До г-н Прокопи Прокопиев, Енемона

[NOK]

Поздрави за TreynorBlack - Много як пост!!!
.
Само не разбрах - "титлата" CFA може ли да се отнема?

Ако се докаже, че чартхолдър е нарушил кодекса - ДА

ama te niamat i niama da imat takuv s CFA, taka che ne vaji tova v sluchaia

Kvo e tva CFA?

http://cfainstitute.org/

[niki5]

Поздрави за TreynorBlack - Много як пост!!!
.
Само не разбрах - "титлата" CFA може ли да се отнема?

Ако се докаже, че чартхолдър е нарушил кодекса - ДА

ama te niamat i niama da imat takuv s CFA, taka che ne vaji tova v sluchaia

Kvo e tva CFA?

[Слънчев вятър]

Това значи ли ,че е 58/1?

ахай, тва също значи, че за некои е така, за други не е така, лошо ... /ако нали имаме предвид, че са били 1млрд паричките за IPO-то..., абе много скътано тва IPO се оказа, малко у мъглата забулено едно такова , тва колко беше целата сума, кой, как, колко, и т.н. / абе здрави да сме г-н Тодоров, нема да се свърши убавото на света с още една неправда...

[CrazyGuy]

Поздрави за TreynorBlack - Много як пост!!!
.
Само не разбрах - "титлата" CFA може ли да се отнема?

Ако се докаже, че чартхолдър е нарушил кодекса - ДА

ama te niamat i niama da imat takuv s CFA, taka che ne vaji tova v sluchaia

[cobos4e]

Другари вярно ли е че на служители и отбрани клиенти на Елана са удоволетворили поръчките на 50%?Дочух такъв слух.

Не смятам че съм отбран но на мен не

Това значи ли ,че е 58/1?

значи че е 1/58

[todorov 74]

Другари вярно ли е че на служители и отбрани клиенти на Елана са удоволетворили поръчките на 50%?Дочух такъв слух.

Не смятам че съм отбран но на мен не

Това значи ли ,че е 58/1?

[kif]

Другари вярно ли е че на служители и отбрани клиенти на Елана са удоволетворили поръчките на 50%?Дочух такъв слух.

и аз чух от две места подобно нещо

[cobos4e]

Другари вярно ли е че на служители и отбрани клиенти на Елана са удоволетворили поръчките на 50%?Дочух такъв слух.

Не смятам че съм отбран но на мен не

[B.Graham]

Другари вярно ли е че на служители и отбрани клиенти на Елана са удоволетворили поръчките на 50%?Дочух такъв слух.

[NOK]

Поздрави за TreynorBlack - Много як пост!!!
.
Само не разбрах - "титлата" CFA може ли да се отнема?

Ако се докаже, че чартхолдър е нарушил кодекса - ДА

[Bully]

Поздрави за TreynorBlack - Много як пост!!!
.
Само не разбрах - "титлата" CFA може ли да се отнема?

естествено, че да... въпросът е това какво общо има с е.ана или прокопитата?

[Търтей]

Поздрави за TreynorBlack - Много як пост!!!
.
Само не разбрах - "титлата" CFA може ли да се отнема?

[TreynorBlack]

Ethics and Standards of Professional Conduct

Следващите няколко абзаца са verbatim копирани от "CFA Institute Code of Ethics and Standards of Professional Conduct" (download PDF here), познат на кандидатите и чартърхолдърите просто като "Ethics":
(надявам се да не ви домързи и да прочетете цитата изцяло)

" External sources may try to influence the investment process by offering
analysts and portfolio managers a variety of benefits. Corporations may seek
expanded research coverage; issuers and underwriters may wish to promote new securities offerings; brokers may want to increase commission business. Benefits may include gifts, invitations to lavish functions, tickets, favors, job referrals, and so on. One type of benefit is the allocation of shares in oversubscribed IPOs to investment managers for their personal accounts. This practice affords managers the opportunity to make quick profits that may not be available to their clients.
Such a practice is prohibited under Standard I(B). Modest gifts and entertainment are acceptable, but special care must be taken by members and candidates to resist subtle and not-so-subtle pressures to act in conflict with the interests of their clients. Best practice dictates that members and candidates must reject any offer of gift or entertainment that could be expected to threaten their independence and objectivity."

_____________
Standard III: Duties to Clients, (B) Fair Dealing (page 61)

Investment actions. The second group includes those members and candidates whose primary function is taking investment action (portfolio management) based on research recommendations prepared internally or received from external sources. Investment action, like investment recommendations, can affect market value. Consequently, Standard III(B) requires that members or candidates treat all clients fairly in light of their investment objectives and circumstances. For example, when making investments in new offerings or in secondary financings, members and candidates should distribute the issues to all customers for whom the investments are appropriate in a manner consistent with the block-allocation policies of the firm. If the issue is oversubscribed, then the issue should be PRORATED to all subscribers. This action should be taken on a round-lot basis to avoid odd-lot distributions. In addition, if the issue is oversubscribed, members and candidates should forgo any sales to themselves or their immediate families to free up additional shares for clients. Members and candidates must make every effort to treat all individual and institutional clients in a fair and impartial manner.

Members and candidates should disclose to clients and prospects the written allocation procedures they or their firms have in place and how the procedures would affect the client or prospect. The disclosure should be clear and complete so that the client can make an informed investment decision. Even when complete disclosure is made, however, members and candidates must put client interests ahead of their own. A member or candidate’s duty of fairness and loyalty to clients can never be overridden by client consent to patently unfair allocation procedures.

Treating clients fairly also means that members and candidates should not take advantage of their position in the industry to the detriment of clients. For instance, in the context of IPOs, members and candidates must make bona fide public distributions of “hot issue” securities (defined as securities of a public offering that trade at a premium in the secondary market whenever such trading commences because of the great demand for the securities). Members and candidates are prohibited from withholding such securities for their own benefit and must not use such securities as a reward or incentive to gain benefit.

_____________________

Example 3. Dominic Morris works for a small regional securities firm. His work
consists of corporate finance activities and investing for institutional clients.
Arena, Ltd., is planning to go public. The partners have secured rights to buy a arena football league franchise and are planning to use the funds from the issue to complete the purchase. Because arena football is the current rage, Morris believes he has a hot issue on his hands. He has quietly negotiated some options for himself for helping convince Arena to do the financing. When he seeks expressions of interest, the institutional buyers oversubscribe the issue. Morris, assuming that the institutions have the financial clout to drive the stock up, then fills all orders (including his own) and cuts back the institutional blocks.

Comment: Morris has violated Standard III(B) by not treating all customers fairly. He should not have taken any shares himself and should have PRORATED the shares offered among all clients. In addition, he should have disclosed to his firm and to his clients that he had received options as part of the deal [see Standard VI(A)].

__________________________
Standard VI: Conflicts of Interest
(B) Priority of Transactions (страница 121, 122)

Procedures for Compliance
Limited participation in equity IPOs. Some eagerly awaited IPOs may significantly rise in value shortly after the issue is brought to market. Because the new issue may be highly attractive and sought after, the opportunity to participate in the IPO may be limited. Therefore, purchases of IPOs by investment personnel create conflicts of interest in two principal ways. First, participation in an IPO may have the appearance of appropriating an attractive investment opportunity from clients for personal gain—a clear breach of the duty of loyalty to clients. Second, because opportunities to participate in IPOs are limited, there may be an appearance that the investment opportunity is being bestowed as an incentive to make future investment decisions for the benefit of the party providing the opportunity. Members and candidates can avoid these conflicts or the appearance of a conflict of interest by not participating in IPOs. Reliable and systematic review procedures should be established to ensure that conflicts relating to IPOs are identified and appropriately dealt with by supervisors. Members and candidates should preclear their participation in IPOs, even in situations were there are no conflicts of interest between a member or candidate’s participation in an IPO and the client’s interests. Members and candidates should not benefit from the position that their clients occupy in the marketplace—through preferred trading, the allocation of limited offerings, and/or oversubscription.

Example 2. Carol Baker, the portfolio manager of an aggressive-growth mutual
fund, maintains an account in her husband’s name at several brokerage firms with
which the fund and a number of Baker’s other individual clients do a substantial
amount of business. Whenever a new hot issue becomes available, she instructs
the brokers to buy it for her husband’s account. Because such issues normally are
scarce, Baker often acquires shares while her clients are not able to participate.

Comment: Baker must acquire shares for her mutual fund first and acquire
them for her husband’s account only after doing so, even though she might
miss out on participating in new issues via her husband’s account. She also
must disclose the trading for her husband’s account to her employer because
this activity creates a conflict between her personal interests and her
employer’s interests [Standard VI(A)].

"Code of Ethics and Standards of Professional Conduct" (download PDF here)

[Слънчев вятър]

... а не са го обявили предварително, защото не са били сигурни дали при корекцията и негативното отношение към Елана в последно време ще могат да привлечат достатъчно количество поръчки за да реализират подобна идея.

Valuatore, на това му викаме педалско държане щото:

... в проспекта е написано, че всички инвеститори ще бъдат третирани равнопоставено, значи има формално нарушение на описаните в проспекта принципи на провеждане на IPO-то.

но не ни учудва ВЕЧЕ с оглед на всекакви интереси дето вилнеят из наште ширини... Ей го и Орешаркси искал да профука 1,2 млрд за срещане на дедо Коледа жалко, че не са оставили нещо за Снежанките..

[uptrend]

Говорих с познати, които са също в тази сфера на бизнеса. Те ми казаха, че Прокопиеви не са никак уважавани между тях. Печелят поръчки благодарение на връзки, което е ясно и когато се смени правителството какво правиме? Помпозния проект за въглищата? наистина ли мислите, че ще имат фин.ресурс да го развият? От едно убито ИПО ще вземат 15 млн.евро и това е крайно недостатъчно. Наистина ли някой трезво мислещ тук вярва, че убитата ЕНЕ ще участва в проекти в Русия?????? Ще ги пусне някой тях в най-печелившия бизнес в братската държава. Всичко беше чист маркетинг. Компанията е куха кутия според мен, която беше увита в луксозен целофан. Ебана го знаят това и това смешно селско тарикатче Стоянов, който дори като говори по презентациите лъха на селения