Sanctions & StatisticsView statistics of Professional Conduct investigations and sanctions


Industry-Related Violations 
Industry-related sanctions are issued for professional conduct in violation of the Code of Ethics and Standards of Professional Conduct that impacts clients, potential clients, securities markets, employers, other members, and the public as a whole.
CFA Exam-Related Violations
Exam-related sanctions are issued for violating the rules and regulations of the CFA Program.
 

Sanction Types

Sanction types, based on Rule 1.6 of the Rules of Procedure for Professional Conduct, include the following: 
  • Private Reprimand (previously referred to as Private Censure). 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.

Our Process

Learn about how we investigate alleged violations.