I dont really understand the point of the “asset manager code” and how it differs from the “normal” standards and code. The main differences in my opinion are: - asset manager code should be applied to a firm as a whole while code/standards apply to individuals (CFA charterholders et al) - the asset manager code is nonbinding for CFA members, it is only a template to be adopted by firms - the actual differerences between the two are actually very minor, overlapping areas (even the wording!) include loyalty to clients, material nonpublic information, disclosures/record keeping, reasonable basis etc etc. So, what is the point in having distinct sets of rules like these? And, above all, how is this material testable? Anyone have experience with this from previous years? What ARE the differences, i.e. the non-overlapping parts? Thanks, OA
I tried to figure this out for one week now but still dont get it… can anyone help? thanks, oa
I assume the Asset Manager Code is supposed to be an application of the Standards of Prof conduct - not a different set of rules. But the way they have gone about it just adds another layer + puts it in a different order to really annoy us. Almost all the Asset manager code sections are covered explicitly by the Standards. By putting it in a separate code they provide useful examples of how the Standards apply to the asset manager role - so in that sense it is useful. But they could have achieved the same results by adding the examples & explanations to each section of the Standards themselves - not add ANOTHER code with a separate order and use often different and ambugous wording. I went through and lined up all the asset manager code sections with the nearest fit in the Standards. Note that the wording is not always the same - but here goes: A1 = 3A (ie section A1 of the Asset Mgr code = included in or coverd by Standard 3A) A2 = 3E A3 = 1B, 6C B1 = 3A B2 = 2B B3 = 3B B4 = 5A B5 = 3C2 B6a = 3C1 B6b = 3A, 5A C1 = 2A C2 = 6B, 3B C3 = 3A, 6C C4 = 3A C5 = 3B D1 & D2 = compliance policies & procedures to implement the code D3 = 3D D4 = 5C D5 = 4C, compliance policies & procedures to implement the Code D6 = not covered in Standards E1 = 3D, GIPS E2 = 3D, GIPS F1 = 5B F2 = 5B, 3D F3 = 5B, 3D, GIPS F4a = 6A F4b = 1C F4c = 3D F4d = 3D, 5B F4e = 5B, 3A, 6A F4f = 3D, GIPS F4g = 3D, GIPS F4h = not covered F4i = 3B F4j = 3D, GIPS F4k = 3D, GIPS may be of some use…
Asset Manager code is for the organization. Standards/Code is for Individual professionals. Thats the big difference.
Thanks a lot, that really makes it clear.
mcg79 compiled a fairly exhaustive list on AMC last year http://www.analystforum.com/phorums/read.php?13,728074,728074#msg-728074