The CFA Institute Bylaws (PDF) and Rules of Procedure for Professional Conduct (PDF) govern the disciplinary process, from conducting investigations into allegations of professional misconduct to determining violations, imposing sanctions, conducting disciplinary proceedings, and disclosing violations.

The Rules of Procedure are based on two primary principles:

1. fair process to the member/candidate
2. confidentiality of proceedings.

Our disciplinary process includes the following:

We monitor member and candidate compliance with our ethical standards through:

• self-disclosures
• written complaints
• internal initiatives

Alleged violations of the code and standards are investigated according to the CFA Institute Bylaws (PDF) and Rules of Procedure for Professional Conduct (PDF). The Professional Conduct Program investigates both exam- and industry-related conduct.

• Exam-related conduct - Any activity or conduct related to participation in the CFA Program and any conduct that could compromise the reputation, integrity, validity, or security of the CFA exam.
• Industry-related conduct - Any activity or conduct, excluding exam-related conduct, governed by the Code of Ethics and Standards of Professional Conduct.

Investigations are conducted by members of the Professional Conduct Program who present findings and recommendations to the Designated Officer, a regular member of CFA Institute. 

The Designated Officer makes a determination as to whether the alleged violation has occurred and recommends an appropriate sanction. The member or candidate may accept the recommended sanction or request a disciplinary hearing conducted by members of the Disciplinary Review Committee. If the investigation determines a violation occurred, a disciplinary sanction is recommended. The member and/or candidate may accept the recommended sanction or proceed to a hearing panel.

In cases that proceed to disciplinary panels, the PCP advocates on behalf of membership by presenting evidence and recommendations. 

All disciplinary proceedings are conducted by members of the Disciplinary Review Committee in accordance with the Rules of Procedure for Professional Conduct. See the flow charts illustrating the disciplinary process below:    

• Exam-Related Case Flow
• Industry-Related Case Flow
• Review Panels Process Flow

Notice of disciplinary sanctions are published in CFA Institute Magazine or other CFA Institute publications. Disciplinary sanctions may be imposed on a member or candidate for:

• a violation of the CFA Institute Code of Ethics and Standards of Professional Conduct
• a violation of the CFA Program Rules and Regulations
• 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