Code of Ethics and Standards of Professional Conduct

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CFA Institute Professional Conduct Program

Six Components of the Code of Ethics

Seven Standards of Professional Conduct

Standard I - Professionalism (Standards of Professional Conduct)

Standard II – Integrity of Capital Markets

Standard III – Duties of Clients

Standard IV – Duties to Employers

Standard V – Investment Analysis, Recommendations, and Actions

Standard VI – Conflicts of Interest

Standard VII – Responsibilities of a CFA Institute Member or CFA Candidate

Course Resources

Lesson 5 of 10

Standard II – Integrity of Capital Markets

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Standard I - Professionalism (Standards of Professional Conduct)

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Standard III – Duties of Clients

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The second standard, integrity, has two sub-parts:

A. Material Non-public Information

The Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

B. Market Manipulation

The Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.