What's the meaning of independence and objectivity in professionalism?

Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities.

Must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another’s independence and objectivity.（那些被合理認為將會影響?yīng)毩⒖陀^的威逼利誘都要不為所動）

Reject gift that could be expected to compromise their own or another’s independence and objectivity.（Best Practice）

Ordinarily, modest and normal gift is OK only if its purpose is not to influence independence.

Gift from corporate, which being serviced and researched, should evaluate both the actual effect on his independence and objectivity and in the eyes of clients. （即使主觀沒有受到影響，但在他人眼中會影響?yīng)毩⑿砸膊恍校?o:p>

Independent and objectivity=> gift=> in the eyes of clients

Gift from clients: Receiving a gift, or benefit can be distinguished from gifts（客戶的禮物一般可接受）given by entities seeking to influence independence to the detriment of other clients.

Client’s gift should be disclosed, if not violate independence and objectivity.

可能的話事先披露給雇主

不行的話，事后也要披露

告訴雇主是為了引起雇主的同意

Firewall between research and investment banking should be built to minimize conflicts of interest.

Separate reporting structures for personnel on the research side and personnel on the investment banking side. （人事上要分開）

Compensation arrangement that minimizes the pressures on research analysts and rewards objectivity and accuracy. Compensation should not link analyst remuneration directly to investment banking assignments in which analyst may participate as a team member. （分析師的薪酬不能和投行部門掛鉤）

It is appropriate to have analysts work with investment bankers only when the conflicts are adequately and effectively managed and disclosed.

Firms should also regularly review policies and procedures to determine whether analysts are adequately safeguarded and to improve the transparency of disclosures.

Analysts should not be pressured to issue favorable research by the companies they follow.  Can promise to cover the firm, should not promise favorable report about the firm.