The goals of CFA Institute disciplinary sanctions are to protect the investing public, maintain market integrity, and promote and reinforce public confidence in the investment profession, as embodied by our members and candidates who have committed themselves to the highest standards of professional ethics.
Sanction types are based on the Rules of Procedure for Professional Conduct (Rule 1.6) and include:
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.
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.
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.
Matters Related to Professional Conduct
Matters related to Professional Conduct reflect allegations and violations of the Code and Standards. These matters are relevant to clients, potential clients, securities markets, employers, other members, and the public.
Exam-related matters reflect allegations and violations of the exam rules and regulations of the CFA®, CIPM®, and Investment Foundations Programs. All exam-related matters that result in a sanction include an automatic voiding of exam results.