsIVII

37

38

39

40

196 Reading 3 Introduction to the Global Investment Performance Standards(GIPS)


Veri cation 197

198 Reading 3 Introduction to the Global Investment Performance Standards(GIPS)


200 Reading 4 The GIPSStandards


Introduction 201

202 Reading 4 The GIPSStandards


Introduction 203
204 Reading 4 The GIPSStandards

Endorsed GIPSCountry Sponsors


Provisionsof the Global Investment Performance Standards 205
206 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

r eq u ir emen t s r eal est at e c l o sed -en d f u n d


co mpo sit es

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

r eco mmen d at io n r eal est at e cl o sed -en d f u n d


co mpo sit es

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

10

11
228 Reading 4 The GIPSStandards

12

13

14

15

16

17

18

19

20

d
GIPSValuation Principles 229

10

11

12

a
b
c
d
230 Reading 4 The GIPSStandards

1
2

3
GIPSAdvertising Guidelines 231

4
5
a

6
7

8
9

10
11

12

13
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)

2002 10.5 11.4 11.8 31 4.5 165 236


2003 16.3 15.1 13.2 34 2.0 235 346
2004 7.5 6.4 8.9 38 5.7 344 529
2005 1.8 0.8 0.3 45 2.8 445 695
2006 11.2 10.1 12.2 48 3.1 520 839
2007 6.1 5.0 7.1 49 2.8 505 1,014
2008 21.3 22.1 24.9 44 2.9 475 964
2009 16.5 15.3 14.7 47 3.1 493 983
2010 10.6 9.5 13.0 51 3.5 549 1,114
2011 2.7 1.7 0.4 7.1 7.4 54 2.5 575 1,236

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

Annualized Returns (%)

3 Year 7.3 1.9 9.8 7.5 7.4 3.2 10.8


5 Year 6.5 2.9 7.1 5.0 6.6 1.4 8.2
7 Year 6.4 2.6 9.6 7.6 6.6 4.2 10.9
10 Year 7.0 11.2 10.0 8.1 7.0 3.5 10.7
Since
Inception 7.0 7.9 10.0 8.1 7.0 3.5 10.7
250 Reading 4 The GIPSStandards
Appendix A: Sample Compliant Presentations 251

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

4/06 12/06 2.3 3.1 250 71 0 0.99 0.00 0.99 0.28


2007 3.7 2.2 250 161 1 1.02 0.01 1.02 0.64
2008 5.8 4.2 250 226 26 1.07 0.12 0.95 0.90
2009 18.5 15.2 250 236 76 1.41 0.32 1.08 0.94
2010 11.5 9.8 250 240 201 1.30 0.84 0.46 0.96
2011 10.8 9.1 250 245 208 1.31 0.85 0.46 0.98
252 Reading 4 The GIPSStandards
Appendix A: Sample Compliant Presentations 253

(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

11

12
Appendix C: Sample List of Composite Descriptions 269

13

14

15
270 Reading 4 The GIPSStandards

A
B
C
2

A
B
C

A
B
C
Solutions 271