The following disciplinary notices relate to improper conduct by candidates while taking the CFA examination. In each case, the sanction, voiding of examination results, and publication of the notice were administered in accordance with the CFA Institute Rules of Procedure for Proceedings Related to Professional Conduct (“Rules of Procedure”).

By signing the Candidate Pledge, every candidate acknowledges that a violation of the rules and regulations of the CFA Program will result in CFA Institute voiding examination results and may lead to suspension or termination of candidacy in the CFA Program.

By signing the Candidate Pledge, every candidate certifies they will follow all rules of the CFA Program. Candidates were advised through several communications, including the examination admission ticket, CFA Institute website, and the oral statement read prior to the commencement of the exam, of the requirement to stop writing immediately when instructed to do so.

Notwithstanding this requirement, forty-nine Level I candidates, eight Level II candidates, and five Level III candidates continued to write their examinations after time was called. The CFA Institute Professional Conduct Program investigated these cases and found that each candidate engaged in the conduct and thereby violated the CFA Program Examination Rules and Regulations and Standards of Professional Conduct. Forty-four of the candidates accepted the sanction of Private Censure and Voiding of Examination Results. Eighteen of the candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure and Voiding of Examination Results on thirteen candidates. The Hearing Panels also imposed the sanction of One Year Suspension from Participation in the CFA Program and Voiding of Examination Results on Yan Jin, a Public Censure and Voiding of Examination Results on Ran Ben Daniel, a voiding of examination results only on a Level I candidate, a Private Censure (no examination results to void) on a Level I candidate, and a Two Year Suspension from Participation in the CFA Program and Voiding of Examination Results on a Level I candidate. 

Use of Scratch Paper

Invalid Identification

The CFA Institute identification policy requires that a candidate’s ID must:

• Be current and valid — it cannot be expired
• Contain the candidate’s photo
• Be issued by a government agency
• Be a single document (not a combination of two or more pieces of identification, such as an expired photo driver’s license with a separate renewal certificate)
• Be an original document. Photocopies of ID documents will not be accepted

Despite this policy requirement, three Level I candidates and two Level II candidates presented to the examination with an invalid ID. The Professional Conduct Program investigated the matters and found that the candidates’ IDs were not valid and thereby violated the CFA Program Examination Rules and Regulations. One candidate accepted the sanction of Private Censure and Voiding of Examination Results. Two candidates, Marilyn Xin Huang and Yi Yao, accepted the sanction of Two Year Suspension from Participation in the CFA Program and Voiding of Examination Results. One candidate requested a Hearing Panel. After consideration of the evidence, the Hearing Panel determined to impose a Voiding of Examination Results on the candidate.

Only the following two calculator models are approved for use on the CFA examinations:

• Hewlett Packard 12C (including the Hewlett Packard 12C Platinum)
• Texas Instruments BAII Plus

Despite this policy requirement, fifteen Level I candidates and one Level II candidate presented to the examination with an unauthorized calculator. The Professional Conduct Program investigated these matters and found that the candidates’ calculators were unauthorized and thereby violated the CFA Program Examination Rules and Regulations. Eleven candidates accepted the sanction of Private Censure and Voiding of Examination Results.  Five candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure and Voiding of Examination Results on three candidates, a Voiding of Examination Results on one candidate, and a Public Censure and Voiding of Examination Results on Xuegang Wang.

Opening Question Booklet before Start of Exam

Six Level I candidates, three Level II candidates and one Level III candidate opened the examination book prior to commencement of the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. Six of the candidates accepted the disciplinary sanction of Private Censure and Voiding of Examination Results. Four candidates requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Private Censure and Voiding of Examination Results on three candidates, and the sanction of One Year Suspension from Participation in the CFA Program and Voiding of Examination Results on one candidate. 

All candidates were advised that possession of any information related to the Candidate Body of Knowledge was prohibited at the test center.

Notwithstanding this prohibition, one Level I candidate, Matthew Brice, maintained access to information related to the Candidate Body of Knowledge during the examination. The Professional Conduct Program investigated the matter and found that possession of the material/information violated the CFA Program Examination Rules and Regulations and Standards of Professional Conduct. The candidate accepted a Three Year Suspension from Participation in the CFA Program and Voiding of Examination Results. 

All candidates were advised that they may not remove pages from the examination book and/or remove examination materials or notes from the testing room. 

Notwithstanding this prohibition, one Level I candidate, Jie Hua, removed examination pages from the exam book. The Professional Conduct Program investigated the matter and found that the candidate engaged in the conduct violated the CFA Program Examination Rules and Regulations and Standards of Professional Conduct. The candidate accepted a Permanent Suspension from Participation in the CFA Program and Voiding of Examination Results.

All candidates were advised that possession and/or use of electronic devices, such as cell phones, pagers, and cameras were prohibited in the examination room.

Notwithstanding this prohibition, a Level I candidate, Chunhui Fan possessed and used a camera during the examination. The Professional Conduct Program investigated the matter and found that the candidate engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. The candidate accepted a Permanent Suspension from Participation in the CFA Program and Voiding of Examination Results.

A Level I candidate possessed a cellular telephone during the examination. The Professional Conduct Program investigated the matter and found that the candidate engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. The candidate accepted a Private Censure and Voiding of Examination Results.

All candidates were advised that they may not speak to anyone other than a proctor during the exam.

Notwithstanding this prohibition, three Level I candidates and two Level II candidates spoke to fellow candidates during the administration of the examination. The Professional Conduct program investigated these matters and found that the candidates engaged in the conduct and thereby violated the CFA Program Rules and Regulations and Standards of Professional Conduct. The candidates accepted a Private Censure and Voiding of Examination Results.

Each candidate in the CFA Program attests through the Candidate Pledge that during the examination they will neither give nor receive assistance in taking the examination. Looking or glancing at another candidate’s answer sheet or giving the appearance of looking or glancing at another candidate’s answer sheet violates the CFA Program Examination Rules, the Code of Ethics, and the CFA Institute Standards of Professional Conduct.

Despite these requirements, nine Level I candidates, six Level II candidates, and one Level III candidate were either observed looking and/or giving the appearance of looking at other candidates’ examinations/answer sheets during the examination. The CFA Institute Professional Conduct Program investigated these matters and found that the candidates engaged in the conduct, thereby violating the CFA Program Examination Rules and Regulations, Code of Ethics, and the Standards of Professional Conduct. Ten candidates, Shweta Jain, Aaron Lin, Jay Jaysinh Asher, Liming Pan, Seung Jae Min, Robert Ritter, Vladimir Gayduchkov, Pavel Abramov, Shung Hei Chiu, and Feng Li accepted the public sanction of Five Year Suspension from Participation in the CFA Program and Voiding of Examination Results and one candidate, Oliver Shumacher, accepted the sanction of Permanent Suspension from Participation in the CFA Program and Voiding of Examination Results. Two candidates, Siddharth Sharda and Anurag Chowdhary, accepted the sanction of Two Year Suspension from Participation in the CFA Program and Voiding of Examination Results for giving the appearance of looking. Three candidates, Brett Eggleston, Hongchuan Teng, and Todor Angelov requested a Hearing Panel. After consideration of the evidence in each respective case, the Hearing Panel imposed the sanction of Five Year Suspension from Participation in the CFA Program and Voiding of Examination Results on each candidate. 

Yuan Zhou received a Summary Suspension from further participation in the CFA Program. The candidate violated the CFA Institute Bylaws that requires candidates to submit information requested relating to professional conduct and activities.