Member and Candidate Sanctions

The goals of CFA Institute disciplinary sanctions are to protect the investing public, maintain market integrity, and promote and reinforce public confidence in the investment profession, as embodied by our members and candidates who have committed themselves to the highest standards of professional ethics.

Sanction Types

Sanction types are based on the Rules of Procedure for Professional Conduct (Rule 1.6) and include the following.

Private Reprimand

An admonishment in writing where the Notice of Disciplinary Action includes only the conduct, excludes the Covered Person's identifying information, and will not be disclosed to third parties upon request.

Censure

An admonishment in writing where the Notice of Disciplinary Action will include the conduct, may include the Covered Person’s identifying information, and will be disclosed to third parties upon request. (Previously Public Censure)

Suspension of Membership

Covered Person’s memberships in CFA Institute and member societies are terminated for a specified period of time.

Suspension of the Right to Use the CFA Designation

Covered Person’s memberships in CFA Institute and member societies, as well as the right to use the CFA designation, are terminated for a specified period of time.

Revocation of Membership

Covered Person’s memberships in CFA Institute and member societies are permanently terminated.

Summary Suspension

Covered Person’s membership in CFA Institute and/or member societies and/or the right to use the CFA designation and/or participate in the CFA Program is automatically terminated.

Suspension from Participation in the CFA Program

Covered Person’s participation in the CFA Program is terminated for a specified period.

Prohibition from Participation in the CFA Program

Covered Person is permanently barred from participation in the CFA Program.

Sanctions for Matters Related to Professional Conduct

Matters related to professional conduct reflect allegations and violations of the Code and Standards. These matters are relevant to clients, potential clients, securities markets, employers, other members, and the public.

View current industry-related sanctions (by name)

View statistics regarding sanctions for professional conduct matters (PDF)

Read the sanctions guidelines for professional conduct matters (PDF)

Sanctions for Exam-Related Matters

Exam-related matters reflect allegations and violations of the exam rules and regulations of the CFA, CIPM, and Investment Foundations Programs. All exam-related matters that result in a sanction include an automatic voiding of exam results.

View exam-related sanctions imposed

View statistics regarding sanctions for exam-related matters (PDF)

Read the sanctions guidelines for exam-related matters (PDF)

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