Views on improving the integrity of global capital markets

Jon Stokes

129 Posts


Jon Stokes is the Director of Ethics and Standards Education at CFA Institute. His responsibilities include design and creation of on-line ethics education, development and maintenance of the CFA Institute Code of Ethics and Standards of Professional Conduct, and the design and management of the CFA Institute Ethical Decision-Making and Giving Voice to Values education programs. Stokes holds a JD degree.

Author's Posts
Ethics in Practice: Keep Up Your Ethical Exercise! Case for Week of 9 October

The ethical choice in a situation is not always clear or straightforward, so taking the time to exercise your ethical decision-making skills will help you when faced with a real ethical dilemma.

Ethics in Practice: Developing Your Ethical Decision-Making Skills

To promote “ethical exercise,” we are introducing a weekly Ethics in Practice cases to give you the opportunity to practice assessing and analyzing situations and making ethical decisions.

Asset Owners Voice Their Strong Support of the Asset Manager Code

For the second straight year, CFA Institute sponsored an open letter from 16 influential asset owners calling for asset managers to comply with the Asset Manager Code.

CFA Institute Asset Manager Code: New Compliance Platform and Annual Notification

In a continuing effort to build market integrity, CFA Institute has made it easier and more efficient to adopt the Asset Manager Code. It will also begin requiring annual notification of compliance.

Our Asset Manager Code Meets Investor, Industry Needs, But Don’t Ask Us…

Pension plan sponsors, including CalSTRS, CalPERS, and PRIM, have signed a letter endorsing our Code. Its timing coincides with several of our initiatives, including Putting Investors First Month.

Protecting Older Investors a Growing Concern of Firms and Regulators

Aging population and shift from employer to individually directed retirement plans have placed “senior” investors in the spotlight.

Court Muddies Water on Insider Trading, but CFA Institute Code and Standards Are Clear

Despite courts’ waffling on insider trading, the CFA Institute Code and Standards are constant: If you know the information is material and not in the public domain, don’t trade or cause others to trade by disclosing it.

From Pope Francis to IMF Chief: “Capital Markets Should Benefit Society”

Updated CFA Institute Code of Ethics addresses larger purpose of capital markets and growing concerns about the role and effects of capitalism.

Ethical Dilemmas for Investment Advisers: Global Webinar Series Offers Framework for Thinking Ethically

Interactive webinar increases understanding of ethical principles applicable to investment professionals and how to make them a key factor in everyday decision making.

Informing the “Favored Few”: The Muddy Waters of “Material Nonpublic Information”

When does strategizing with other investors on your activist plans morph into tipping fellow investors about trading positions that could move stock price once disclosed?

What Has SAC Capital Taught Investment Industry about Risk Management?

How overconfidence and the lack of an effective compliance program and rigorous risk assessment system can lead investment professionals into dangerous waters.

SAC Capital Advisors and Exercising Supervisory Responsibility

The SAC Capital Advisors case emphasizes the importance of exercising supervisory responsibility. Supervising others to prevent violations of securities laws, rules, and regulations is also a prominent part of the CFA Institute Code of Ethics and Standards of Professional Conduct.

“Political Intelligence” Trading — Where Do We Draw the Line?

As investors seek “political intelligence” for a leg up, there’s a fine line between acceptable versus insider information.

And the Survey Says … Trust in Financial Services Still Ranks Low

The results of the 2013 Edelman Trust Barometer are out and the findings, for the financial services industry at least, are not encouraging.

Gauging Trust: Are There Objective Measures to Determine Which Investment Advisers Will Act Ethically?

No one would argue with the premise that trust in those individuals and entities who manage investor assets is a fundamental element in any investor-adviser relationship. But how can investors gauge the integrity of the investment professionals and firms they are considering hiring? Are there objective measures of trust that can assist in determining which advisers are more likely to act ethically in the future?

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