The Conduct Standards pertain to criminal and civil litigation, regulatory events, and personal and professional conduct. Self-disclosure of such events is required when applying for an Fi360 Designation, as is ongoing disclosure.
Each candidate for a designation must meet the following conduct standards; designees must annually review and attest to the Conduct Standards as part of recertification requirements.
- Status Standards
No candidate for a designation (or designation holder) may be any of the following:
A person who, within the last 10 years, has been convicted of, or against whom a guilty plea has been entered with respect to, a felony under the criminal laws of any recognized and relevant jurisdiction (whether federal, state or international).
- Financial Criminal / Civil Defendant
A person who, within the last ten (10) years,
- has been convicted of, or against whom a guilty plea has been entered with respect to, a crime other than a felony, or
- is or has been the subject of an administrative or enforcement order or disciplinary action by a financial regulatory agency, or
- has been a non-prevailing defendant in a civil or criminal cause of action, which involves misrepresentation, fraud, extortion, conversion, misappropriation, fiduciary breach, theft, or other similar violation of the laws or any administrative rules of any recognized and relevant jurisdiction (whether federal, state or international).
- Suspended from the investment profession
A person who has been (a) barred; or (b) suspended within the past two years, as to any form of activity, as a disciplinary measure from registration under the securities laws or regulations (or similar laws or regulations relating to the investment process) of any recognized and relevant jurisdiction (whether federal, state, or international), or from association or affiliation with a self-regulatory organization with legal authority over the investment process.
A candidate for a designation (or designation holder) who commits any of the following acts or omissions may be subject to sanctions:
- Status Standards
Previously violated the status standards more than 10 years ago for felonies or financial criminal/civil defendant violations, or more than 2 years ago for suspensions from the investment profession, but whose violations were deemed to be egregious and inconsistent with fiduciary principles that are central to the reputation of the designation.
- False or misleading statement
Intentionally or recklessly makes a misleading statement or omission with respect to a candidate’s application for a designation, a designation holder’s application for renewal, or during an investigation of a designation holder’s satisfaction of these standards.
- Failure to respond or cooperate
Fails to respond to any request for information or otherwise failing to cooperate in any investigation of a candidate’s or designation holder’s satisfaction of these standards.
- Failure to report pending action
Fails to expeditiously report any violation of the status standards, or any decision by a court, regulatory agency, or administrative agency that is likely to evidence that the designation holder engaged in unprofessional conduct.
Filed for, or been forced into, bankruptcy during the last five (5) years.
- Code of Ethics
Violates or fails to satisfy the Code of Ethics.
- Unprofessional Conduct
Engages in unprofessional conduct, which may include without limitation (a) any act or omission that results in a civil finding by a court of competent jurisdiction or by arbitration of a fiduciary breach by the candidate or designation holder within the last ten (10) years, (b) any act or omission that results in the divestiture or revocation of a professional designation or license or other reprimand relating to fiduciary conduct, (c) any censure by an administrative agency relating to fiduciary conduct within the last ten (10) years, (d) any negligent, false, or misleading statement or omission with respect to a candidate’s application for a designation or during an investigation of a designation holder’s satisfaction of these standards, (e) any failure of a designation holder to report to the Center for Fiduciary Studies the designation holder’s violation of these Conduct Standards, or (f) any conduct unbecoming of a designation holder or discrediting the designation.
- Status Standards
- Previous discipline
A candidate for a designation (or designation holder) who has previously been the subject of discipline by Fi360, including having their designation revoked or application rejected, is subject to the Designee Qualification and Complaint Procedure.
For more information, please read the document below.