Disciplinary Procedures

 

The CFA Institute Bylaws (PDF) and Rules of Procedure for Proceedings Related to Professional Conduct (PDF) form the basic structure for enforcing the code and standards.

 

We conduct investigations in accordance with the following:  

• Rules of Procedure (PDF) for investigations opened prior to 21 May 2006

• Rules of Procedure (PDF) for investigations opened after 21 May 2006

• Rules of Procedure (PDF) for investigations opened after 14 May 2007

  • Flowchart (PDF) of the professional conduct process for exam-related conduct

  • Flowchart (PDF) of the professional conduct process for industry-related conduct

 

Procedure
All alleged violations of the code and standards are investigated by the Professional Conduct Program staff. Upon completion of an investigation, if the designated officer (a regular member of CFA Institute appointed by the CFA Institute Board of Governors) determines a violation of the code and standards occurred, a disciplinary sanction is recommended.  The member and/or candidate may accept the designated officer’s recommended sanction or proceed to a Hearing Panel.

 

Disciplinary Sanctions
The following sanctions are authorized by the bylaws:

 

• Private censure

• Public censure

• Suspension of membership for a specified period of time

• Suspension of use of the CFA designation for a specified period of time

• Revocation of membership

• Revocation of the CFA designation

• Suspension (summary, permanent, or for a specified period of time) from further participation in the CFA Program

 

Notices of disciplinary sanction are published in CFA Magazine or other CFA Institute publications.

Statistics

Industry-related Statistics (PDF)

Exam-related Statistics (PDF)