Disciplinary sanctions
Learn what sanctions can be imposed and see who has sanctions currently against them.
Violations of the CFA Institute Code of Ethics and Standards of Professional Conduct can result in sanctions. These can include suspension or revocation of your membership and right to use the CFA® designation, or if you are a candidate, suspension or prohibition from the CFA or CIPM® Program.
Industry-related sanctions
These cover professional conduct allegations and violations of the Code and Standards involving clients, potential clients, securities markets, employers, CFA Institute members, and the public.
Sanction types are based on the Rules of Procedure for Professional Conduct (Rule 1.6) and include the following:
An admonishment in writing that will not be published or disclosed to other persons or entities.
An admonishment in writing for which publication and disclosure will include the Covered Person’s name and identifying information and will be disclosed to other persons or entities upon request.
Termination of a Covered Person’s membership, or opportunity for memberships, in CFA Institute and any member societies for a specified period.
Termination of a Covered Person’s right to use the CFA designation for a specified period.
Permanent or indefinite termination of a Covered Person’s right to use the CFA designation.
Permanent or indefinite termination of a Covered Person’s right to use the CFA designation.
Automatic termination of a Covered Person’s memberships, or opportunity for memberships, in CFA Institute and any member societies, as well as the right to use the CFA designation or participate in a CFA Institute Exam Program.
Termination of a Covered Person’s participation in the CFA and/or CIPM exam programs for a specified period.
Permanent or indefinite termination of a Covered Person’s participation in the CFA and/or CIPM exam programs.
Current sanctions
The individuals listed below are currently serving public disciplinary sanctions for violations of the CFA Institute Code of Ethics and Standards of Professional Conduct or have permanently resigned their memberships while under investigation for industry-related misconduct.
Since 1 January 2000:
- The list reflects public disciplinary sanctions issued and permanent resignations imposed received since 1 January 2000.
- The names of individuals with timed suspensions only appear for the duration of the suspension or for a period of one year, whichever is longest (i.e. suspensions for periods less than one year are posted for one full year from their effective date).
- Censures and permanent resignations appear on the list for one year.
- Since 2016, we routinely search publicly available information for unauthorized use of the CFA designation. Those who fail to comply are sanctioned under Summary Suspension-Improper Use of CFA Designation.
- Individuals who have received disciplinary sanctions of private reprimand or who have been sanctioned for exam-related conduct do not appear on the list.
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Report misconduct
Report possible misconduct by a CFA® Institute member or candidate through our reporting channel.