{"id":11265,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm3\/"},"modified":"2026-09-22T07:44:15","modified_gmt":"2026-09-21T22:44:15","slug":"cfa-l1-equity-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities LM3\u3011Equity Issuance and Trading \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u767a\u884c\u5e02\u5834\u3068\u6d41\u901a\u5e02\u5834\u30fb\u53d6\u5f15\u6240\u3068\u5e97\u982d\u53d6\u5f15\u30fb\u6d41\u52d5\u6027\u6307\u6a19\u30fb\u682a\u4fa1\u6307\u6570"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 3\u300cEquity Issuance and Trading\uff08\u682a\u5f0f\u306e\u767a\u884c\u3068\u53d6\u5f15\uff09\u300d\u306f\u3001\u682a\u5f0f\u306e\u767a\u884c\u5e02\u5834\u3068\u6d41\u901a\u5e02\u5834\u306e\u6a5f\u80fd\u3001\u53d6\u5f15\u6240\u30fb\u53d6\u5f15\u6240\u5916\u30fb\u5e97\u982d\uff08OTC\uff09\u3067\u306e\u53d6\u5f15\u306e\u6bd4\u8f03\u3001\u4e0a\u5834\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u6307\u6a19\uff08\u6d6e\u52d5\u682a\u30fb\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8\u30fb\u56de\u8ee2\u7387\uff09\u3001\u305d\u3057\u3066\u682a\u4fa1\u6307\u6570\u306e\u7a2e\u985e\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM3\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM3\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u682a\u5f0f\u306e\u767a\u884c\u5e02\u5834\u3068\u6d41\u901a\u5e02\u5834\u304a\u3088\u3073\u305d\u306e\u6a5f\u80fd\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe primary and secondary public equity markets and their functions<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u53d6\u5f15\u6240\u53d6\u5f15\u3001\u53d6\u5f15\u6240\u5916\u53d6\u5f15\u3001\u5e97\u982d\u53d6\u5f15\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare exchange, off-exchange, and over-the-counter equities trading<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u4e0a\u5834\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u6307\u6a19\u3092\u8aac\u660e\u3057\u3001\u6d6e\u52d5\u682a\u3068\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">describe liquidity measures for a publicly listed security and calculate float and average daily volume<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u682a\u4fa1\u6307\u6570\u306e\u7a2e\u985e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe types of equity indexes<\/span><\/li>\n<\/ol>\n<h2>LM3\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u767a\u884c\u5e02\u5834\u3067\u306f\u767a\u884c\u4f53\u304c\u65b0\u3057\u3044\u8a3c\u5238\u3084\u65e2\u767a\u884c\u8a3c\u5238\u306e\u8ffd\u52a0\u682a\u5f0f\u3092\u6295\u8cc7\u5bb6\u306b\u58f2\u5374\u3057\u3001\u6d41\u901a\u5e02\u5834\u3067\u306f\u65e2\u5b58\u306e\u682a\u5f0f\u304c\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u58f2\u8cb7\u3055\u308c\u308b<\/li>\n<li>\u901a\u5e38\u53d6\u5f15\u6642\u9593\u4e2d\u306e\u53d6\u5f15\u6240\u53d6\u5f15\u306f\u4e00\u822c\u306b\u6d41\u52d5\u6027\u304c\u6700\u3082\u9ad8\u3044\u304c\u3001\u3054\u304f\u5c0f\u53e3\u3084\u3054\u304f\u5927\u53e3\uff08\u30d6\u30ed\u30c3\u30af\u30fb\u30c8\u30ec\u30fc\u30c9\uff09\u306e\u53d6\u5f15\u306f\u30d6\u30ed\u30fc\u30ab\u30fc\u3092\u901a\u3058\u3066\u53d6\u5f15\u6240\u5916\u3067\u57f7\u884c\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u30af\u30a9\u30fc\u30c8\u30fb\u30c9\u30ea\u30d6\u30f3\u578b\u306e\u5e97\u982d\u53d6\u5f15\u306f\u5c0f\u898f\u6a21\u4f01\u696d\u3067\u591a\u304f\u3001\u4e00\u822c\u306b\u6d41\u52d5\u6027\u304c\u4f4e\u3044<\/li>\n<li>\u6d41\u901a\u5e02\u5834\u306e\u6d41\u52d5\u6027\u306f\u3001\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306a\u3069\u306e\u53d6\u5f15\u30b3\u30b9\u30c8\u3084\u305d\u306e\u4ed6\u306e\u5e02\u5834\u7279\u6027\u3067\u6e2c\u3089\u308c\u308b\u3002\u58f2\u8cb7\u53ef\u80fd\u306a\u682a\u5f0f\u6570\u3068\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8\u306e\u6bd4\u8f03\u304c\u4e00\u822c\u7684\u306a\u8a55\u4fa1\u65b9\u6cd5<\/li>\n<li>\u5e83\u7bc4\u306a\u682a\u4fa1\u6307\u6570\u306b\u3088\u3063\u3066\u3001\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u3084\u4e00\u90e8\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u628a\u63e1\u3057\u3001\u500b\u5225\u9298\u67c4\u3084\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u76f8\u5bfe\u6bd4\u8f03\u3067\u304d\u308b<\/li>\n<li>\u898f\u6a21\u3084\u30bb\u30af\u30bf\u30fc\u306a\u3069\u306b\u57fa\u3065\u304f\u6307\u6570\u306f\u6295\u8cc7\u5546\u54c1\u3084\u904b\u7528\u6226\u7565\u306e\u57fa\u790e\u3068\u306a\u308a\u3001\u904b\u7528\u8005\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\u306b\u3082\u7528\u3044\u3089\u308c\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u767a\u884c\u5e02\u5834\u3068\u6d41\u901a\u5e02\u5834\u306e\u6a5f\u80fd<\/h3>\n<p><strong>\u767a\u884c\u5e02\u5834<\/strong>\u306f\u767a\u884c\u4f53\u304c\u65b0\u682a\u3092\u58f2\u5374\u3057\u3066\u8cc7\u672c\u3092\u8abf\u9054\u3059\u308b\uff08\u307e\u305f\u306f\u65e2\u5b58\u306e\u79c1\u7684\u6301\u5206\u3092\u516c\u958b\u682a\u5f0f\u306b\u8ee2\u63db\u3059\u308b\uff09\u5e02\u5834\u3001<strong>\u6d41\u901a\u5e02\u5834<\/strong>\u306f\u65e2\u767a\u884c\u682a\u5f0f\u304c\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u58f2\u8cb7\u3055\u308c\u308b\u5e02\u5834\u3067\u3059\u3002\u6d41\u901a\u5e02\u5834\u306f\u6d41\u52d5\u6027\u306e\u63d0\u4f9b\u306b\u52a0\u3048\u3001<strong>\u4fa1\u683c\u767a\u898b<\/strong>\u3068\u7d4c\u55b6\u9663\u30fb\u5229\u5bb3\u95a2\u4fc2\u8005\u3078\u306e\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u3068\u3044\u3046\u91cd\u8981\u306a\u6a5f\u80fd\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u5f0f\u516c\u958b\u306e\u624b\u6bb5\uff1aIPO\uff08\u5f15\u53d7\u3042\u308a\uff09\u3001SPAC\u3001\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30ea\u30b9\u30c6\u30a3\u30f3\u30b0\uff08\u5f15\u53d7\u306a\u3057\u3067\u65e2\u5b58\u682a\u5f0f\u3092\u4e0a\u5834\uff09\u3001\u88cf\u53e3\u4e0a\u5834<\/li>\n<li>IPO\u3067\u306f\u76ee\u8ad6\u898b\u66f8\u306e\u4f5c\u6210\u30fb\u627f\u8a8d\u3068\u30d6\u30c3\u30af\u30d3\u30eb\u30c7\u30a3\u30f3\u30b0\u3002\u5f15\u53d7\u4eba\u306e\u8a98\u56e0\u306b\u3088\u308aIPO\u306e\u30a2\u30f3\u30c0\u30fc\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\uff08\u521d\u65e5\u306e\u5024\u4e0a\u304c\u308a\uff09\u304c\u751f\u3058\u3084\u3059\u3044<\/li>\n<li>SPAC\uff1aIPO\u8cc7\u91d1\u3092\u4fe1\u8a17\u53e3\u5ea7\u306b\u7f6e\u304d\u3001\u4e00\u5b9a\u671f\u9650\u5185\uff08\u901a\u5e382\u5e74\u7a0b\u5ea6\uff09\u306b\u975e\u4e0a\u5834\u4f01\u696d\u3092\u8cb7\u53ce\uff08de-SPAC\uff09\u3001\u3067\u304d\u306a\u3051\u308c\u3070\u8cc7\u91d1\u3092\u8fd4\u9084<\/li>\n<li>\u516c\u52df\u5897\u8cc7\uff08seasoned\uff0ffollow-on offering\uff09\uff1a\u65b0\u682a\u767a\u884c\u306f\u5e0c\u8584\u5316\u578b\u3001\u65e2\u5b58\u682a\u4e3b\u306e\u58f2\u51fa\u3057\u306f\u975e\u5e0c\u8584\u5316\u578b<\/li>\n<li>\u767a\u884c\u5e02\u5834\u306f\u682a\u4fa1\u4e0a\u6607\u5c40\u9762\u3067\u6d3b\u767a\u3001\u6d41\u901a\u5e02\u5834\u306f\u4e0a\u6607\u30fb\u4e0b\u843d\u3069\u3061\u3089\u306e\u5c40\u9762\u3067\u3082\u91cd\u8981<\/li>\n<li>\u6d41\u901a\u5e02\u5834\u4fa1\u683c\u306e\u7528\u9014\uff1a\u30ea\u30bf\u30fc\u30f3\u306e\u6e2c\u5b9a\u3001\u8a55\u4fa1\u306e\u6bd4\u8f03\u57fa\u6e96\u3001\u7d4c\u55b6\u6210\u679c\u306e\u8a55\u4fa1\u3001\u682a\u5f0f\u5831\u916c\uff08RSU\uff09\u306e\u57fa\u6e96<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u53d6\u5f15\u6240\u30fb\u53d6\u5f15\u6240\u5916\u30fb\u5e97\u982d\u53d6\u5f15\u306e\u6bd4\u8f03<\/h3>\n<p><strong>\u53d6\u5f15\u6240\u53d6\u5f15<\/strong>\u306f\u3001\u4f1a\u54e1\u306e\u30d6\u30ed\u30fc\u30ab\u30fc\u30fb\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u6ce8\u6587\u3092\u6301\u3061\u8fbc\u307f\u3001\u6ce8\u6587\u7167\u5408\u30b7\u30b9\u30c6\u30e0\u3067\u58f2\u8cb7\u3092\u6210\u7acb\u3055\u305b\u308b<strong>\u30aa\u30fc\u30c0\u30fc\u30fb\u30c9\u30ea\u30d6\u30f3\u578b<\/strong>\u306e\u5e02\u5834\u3067\u3059\u3002\u5927\u53e3\u306e<strong>\u30d6\u30ed\u30c3\u30af\u30fb\u30c8\u30ec\u30fc\u30c9<\/strong>\u306a\u3069\u306f\u53d6\u5f15\u6240\u5916\u3067\u57f7\u884c\u3055\u308c\u3001<strong>\u5e97\u982d\uff08OTC\uff09\u5e02\u5834<\/strong>\u306f\u8907\u6570\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\u304c\u6c17\u914d\u3092\u63d0\u793a\u3059\u308b<strong>\u30af\u30a9\u30fc\u30c8\u30fb\u30c9\u30ea\u30d6\u30f3\u578b<\/strong>\u306e\u5e02\u5834\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u53d6\u5f15\u6240\uff1a\u5b9a\u3081\u3089\u308c\u305f\u53d6\u5f15\u6642\u9593\u3001100\u682a\u5358\u4f4d\u306e\u58f2\u8cb7\u3001\u6307\u5b9a\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\u3001\u4e0a\u5834\u8981\u4ef6<\/li>\n<li>\u660e\u793a\u7684\u30b3\u30b9\u30c8\uff08\u624b\u6570\u6599\uff09\u3068\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\uff08\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u3001\u9045\u5ef6\u30b3\u30b9\u30c8\u3001\u6a5f\u4f1a\u8cbb\u7528\uff09<\/li>\n<li>\u6210\u884c\u6ce8\u6587\u306f\u6700\u826f\u4fa1\u683c\u3067\u5373\u6642\u57f7\u884c\u3001\u6307\u5024\u6ce8\u6587\u306f\u8cb7\u3044\u306e\u4e0a\u9650\u4fa1\u683c\u30fb\u58f2\u308a\u306e\u4e0b\u9650\u4fa1\u683c\u3092\u6307\u5b9a<\/li>\n<li>\u53d6\u5f15\u6240\u5916\uff1a\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u682a\u5f0f\u3001\u3054\u304f\u5c0f\u53e3\u306e\u53d6\u5f15\u3001\u30d6\u30ed\u30c3\u30af\u30fb\u30c8\u30ec\u30fc\u30c9\uff08\u5927\u53e3\u306e\u4e00\u62ec\u53d6\u5f15\uff09\u3002\u5206\u5272\u57f7\u884c\u306a\u3069\u3067\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u3092\u6291\u3048\u308b<\/li>\n<li>OTC\uff1a\u5c0f\u898f\u6a21\u4f01\u696d\u304c\u4e2d\u5fc3\u3002\u57f7\u884c\u306e\u78ba\u5b9f\u6027\u306f\u9ad8\u3044\u304c\u900f\u660e\u6027\u304c\u4f4e\u304f\u3001\u6700\u826f\u4fa1\u683c\u3067\u306e\u57f7\u884c\u306e\u4fdd\u8a3c\u304c\u306a\u3044<\/li>\n<li>VWAP\uff08\u51fa\u6765\u9ad8\u52a0\u91cd\u5e73\u5747\u4fa1\u683c\uff09\uff1a\u65e5\u4e2d\u306e\u5024\u52d5\u304d\u306e\u628a\u63e1\u306b\u5229\u7528<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\uff08%\uff09\uff1d\uff08\u6700\u4f4e\u58f2\u308a\u6c17\u914d \u2212 \u6700\u9ad8\u8cb7\u3044\u6c17\u914d\uff09\u00f7 \u6700\u4f4e\u58f2\u308a\u6c17\u914d<\/div>\n<h3>LOS 3\uff1a\u6d41\u52d5\u6027\u6307\u6a19\u3068\u6d6e\u52d5\u682a\u30fb\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8<\/h3>\n<p>\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u306f\u3001\u30b3\u30b9\u30c8\u3068\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u4e21\u9762\u304b\u3089\u898b\u305f\u58f2\u8cb7\u306e\u3057\u3084\u3059\u3055\u3067\u3059\u3002\u4ee3\u8868\u7684\u306a\u6307\u6a19\u306f<strong>\u6d6e\u52d5\u682a\uff08market float\uff09<\/strong>\u3068<strong>\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8<\/strong>\u3067\u3001\u4e21\u8005\u306e\u6bd4\u7387\u3067\u3042\u308b<strong>\u56de\u8ee2\u7387<\/strong>\u306f1\u65e5\u306b\u6d6e\u52d5\u682a\u306e\u3069\u308c\u3060\u3051\u304c\u58f2\u8cb7\u3055\u308c\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6d6e\u52d5\u682a\uff1d\u767a\u884c\u6e08\u682a\u5f0f\u6570 \u2212 \u8b72\u6e21\u5236\u9650\u682a\u5f0f\u306a\u3069\u58f2\u8cb7\u3067\u304d\u306a\u3044\u682a\u5f0f<\/li>\n<li>\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8\uff1d\u4e00\u5b9a\u671f\u9593\uff08n\u65e5\uff09\u306e\u65e5\u6b21\u58f2\u8cb7\u682a\u6570\u306e\u5e73\u5747<\/li>\n<li>\u56de\u8ee2\u7387\uff1d\u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8 \u00f7 \u6d6e\u52d5\u682a<\/li>\n<li>\u4fdd\u6709\u682a\u306e\u58f2\u5374\u306b\u8981\u3059\u308b\u65e5\u6570\u306e\u76ee\u5b89\u306b\u306a\u308a\u3001\u5c0f\u578b\u682a\u306e\u5927\u53e3\u4fdd\u6709\u3067\u7279\u306b\u91cd\u8981<\/li>\n<li>\u5e02\u5834\u306e\u539a\u307f\uff08depth\uff09\uff1a\u6700\u826f\u6c17\u914d\u4ed8\u8fd1\u306e\u6ce8\u6587\u91cf\u3001\u5e02\u5834\u306e\u5e45\uff08breadth\uff09\uff1a\u6700\u826f\u6c17\u914d\u524d\u5f8c\u306e\u4fa1\u683c\u5e2f\u306e\u6ce8\u6587\u6570<\/li>\n<li>\u5e02\u5834\u306e\u56de\u5fa9\u529b\uff08resiliency\uff09\uff1a\u30b7\u30e7\u30c3\u30af\u5f8c\u306b\u5e02\u5834\u6e05\u7b97\u4fa1\u683c\u3078\u7d20\u65e9\u304f\u623b\u308b\u80fd\u529b\u3002\u539a\u307f\u3068\u5e45\u306f\u30b7\u30e7\u30c3\u30af\u306e\u521d\u671f\u5f71\u97ff\u3092\u548c\u3089\u3052\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u56de\u8ee2\u7387 \uff1d \u5e73\u5747\u65e5\u6b21\u51fa\u6765\u9ad8 \u00f7 \u6d6e\u52d5\u682a\uff08\u6d6e\u52d5\u682a \uff1d \u767a\u884c\u6e08\u682a\u5f0f\u6570 \u2212 \u58f2\u8cb7\u3067\u304d\u306a\u3044\u682a\u5f0f\uff09<\/div>\n<h3>LOS 4\uff1a\u682a\u4fa1\u6307\u6570\u306e\u7a2e\u985e<\/h3>\n<p>\u682a\u4fa1\u6307\u6570\u306f\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u628a\u63e1\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u8a55\u4fa1\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u904b\u7528\u306e\u57fa\u790e\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002\u5e83\u7bc4\u306a\u6307\u6570\u306e\u591a\u304f\u306f\u5927\u578b\u4e0a\u5834\u4f01\u696d\u3092\u5bfe\u8c61\u306b<strong>\u6d6e\u52d5\u682a\u8abf\u6574\u5f8c\u306e\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd<\/strong>\u3067\u7b97\u51fa\u3055\u308c\u3001\u307b\u304b\u306b<strong>\u30bb\u30af\u30bf\u30fc\u6307\u6570<\/strong>\u3001<strong>\u30c6\u30fc\u30de\u6307\u6570<\/strong>\u3001<strong>\u4ee3\u66ff\u7684\u306a\u30a6\u30a7\u30a4\u30c8<\/strong>\u306e\u6307\u6570\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e83\u7bc4\u306a\u6307\u6570\uff1a\u898f\u6a21\u3067\u968e\u5c64\u5316\u3002\u5e02\u5834\u4fa1\u5024\u306e\u5927\u90e8\u5206\u3092\u30ab\u30d0\u30fc\u3059\u308b\u7dcf\u5408\uff08composite\uff09\u6307\u6570\u3092\u5927\u578b\u30fb\u4e2d\u578b\u30fb\u5c0f\u578b\u306b\u5206\u5272<\/li>\n<li>\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u6307\u6570\u306f\u6700\u5927\u624b\u4f01\u696d\u3084\u5024\u4e0a\u304c\u308a\u3057\u305f\u9298\u67c4\u3001\u96c6\u4e2d\u3057\u305f\u696d\u7a2e\u306e\u5f71\u97ff\u3092\u5f37\u304f\u53d7\u3051\u308b<\/li>\n<li>\u30bb\u30af\u30bf\u30fc\u6307\u6570\uff1a\u540c\u696d\u4ed6\u793e\u3068\u306e\u6bd4\u8f03\u3001\u7279\u5b9a\u696d\u7a2e\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u6301\u3064\u5546\u54c1\u306e\u57fa\u790e<\/li>\n<li>\u30c6\u30fc\u30de\u6307\u6570\uff1a\u56fd\u5185\u6d88\u8cbb\u3001\u30a4\u30f3\u30d5\u30e9\u3001\u30b7\u30e3\u30ea\u30a2\u9069\u5408\u3001ESG\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306a\u3069<\/li>\n<li>\u4ee3\u66ff\u30a6\u30a7\u30a4\u30c8\uff1a\u5747\u7b49\u52a0\u91cd\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\uff08\u58f2\u4e0a\u9ad8\u30fb\u5229\u76ca\u30fb\u914d\u5f53\u30fb\u7c3f\u4fa1\u3001\u30af\u30aa\u30ea\u30c6\u30a3\u306a\u3069\uff09\u306b\u57fa\u3065\u304f\u52a0\u91cd<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm2\/\">LM2 Equity Jurisdictions, Classes, and the Voting Process\uff08\u682a\u5f0f\u306e\u6cd5\u57df\u30fb\u7a2e\u985e\u682a\u3068\u8b70\u6c7a\u6a29\u884c\u4f7f\u30d7\u30ed\u30bb\u30b9\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm4\/\">LM4 Sources of Equity Returns\uff08\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Equities\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Equities LM3\u300cEquity Issuance and Trading\uff08\u682a\u5f0f\u306e\u767a\u884c\u3068\u53d6\u5f15\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-11265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=11265"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11265\/revisions"}],"predecessor-version":[{"id":11313,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11265\/revisions\/11313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11266"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}