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It explains how the CFA Institute Code of Ethics and Standards of Professional Conduct shape responsibilities toward fellow professionals, existing and potential clients, and broader capital markets. The handbook presents standards covering professionalism, capital market integrity, client duties, employer duties, investment analysis and recommendations, conflicts of interest, and conduct as a CFA Institute member or candidate.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/standards-of-practice-handbook-12th-edition/395853/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/standards-of-practice-handbook-12th-edition/395853.png","ImageObject",300,407,{"name":92,"@type":93},"percent12345","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-11","2026-09-26",true,{"@type":102,"interactionType":103,"userInteractionCount":46},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the purpose of the Standards of Practice Handbook?","Question",{"text":112,"@type":113},"It provides guidance and interpretation to help investment professionals handle real ethical dilemmas and understand their responsibilities in practice.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How are the Code and Standards kept current?",{"text":117,"@type":113},"They are regularly reviewed and updated so they remain effective, with revisions approved by the CFA Institute Board of Governors in 2023.",{"name":119,"@type":110,"acceptedAnswer":120},"What main areas of standards are covered in the handbook?",{"text":121,"@type":113},"It covers professionalism, integrity of capital markets, duties to clients, duties to employers, investment analysis and recommendations, conflicts of interest, and responsibilities as a CFA Institute member or candidate.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},395853,1790515820,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":46,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},1099529851338,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","2024  \nStandards of Practice Handbook  \n12th Edition  \n2024  \nStandards of Practice Handbook  \n12th Edition  \nThe guidance and examples contained in the 12th edition of this book are the most recent as of the time of publication. For the most up-to-date guidance and examples, please visit the CFA Institute website [at](at www.cfainstitute.org/en/ethics-standards/)[ www.cfainstitute.org/en/ethics-standards/](at www.cfainstitute.org/en/ethics-standards/)[ ](at www.cfainstitute.org/en/ethics-standards/)[ethics/code-of-ethics-standards-of-conduct-guidance](ethics/code-of-ethics-standards-of-conduct-guidance.)[.](ethics/code-of-ethics-standards-of-conduct-guidance.)  \n© 2024, 2014, 2010, 2006, 2005, 1999, 1996, 1992, 1990, 1988, 1986, 1985 (supplement), 1984, 1982 by CFA Institute. All rights reserved.  \nNo part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without permission of the copyright holder. Requests for permission to make copies of any part of the work should be mailed to: Copyright Permissions, CFA Institute, 915 East High Street, Charlottesville, Virginia 22902.  \nCFA®, Chartered Financial Analyst®, CIPM®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a list of CFA Institute trademarks and the Guide for the Use of CFA Institute Marks, [please visit our website at](please visit our website at www.cfainstitute.org)[ www.cfainstitute.org](please visit our website at www.cfainstitute.org).  \nISBN: 978-1-956563-16-0  \nCONTENTS  \nPreface v  \nEthics and the Investment Industry xiii  \nCFA Institute Code of Ethics and Standards of Professional Conduct xviii  \nStandard I: Professionalism 1  \nA. Knowledge of the Law 1  \nB. Independence and Objectivity 10  \nC. Misrepresentation 21  \nD. Misconduct 36  \nE. Competence 42  \nStandard II: Integrity of Capital Markets 47  \nA. Material Nonpublic Information 47  \nB. Market Manipulation 59  \nStandard III: Duties to Clients 65  \nA. Loyalty, Prudence, and Care 65  \nB. Fair Dealing 76  \nC. Suitability 86  \nD. Performance Presentation 95  \nE. Preservation of Confidentiality 100  \nStandard IV: Duties to Employers 107  \nA. Loyalty 107  \nB. Additional Compensation Arrangements 117  \nC. Responsibilities of Supervisors 120  \nStandard V: Investment Analysis, Recommendations, and Actions 129  \nA. Diligence and Reasonable Basis 129  \nB. Communication with Clients and Prospective Clients 141  \nC. Record Retention 153  \nStandard VI: Conflicts of Interest 157  \nA. Avoid or Disclose Conflicts 157  \nB. Priority of Transactions 164  \nC. Referral Fees 169  \nPROFESSIONAL LEARNING QUALIFIED ACTIVITY  \nThis publication qualifies for 6.25 PL credits under the guidelines of the CFA Institute Professional Learning Program.  \nCFA Institute | iii  \nContents  \nStandard VII: Responsibilities as a CFA Institute Member or CFA Candidate 173  \nA. Conduct as Participants in CFA Institute Programs 173  \nB. Reference to CFA Institute, the CFA Designation,  \nand the CFA Program 180  \nDefinitions of Terms Found in the Code and Standards 186  \niv | CFA Institute  \nPREFACE  \nThe Standards of Practice Handbook (Handbook) provides guidance to the people who grapple with real ethical dilemmas in the investment profession on a daily basis; the Handbook addresses the professional intersection where theory meets practice and where the concept of ethical behavior crosses from the abstract to the concrete. The Handbook is written for a diverse global audience of CFA Institute members and investment professionals who are navigating ambiguous ethical situations and seeking to understand the nature of their responsibilities to each other, to existing and potential clients, and to the broader financial markets.  \nEvents in global financial markets test the ethical mettle of financial market participants, including CFA Institute members and candidates. The CFA Institute Code","cbCaitAIGqoqOujs","https://ap.wps.com/l/cbCaitAIGqoqOujs","pdf",1238523,214,"English","# Preface\n## Ethics and the Investment Industry\n## CFA Institute Code of Ethics and Standards of Professional Conduct\n# Standard I: Professionalism\n## Knowledge of the Law\n## Independence and Objectivity\n## Misrepresentation\n## Misconduct\n## Competence\n# Standard II: Integrity of Capital Markets\n## Material Nonpublic Information\n## Market Manipulation\n# Standard III: Duties to Clients\n## Loyalty, Prudence, and Care\n## Fair Dealing\n## Suitability\n## Performance Presentation\n## Preservation of Confidentiality\n# Standard IV: Duties to Employers\n## Loyalty\n## Additional Compensation Arrangements\n## Responsibilities of Supervisors\n# Standard V: Investment Analysis, Recommendations, and Actions\n## Diligence and Reasonable Basis\n## Communication with Clients and Prospective Clients\n## Record Retention\n# Standard VI: Conflicts of Interest\n## Avoid or Disclose Conflicts\n## Priority of Transactions\n## Referral Fees\n# Professional Learning Qualified Activity\n# Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate\n## Conduct as Participants in CFA Institute Programs\n## Reference to CFA Institute, the CFA Designation, and the CFA Program\n# Definitions of Terms Found in the Code and Standards","[{\"question\":\"What is the purpose of the Standards of Practice Handbook?\",\"answer\":\"It provides guidance and interpretation to help investment professionals handle real ethical dilemmas and understand their responsibilities in practice.\"},{\"question\":\"How are the Code and Standards kept current?\",\"answer\":\"They are regularly reviewed and updated so they remain effective, with revisions approved by the CFA Institute Board of Governors in 2023.\"},{\"question\":\"What main areas of standards are covered in the handbook?\",\"answer\":\"It covers professionalism, integrity of capital markets, duties to clients, duties to employers, investment analysis and recommendations, conflicts of interest, and responsibilities as a CFA Institute member or candidate.\"}]","Standards of Practice Handbook - 12th Edition | PDF",1790425210,539]