SAAJ Standards of Professional Conduct for Securities Analysts are ethical guidelines regarding professional conduct which SAAJ members are required to comply with. SAAJ periodically reviews and revises the Standards so as to incorporate new developments in ethical issues as well as the changing business environment, thereby establishing and maintaining the highest ethical standards for the profession in the investment industry. To promote and stimulate the application of the Standards in daily practice, Practice Handbook for Standards of Professional Conduct, which provides commentaries on the Standards with practical cases, is published and reviewed/updated by SAAJ on a regular basis. The Handbook is distributed to all SAAJ members and also used as the CMA Level II textbook for the subject of Ethics and Professional Standards.
SAAJ also issues several position papers and guidance to promote and enhance the implementation of professional ethics and to respond to new developments.
- SAAJ Standards of Professional Conduct for Securities Analysts
- Promoting Professional Ethics for Security Analysts, April 2002
This paper addresses important ethical issues such as the objectivity of research reports, the credibility of sell-side ratings, relationships with investment banking departments, analysts' personal investments, the treatment of material non-public information received from issuers, communication with individual investors, etc.
- Position Paper on the Appearance of Analysts in Information Put Out by Companies They Follow, September 2002
- Guidance to be Considered in Preparing Research Reports, May 2003 (Japanese only)
- Practice Handbook for Standards of Professional Conduct (Japanese only)