Disciplinary Review Committee

Purpose

The Disciplinary Review Committee (DRC) is a volunteer committee of CFA Institute Charterholder members who are responsible for enforcing the Code of Ethics and Standards of Professional Conduct and the rules and regulations of the CFA® Program and CIPM® Program. The DRC is established by the CFA Institute Board of Governors pursuant to the CFA Institute Bylaws. The DRC:

Hears and decides disciplinary matters related to alleged violations of the Code and Standards and the rules and regulations of the CFA Program;
Reviews and decides appeals and certain stipulated and summary disciplinary matters; and
Reviews and recommends changes to the Rules of Procedure.

The DRC Nominating Committee is responsible for recruiting Charterholder members for the DRC, and strives for a fair representation of the differing areas of industry practice, experience, history of volunteer involvement, commitment to ethical standards, and geographic locations of CFA Institute members.

Selection of DRC Members

DRC members serve for a term of one year, renewable annually for a maximum of six years. Terms may be staggered to allow for turnover and continuity.

DRC application process: The application period for the CFA Institute Disciplinary Review Committee (DRC) has closed. The application period for the next fiscal year will re-open early next year.

Volunteer Qualifications: Members must be CFA Institute Members who have held the charter for at least three (3) years, with a minimum of five (5) years of experience in the industry.

Volunteer commitment: Service on the DRC requires significant time commitment (about 100-150 hours), some of which will be during the work week. Members may be asked to serve on in-person hearing panels that require international travel.

Conflicts specific to the role: Must be a member in good standing; Must disclose every relationship with a prep provider, including work for a society-sponsored prep course; Prohibited from working for a prep provider while on the DRC and for one year after completion of term; May not be currently enrolled in the CFA Program; Must disclose all work (including volunteer) for another testing, credentialing, or licensing organization in the finance industry; Prohibited from working for another such organization while on the DRC; Disclose all immediate family and household members enrolled in the CFA or CIPM Program; May not serve if an immediate family member or household member is enrolled in CFA Program; Disclose all working relationships with individuals enrolled in the CFA and/or CIPM Program; Prohibited from acting as a CFA or CIPM exam team member, Council of Examiners member, PCR, CFA exam proctor, CFA exam supervisor, data forensics subject matter expert, EAS personnel, or any other role in exchange for compensation from CFA Institute.

Questions about the process or application?
Contact the Disciplinary Review Committee.

Members

DRC Chair
Member of CFA Society Cleveland

DRC Deputy Chair
Member of CFA Society Switzerland

DRC Executive Team
Member of CFA Society Switzerland

DRC Executive Team
Member of CFA Society Singapore

DRC Executive Team
Member of CFA Society Istanbul

DRC Executive Team
Member of CFA Society Cayman Islands

Member of CFA Society Nigeria

Member of CFA Society Australia

Member of CFA Society Washington, DC

Member of CFA Society Toronto

Member of CFA Society East Africa

Member of CFA Society Toronto

Member of CFA Society Colorado

Member of CFA Society Boston

Member of CFA Society United Kingdom

Member of CFA Society Finland

Member of CFA Society North Carolina

Member of CFA Society Shenzhen

Member of CFA Society Edmonton

Member of CFA Society Milwaukee

Member of CFA Society Oklahoma

Member of CFA Society Los Angeles

DRC Liaison Staff

Chief Legal and Compliance Officer

Sheri Littlefield is responsible for the organization's global legal services, compliance and ethics, board services, and disciplinary functions. As Chief Legal and Compliance Officer, she oversees all legal and compliance matters on a global basis and serves as advisor to CFA Institute leadership and Board of Governors. She also is responsible for oversight of the enforcement of CFA Institute’s Code of Ethics and Standards of Professional Conduct.

Littlefield joined CFA Institute in 2015, following a 10-year career at General Electric. At GE, she most recently served as General Counsel at GE Industrial Solutions. In that role, she led a global team of legal and compliance professionals running critical compliance, trade, IP, labor, litigation, and transactional support. Littlefield also served as General Counsel to GE Intelligent Platforms, and as Counsel to the Hudson River Program, which was one of the largest and most logistically complex environmental cleanups in U.S. history. Prior to joining GE, Littlefield was counsel in the Albany office of Nixon Peabody. She graduated from George Washington University with a Bachelor of Arts degree in political science and a minor in Japanese. Littlefield earned a Juris Doctor degree from Boston University School of Law.

Associate General Counsel – Global Litigation and DRC

Carson Johnson is Associate General Counsel – Global Litigation & DRC at CFA Institute. Carson supports the business on strategy initiatives and product offerings to mitigate litigation risk, manages customer and vendor disputes, and oversees enforcement and protection of CFA Institute’s trademarks. She also serves as Advisory Counsel to the Disciplinary Review Committee (DRC), helping to ensure the DRC operates efficiently, fairly, and in accordance with the CFA Institute mission, the Bylaws, and the Rules of Procedure. Before working for CFA Institute, Carson was a Partner with a litigation law firm in Richmond, Virginia, where she represented clients in insurance coverage, products liability, and commercial litigation matters. Carson began her career with a large, global law firm defending corporate clients in mass tort and products liability litigation. She earned her undergraduate degree from the University of Virginia and her Juris Doctor degree from the University of Virginia School of Law.

DRC Program Administrator

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