Standard III (C) – Suitability
1. When Members and Candidates are in an advisory relationship with a client, they must: Make a reasonable inquiry into a client’s or prospective client’s investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or…
Standard III (B) – Fair Dealing
Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities. Members and Candidates are required to treat all clients fairly when sharing investment…
Standard III(A) – Loyalty, Prudence, and Care
Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients’ interests before their employer’s…
Standard II (B) – Market Manipulation
Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants. Guidance Members are required to comply with Standard II(B) – Market Manipulation to promote the integrity of…
Standard II (A) – Material Nonpublic Information
Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information. Guidance Trading or causing others to trade on material nonpublic information impairs market…
Standard I (D) – Misconduct
Members and Candidates must not engage in any professional conduct involving dishonesty fraud, or deceit, or commit any act that reflects adversely on their professional reputation, integrity, or competence. Guidance Standard I(D) – Misconduct addresses all conduct that reflects poorly…
Standard I (C) – Misrepresentation
Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities. Trust is paramount in the investment profession. Misrepresentation is broadly defined as making any false statements or deliberate omission of facts….
Standard I (B) – Independence and Objectivity
Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected…
Standard 1(A) – Knowledge of the Law
Members and Candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities….
The Ethical Responsibilities Required of CFA Institute Members and Candidates in the CFA Program by the Code and Standards
The framework laid out by the Codes and Standards functions as an ethical guide, intending to promote the highest ethical responsibilities and values for Members and Candidates. The Standards are complete with practical ethical examples and expectations set by the…
