These are part of all three tests, so memorize them.  They apply to members and candidates.  An extension note is provided for each, to enhance understanding; the extensions represent a single example but are not exhaustive.

1. Professionalism

• Know the law. Extension: Members discovering or suspecting a legal violation should report this to their supervisor or the firm's compliance department.
• Preserve independence and objectivity. Extension: Modest gifts to members are allowable, but you must reject offers that would threaten objectivity.
• Do not misrepresent. Extension: Member may not copy the work of another without citing the source of the material.
• Misconduct (not engaging in). Extension: Member must not act in a manner that creates a lack of confidence in professional judgment, like drinking on the job.

2. Capital Market Integrity

• Material non-public info - Do not act or cause others to act when you have it. Extension: Info can be deemed material if it is knowledge that an investor would want to know before making a buy/sell decision.
• Market manipulation - not acting to distort prices of inflate trading volumes with the intent to deceive market participants. Extension: Members must not spread false rumors designed to drives prices up, so a position can be sold at an artificially high price.

3. Duties to Clients

• Loyalty, prudence and care. Extension: An investment manager should handle client transactions with the same level of care that he/she would apply to his/her own assets.
• Fair dealing. Extension: If a recommendation has recently changed, then the investment manager should inform the client seeking to implement an investment decision to the contrary.
• Suitability. Extension: If a manager is investing to a dedicated strategy, such as large cap domestic stocks, then he/she must adhere to that strategy.
• Performance presentation. Extension: Members cannot imply that past performance is an indicator of future returns.
• Confidentiality. Extension: the member/candidate must keep client (current, former, and prospective) info confidential unless: info concerns illegal client activity, the law requires disclosure, or the client permits disclosure.

4. Duties to Employers

• Loyalty. Extension: Member cannot engage in activity that competes with their employer's interest.
• Additional compensation. Extension: Members must obtain written consent from all stakeholder parties, when third party compensation could even potentially create a conflict of interest with the employer.
• Responsibilities of supervisors. Extension: Members should decline in writing to accept supervisory responsibility when the firm does not have an adequate internal compliance system.

5. Investment Analysis, Recommendations, and Actions

• Diligence and reasonable basis. Extension: Members are allowed to use third party research to make a recommendation as long as they have made a sufficient effort to determine that the research is quality.
• Communications with clients. Extension: Members must distinguish between fact and opinion when discussing investments with clients.
• Record retention. Extension: If there are no specific legal regulations, firms are recommended to retain records for seven years.

6. Conflicts of Interest

• Disclosure of conflicts. Extension: disclosure needs to be prominent and easy to understand.
• Priorities of transactions. Extension: the candidate must execute transactions in order: first for clients; second for the firm; and third for themselves.
• Referral fees. Extension: if an equity investment management firm is compensated for recommending its clients to a specific firm for its fixed income investment, then the equity firm must disclose the nature of this payment when making the recommendation to its clients.

7. Responsibilities as a Member and Candidate

• Conduct. Extension: Members can tell potential employers that they passed all three exams on the first attempt, but cannot imply any special abilities as a result of this accomplishment.
• Referencing the designation. Extension: There are several ways to inappropriately display the designation or refer to candidacy. Be sure to review these in anticipation of getting one question on the matter.