Ethics 2025 Updates

Ethics — 2025 CFA Curriculum Updates ## Overview The CFA Institute periodically updates the Ethics and Professional Standards curriculum to reflect evolving market practices, regulatory developments, and enforcement trends. The 2025 updates addressed several areas where prior guidance was insufficient or where candidate confusion was common. These updates are testable on the Level III exam. --- ## Key 2025 Updates ### 1. Standard VI(A) — Disclosure of Conflicts: Social Media and Third-Party Content The 2025 curriculum clarified that disclosure obligations under Standard VI(A) extend to conflicts arising from social media endorsements, sponsored content, and third-party referral arrangements. If a member receives compensation (monetary or non-monetary, including gifts, access, or preferential treatment) for recommending a product, firm, or service through any channel — including personal social media accounts — that compensation must be disclosed. Exam implication: A member who posts favorable commentary about a fund manager on LinkedIn without disclosing a referral fee arrangement violates Standard VI(A) regardless of whether the post appears personal rather than professional. --- ### 2. Standard I(D) — Misconduct: Expanded Definition of Relevant Personal Conduct The 2025 update clarified that misconduct under Standard I(D) now explicitly addresses personal conduct that is directly relevant to professional trustworthiness, including: - Misrepresentation on professional credential applications - Falsification of continuing education records - Material dishonesty in regulatory filings even when not subject to a client relationship The prior curriculum left ambiguity about whether purely personal misconduct (outside of client-facing activity) could trigger Standard I(D). The 2025 version removes that ambiguity: any conduct reflecting on the member's honesty, integrity, or fitness to practice is in scope. --- ### 3. Asset Manager Code — Integration with Standard III(C) Suitability The…