Outline the make-up of CFA Institute's Professional Conduct Program and the steps by which it investigates and disciplines breaches of the Code and Standards

The Professional Conduct Program is run by CFA Institute's Professional Conduct staff under the oversight of the Board of Governors, with the Disciplinary Review Committee supplying volunteer members for hearing panels. Its rules promise fair and confidential proceedings, though public censure is published. An inquiry can start from a self-disclosure on the annual Professional Conduct Statement, a written complaint, press or regulatory reports, or exam monitoring. After investigating, staff may close the matter, issue a cautionary letter, or propose charges and a sanction; if they are rejected, a hearing panel decides. Sanctions range from public censure through suspension to revocation, and candidates can also be suspended or barred from the CFA Program. For a portfolio manager the practical lesson is prompt self-disclosure of any client lawsuit or regulatory inquiry, and full cooperation with staff.