Ethical & Professional Standards

Act with integrity/competence/respect; place client and profession integrity above self-interest; use reasonable care and independent professional judgment; practice and encourage ethical conduct; promote market integrity; maintain and improve professional competence.

The Code is a set of high-level ethical principles; the Standards are specific, enforceable rules that operationalize the Code into conduct requirements members and candidates must follow.

I Professionalism; II Integrity of Capital Markets; III Duties to Clients; IV Duties to Employers; V Investment Analysis, Recommendations and Actions; VI Conflicts of Interest; VII Responsibilities as a CFA Institute Member or Candidate.

Members must comply with the more strict of the applicable law, regulation, or the Code and Standards. The stricter rule governs when there is a conflict.

Dissociate from the activity. This may require reporting it to supervisors or compliance and, if not stopped, leaving the involvement; mere disagreement is insufficient.

No. The Code does not require reporting violations to governmental authorities unless law mandates it, but disassociation from the violation is required. Reporting may be prudent or encouraged.