CFA Institute has published our Consultation Paper outlining a series of potential revisions to the CFA Institute Code of Ethics and Standards of Professional Conduct.
We invite CFA Institute members and interested parties to review the revisions under consideration and to submit comments during the 60-day consultation window ending 8 July 2022. Learn more about the proposed changes, the process for identifying these revisions, and what comes next.
Why Does This Matter?
The CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) are fundamental to the values of CFA Institute and essential to achieving our mission to lead the investment professional globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.
The Code and Standards remain the ethical benchmark for the conduct of investment professionals around the globe. All members of CFA Institute, including CFA® charterholders, CIPM® designation holders, and candidates for the CFA Program and the CIPM Program, are required to comply with, and attest to their compliance with, the provisions of the Code and Standards.
Violations of the Code and Standards may result in disciplinary sanctions by CFA Institute, including revocation of membership, termination of candidacy in the CFA Program, and revocation of the right to use the CFA designation.
What Might Change?
Potential revisions to the Code and Standards include
- Adding a general Transparency standard
- Revising the Conflict of Interest standard to address avoiding conflicts of interest
- Adding a standard requiring disclosures relating to the nature of services and fees, costs or compensation
- Supplementing the Supervisory Responsibility standard to require senior leaders to promote an ethical culture in their firm
- Establishing an exception to the Confidentiality Standard relating to impaired clients
- A new standard specifically requiring competency
- Consolidating and combining certain standards
What’s Next?
The SPC will review all comments from the 60-day consultation period ending on 8 July 2022 and make adjustments to reflect input, as appropriate.
An Exposure Draft with the specific language of any changes to the Code and Standards will then be released for member and public comment.
Because changes to the Code and Standards affect membership obligations, the Board of Governors will then review and provide final approval of any revisions.
How You Can Participate
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