Set out how CFA Institute's Professional Conduct Program is organised and the disciplinary steps it uses to uphold the CFA Institute Code and Standards

Enforcement sits with CFA Institute's Professional Conduct staff, overseen by the Board of Governors, and the Disciplinary Review Committee, whose volunteer charterholders sit on hearing panels. Cases begin in four ways: a member's or candidate's own disclosure on the annual Professional Conduct Statement of matters such as a lawsuit or criminal inquiry, a written complaint, public sources such as the press or regulatory notices, and monitoring of exams and online activity. Staff can close a case with no action, send a cautionary letter, or propose charges and a sanction. The individual may accept or reject them; a rejection goes to a DRC hearing panel, which decides both whether a violation occurred and the sanction. Panels also review accepted settlements, and sanctions run from public censure to suspension or revocation.