Code of Ethics 四条总则

Standards of Conducts

, which provide a benchmark for minimal accepted behaviour helps to clarify codes.

I. Profession

人 必须有 special knowledge 才算professional

Working in certain industry 的不一定是 profession

Board of Governor - Oversight and Responsibility

I. Professionalism

I(A). Knowledge of Law

I(B). Independence & Objectivity

I(C). Misrepresentation

I(D). Misconduct

II. Integrity to the Market

II(A). Material Non-public Information

促使公司 disclose Non-Public Info,公布后则可用

II(B). Market Manipulation

III. Duty to Clients

III(A). Loyalty, Prudence, and Care

III(B). Fair Dealing

III(C). Suitability

III(D). Performance Presentation

III(E). Preservation of Confidentiality 保密

IV. Loyalty to Employer

IV(A). Loyalty

IV(B). Additional Compensation

IV(C). Responsibility of Supervisors

V. Investment Analysis, Recommendation, and Action

V(A). Dilligence and Reasonable Basis

V(B). Communicate with Clients and Prospect Clients

V(C). Record Retention

VI. Conflicts of Interests

VI(A) Disclosure

VI(B). Priority of Transaction

VI(C). Referral Fee

VII. About the Exam <- Don't Be Silly


  1. Voluntary

  2. Firm Wide

  3. If conflicts with the law, then disclose the conflicts and follow the law.


  1. Actual, (no simulated)

  2. Fee-paying

  3. Discretionary (Fund Manager 可以自主决定、控制的)

  4. Some Mandates/Objs/Strategies


  1. Firm could choose (voluntarily) to hire a third-party to check the if the firm follows the law.

  2. Perform on the entire firm.

  3. Verify if complie with all GIPS standard.


Initially, 5 Yr (no matter how long histroy the firm has)

之后每年 +1 +1

until 10 Yr (keep 10-Yr performance disclosure)