Sanctions & Statistics

Learn about the types of sanctions and view statistics of Professional Conduct Program investigations.

Sanction Types

Sanction types are based on the Rules of Procedure for Professional Conduct (Rule 1.6) and include:
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
Previously referred to as Public 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.
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.
Revocation 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 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.

Exam-Related Statistics

Exam-related statistics 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.

Industry-Related Statistics

Industry-related statistics 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 as a whole.