The CFA Institute Bylaws (PDF) require that members and candidates adhere to all applicable rules and regulations relating to professional conduct, including

• the Code of Ethics and Standards of Professional Conduct,
• the CFA Program rules and policies, and the CIPM program rules and policies.

The Bylaws also require that members and candidates file a Professional Conduct Statement annually (or with each exam registration), disclosing any allegations of professional misconduct investigations and disciplinary proceedings.

Disciplinary sanctions may be imposed on a member or candidate for:

• A violation of the Code of Ethics and Standards of Professional Conduct
• A violation of the CFA Program rules and policies, or the CIPM program rules and policies
• A conviction or guilty plea for either a felony or a crime punishable by more than one year in prison
• A permanent or indefinite bar from registration in the securities industry
• Falsification of information on enrollment, registration, or membership application forms
• Failure to cooperate in a professional conduct investigation or proceeding