Code of Ethics and Standards of Professional Conduct
CHARTERED INSTITUTE OF STOCKBROKERS
Chartered By Act 105 of 1992
May 13, 2010
Code of Ethics and Standards of Professional Conduct for Stockbrokers These CIS Code of Ethics and Standards of Professional Conduct for Stockbrokers have been prepared by the Chartered Institute of Stockbrokers (CIS). CIS Code of Ethics and Standards of Professional Conduct shall apply, in its entirety, to all members except where a member is practising outside Nigeria. Where a member is practising outside Nigeria, the member must: (a) if he/she is a member of the local association in the jurisdiction of employment or practice (“Local Association”) and that Local Association is a Member Society of the Association Certified International Investment Analysts (“ACIIA”), comply with that Local Association’s equivalent of the Code; or (b) if: (i) the Member is not a member of the Local Association; or (ii) the Local Association is not a Member Society of the ACIIA, then the Member must either: a. comply with this Code; or b. comply with an alternative to this Code prescribed by the Council of the Institute; or c. seek the written consent of the Council of the Institute to be made subject to an alternative to this Code.
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Code of Ethics and Standards of Professional Conduct for Stockbrokers CODE OF ETHICS Members and registered students of the Chartered Institute of Stockbrokers shall at all times: 1 Observe high standards of honesty, integrity and fairness in dealing with clients, prospective clients, employers, employees, peers, colleagues in the securities and investment profession and others, related to professional activities, so as to enhance public confidence in the profession. Perform their professional activities with due and reasonable skill, care, prudence and diligence and in accordance with the current best industry practice and the high ethical, professional and technical standards expected of them as members and registered students of the Institute. Always act in the best interests of the securities and investment profession, their clients and prospective clients, and place the interests of the profession, clients and prospective clients before their own personal interests or that of their employers, employees, peers, colleagues in the investment profession or those of any third party and use their best endeavours not to put themselves in a situation where a conflict of interest arises. Take reasonable care to maintain professional independence and objectivity and to make fair judgments when conducting securities and investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities. Practise and encourage others to practise in a professional and ethical manner that will reflect credit on themselves and the securities and investment profession. Continuously strive to maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals. Promote the integrity of, and uphold the rules governing securities and investment industry.
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Code of Ethics and Standards of Professional Conduct for Stockbrokers STANDARDS OF PROFESSIONAL CONDUCT 1.0 DEFINITIONS For the purposes of these Standards, the following terms are defined as set forth below: 1.1 “Member” is an individual member (Graduate/Associate/Fellow Member) of the Chartered Institute of Stockbrokers “Registered Student” is an individual person registered to write the Institute’s examinations. "Investment Professionals" are individual members who evaluate or apply financial, economic or statistical data as part of the professional practice of financial analysis, investment management, portfolio management, securities analysis, investment counselling, or other similar professions. “Security analysis” is the provision of investment...
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