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Rules of Procedure

The Rules of Procedure for Professional Conduct (Rules) and CFA Institute Bylaws provide guidance for conducting investigations into allegations, determining violations, imposing sanctions, conducting disciplinary proceedings, and disclosing violations.

Periodically we review the Rules of Procedure, propose revisions to the Rules, invite member comment, and submit the proposed revisions to the Board of Governors for consideration.

Revisions to the Rules of Procedure

Recently, the Rules of Procedure underwent a comprehensive review and proposed changes were issued for public comment. The public comment period was open until 5 June 2021.

View a summary of the comments received (PDF)

Learn more about the changes (PDF)

View the Rules of Procedure: For Conduct Related to the Profession - red-lined (PDF)

View the Rules of Procedure: For Exam-Related Conduct - red-lined (PDF)

Current Rules of Procedure

Effective 1 December 2017, the Board of Governors approved the Rules of Procedure as amended and restated below:

Rules of Procedure: Professional conduct matters

Read the rules (PDF)

Rules of Procedure: Exam-related matters

Read the rules (PDF)

Applicable Rules for Individuals Under Investigation

Individuals under investigation for industry-related conduct who have not received a Statement of Allegations from the Professional Conduct Program prior to the effective date of the new Rules may choose to proceed under either their applicable Rules or the new Rules.

Any matter related to professional conduct for which the Professional Conduct Program has issued a Statement of Allegations prior to the effective date of the new Rules will proceed under their applicable Rules.

Learn more about the disciplinary process