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Members and Candidates must not engage in any professional conduct
involving dishonesty, fraud, or deceit or commit any act that reflects
adversely on their professional reputation, integrity, or competence
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Maintain and improve their professional competence and strive to
maintain and improve the competence of other investment professionals.
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Promote the integrity and viability of the global capital markets for the ultimate benefit of society
Act w/ ntegrity, competence, diligence, and respect and in an ethical
manner w/ the public, clients, prospective clients, employers,
employees, colleagues in the investment profession, and other
participants in the global markets
When communicating investment performance information,
Members/Candidates must make reasonable efforts to ensure that it is
fair, accurate, and complete
When referring to CFA Institute, CFA Membership, CFA Designation, or
candidacy in the CFA Program, Members/Candidates must not misrepresent
or exaggerate the meaning or implications of membership in the CFA
Institute, holding the designation, or candidacy in the CFA
Practice and encourage others to practice in a professional and
ethical manner that will reflect credit on themselves and the profession
Members and Candidates must:1. Disclose to clients and prospective
clients the basic format and general principles of the investment
processes used to analyze investments, select securities and construct
portfolios, and must promptly disclose any changes that might materially
affect those processes.2. Use reasonable judgment in identifying which
factors are important to their investment analyses, recommendations or
actions, and include those factors in communications with clients and
prospective clients.3.
Members and Candidates must:1. Exercise diligence, independence and
thoroughness in analyzing investments, making investment recommendations
and taking investment actions. 2. Have a reasonable and adequate basis,
supported by appropriate research and investigation, for any investment
analysis, recommendation or action.
Members and Candidates must develop and maintain appropriate records
to support their investment analysis, recommendations, actions, and
other investment-related communications with clients and prospective
clients
Members and Candidates must not knowingly make any misrepresentations
relating to investment analysis, recommendations, actions, or other
professional activities
Use reasonable care and exercise independent professional judgement
when conducting investment analysis, making investment recommendations,
taking investment actions, and engaging in other professional
activities.
Place the integrity of the investment profession and the interests of clients ABOVE their own personal interests.
Members/Candidates must make reasonable efforts to detect and prevent
violations of applicable laws, rules, regulations, and the Code and
Standards by anyone subject to their supervision or authority.
...
...
Members/Candidates must not accept gifts, benefits, compensation, or
consideration that competes with, or might reasonably be expected to
create a conflict of interest with, their employer's interest unless
they obtain written consent from all parties involved.
In matters related to their employment, Members and Candidates must
act for the benefit of their employer and not deprive their employer of
the advantage of their skills and abilities, divulge confidential
information, or otherwise cause harm to their employer.
...
Members/Candidates must not engage in practices that distort prices or
artificially inflate trading volume with the intent to mislead market
participants
Members/Candidates must deal fairly and objectively with all clients
when providing investment analysis, making investment recommendations,
taking investment action, or engaging in other professional activities.
...
Members/Candidates have a duty of loyalty to their clients and must
act with reasonable care and exercise prudent judgement. They must act
for the benefit of their clients and place their clients interests
before their employers or their own interests.
Members/Candidates must use reasonable care and judgement to achieve
and maintain independence and objectivity in their professional
activities. They 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.
Members/Candidates must understand and comply with all applicable
laws, rules, and regulations of any government, regulatory organization,
licensing agency, or professional association governing their
professional activities. In the event of conflict, Members/candidates
must comply with the more strict law, rule, or regulation. They must not
knowingly participate/assist in any violation of laws, rules, and
regulations and must disassociate themselves from any such violation.
Members/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 client2.
Disclosure is required by law3. The client or prospective client permits
disclosure of this information.
Investment transactions for clients and employers must have priority
over investment transactions in which a Member or Candidate is the
beneficial owener
Members/Candidates must not engage in any conduct that compromises the
reputation or integrity of CFA Institute or CFA Designation or the
integrity, validity, or security of the CFA examinations.
...
Members and Candidates must disclose to their employer, clients, and
prospective clients, as appropriate, any compensation, consideration, or
benefit received from, or paid to, others for the recommendation of
products/services.
Members/Candidates must make full and fair disclosure of all matters
that could reasonably be expected to impair their independence and
objectivity or interfere with respective duties to their clients,
prospective clients, and employer. They must ensure that such
disclosures are prominent, are delivered in plain language, and
communicate the relevant information effectively.
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