Code of Ethics and Standards of Professional Conduct
The benchmark for professional conduct for investment professionals around the globe.
About the code
As a CFA Institute member, CFA® Program candidate, or CIPM® Program candidate, you are required to follow the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards).
The CFA Institute Board of Governors approved updates to the Code of Ethics and Standards of Professional Conduct effective 1 January 2024.
Overview of the latest revisions to the code
An overview of the changes to the CFA Institute Code of Ethics and Standards of Professional Conduct. These changes apply for all charterholders, CFA Institute members, and candidates in the CFA Program, effective 1 January 2024.
Key documentation
Code of Ethics and Standards of Professional Conduct
Read the Code of Ethics and Standards of Professional Conduct effective 1 January 2024.
Standards of Practice Handbook (12th edition, 2024)
Contains the current version of the Code and Standards and the guidance that supports the changes.
Ethics in Practice Casebook (2nd edition)
Test your application of the Code and Standards with short cases based on real-world scenarios.
Individual standards of practice guidance
Standard I(A) Knowledge of the Law (Last updated April 2024)
Standard I(B) Independence and Objectivity (Last updated April 2024)
Standard I(C) Misrepresentation (Last updated April 2024)
Standard I(D) Misconduct (Last updated April 2024)
Standard I(E) Competence (Last updated January 2024)
Standard II(A) Material Nonpublic Information (Last updated April 2024)
Standard II(B) Market Manipulation (Last updated April 2024)
Standard III(A) Loyalty, Prudence, and Care (Last updated April 2024)
Standard III(B) Fair Dealing (Last updated April 2024)
Standard III(C) Suitability (Last updated April 2024)
Standard III(D) Performance Presentation (Last updated April 2024)
Standard III(E) Preservation of Confidentiality (Updated April 2024)
Standard IV(A) Loyalty (Last updated April 2024)
Standard IV(B) Additional Compensation Arrangements (Last updated April 2024)
Standard IV(C) Responsibilities of Supervisors (Last updated April 2024)
Standard V(A) Diligence and Reasonable Basis (Last updated April 2024)
Standard V(B) Communication with Clients and Prospective Clients (Last updated January 2024)
Standard V(C) Record Retention (Last updated April 2024)
Standard VI(A) Disclosure of Conflicts (Last updated January 2024)
Standard VI(B) Priority of Transactions (Last updated April 2024)
Standard VI(C) Referral Fees (Last updated April 2024)
Standard VII(A) Conduct as Participants in CFA Institute Programs (Updated April 2024)
Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program (Updated April 2024)
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More in this section
Professional Conduct Statement
Learn about the Professional Conduct Statement, which every member must complete annually.
Professional Conduct
Learn how we investigate allegations, determine violations, impose sanctions, and disclose infringements.
Report misconduct
Report conduct you believe is unethical, illegal or harmful by CFA members or candidates.
