Ethical and Professional Standards

Members and candidates must (1) act with integrity, competence, diligence, respect and ethically; (2) place the integrity of the profession and clients' interests above their own; (3) use reasonable care and independent professional judgment; (4) practice and encourage others to practice professionally and ethically; (5) promote the integrity and viability of global capital markets; (6) maintain and improve their professional competence.

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 CFA Candidate.

Inquiries can be triggered by self-disclosure on the annual Professional Conduct Statement, written complaints from clients or others, public sources such as media reports or regulatory actions, reports from exam proctors about candidate conduct, or analysis of exam results and materials.

Staff may conclude no action is needed, issue a cautionary letter, continue investigating, or propose a disciplinary sanction. The member may accept the sanction or reject it, in which case a hearing panel of the Disciplinary Review Committee reviews the matter.

Public censure, suspension of membership and use of the CFA designation, revocation of membership and the charter, and for candidates, suspension or prohibition from further participation in the CFA Program (and voiding exam results).

Follow the stricter of the applicable law or the Code and Standards. If the law is stricter, follow the law; if the Code and Standards are stricter, follow them. The member must not knowingly participate in or assist violations.