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Regular members and CFA Charterholders are eligible to vote as well as hold officer positions. An individual must first become a Regular member of CFA Institute to qualify for these membership classes. Louis or CFA Institute. Hold a bachelor's degree from an accredited institution OR have equivalent education or work experience 2. Have 48 months of acceptable professional work experience in the investment decision-making process 2. Currently engaged as investment professional and attained at least 12 months of acceptable work experience 2.

Complete any additional documentation as requested by CFA Institute. Louis in addition to CFA Institute dues.

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Additional information on CFA Institute membership can be found at:. We're using cookies, but you can turn them off in Privacy Settings. Inaction with continued association may be construed as knowing participation. Members should maintain current reference materials for employees to access in order to keep up to date on laws, rules, and regulations.

Michael Allen works for a brokerage firm and is responsible for an underwriting of securities. A company official gives Allen information indicating that the financial statements Allen filed with the regulator overstate the issuer's earnings. Allen seeks the advice of the brokerage firm's general counsel, who states that it would be difficult for the regulator to prove that Allen has been involved in any wrongdoing.

Although it is recommended that members and candidates seek the advice of legal counsel, the reliance on such advice does not absolve a member or candidate from the requirement to comply with the law or regulation. Allen should report this situation to his supervisor, seek an independent legal opinion, and determine whether the regulator should be notified of the error. Kamisha Washington's firm advertises irs past performance record by showing the IO-year return of a composite of its client accounts.

However, Washington discovers that the composite omits the performance of accounts that have left the firm during the I O-year period and thar this omission has led to an inflated performanCl': figure. Washington is asked to use promotillnal material that includes the erroneous performance number when soliciting business for the firm.


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Misrepresenting performance is a violation of the Code and Standards. She must dissociate herself from the activity. She can bring the misleading number to the attention of the person responsible for calculating performance, her supervisor, or the compliance department at her firm. If her firm is unwilling to recalculate performance, she must refrain from using the misleading promotional material and should notify. If the firm insists that she use the material, she should consider whether her obligation to dissociate from the activity would require her to seek other employment.

An employee of an investment bank is working on an underwriting and finds our the issuer has altered their financial statements to hide operating losses in one division.

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These misstated data are included in a preliminary prospectus rhar has already been released. The employee should report the problem to his supervisors. If the firm doesn'r get the misstatement fixed, the employee should dissociate from the underwriting and further, seek legal advice about whether he should undertake additional reporting or other actions. Laura Jameson is a U. Jameson must comply with the strictest requirements among U.

In this case that means she must not participate in any IPOs for her personal account.

I B Independence and Objectivity. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objeCtivity. Do nOT let the investment process be influenced by any extcrnal sources. Modest gifts are pcrmirred. Distinguish between gifts from diems and gifts from entities seeking inftw.

Do not be pressured by sell-side firms to issue favorable research on current or prospective investment-banking dients. It is appropriate to have analysts work with investment bankers in "road shows" only when the conflicts are adequately and cffectively managed and disclosed. Analysts should not be pressured to issue favorable research by the companies they follow. Do not confine research to discussions with company management, but rather use a variety of sources, including suppliers, customers, and competitors. Buy-side clients may try to pressure sell-side analysts. Portfolio managers may have large positions in a particular security, and a rating downgrade may have an effect on the portfolio performance.

As a portfolio manager, there is a responsibility to respect and foster imellectual honesty of sell-side research. The Designated Officer may decide: I that no disciplinary sanctions are appropriate, 2 to issue a cautionary letter, or 3 to discipline the member or candidate. If the member or candidate chooses to reject the sanction, the matter will be referred to a panel of CFA Institute members for a hearing. In relationships with clients, Members and Candidates must determine 2. When Members and Candidates are in an advisory relationship with a client, they must: a.

Standards of Practice Handbook

Make a reasonable inquiry into a client's or prospective clients' investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investmel1l action and must reassess and update this information regulark b. Members and Candidates must keep information about current, former, and prospective clients confidential unless: 1. The information concerns illegal activities on the part of the client or prospective client, 2.

Disclosure is required by law, or 3. Members and Candidates must: 1. Professionalism I A Knowledge of the Law. Members and Candidates must understand and comply with all applicable laws, rules, and regulations including the CFA Institute Code of Ethics and Standards of Professional Conduct of any government, regulatory organization, licensing agency, or professional association governing their professional activities.

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