All CFA Institute members and candidates are required to comply with the Code and Standards
Basic structure for enforcing the Code and Standards The CFA Institute Bylaws primary principles Based on two Fair process to member and candidate Confidentiality of proceedings

Rules of Procedure

Maintains oversight and responsibility The CFA Institute Board of Governors Through the Disciplinary Review Committee (DRC) Is responsible for the enforcement of the Code and Standards Conducts professional conduct inquiries

Structure of the CFA Institute Professional Conduct Program

Professional Conduct program (PCP) The CFA Designated Officer Selfdisclosure An inquiry can be prompted by several circumstances

Directs professional conduct staff

Written complaints Evidence of misconduct Report by a CFA exam proctor

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Interviewing

The Professional Conduct staff conducts an investigation that may include

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1. Code Of Ethics And Standards Of Professional Conduct

Collecting documents and records in support of its investigation Conclude the inquiry with no disciplinary sanction Issue a cautionary letter If finding that a violation of the Code and Standards occurred, the Designated Officer proposes a disciplinary sanction

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Process for the enforcement of the Code and Standards

When an inquiry is initiated

Upon reviewing the material obtained during the investigation, the Designated Officer may

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Requesting a written explanation from the member or candidate The member or candidate Complaining parties Third parties

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Accepted by member The matter is referred to a hearing by a panel of CFA Institute members

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Continue proceedings to discipline the member or candidate

Rejected by member

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