Cfa Standards

STANDARDS

OF PRACTICE

HANDBOOK

2014

ELEVENTH EDITION

Standards

of Practice

Handbook

ELEVENTH EDITION

2014

©2014, 2010, 2006, 2005, 1999, 1996, 1992, 1990, 1988, 1986, 1985 (supplement),

1984, 1982, by CFA Institute

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ISBN: 978-0-938367-85-7

16 June 2014

Contents

Preface........................................................ ........................................... v

Ethics and the Investment Industry .................. ........................................... 1

CFA Institute Code of Ethics and Standards of Professional Conduct .................. 7

Standard I: Professionalism

A.

B.

C.

D.

Knowledge of the Law............................................................... 13

Independence and Objectivity .................................................... 25

Misrepresentation..................................................................... 41

Misconduct ............................................................................. 55

Standard II: Integrity of Capital Markets

A.

B.

Material Nonpublic Information .................................................. 59

Market Manipulation ....................... .......................................... 75

Standard III: Duties to Clients

A.

B.

C.

D.

E....