Module 3 (A+B+C+D)
模块 3 (A+B+C+D)
Module 3 Section A Duties and Obligations.m4a
模块 3 A 部分职责和Obligations.m4a
00:00:02 演讲者 1
Welcome to ethics in Finance Module 3 on duties, the law, regulation and governance.
欢迎来到金融模块 3 中的道德规范,内容涉及职责、法律、法规和治理。
00:00:09 演讲者 1
Where we test the legal boundaries of duties and obligations on financial practitioners in their engagement with clients, employers and other stakeholders.
我们测试金融从业者在与客户、雇主和其他利益相关者的接触中的责任和义务的法律界限。
00:00:21 演讲者 1
We will then discuss the need for further regulatory intervention where the law falls short of ethical expectations.
然后,我们将讨论在法律未达到道德期望的情况下进行进一步监管干预的必要性。
00:00:29 演讲者 1
But legal or regulatory resolution of financial misconduct comes at significant cost, does very little to establish trust and stifles an incentive for the financial sector to improve its reputation for ethical conduct.
但是,法律或监管部门对金融不当行为的解决需要付出巨大的代价,对建立信任几乎没有帮助,并扼杀了金融部门提高其道德行为声誉的动力。
00:00:46 演讲者 1
We argue that self regulation of the financial sector and good governance of financial institutions are superior in laying the foundations for ethical decision making by finance practitioners.
我们认为,金融部门的自我监管和金融机构的良好治理在为金融从业者的道德决策奠定基础方面具有优势。
00:01:03 演讲者 1
Before we get started, ethics considers a set of moral principles that govern a person's behaviour or the conduct of an activity.
在我们开始之前,伦理学考虑了一套道德原则,这些原则支配着一个人的行为或活动的进行。
00:01:14 演讲者 1
Popular understandings of ethics include trust, integrity, honesty, social responsibility, or just doing the right thing.
对道德的普遍理解包括信任、正直、诚实、社会责任,或者只是做正确的事。
00:01:26 演讲者 1
We will use those understandings somewhat interchangeably.
我们将在某种程度上互换使用这些理解。
00:01:31 演讲者 1
Now let's get into it.
现在让我们开始吧。
00:01:34 演讲者 1
In finance, as in other occupations and professions, there are common duties and obligations for practitioners to adhere to.
在金融领域,与其他职业和专业一样,从业者也有共同的职责和义务需要遵守。
00:01:44 演讲者 1
They serve to protect public interest, client interest, employer interest and employee interest.
它们有助于保护公共利益、客户利益、雇主利益和雇员利益。
00:01:53 演讲者 1
They are usually documented in a code of conduct as they apply to the behaviours of the financial institution and its practitioners.
它们通常记录在行为守则中,因为它们适用于金融机构及其从业人员的行为。
00:02:04 演讲者 1
There are legal duties and there are ethical duties. They overlap, but they are not identical.
有法律义务,也有道德义务。它们重叠,但并不完全相同。
00:02:12 演讲者 1
Take the duty to clients as an example.
以对客户的责任为例。
00:02:16 演讲者 1
Trust in living up to expectations set by these duties lies at the heart of the relationship between financial practitioner and client.
对履行这些职责所设定的期望的信任是金融从业者与客户之间关系的核心。
00:02:27 演讲者 1
The Chartered Financial Analyst Institute summarises the expectations of the client in the following five core duties.
英国特许金融分析师协会总结了客户在以下五项核心职责方面的期望。
00:02:38 演讲者 1
Starting with loyalty, prudence and care.
从忠诚、谨慎和关怀开始。
00:02:42 演讲者 1
Where loyalty implies the absence of conflicted interests and preservation of client confidentiality.
忠诚意味着没有利益冲突和保护客户机密。
00:02:51 演讲者 1
Prudence implies caution and discretion in trading off risk against return.
审慎意味着在权衡风险和回报时要谨慎和谨慎。
00:03:00 演讲者 1
And care means the avoidance of harm.
而关怀意味着避免伤害。
00:03:05 演讲者 1
Next is fair and objectively dealing among clients in providing investment analysis and recommendations for specific investment actions.
其次是公平客观地与客户打交道,为具体投资行动提供投资分析和建议。
00:03:17 演讲者 1
Suitability requires investments and its analysis to be consistent with the clients current financial circumstances.
适用性要求投资及其分析与客户当前的财务状况保持一致。
00:03:27 演讲者 1
Risk appetite and objectives for a financial future.
风险偏好和财务未来目标。
00:03:33 演讲者 1
Performance presentation is all about the communication with the client and covers frequency, content, evidence basis, fairness, accuracy and completeness.
绩效演示是关于与客户的沟通,包括频率、内容、证据基础、公平性、准确性和完整性。
00:03:48 演讲者 1
And lastly, the preservation of confidentiality.
最后,保密。
00:03:53 演讲者 1
Except for illegal activities.
非法活动除外。
00:03:57 演讲者 1
This last duty exception has been controversial.
这最后一项义务例外一直存在争议。
00:04:01 演讲者 1
According to the law, banks need to alert regulators to illegal activity.
根据法律,银行需要提醒监管机构注意非法活动。
00:04:07 演讲者 1
Swiss banks client confidentiality is a long standing example of confidentiality at all costs.
瑞士银行对客户保密是不惜一切代价保密的一个长期例子。
00:04:18 演讲者 1
Australia's Corporations Act imposes the legal framework supporting general duties on directors and management of financial institutions.
澳大利亚的《公司法》规定了支持金融机构董事和管理层一般职责的法律框架。
00:04:28 演讲者 1
From exercising care and diligence that a reasonable person would have.
从一个理性的人应该有的谨慎和勤勉中。
00:04:35 演讲者 1
To acting in good faith and in the best interest of the financial institution.
本着诚信行事,符合金融机构的最佳利益。
00:04:41 演讲者 1
To not abusing their position or using privileged information for personal gain, et cetera.
不滥用职权或利用特权信息谋取私利等。
00:04:50 演讲者 1
There is also a duty on financial services licence holders to act efficiently, honestly and fairly.
金融服务牌照持有人也有责任有效、诚实和公平地行事。
00:04:59 演讲者 1
Establishing a reasonable standard of performance.
建立合理的绩效标准。
00:05:04 演讲者 1
Misconduct that leads to breaching those standards is legally, nearly impossible to prosecute.
从法律上讲,导致违反这些标准的不当行为几乎不可能被起诉。
00:05:12 演讲者 1
But it is morally wrong.
但这在道德上是错误的。
00:05:16 演讲者 1
In addition to legal duties that are difficult to enforce, those general duties only provide limited coverage of the CFA listed 5 duties we just discussed.
除了难以执行的法律责任外,这些一般责任仅提供我们刚才讨论的 CFA 列出的 5 项职责的有限范围。
00:05:31 演讲者 1
Which explains why the Corporations Act separately addresses fiduciary duties, where a client has full trust and confidence in a financial practitioner to act in that clients interest.
这就解释了为什么《公司法》单独涉及信托义务,即客户完全信任和信心金融从业者为客户的利益行事。
00:05:50 演讲者 1
The fiduciary duty covers financial advisors providing personal advice rather than general advice.
受托责任涵盖提供个人建议而非一般建议的财务顾问。
00:05:59 演讲者 1
Manage the investment schemes as well as trustees of superannuation funds.
管理投资计划以及养老基金的受托人。
00:06:06 演讲者 1
For the general duties of care and diligence to have been satisfied.
为了满足谨慎和勤勉的一般职责。
00:06:11 演讲者 1
An investment, judgement or action is made in good faith.
投资、判断或行动是善意的。
00:06:17 演讲者 1
Without material personal interest informed by believable evidence and rationally believed by the financial practitioner.
没有重大的个人利益,有可信的证据,并由金融从业者理性地相信。
00:06:28 演讲者 1
Clearly that is not an acceptable justification for fiduciaries.
显然,这对受托人来说不是一个可以接受的理由。
00:06:34 演讲者 1
What would be is a matter of ongoing debate about what constitutes clients best interests.
这将是一个关于什么是客户最大利益的持续辩论问题。
00:06:42 演讲者 1
In assessing their responsibility and accountability, directors or trustees have defined it as best financial outcome.
在评估其责任和问责制时,董事或受托人将其定义为最佳财务成果。
00:06:53 演讲者 1
But that is no longer acceptable.
但这已经不可接受了。
00:06:56 演讲者 1
Beneficiaries of a trust or superannuation may in fact have multiple objectives, not just the maximum return.
信托或养老金的受益人实际上可能有多个目标,而不仅仅是最大回报。
00:07:06 演讲者 1
For example, those objectives might include ESG or environmental, social and governance goals. The next challenge facing regulators is coming from overstating the responsible nature of financial assets or policies.
例如,这些目标可能包括 ESG 或环境、社会和治理目标。监管机构面临的下一个挑战是夸大金融资产或政策的责任性质。
00:07:26 演讲者 1
Known colloquially as greenwashing.
俗称漂绿。
00:07:30 演讲者 1
The ESG responsibility factors are difficult to measure and verify.
ESG责任因素难以衡量和验证。
00:07:37 演讲者 1
But that will improve over time.
但随着时间的推移,这种情况会有所改善。
00:07:40 演讲者 1
Of course, the desire and ability to retire in financial comfort persists, but it is tempered by additional factors.
当然,在经济上舒适地退休的愿望和能力仍然存在,但它受到其他因素的影响。
00:07:50 演讲者 1
Reasonable cost and acceptable level of externalities.
合理的成本和可接受的外部性水平。
Module 3 Section B Duties to stakeholders.m4a
模块 3 B 部分 stakeholders.m4a
00:00:01 演讲者 1
The previous section opened the discussion of duties and obligations by referring to employee duties to their employer, leading directly to the delegated duty to clients.
上一节通过提及雇员对雇主的责任来开始讨论职责和义务,直接导致将责任委托给客户。
00:00:15 演讲者 1
In the wake of a series of inquiries into the conduct of financial services in Australia, all the attention focused on client best interests.
在对澳大利亚金融服务行为进行一系列调查之后,所有注意力都集中在客户的最大利益上。
00:00:27 演讲者 1
Admittedly, the duty to clients is the cornerstone of protecting the interests of customers in the pursuit of financial well-being. That should be the foundation of the financial system.
诚然,对客户的责任是保障客户利益的基石,以追求财务健康。这应该是金融体系的基础。
00:00:41 演讲者 1
But it is only part of the duties.
但这只是职责的一部分。
00:00:45 演讲者 1
First, employees also have duties and obligations to their employer, including loyalty to the employer, honouring their employment contract, avoiding conflicts of interest.
首先,雇员对雇主也有责任和义务,包括对雇主的忠诚、履行雇佣合同、避免利益冲突。
00:00:59 演讲者 1
Protecting intellectual property and trade secrets.
保护知识产权和商业秘密。
00:01:04 演讲者 1
Agreeing on non compete expectations following resignation.
就辞职后的竞业禁止预期达成一致。
00:01:09 演讲者 1
And in an ethical workplace, this list could include an obligation rather than a right to whistle blowing.
在一个有道德的工作场所,这份清单可以包括一项义务,而不是举报权。
00:01:18 演讲者 1
2nd in return, employers have duties to their employees.
第二,作为回报,雇主对雇员负有义务。
00:01:24 演讲者 1
Including the provision of a safe and healthy work environment.
包括提供安全和健康的工作环境。
00:01:29 演讲者 1
Whereas financial institutions are not particularly dangerous workplaces in a physical sense, reasoned inclusions broaden the expectation to one of well-being work life balance, workplace respect and healthy culture.
虽然金融机构在物理意义上并不是特别危险的工作场所,但合理的包容性将期望扩大到对幸福感、工作与生活平衡、工作场所尊重和健康文化的期望。
00:01:47 演讲者 1
And here financial institutions do not have a great track record with allegations of discrimination.
在这里,金融机构在歧视指控方面没有很好的记录。
00:01:56 演讲者 1
Toxic culture.
有毒培养物。
00:01:58 演讲者 1
Lack of diversity, misogyny, sexual harassment, and bullying. A short list of the modern workplace.
缺乏多样性、厌女症、性骚扰和欺凌。现代工作场所的简短列表。
00:02:07 演讲者 1
It is somewhat telling for the ethical reputation of the finance sector the way it is portrayed in movies like Wall Street and the Big Short.
这在某种程度上说明了金融业的道德声誉,就像《华尔街》和《大空头》等电影中描绘的那样。
00:02:17 演讲者 1
Hot baths of unethical, immoral and downright criminal behaviour
不道德、不道德和彻头彻尾的犯罪行为的热水浴.
00:02:25 演讲者 1
Flexible work arrangements and working from home have been welcomed by employees, but in various ways aided by social media and Internet platforms, exacerbated some of the ills.
灵活的工作安排和在家工作受到员工的欢迎,但在社交媒体和互联网平台的帮助下,以各种方式加剧了一些弊病。
00:02:41 演讲者 1
Victims are increasingly seeking legal redress and miniatures and directus are increasingly held liable.
受害者越来越多地寻求法律补救,而微型和导演越来越多地被追究责任。
00:02:51 演讲者 1
As in the earlier part of this module, the law is only just catching up, yet the cost of toxic workplaces should be enough for boards to demand regular culture reviews and do the ethical right thing.
与本模块的前半部分一样,法律才刚刚迎头赶上,但有毒工作场所的成本应该足以让董事会要求定期进行文化审查并做道德上正确的事情。
00:03:09 演讲者 1
A major step forward is the recognition of the ethical and economical benefits of diversity in its many guises. That is based on gender, ethnicity, culture and language.
向前迈出的一大步是承认多样性的多种形式在道德和经济上的好处。这是基于性别、种族、文化和语言的。
00:03:25 演讲者 1
Generation or sexual orientation?
世代还是性取向?
00:03:29 演讲者 1
Policies and codes of conduct routinely include diversity.
政策和行为准则通常包括多样性。
00:03:34 演讲者 1
But the lack of action persists.
但缺乏行动的情况依然存在。
00:03:37 演讲者 1
Just considered the gender pay gap.
只是考虑了性别工资差距。
00:03:40 演讲者 1
Where it may take another 50 years for the gap to close at current pace.
以目前的速度,差距可能还需要 50 年才能缩小。
00:03:46 演讲者 1
And even with diversity in place, effective diversity requires inclusion at all ranks and functions.
即使存在多样性,有效的多样性也需要所有级别和职能的包容性。
00:03:55 演讲者 1
So again, a major contribution is needed from the CEO and directors.
因此,同样需要首席执行官和董事做出重大贡献。
00:04:01 演讲者 1
Where a lack of diversity is incidentally most pronounced.
顺便说一句,缺乏多样性的地方最为明显。
00:04:07 演讲者 1
A final ethical obligation of employers to its employees is how it treats redundancies and termination of employment.
雇主对雇员的最后一项道德义务是如何处理裁员和终止雇佣关系。
00:04:16 演讲者 1
We have all seen the dramatic footage of a financial trader carrying a cardboard box with some personal items.
我们都看过一个金融交易员拿着一个装有一些个人物品的纸板箱的戏剧性镜头。
00:04:25 演讲者 1
Being marched from the office premises, escorted by burly security guards.
在魁梧的保安护送下从办公场所游行。
00:04:31 演讲者 1
It characterises a finance sector struggling with common decency in what is often a very stressful time.
它描述了一个金融部门在通常非常紧张的时期与共同的体面作斗争。
00:04:41 演讲者 1
The sector justifies it on account of the risk of misappropriation of trade secrets.
该部门以盗用商业秘密的风险为由为其辩护。
00:04:48 演讲者 1
Or misrepresentation as an ongoing employee.
或作为在职员工的虚假陈述。
00:04:52 演讲者 1
It seems that in this day and age of digital communication, this argument has lost its meaning and the exit parade is simply unethical in the sense of dehumanising former employees.
似乎在这个数字通信的时代,这个论点已经失去了意义,从使前雇员失去人性的意义上说,离职游行简直是不道德的。
00:05:08 演讲者 1
If not for employment terminations based on disciplinary or performance reasons.
如果不是因为纪律或绩效原因而终止雇佣关系。
00:05:15 演讲者 1
Financial institutions are known for high rates of turnover or churn.
金融机构以高流动率或流失率而闻名。
00:05:21 演讲者 1
Frequent restructuring and mergers and acquisitions lead to thousands of redundancies.
频繁的重组和并购导致数千人裁员。
00:05:29 演讲者 1
Which are overtime replenished.
哪些是加班补充的。
00:05:34 演讲者 1
Downstream impacts of these consolidation expansion cycles include a lack of employee loyalty as loyalty is A2 way St.
这些整合扩张周期的下游影响包括缺乏员工忠诚度,因为忠诚度是 A2 way St.
00:05:46 演讲者 1
And with the best performers preempting redundancy, it also causes a loss of knowledge, experience and expertise.
随着表现最好的人抢占冗余,这也会导致知识、经验和专业知识的流失。
00:05:55 演讲者 1
Meanwhile, the public draws its own conclusions. The evicted trader is evidence of illegal activity.
同时,公众得出自己的结论。被驱逐的商人是非法活动的证据。
00:06:03 演讲者 1
And a mass redundancy is a sign of bloated employment paid for by the customer.
大规模裁员是客户支付的臃肿就业的标志。
00:06:10 演讲者 1
Not particularly helpful in building public trust.
对建立公众信任不是特别有帮助。
00:06:16 演讲者 1
1/3 duty for the employer extends to its communication with its stakeholders.
雇主的 1/3 职责延伸到与利益相关者的沟通。
00:06:22 演讲者 1
Including the public, government regulator, industry body.
包括公众、政府监管机构、行业机构。
00:06:27 演讲者 1
The list growth effective stakeholder engagement can improve the quality of decision making by increasing the information set and by recognising, measuring and managing the risks.
名单增长 有效的利益相关者参与可以通过增加信息集以及识别、衡量和管理风险来提高决策质量。
00:06:43 演讲者 1
Many of the duties discussed in this module are legislated and captured by regulations.
本模块中讨论的许多职责都是立法的,并由法规规定。
00:06:51 演讲者 1
But they need to be interpreted and communicated in the context of constant developments in business and society.
但它们需要在商业和社会不断发展的背景下进行解释和交流。
00:07:01 演讲者 1
The rules and laws change and the tax payer funded bailouts of the multinational mega banks.
规则和法律发生了变化,纳税人资助了对跨国大型银行的救助。
00:07:08 演讲者 1
Gave voice to many customers.
为许多客户发声。
00:07:12 演讲者 1
As a consequence, external stakeholders are increasingly demanding insight and involvement in the governance of financial institutions.
因此,外部利益相关者越来越需要洞察力和参与金融机构的治理。
00:07:24 演讲者 1
Only by making their ethical conduct transparent can those institutions hope to improve trust.
只有通过使其道德行为透明化,这些机构才有希望增进信任。
Module 3 Section C Limits to the law.m4a
模块 3 C 部分 对law.m4a的限制
00:00:01 演讲者 1
Nothing the law can't fix.
没有什么是法律解决不了的。
00:00:04 演讲者 1
It is an often repeated mantra when a dispute arises between the financial adviser accused of conflicted interests by a client.
当被客户指控存在利益冲突的财务顾问之间发生纠纷时,这是一个经常重复的口头禅。
00:00:14 演讲者 1
In this context, laws play an important role as a deterrent for misconduct and for setting minimum standards.
在这方面,法律在威慑不当行为和制定最低标准方面发挥着重要作用。
00:00:24 演讲者 1
But legal resolution is expensive, can be drawn out, and ultimately deliver verdicts and impose penalties that are unsatisfactory for both parties.
但法律解决方案成本高昂,可能拖延,并最终做出双方都不满意的判决和处罚。
00:00:35 演讲者 1
Or they simply lack precedence in law.
或者他们只是在法律上缺乏优先权。
00:00:39 演讲者 1
The latter is particularly true in the fast moving ever innovating fintech sector, where the law is ill prepared for the impact of digital disruption.
后者在快速发展、不断创新的金融科技领域尤其如此,该领域的法律对数字颠覆的影响准备不足。
00:00:52 演讲者 1
In general, finance moves fast where the law lags behind
一般来说,在法律落后的地方,金融发展迅速.
00:00:57 演讲者 1
The same applies to financial regulation.
这同样适用于金融监管。
00:01:02 演讲者 1
Where markets fail to provide fair and just outcomes for all participants.
市场未能为所有参与者提供公平公正的结果。
00:01:08 演讲者 1
Short of shutting down the imperfect market activity.
没有关闭不完美的市场活动。
00:01:13 演讲者 1
Or practitioner, legal and or regulatory intervention is necessary.
或者从业者、法律和/或监管干预是必要的。
00:01:21 演讲者 1
Prohibiting certain assets, for example collateralized debt obligations.
禁止某些资产,例如抵押债务。
00:01:27 演讲者 1
Prohibiting certain activities, for example, payday loans.
禁止某些活动,例如发薪日贷款。
00:01:32 演讲者 1
Or prohibiting certain practitioners, for example, unqualified financial advisors of influencers.
或者禁止某些从业者,例如,有影响力的人的不合格财务顾问。
00:01:41 演讲者 1
And legally enforce those bends.
并合法地执行这些弯曲。
00:01:45 演讲者 1
Is becoming increasingly difficult.
变得越来越困难。
00:01:49 演讲者 1
Aided by digital technology, the perpetrators increasingly operate from overseas legal safe havens.
在数字技术的帮助下,肇事者越来越多地在海外合法避风港开展活动。
00:01:58 演讲者 1
So instead regulating their local behaviour
因此,转而规范他们的本地行为.
00:02:02 演讲者 1
Maybe more effective than engaging them in legal action.
也许比让他们采取法律行动更有效。
00:02:08 演讲者 1
The ultimate purpose of financial regulation is to maintain safety and integrity of the financial system.
金融监管的最终目的是维护金融体系的安全和完整性。
00:02:16 演讲者 1
The regulatory agencies oversee, monitor and enforce the laws, rules and regulations.
监管机构负责监督、监测和执行法律、法规和条例。
00:02:24 演讲者 1
Including licencing of financial participants.
包括金融参与者的许可。
00:02:29 演讲者 1
A gatekeeper the regulator performs due diligence of new entrants to test whether they should be allowed to operate as a finance practitioner.
监管机构作为看门人,对新进入者进行尽职调查,以测试他们是否应该被允许作为金融从业者运营。
00:02:40 演讲者 1
Once admitted, ongoing monitoring of ethical misconduct could lead to a suspension or revoking the licence
一旦被接纳,对道德不当行为的持续监控可能会导致暂停或撤销执照.
00:02:51 演讲者 1
Arguably, the effectiveness and the independence of regulation has also been questioned.
可以说,监管的有效性和独立性也受到质疑。
00:02:58 演讲者 1
With regulatory capture, the regulator is dominated by the regulated parties interests and can no longer prioritise public interest.
随着监管的捕获,监管者被被监管方的利益所主导,不能再优先考虑公共利益。
00:03:09 演讲者 1
And that is not uncommon in a heavily concentrated banking sector.
这在高度集中的银行业中并不少见。
00:03:15 演讲者 1
Another example of regulatory ineptitude involves moral hazard.
监管无能的另一个例子涉及道德风险。
00:03:20 演讲者 1
Whereby banks know that they will be bailed out by the regulator for being simply too big to fail.
因此,银行知道它们将受到监管机构的救助,因为它们太大而不能倒闭。
00:03:30 演讲者 1
And therefore have no incentive to be more prudent in their risk taking.
因此,他们没有动力在冒险时更加谨慎。
00:03:35 演讲者 1
Where regular three agencies focus on the systemic risks and the rules of the game, they do not typically argue for the retail clients who are most vulnerable to unethical conduct.
当常规的三家机构专注于系统性风险和游戏规则时,他们通常不会为最容易受到不道德行为影响的零售客户辩护。
00:03:49 演讲者 1
To address their interests and to avoid long running, expensive legal pursuit.
为了解决他们的利益,避免长期、昂贵的法律诉讼。
00:03:56 演讲者 1
An Ombudsman provides clients the opportunity to seek recourse for damages.
申诉专员为客户提供寻求损害赔偿的机会。
00:04:02 演讲者 1
For example, the Australian Financial Complaint Authority.
例如,澳大利亚金融投诉局。
00:04:07 演讲者 1
Is an independent at forget for clients and the dispute resolution scheme for financial services.
是金融服务的独立客户和争议解决计划。
00:04:15 演讲者 1
A core objective of financial regulation is to promote safe and sound risk taking decisions.
金融监管的一个核心目标是促进安全可靠的风险承担决策。
00:04:23 演讲者 1
And the combined legal and regulatory frameworks will drive cultural change in the financial sector.
法律和监管框架的结合将推动金融业的文化变革。
00:04:32 演讲者 1
But regulation is only as good as its implementation.
但监管的好坏取决于其实施。
00:04:35 演讲者 1
And excessive reliance on regulation and legislation gives a false sense of ethical behaviour in the financial sector.
对监管和立法的过度依赖给金融部门带来了道德行为的错误感。
00:04:46 演讲者 1
A recent study on ethical misconduct found that no less than 7% of all U.S. financial advisors had at least one case of misconduct over the previous decade.
最近一项关于道德不当行为的研究发现,在过去十年中,至少有7%的美国财务顾问至少有一起不当行为。
00:05:01 演讲者 1
Half of them were let go by their employers.
其中一半被雇主解雇。
00:05:05 演讲者 1
So far, effective regulation.
到目前为止,有效的监管。
00:05:09 演讲者 1
But then the majority of those let go found employment within one year with another advisory firm.
但后来,大多数被解雇的人在一年内在另一家咨询公司找到了工作。
00:05:18 演讲者 1
And the typical recruiting firm, well, it specialised in misconduct and targeted vulnerable clients.
典型的招聘公司,嗯,它专门处理不当行为并针对弱势客户。
Module 3 Section D Governance and accountability.m4a
模块 3 D 部分 治理与accountability.m4a
00:00:02 演讲者 1
The US market for financial advice, or also known as investment advice, is self regulated by the Financial Industry Regulatory Authority, also known as FINRA.
美国金融咨询市场,也称为投资咨询,由金融业监管局(也称为 FINRA)自我监管。
00:00:16 演讲者 1
Like the Chartered Financial Analyst Institute, it administers an educational attainment test for licencing as an investment advisor, representative and IAR.
与特许金融分析师协会一样,它管理教育程度测试,以获得投资顾问、代表和 IAR 的许可。
00:00:31 演讲者 1
FINRA, the self regulatory body also conducts monitoring of IRS.
美国金融业监管局(FINRA)也是自律机构,也对美国国税局进行监督。
00:00:40 演讲者 1
The investment adviser representative works for a firm also known as the Registered Investment at Pfizer, or RI A, which has to be registered with the SEC.
投资顾问代表为一家公司工作,该公司也称为辉瑞注册投资公司(RI A),该公司必须在 SEC 注册。
00:00:56 演讲者 1
The US securities regulator.
美国证券监管机构。
00:01:00 演讲者 1
Making this a hybrid of self regulation and regulation.
使其成为自我调节和调节的混合体。
00:01:07 演讲者 1
Derivatives markets.
衍生品市场。
00:01:09 演讲者 1
In the USA, have a long tradition of strong self regulation, backed up by limited regulatory oversight.
在美国,有着强大的自我监管的悠久传统,并以有限的监管监督为后盾。
00:01:19 演讲者 1
While their motivation might well have been political, that is minimising government intervention in all matters private, an alignment of interests is its modern day justification.
虽然他们的动机很可能是政治性的,即尽量减少政府对所有私人事务的干预,但利益的一致性是其现代的理由。
00:01:34 演讲者 1
Cracking down on insider trading or price manipulation ensures market integrity and builds trust in fair and just markets.
打击内幕交易或价格操纵可以确保市场诚信,建立对公平公正市场的信任。
00:01:48 演讲者 1
Take the following example.
请看下面的例子。
00:01:50 演讲者 1
An ill-fated attempt to establish a crude oil derivatives exchange in the Netherlands illustrates what happens when the exchange allows one participant to restrict supply to the market to drive up prices.
在荷兰建立原油衍生品交易所的命运多舛的尝试表明,当交易所允许一个参与者限制对市场的供应以推高价格时会发生什么。
00:02:08 演讲者 1
The short position will be squeezed in buying oil at any price.
空头头寸将受到挤压,不惜一切代价买入石油。
00:02:15 演讲者 1
The victim of this corner will leave the exchange for good and signal the collapse of trust in the integrity of the entire exchange.
这个角落的受害者将永远离开交易所,并标志着对整个交易所完整性的信任崩溃。
00:02:25 演讲者 1
Not surprisingly, this particular exchange no longer exists.
毫不奇怪,这种特殊的交换已不复存在。
00:02:31 演讲者 1
While self regulation is aligned with the best interests of exchanges, markets and sectors to be effective, it needs to satisfy certain conditions.
虽然自我监管符合交易所、市场和行业的最佳利益才能有效,但它需要满足某些条件。
00:02:45 演讲者 1
There needs to be a substantial number of actors keeping each other in check and minimise the cost of self regulation
需要有相当多的行为者相互制约,并尽量减少自我监管的成本.
00:02:54 演讲者 1
There also needs to be an enforcement mechanism to avoid free riding and at first selection.
还需要有一个执行机制来避免搭便车和第一次选择。
00:03:01 演讲者 1
Lobby groups and the industry bodies like the Australian Banking Association.
游说团体和行业机构,如澳大利亚银行业协会。
00:03:07 演讲者 1
Advocate for their membership, but have neither the resources nor the ability to enforce ethical conduct.
倡导他们的成员资格,但既没有资源也没有能力执行道德行为。
00:03:17 演讲者 1
They do, however, promote codes of conduct, ethics, leadership and governance training programmes
然而,它们确实促进了行为守则、道德操守、领导才能和治理培训方案.
00:03:25 演讲者 1
What does make a difference to effective ethical conduct is the quality of corporate governance.
对有效的道德行为产生影响的是公司治理的质量。
00:03:32 演讲者 1
Defined as a set of relationships between the firm's management, its board shareholders and other stakeholders.
定义为公司管理层、董事会股东和其他利益相关者之间的一组关系。
00:03:42 演讲者 1
Governance is involved in setting strategy fission.
治理涉及设定战略裂变。
00:03:46 演讲者 1
Providing the enablers.
提供推动因素。
00:03:48 演讲者 1
Mission.
任务。
00:03:50 演讲者 1
And monitoring performance evaluation.
并监控绩效评估。
00:03:55 演讲者 1
Arguably good corporate governance is particularly important in financial services because of the crucial economic role of financial intermediation.
可以说,良好的公司治理在金融服务中尤为重要,因为金融中介在经济上起着至关重要的作用。
00:04:06 演讲者 1
The need to safeguard depositors funds and the lasting or even terminal damage caused by ineffective governance.
需要保护存款人的资金以及治理不力造成的持久甚至最终损害。
00:04:16 演讲者 1
Effective governance is essential to achieving and maintaining public trust and confidence.
有效的治理对于实现和维持公众的信任和信心至关重要。
00:04:23 演讲者 1
It has increasingly focused on the role and responsibilities of boards of directors.
它越来越关注董事会的作用和责任。
00:04:30 演讲者 1
New areas requiring board attention, like sustainability, carbon emissions, cybersecurity, data analytics and artificial intelligence have all significantly increased the demands on expertise around the board table.
需要董事会关注的新领域,如可持续发展、碳排放、网络安全、数据分析和人工智能,都大大增加了对董事会专业知识的需求。
00:04:50 演讲者 1
Bought diversity and director accountability are therefore crucial elements in the design and membership of good corporate governance.
因此,购买的多元化和董事问责制是良好公司治理设计和成员的关键要素。
00:05:02 演讲者 1
Boards should not be working in isolation, but engage with management. Communicate with the regulators and with the public, reducing the risk of groupthink towards better ethical decision making underpinned by a code of conduct that informs trust.
董事会不应孤立地工作,而应与管理层合作。与监管机构和公众沟通,降低群体思维的风险,以更好的道德决策为基础,以告知信任的行为准则为基础。
00:05:23 演讲者 1
The law and regulator need to acknowledge the complex grey areas in ethical decision making.
法律和监管机构需要承认道德决策中复杂的灰色地带。
00:05:31 演讲者 1
A comprehensive, constantly evolving and responsive regulatory and legislative framework needs to be part of corporate governance.
一个全面、不断发展和反应迅速的监管和立法框架需要成为公司治理的一部分。
00:05:42 演讲者 1
But with a strong sense of ethics and public service.
但具有强烈的道德感和公共服务意识。
00:05:48 演讲者 1
In the next modules, we will discuss examples of blatant disregard of legislative duties.
在接下来的模块中,我们将讨论公然无视立法职责的例子。
00:05:56 演讲者 1
Effective monitoring for poor behaviour can only be achieved through regulatory intervention or legal resolution.
只有通过监管干预或法律解决,才能有效监测不良行为。
00:06:05 演讲者 1
Neither is entirely satisfactory.
两者都不能完全令人满意。
00:06:09 演讲者 1
Specific ethical concerns include duties to clients, various conflicts of interest, corporate social responsibility.
具体的道德问题包括对客户的责任、各种利益冲突、企业社会责任。
00:06:20 演讲者 1
And the social contract.
还有社会契约。
00:06:22 演讲者 1
We urge the finance sector to assume accountability and improve trust.
我们敦促金融部门承担起责任,增进信任。
00:06:30 演讲者 1
In conclusion, this module on duties, legislation, regulation and accountability queries the ethical sufficiency of the law for ethical decision making.
总之,这个关于义务、立法、监管和问责制的模块询问了法律对道德决策的道德充分性。
00:06:43 演讲者 1
When markets and transactions are characterised by information asymmetry.
当市场和交易以信息不对称为特征时。
00:06:48 演讲者 1
Market power and other features of imperfect markets. Regulatory intervention is often considered a solution.
市场力量和不完美市场的其他特征。监管干预通常被认为是一种解决方案。
00:06:57 演讲者 1
We argue that self regulation and good governance is cheaper and more conducive to trust.
我们认为,自我监管和良好治理更便宜,更有利于信任。