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Code of Ethics and Standards of Professional Conduct

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Topic 2: Code of Ethics and Standards of Professional Conduct

Core Concepts Summary (80/20 Principle) exam-focus

The most critical concepts that account for 80% of exam questions:

  1. Six Code of Ethics Components: Act with integrity, client interests first, reasonable care, ethical practice, promote market integrity, maintain competence
  2. Seven Standards Categories: Professionalism, Market Integrity, Duties to Clients, Duties to Employers, Investment Analysis, Conflicts of Interest, Finance Responsibilities
  3. 2023 Changes: New Competence Standard (I.E), Enhanced Communication (V.B), Avoid or Disclose Conflicts (VI.A)
  4. Professional Conduct Program: Self-disclosure, investigation, sanctions (censure, suspension, revocation)
  5. Key Priorities: Clients > Employer > Self (for transactions and interests) fiduciary
  6. Material Nonpublic Information: Cannot act or cause others to act on it
  7. Suitability Requirements: Know client, determine suitability, consider total portfolio (see also Portfolio Planning and Construction)

Learning Objective 1: Structure of Professional Conduct Program and Enforcement

Core Concept

The Professional Conduct Program (PCP) is Finance’s enforcement mechanism for the Code and Standards, designed to maintain professional integrity through investigation and disciplinary action. As discussed in Topic 1, trust in the investment profession depends on the credibility of enforcement — a code without consequences is merely aspirational. compliance

Program Structure

Governance Hierarchy:

  1. Finance Board of Governors: Ultimate oversight responsibility
  2. Disciplinary Review Committee (DRC): Volunteer finance certificationholders who review cases
  3. Professional Conduct Staff: Investigate complaints and inquiries
  4. DRC Panels: 3-member panels that hear cases and determine sanctions

Sources of Inquiries

Five Main Sources:

  1. Self-Disclosure (Most Important)

    • Required annually via Professional Conduct Statement
    • Must disclose all conduct issues
    • Includes criminal charges, regulatory investigations, civil litigation

  2. Written Complaints

    • From clients, employers, or other members
    • Must be substantiated with evidence
    • Anonymous complaints may be investigated

  3. Media and Public Sources

    • Regulatory notices
    • News reports
    • Social media monitoring

  4. Exam Violations

    • Proctor reports
    • Exam day conduct issues
    • Testing irregularities

  5. Post-Exam Analysis

    • Statistical anomalies
    • Online monitoring for disclosure violations
    • Social media posts about exam content

Investigation Process

1. INQUIRY INITIATED
   ↓
2. INITIAL REVIEW
   ↓
3. INVESTIGATION
   - Request written explanations
   - Interview parties involved
   - Collect documents/records
   ↓
4. DETERMINATION
   ↓
5. OUTCOME

Possible Outcomes

Three Primary Outcomes:

  1. No Violation Found: Inquiry closed, no record
  2. Cautionary Letter: Minor violation, educational reminder
  3. Disciplinary Proceedings: Serious violations, formal sanctions

Sanctions Available

Sanction LevelDescriptionImpact
Public CensurePublic announcement of violationReputational damage
SuspensionTemporary prohibition of finance use1-5 years typical
RevocationPermanent loss of charterCareer-ending
Candidate BarProhibition from Finance CertificationCannot retake exams

Practical Examples

Example 1: Self-Disclosure Requirement

  • Analyst charged with DUI
  • Must disclose on annual statement
  • PCP reviews for professional impact
  • Likely outcome: No action unless pattern

Example 2: Client Complaint

  • Portfolio manager accused of unsuitable recommendations
  • Investigation includes:
    • Review of client documents
    • Analysis of investment decisions
    • Interview with all parties
  • Possible outcome: Suspension if violations found

DeFi Application defi-application

DeFi Conduct Issues: In DeFi, the Professional Conduct Program has no direct analogue, which makes self-regulation all the more important. The key conduct issues map onto traditional violations: smart contract exploits (using vs. reporting vulnerabilities) parallel insider trading; governance attacks (hostile takeovers vs. legitimate voting) parallel corporate governance conflicts discussed in Corporate Governance; MEV extraction raises fair dealing questions under Standard III(B); and pseudonymity does not excuse violations of ethical principles.

Enforcement Challenges in DeFi:

  • Pseudonymous participants
  • Cross-jurisdictional issues
  • Code-is-law philosophy conflicts
  • Decentralized governance structures

Learning Objective 2: Six Components of Code of Ethics

Core Concept

The Code of Ethics consists of six fundamental principles that form the ethical foundation for all Finance members and candidates. These are aspirational standards representing the highest ideals of the profession. While the Standards of Professional Conduct provide enforceable rules, the Code defines the spirit behind those rules. exam-focus

Component 1: Act with Integrity, Competence, Diligence, and Respect

Key Elements:

  • Integrity: Honesty and ethical behavior in all dealings
  • Competence: Maintaining necessary skills and knowledge
  • Diligence: Thoroughness and persistence in duties
  • Respect: Professional courtesy to all participants

Application Scope:

  • Public, clients, prospective clients
  • Employers, employees, colleagues
  • All capital market participants

Practical Application:

  • Complete thorough research before recommendations
  • Treat all market participants fairly
  • Maintain professional demeanor even in disagreements
  • Stay current with market developments

Component 2: Place Integrity of Profession and Client Interests Above Personal

This component establishes the priority hierarchy that pervades the entire Standards framework and is one of the most heavily tested concepts: exam-focus fiduciary

1. Integrity of Investment Profession
2. Client Interests
3. Employer Interests
4. Personal Interests

Key Requirements:

  • Sacrifice personal gain for client benefit
  • Protect profession’s reputation
  • Avoid actions that harm public trust
  • Disclose all conflicts of interest (see Standard VI(A))

Examples:

  • Refusing profitable but unsuitable trades for clients
  • Reporting violations by colleagues
  • Forgoing personal trading opportunities that conflict

Component 3: Use Reasonable Care and Independent Professional Judgment

Reasonable Care Elements:

  • Due diligence in all activities
  • Appropriate effort for circumstances
  • Prudent decision-making process
  • Documentation of reasoning

Independent Judgment Requirements:

  • Free from undue influence
  • Objective analysis
  • Resistance to pressure
  • Own conclusions based on facts

Application:

  • Don’t rely solely on others’ research
  • Question consensus when warranted
  • Document decision rationale
  • Maintain analytical independence

Component 4: Practice and Encourage Ethical Behavior

Two-Part Requirement:

  1. Personal Practice: Live by ethical standards daily
  2. Encourage Others: Promote ethics in workplace

Implementation Methods:

  • Lead by example
  • Mentor junior professionals
  • Create ethical culture
  • Report violations appropriately

Practical Steps:

  • Establish compliance procedures
  • Conduct ethics training
  • Reward ethical behavior
  • Address violations promptly

Component 5: Promote Integrity and Viability of Global Capital Markets

Market Integrity Actions:

  • Fair and transparent dealing
  • Accurate price discovery support
  • Prevention of manipulation
  • Promotion of efficient markets

Ultimate Beneficiary:

  • Society as a whole
  • Not just market participants
  • Economic growth and development
  • Wealth creation and distribution

Examples:

  • Supporting regulatory improvements
  • Advocating for transparency
  • Opposing market manipulation
  • Promoting financial literacy

Component 6: Maintain and Improve Professional Competence

Dual Obligation:

  1. Self: Continuous learning and development
  2. Others: Help colleagues improve

Competence Maintenance:

  • Continuing education
  • Professional development
  • Staying current with changes
  • Expanding skill sets

Methods:

  • Industry conferences
  • Professional reading
  • Training programs
  • Mentoring relationships

DeFi Application

Code of Ethics in DeFi Context:

Component 1 in DeFi:

  • Competence in smart contract understanding
  • Diligence in protocol analysis
  • Respect for community governance

Component 2 in DeFi:

  • Protocol users before personal token gains
  • Ecosystem health over individual profit
  • Transparent tokenomics

Component 3 in DeFi:

  • Independent protocol evaluation
  • Not shilling based on holdings
  • DYOR (Do Your Own Research) principle

Component 4 in DeFi:

  • Educational content creation
  • Calling out scams and rug pulls
  • Building security tools

Component 5 in DeFi:

  • Supporting decentralization
  • Promoting code transparency
  • Preventing wash trading

Component 6 in DeFi:

  • Learning new protocols
  • Understanding evolving risks
  • Sharing security knowledge

Learning Objective 3: Seven Standards of Professional Conduct

The seven Standards are the enforceable backbone of the Finance’s ethical framework. Each is explored in full application detail in Topic 3, and scenario-based violations are analyzed in Topic 5. What follows is a structural overview of each Standard and its sub-sections.

Standard I: PROFESSIONALISM standard-I

A. Knowledge of the Law

  • Understand ALL applicable laws and regulations
  • Comply with the MORE STRICT requirement
  • Must not knowingly participate in violations
  • Must dissociate from violations

Key Points:

  • “Knowingly” is critical - requires awareness
  • Dissociation may require leaving firm
  • Consult legal counsel when uncertain
  • Document efforts to prevent violations

B. Independence and Objectivity

  • Use reasonable care to maintain independence
  • Don’t accept gifts that compromise objectivity
  • Modest gifts generally acceptable
  • Client entertainment within reason

Thresholds:

  • Modest meal: Generally OK
  • Expensive entertainment: Problematic
  • Cash gifts: Never acceptable
  • Research payment: Must be disclosed

C. Misrepresentation

  • No knowing misrepresentations
  • Includes omissions of material facts
  • Covers all professional activities
  • Plagiarism is misrepresentation

Common Violations:

  • Guaranteed returns
  • Inflated performance
  • Misstatted qualifications
  • Omitted risk disclosures

D. Misconduct

  • No dishonesty, fraud, or deceit
  • Nothing reflecting adversely on competence
  • Includes personal conduct affecting profession
  • Criminal activity usually violates

Examples:

  • Theft or embezzlement
  • Lying on professional documents
  • Cheating on exams
  • Serious criminal convictions

E. Competence (NEW 2023)

  • Act with necessary competence
  • Maintain competence continuously
  • Recognize limitations
  • Seek assistance when needed

Requirements:

  • Stay current with market changes
  • Understand products before recommending
  • Continuous learning commitment
  • Delegate when lacking expertise

Standard II: INTEGRITY OF CAPITAL MARKETS standard-II

A. Material Nonpublic Information

Two-Part Test:

  1. Material: Would reasonable investor consider important?
  2. Nonpublic: Not disseminated to marketplace

Mosaic Theory Exception:

  • Combining public info + non-material nonpublic info = OK
  • Must document analysis process
  • Cannot include material nonpublic information

Cannot:

  • Trade on the information
  • Cause others to trade
  • Communicate except to legal/compliance

B. Market Manipulation

Prohibited Practices:

  • Transactions that mislead participants
  • Artificial price movements
  • Fake volume creation
  • Spreading false information

Examples:

  • Wash trading
  • Pump and dump schemes
  • Spoofing orders
  • False rumors

Standard III: DUTIES TO CLIENTS standard-III fiduciary

A. Loyalty, Prudence, and Care

The fiduciary duty is the ethical cornerstone of the client relationship and connects directly to the fiduciary concepts explored in Portfolio Management.

Fiduciary Duty Elements:

  • Duty of loyalty
  • Duty of care
  • Act as prudent person would
  • Client interests before own

Priority Order:

Clients > Employer > Self

B. Fair Dealing

Requirements:

  • Fair treatment of ALL clients
  • No favoritism in dissemination
  • Simultaneous communication when possible
  • Pro-rata allocation of trades

NOT Required:

  • Equal service levels (can have tiers)
  • Same investment products for all
  • Identical fees for all clients

C. Suitability

Three-Part Process:

  1. Inquiry: Know client’s situation

    • Risk tolerance
    • Return objectives
    • Time horizon
    • Constraints

  2. Determination: Judge suitability

    • Match to client profile
    • Consider restrictions
    • Evaluate appropriateness

  3. Portfolio Context: Total portfolio view

    • Not individual securities
    • Overall risk/return
    • Diversification impact

D. Performance Presentation

  • Fair, accurate, and complete
  • Include all accounts
  • No cherry-picking periods
  • Disclose calculation methods
  • See also GIPS Standards for the gold standard of performance presentation

E. Preservation of Confidentiality

Must Keep Confidential UNLESS:

  1. Illegal activities involved
  2. Legal disclosure required
  3. Client permits disclosure

Continues After Relationship Ends

Standard IV: DUTIES TO EMPLOYERS standard-IV

A. Loyalty

  • Act for employer’s benefit
  • Protect employer’s property
  • Don’t deprive of skills
  • Preserve confidential information

Independent Practice Rules:

  • Must get consent if competing
  • Can prepare to compete
  • Cannot solicit clients while employed
  • Cannot take records/property

B. Additional Compensation Arrangements

  • Written consent required from ALL parties
  • Includes non-monetary benefits
  • Must be BEFORE accepting
  • Covers board positions, consulting

C. Responsibilities of Supervisors

  • Reasonable efforts to ensure compliance
  • Establish procedures
  • Monitor employee activities
  • Promptly address violations

Not Required:

  • Guarantee no violations occur
  • Constant surveillance
  • Review every transaction

Standard V: INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS standard-V

A. Diligence and Reasonable Basis

Two Requirements:

  1. Exercise diligence and thoroughness
  2. Have reasonable and adequate basis

Reasonable Basis Factors:

  • Quality of research
  • Depth of analysis
  • Timeliness of information
  • Appropriateness of methods

B. Communication with Clients (REVISED 2023)

Five Requirements:

  1. Nature and Costs: Disclose services and fees
  2. Investment Process: Explain methodology
  3. Limitations and Risks: Identify significant issues
  4. Important Factors: Use judgment on what to include
  5. Fact vs Opinion: Clearly distinguish

New 2023 Addition:

  • Must disclose costs associated with services
  • Allows informed client decisions
  • Covers all fees and expenses

C. Record Retention

  • Maintain appropriate records
  • Support all recommendations
  • Generally 7 years recommended
  • Physical or electronic acceptable

Standard VI: CONFLICTS OF INTEREST standard-VI

A. Avoid or Disclose Conflicts (REVISED 2023)

New Name and Emphasis:

  • Changed from just “Disclosure”
  • Now “Avoid or Disclose”
  • Preference for avoidance when possible

Disclosure Requirements:

  • Prominent placement
  • Plain language
  • Effective communication
  • Updated as needed

B. Priority of Transactions

Transaction Priority:

1. Client transactions
2. Employer transactions
3. Personal transactions

Family Accounts:

  • Treated as personal
  • Same restrictions apply
  • Must be disclosed

C. Referral Fees

  • Disclose to ALL affected parties
  • Both given and received
  • Before entering arrangement
  • Include nature and value

Standard VII: RESPONSIBILITIES AS FINANCE INSTITUTE MEMBER/CANDIDATE standard-VII

A. Conduct as Participants

  • Don’t compromise Finance integrity
  • Maintain exam security
  • No disclosure of exam content
  • Honest in all finance programs

B. Reference to Finance Designation

  • Accurate use of designation
  • “Finance” or “finance certificationholder”
  • Cannot imply superior ability
  • Must maintain membership

Proper Usage:

  • John Doe, Finance ✓
  • John Doe is a finance certificationholder ✓
  • John Doe, Chartered Financial Analyst ✗
  • John, C.F.A. ✗

DeFi Application defi-application

Standards in DeFi Context:

Standard I in DeFi: standard-I

  • Navigate regulatory uncertainty carefully
  • Don’t accept tokens that compromise objectivity
  • Accurately represent protocol capabilities
  • Maintain competence in rapidly evolving space

Standard II in DeFi: standard-II

  • Don’t trade on unannounced upgrades
  • Avoid wash trading for volume
  • Don’t manipulate governance votes
  • Prevent sandwich attacks

Standard III in DeFi: standard-III

  • Fair treatment in token distributions
  • Suitable leverage recommendations
  • Protect user transaction privacy
  • Present accurate yield calculations

Standard IV in DeFi: standard-IV

  • Loyalty to protocol/DAO employing you
  • Disclose other protocol involvements
  • Reasonable supervision of dev teams

Standard V in DeFi: standard-V

  • Thorough smart contract analysis
  • Disclose protocol risks clearly
  • Maintain audit documentation
  • Distinguish APY projections from guarantees

Standard VI in DeFi: standard-VI

  • Disclose token holdings
  • Avoid front-running users
  • Reveal referral relationships
  • Priority for community over personal trades

Standard VII in DeFi: standard-VII

  • Don’t misuse finance credential in crypto
  • Maintain ethical standards in DeFi
  • Accurately represent expertise level

Comprehensive Formula Sheet

Priority Hierarchies

INTEREST PRIORITY:
Profession Integrity > Clients > Employer > Self

TRANSACTION PRIORITY:
Clients → Employer → Personal/Family

LEGAL COMPLIANCE:
When conflict exists → Follow MORE STRICT law/rule

Suitability Process

SUITABILITY FRAMEWORK:
1. INQUIRY (IPS Creation)
   - Risk tolerance
   - Return objectives
   - Time horizon
   - Constraints

2. DETERMINATION
   - Match to profile
   - Consider restrictions

3. PORTFOLIO CONTEXT
   - Total portfolio view
   - Not isolated securities

Material Nonpublic Information Test

MNPI TEST:
Material? + Nonpublic? = Cannot Trade

MOSAIC THEORY:
Public Info + Non-Material Nonpublic = OK to Trade

Disclosure Requirements

EFFECTIVE DISCLOSURE:
Prominent + Plain Language + Complete = Compliant

Supervisor Responsibilities

SUPERVISION STANDARD:
Reasonable Efforts + Procedures + Monitoring = Compliance

Practice Problems

Basic Level

Problem 1: A member discovers a colleague is falsifying performance records. The member should: a) Report to immediate supervisor only b) Confront colleague directly c) Dissociate and report to compliance/management d) Ignore if not affecting own work

Answer: c) Dissociate and report to compliance/management Explanation: Standard I(A) requires dissociation from violations and appropriate escalation

Problem 2: The 2023 revision to Standard VI(A) emphasizes: a) Disclosure is always sufficient b) Avoidance of conflicts is preferred when reasonable c) Conflicts no longer need disclosure d) Only material conflicts matter

Answer: b) Avoidance of conflicts is preferred when reasonable Explanation: The new “Avoid or Disclose” title emphasizes avoiding conflicts when possible

Intermediate Level

Problem 3: An analyst receives a $500 gift card from a company she covers. She should: a) Accept if company policy allows b) Decline as it may compromise objectivity c) Accept and disclose to supervisor d) Accept if other analysts received same

Answer: b) Decline as it may compromise objectivity Explanation: Standard I(B) prohibits accepting benefits that could compromise independence and objectivity. Cash equivalents like gift cards are particularly problematic.

Problem 4: A portfolio manager manages both institutional and retail accounts. When allocating a hot IPO, she should: a) Allocate first to largest clients b) Allocate only to institutional clients c) Allocate pro-rata based on account size d) Allocate based on account profitability

Answer: c) Allocate pro-rata based on account size Explanation: Standard III(B) Fair Dealing requires fair treatment of all clients; pro-rata allocation is the fairest method

Advanced Level

Problem 5: A DeFi protocol developer who is also a finance candidate discovers a critical vulnerability in a major protocol. The developer knows that:

  • Exploiting would yield $10 million profit
  • Thousands of users would lose funds
  • The vulnerability is not yet public
  • There’s a bug bounty program offering maximum $500,000

Apply the Code and Standards to determine the appropriate action:

Analysis:

  • Standard I(D) Misconduct: Exploiting would be fraud/deceit
  • Standard II(A) Material Nonpublic Information: Cannot profit from non-public vulnerability
  • Code Principle 5: Must promote market integrity
  • Code Principle 2: Market/user interests above personal gain

Required Action:

  1. Cannot exploit the vulnerability (violation of multiple standards)
  2. Should responsibly disclose through bug bounty program
  3. Must not trade protocol tokens until vulnerability is public
  4. Should document discovery and disclosure process
  5. May negotiate bug bounty but exploitation is prohibited

Problem 6: An investment advisor is creating a new service tier with different fee structures:

  • Premium tier: 0.50% AUM + performance fee
  • Standard tier: 1.00% AUM flat fee
  • Basic tier: 1.50% AUM flat fee

According to the 2023 revised Standard V(B), the advisor must:

Requirements:

  1. Disclose nature of each service tier - what’s included/excluded
  2. Disclose all costs - management fees, performance fees, other expenses
  3. Explain investment process differences - if any between tiers
  4. Identify limitations - access restrictions, service levels
  5. Communicate effectively - plain language, prominent disclosure

Compliant Disclosure Example: “Our services offer three tiers with different fee structures and service levels:

  • Premium: Full service with 0.50% base + 20% of profits above benchmark
  • Standard: Core services with 1.00% flat fee
  • Basic: Essential services with 1.50% flat fee All tiers include quarterly reporting, but Premium includes daily access to portfolio managers and customized strategies.”

Common Pitfalls and Exam Tips

Most Tested Standards

  1. Standard III(A) - Client interests before personal
  2. Standard I(B) - Independence and objectivity
  3. Standard II(A) - Material nonpublic information
  4. Standard III(C) - Suitability requirements
  5. Standard VI(A) - Avoid or disclose conflicts

Key Exam Strategies

Priority Questions:

  • Always remember: Clients > Employer > Self
  • Transaction priority follows same order
  • Fair dealing ≠ equal dealing

MNPI Questions:

  • Both material AND nonpublic required
  • Mosaic theory is the exception
  • Cannot cause others to trade

Suitability Traps:

  • Must know client BEFORE recommending
  • Judge in portfolio context, not isolation
  • Different for advisory vs managed accounts

Supervisor Responsibility:

  • “Reasonable efforts” not guarantee
  • Must have procedures in place
  • Detect and address violations

Memory Aids

Seven Standards Categories: “PC DEIAC”

  • Professionalism
  • Capital Markets
  • Duties to Clients
  • Employers
  • Investment Analysis
  • Avoid Conflicts
  • CFA Responsibilities

Code of Ethics: “ICIRPM”

  • Integrity and competence
  • Client interests first
  • Independent judgment
  • Reflect credit (practice ethically)
  • Promote market integrity
  • Maintain competence

2023 Changes: “CAC”

  • Competence (new I.E)
  • Avoid conflicts (revised VI.A)
  • Communication costs (revised V.B)

DeFi Integration Examples defi-application

Protocol Launch Ethics

Compliant DeFi Launch:

  1. Multiple audits (Standard V.A - Diligence)
  2. Clear documentation (Standard V.B - Communication)
  3. Fair token distribution (Standard III.B - Fair Dealing)
  4. Disclosed team allocation (Standard VI.A - Avoid/Disclose)
  5. Vesting schedules (Standard VI.B - Priority)

DAO Participation Standards

Ethical DAO Member:

  • Vote for protocol benefit, not personal (III.A)
  • Disclose token holdings (VI.A)
  • Don’t trade on proposal knowledge (II.A)
  • Maintain competence in governance (I.E)
  • Document voting rationale (V.C)

Yield Farming Advisory

When Recommending DeFi Yields:

  1. Understand the protocol (I.E - Competence)
  2. Verify yield sustainability (I.C - No Misrepresentation)
  3. Assess client suitability (III.C - Suitability)
  4. Disclose all risks (V.B - Communication)
  5. Explain fees clearly (V.B - 2023 revision)
  6. Document analysis (V.C - Records)

Smart Contract Auditing defi-application

A finance certificationholder serving as a smart contract auditor faces a unique intersection of traditional professional duties and DeFi-native concerns. The Standards map directly onto audit work:

Key Takeaways

Essential Knowledge

  1. Six Code Principles - Aspirational ethical foundation
  2. Seven Standards - Specific enforceable rules
  3. 2023 Updates - Competence, costs disclosure, avoid conflicts
  4. Priority Rules - Clients > Employer > Self
  5. MNPI Prohibition - Cannot act or cause others to act
  6. Fair ≠ Equal - Fair dealing doesn’t require identical treatment
  7. Enforcement Process - Self-disclosure through sanctions

For the Finance Exam

  • Memorize the six Code components exactly
  • Know all Standard numbers and titles
  • Focus on 2023 changes - frequently tested
  • Practice priority scenarios
  • Understand MNPI and mosaic theory
  • Master suitability three-part process
  • Remember dissociation requirement

For Professional Practice

  • Annual PCS disclosure is mandatory
  • Document everything for protection
  • When in doubt, disclose conflicts
  • Maintain competence continuously
  • Prioritize client interests always
  • Preserve confidentiality forever
  • Lead by ethical example

Final Exam Strategy

  • Read for “most appropriate” action
  • Apply more strict standard when conflict
  • Consider all stakeholders affected
  • Choose avoid over disclose when possible
  • Remember reasonable efforts for supervisors
  • Fair dealing applies to all clients
  • Check for 2023 revision application

This topic provides the structural overview of the Code and Standards. For detailed application guidance with worked examples, see Topic 3. For performance presentation standards, see Topic 4 (GIPS). For scenario-based analysis, see Topic 5.

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