Richard OREN

Lecturer and Researcher, University of Paris-Dauphine

Danielle Tondenier

Head of Compliance Central Team, Crédit Agricole CIB

Ethique, normes professionnelles et conformité

Les objectifs du cours

Part 1. Ethical and Professional Standards

Our Ethics and Professional Standards seminar has been designed with to meet and exceed the ethical requirements of financial professions, specifically with respect to the behavioural standards endorsed by the CFA Institute.

Part 2. Global Compliance

Main objectives are giving students a global overview on the main Compliance concepts applied in a Corporate & Investment Bank and emphasizing the latest trends in regulatory environment.

Plan du cours

Part 1. Ethical and Professional Standards

As prerequisite to completion our class participants must have assimilated all seven categories of professional standards in the CFA Standards of Practice Handbook and have prepared for examination their own examples of ethical breaches of each standard accompanied by methods and procedures to preclude their occurrence.

In addition to their assimilation of these standards and the associated professional behaviour, we encourage each participant to develop their own personal understanding of the ethical foundation of each recommendation in order to ensure integration of knowledge and purposeful adherence to these standards.

Students mush fully master the seven CFA Institute Standards, respecting the six components of the CFA Code of Ethics, they will also be exposed to ethical theory to further develop their perception of ethical issues and enhance their ability to arbitrate conflicts and orient behaviour appropriately.

Theoretical grounding will include value structuring, attitudinal analysis, ethical deontology versus relativism in international contexts, legal and regulatory instrumentation of ethics, delegation of powers and principles of agency, stakeholder interdependence and corporate social responsibility, organizational culture and behavioural orientation, responsive morality and proactive standards, responsibility and accountability for acts and intents.
 

Part 2. Global Compliance

Theoretical courses and practical examples will be exposed to students on the main Compliance and Financial Security themes met in a Corporate & Investment Bank :
Compliance : privileged information, information barriers, conflicts of interests, market abuse and insider trading, suitability, reputation risk, etc...
Financial Security : KYC, KYB, and implementation of the European 3rd Directive ; embargos, countries on watch lists, combating money laundering, fraud prevention.

Bibliographie

CFA Institute Code of Ethics and Standards of Professional Conduct
CFA Institute Standards of Practice Handbook

Réglement Général de l'Autorité des Marchés Financiers (AMF)
Règlement CRBF 97-02 relatif au contrôle interne des établissements de crédit et des entreprises d'investissement
Code Monétaire et Financier
Directive 2004/39/CE du Parlement européen de 2004 entrée en vigueur en 2007 concernant les marchés d'instruments financiers (MIFID)

Examen

The examination is designed to place participants in simulated ethical conflicts will address issues such as ethical percepts, referencing of key values, situational analyses respective to priority scales, generation of decision processes and methodologies, application of standards and adherence to professionally appropriate behavioural norms. Grading will be established on the basis of each student's knowledge of ethics correlated to standards of professional conduct. Upon completion of our course of studies, we expect our alumni to have advanced in preparation for the CFA certification process.