Seven Standards of Professional Conduct

The CFA members and candidates are expected to know and adhere by the following standards of professional conduct:

I. Professionalism

1. Knowledge of the law
2. Independence & objectivity
3. Misrepresentation
4. Misconduct

II. Integrity of capital market

1. Material nonpublic information
2. Market manipulation

III. Duties to clients

1. Loyalty, prudence & care
2. Fair dealing
3. Suitability
4. Performance presentation
5. Preservation of confidentiality

IV. Duties to employers

1. Loyality
2. Additional compensation arrangement
3. Responsibilities of supervisors

V. Investment analysis, recommendations & actions

1. Diligence & reasonable basis
2. Communication with clients & prospective clients
3. Record retention

VI. Conflicts of interest

1. Disclosure of conflicts
2. Priority of transaction
3. Referral fees

VII. Responsibilities as a CFA Institute member or CFA candidate

1. Conduct as member & candidate in the CFA program
2. Reference to CFA I, the CFA Designation & the CFA Program