CFA Institute Professional Conduct Program

All CFA Institute members and candidates enrolled in the CFA Program are required to comply with the Code and Standards.

The CFA Institute Professional Conduct Program is enforced by the Disciplinary Review Committee of the CFA Institute and is covered by the Bylaws and the Rules of Procedure for Proceedings Related to Professional Conduct.

The Rules of Procedure are based on two primary principles:

1)    Fair process to the member and candidate and

2)    Confidentiality of proceedings.

The CFA Institute Designated Officer, along with the Professional Conduct staff, conducts enquiries related to professional conduct.

These inquiries mat be prompted in many ways:

  1. Self-disclosure by members or candidates. All members and candidates are required to self-disclose all matters related to their professional conduct on annual Professional Conduct Statement. This includes any civil litigation, professional investigation, or written complaint.
  2. Written complaints about a member or candidate's professional conduct.
  3. Evidence of misconduct by a member or candidate through media or any other public source.
  4. A violation report by a CFA exam proctor

When an enquiry is initiated, the Professional Conduct staff will conduct an investigation. Upon review, the Designated Officer will conclude the enquiry in one of the following ways:

  1. No disciplinary sanctions are appropriate
  2. Issue a cautionary letter
  3. To discipline the member or candidate sanctions may include condemnation by member’s peers or charter suspension

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