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News November 15, 2004 Issue

New CFA Institute Model Code May Help Advisers Drafting Code of Ethics

Hereís another source of ideas for drafting your firmís personal trading code of ethics:

The CFA Institute (formerly AIMR) last week issued a draft "Asset Manager Code of Professional Conduct." Based on the groupís code of ethics and professional standards for individual CFA holders, the new code is designed to be applied at the firm, rather than individual, level. Comments on the code must be received by December 31.

The code was issued by the new "CFA Centre for Financial Market Integrity," launched last week. Described as a "research and policy center," the new group will operate as a distinct division within the CFA Institute, with its own executive director and advisory council. It will focus on the AIMR-PPS and GIPS standards, other standards (such as the groupís trade management guidelines), and advocacy.