Investment Industry Standards
An integral part of the CFA Institute mission is to develop and administer codes, best practice guidelines, and standards that guide the investment industry and help ensure all investment professionals place client interests first.
Global Investment Performance Standards
The GIPS® standards are a set of industry-wide principles that guide investment firms on how to calculate and report their investment results to prospective clients. We encourage firms to voluntarily adopt these standards.
ESG Disclosure Standards for Investment Products
CFA Institute is developing a voluntary, global industry standard that will establish disclosure requirements for investment products with ESG-related features. The purpose of the CFA Institute ESG Disclosure Standards for Investment Products is to provide greater product transparency and comparability to investors by enabling asset managers to clearly communicate the ESG-related features of their products.
Asset Manager Code
We offer the voluntary CFA Institute Asset Manager Code to help asset managers practice ethical principles that put client interests first. By helping investors identify asset managers who have committed to high standards of professional conduct, we are building the integrity of the investment industry.
Pension Trustee Code
The CFA Institute Pension Trustee Code of Conduct sets the standard for ethical behavior for a pension plan’s governing body. Adoption of the Code is voluntary and promotes professional excellence among a pension plan’s trustees and trust among the plan’s stakeholders.
Endowments Code of Conduct
The CFA Institute Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations outlines ethical responsibilities for the sound management of longer-term financial assets.
Analyst Issuer Guidelines
The CFA Institute Analyst/Issuer Guidelines promote higher standards for relations between corporate issuers (corporations that issue publicly traded securities) and the analysts who cover them.
Soft Dollar Standards for Client Brokerage
Soft dollar (or soft commission) practices involve using client brokerage commissions to purchase research that helps managers to make investment decisions.
Research Objectivity Standards
The CFA Institute Research Objectivity Standards help sell-side investment firms and professionals develop objective and independent research reports.
Trade Management Guidelines
The CFA Institute Trade Management Guidelines help investment firms, investment professionals, and investors better understand the complexities of "best execution," the trading process that maximizes the value of a client's portfolio.