Code of Ethics and Standards of Professional Practice

1 January 2017

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.

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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.

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 information, investment recommendations, or investment management based on the analysis of a variety of information relating to security investments and the evaluation of investment value.

Investment Action” is any activity in which Investment Professionals engage regarding securities, including the purchase and/or sale of securities for client, proprietary or personal accounts, the issuance of research reports, or any recommendation to purchase, sell or hold a security. “Fiduciary Duty” is the duty which is owed by a party who has a relationship of trust and confidence to another party. A person who has a fiduciary duty to another must act in the other’s best interest, must maintain the other’s trust and confidences, and must act with discretion.

A fiduciary is held to a higher standard of care and higher degree of knowledge than the average person. “Beneficial owner” means someone who has: (a) a direct or indirect pecuniary interest in securities, regardless of whether or not the ownership of the said security is in the name of that person; or (b) the power to vote or direct the voting of shares of securities or investments; or (c) the power to dispose or direct the disposition of a security or investment. “Associate” means any related or affiliated party, or any person or entity that controls, is controlled by, or is under common control with an investment professional.

Duty to adhere to laws, rules, regulations and Code of Ethics and Standards of Professional Conduct 2. 1. Members and Registered Students shall maintain knowledge of and comply with all applicable laws, rules and regulations of any government, governmental agency, regulatory organization, licensing agency, or professional association governing their professional activities, including this CIS Code of Ethics and Standards of Professional Conduct. Members and Registered Students shall not knowingly participate in or assist any violation of such laws, rules, regulations and CIS Code of Ethics and Standards of Professional Conduct.

Members and registered students must comply with the standards of the profession notwithstanding pressure from clients, employers, peers, employees or others to compromise those standards. Members and registered students are personally responsible and accountable for their conduct, must allow and exercise individual autonomy such as freedom of speech, and must not discriminate against any person because of gender, race, or religion. In the event of conflict, Members and Registered Students must comply with the more strict law, rule, regulation, code or standard.

Graduate Members, Registered Students and Affiliates shall not use any designation after their names. 2. 2. 3 2. 2. 3 Page 5 of 14 Code of Ethics and Standards of Professional Conduct for Stockbrokers 2. 3 Professional Misconduct 2. 3. 1 Members and Registered Students must not engage in any illegal, fraudulent, dishonest, deceitful or misleading professional conduct that might have a negative impact on their reputation, integrity, or competence as Members and registered students or bring dishonour or disrepute upon the Institute or its other Members and registered students.

Members and Registered Students must not engage in any conduct that compromises the reputation or integrity of the Institute or the CIS designation or the integrity, validity, or security of the CIS examinations and any other examinations supervised by or conducted on behalf of other organisations by the Institute. 2. 3. 2 2. 4 Co-operation, support and whistleblowing 2. 4. 1 Members and registered students must cooperate to serve the objectives of the code and the standards.

Members and registered students must ensure all information, documents, reports and returns required by the CIS are produced accurately, honestly and when required, and that the information, documents, reports and returns are true and correct. 2. 4. 2 Members and registered students must cooperate with an appropriate authority and the CIS to identify and address wrongdoing and incompetency in the profession.

Members and registered students, when they know of illegal conduct must report that conduct to an appropriate authority in accordance with the law where their disclosure is protected by law. Collectively, Members and registered students are responsible for the standards of the profession and shall report to the CIS breaches of the code of ethics and standards. 2. 4. 4 Members and registered students must not discriminate or take other adverse action against a person who discloses illegal conduct or a breach of the code of ethics and standards.

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