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Code of Ethics and Standards of Conduct.md

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Granular Data Implementation Project

Code of Ethics and Standards of Conduct

Introduction: This document outlines the ethical principles, values, and standards of conduct that guide the Generic Granular Data Implementation (GDI) Project—an open-source initiative focused on promoting transparency, data integrity, and regulatory compliance in data management and reporting. It is designed to ensure ethical behavior and accountability among all participants, users, and software developers involved in the project.

Part 1: Code of Ethics for GDI Project

1. Code of Ethics for GDI Project:

1.1 Act with Integrity, Competence, and Diligence:

  • Integrity: Demonstrate honesty and ethical behavior in all GDI project activities.
  • Competence: Perform tasks with skill and expertise.
  • Diligence: Be thorough and attentive in all project tasks.

1.2 Place Project Integrity and Regulatory Compliance Above All Else:

  • Project Integrity: Prioritize the integrity of the GDI Project, ensuring that all actions support regulatory compliance and the ethical use of data.
  • Regulatory Compliance: Adhere to all applicable laws, regulations, and standards related to data handling and reporting.

1.3 Use Confidential Data Only for Project Purposes:

  • Confidential Data: Never use confidential information for personal gain or any purpose other than supporting the project's goals.

1.4 Preserve Confidentiality and Data Security:

  • Confidentiality: Maintain strict confidentiality when handling and sharing information within the project.
  • Data Security: Use secure and authorized computing devices for project-related activities.

1.5 Retain Professional Work Data and Audit Trails:

  • Data Retention: Develop and maintain appropriate records to support project-related actions, including audit trails.

Part 2: Standards of Conduct for GDI Project

I. Professionalism

A. Knowledge of the Law:

  • Compliance with Applicable Laws: All participants, users, and software developers involved in the GDI Project must have a deep understanding of and adhere to all applicable laws, rules, and regulations, including those governing data privacy and regulatory compliance. In case of conflicts, the stricter law or regulation must be followed.

B. Independence and Objectivity:

  • Independence and Objectivity: All participants and users must maintain independence and objectivity in their professional activities within the project. They should not accept gifts or benefits that could compromise their impartiality.

C. Misrepresentation:

  • Truthfulness and Accuracy: No one involved in the GDI Project should knowingly make any misrepresentations regarding the data, information, or activities related to the project.

D. Misconduct:

  • Ethical Conduct: Participants and users must avoid any professional conduct involving dishonesty, fraud, or deceit that could harm the reputation or integrity of the project.

II. Integrity of Financial Markets

A. Material Nonpublic Information:

  • Handling Confidential Information: Anyone with access to confidential customer data should never use it for personal gain or any purpose other than supporting the project's goals and regulatory compliance.

B. Market Integrity:

  • Preventing Misleading Practices: All participants, users, and software developers must refrain from engaging in practices that could distort data, mislead stakeholders, or compromise the security and integrity of the project.

III. Duties to Clients and Employers

A. Loyalty, Prudence, and Care:

  • Client Benefit and Prudent Judgment: Loyalty to project goals means placing its interests first, particularly in decisions related to data handling and submission. Participants and users must exercise prudent judgment and care in managing confidential information.

B. Preservation of Confidentiality:

  • Data Confidentiality: Information shared by colleagues must be treated with the utmost confidentiality and should only be used for the purpose of achieving the project's objectives.

IV. Investment Analysis, Recommendations, and Actions

A. Diligence and Reasonable Basis:

  • Thoroughness and Adequate Basis: Participants, users, and software developers should exercise diligence and thoroughness when handling data, ensuring that decisions and recommendations are based on a reasonable and adequate basis supported by accurate and complete data.

B. Communication with Colleagues:

  • Transparent Communication: When sharing and compiling data from colleagues, it's important to communicate transparently and avoid any misrepresentation of the information. Data must be presented factually and objectively.

C. Record Retention:

  • Data Retention: All involved parties should maintain records and audit trails to ensure the traceability and accountability of data-related actions within the project.

V. Conflict of Interest

A. Disclosure of Conflicts:

  • Full Disclosure: Participants, users, and software developers must make full and fair disclosure of any conflicts of interest or matters that could impair their independence, objectivity, or duty to the project.

Acknowledgements

This code of ethics and standards of professional conduct have been adopted from the CFA insitute's code of ethics and standards of professional conduct