Standard II – Integrity of Capital Markets
The second standard, integrity, has two sub-parts:
A. Material Non-public Information
The Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.
B. Market Manipulation
The Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.
- CFA Institute Professional Conduct Program
- Six Components of the Code of Ethics
- Seven Standards of Professional Conduct
- Standard I - Professionalism (Standards of Professional Conduct)
- Standard II – Integrity of Capital Markets
- Standard III – Duties of Clients
- Standard IV – Duties to Employers
- Standard V – Investment Analysis, Recommendations, and Actions
- Standard VI – Conflicts of Interest
- Standard VII – Responsibilities of a CFA Institute Member or CFA Candidate