Lesson 2 of 5 · 13 min
Who maintains and enforces the Code and Standards
The Standards of Practice Council maintains the Code and Standards, while the Professional Conduct Program, together with the Disciplinary Review Committee, investigates possible breaches and imposes sanctions.
In short
- Every CFA Institute member and every candidate enrolled in the CFA Program must comply with the Code and Standards.
- The Board of Governors oversees the Professional Conduct Program (PCP), which enforces the Code and Standards with the Disciplinary Review Committee (DRC), a volunteer committee of charterholders. The Rules of Procedure set the basic structure.
- Inquiries start from: self-disclosure on the annual Professional Conduct Statement, written complaints, the media and other public sources, exam proctor reports, and post-exam analysis and social-media monitoring.
- Staff may close the case, issue a cautionary letter or pursue discipline. The member or candidate can accept or reject the charges; only a rejection sends the case to a DRC panel.
- Sanctions: public censure, suspension of membership and use of the designation, revocation of the charter; candidates can be suspended or barred from the program.
- The Standards of Practice Council (SPC) maintains and interprets the Code and Standards; the Standards of Practice Handbook is the main guide to applying them.
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