Disciplinary Review Committee

Purpose

The Disciplinary Review Committee (DRC) is a volunteer committee of CFA Institute charterholder members who are responsible for enforcing the Code of Ethics and Standards of Professional Conduct and the rules and regulations of the CFA® Program and CIPM® Program. The DRC is established by the CFA Institute Board of Governors pursuant to the CFA Institute Bylaws. The DRC:

• Hears and decides disciplinary matters related to alleged violations of the Code and Standards and the rules and regulations of the CFA Program;
• Reviews and decides appeals and certain stipulated and summary disciplinary matters; and
• Reviews and recommends changes to the Rules of Procedure.

The DRC Nominating Committee is responsible for recruiting charterholder members for the DRC, and strives for a fair representation of the differing areas of industry practice, experience, history of volunteer involvement, commitment to ethical standards, and geographic locations of CFA Institute members.

Selection of DRC Members

DRC members serve for a term of one year, renewable annually for a maximum of six years. Terms may be staggered to allow for turnover and continuity.

DRC Application Process: The application period for the CFA Institute Disciplinary Review Committee (DRC) has closed. The applications are currently being reviewed and scored. The top applicants will be invited to interview at the end of April/beginning of May. Those who were not selected will be notified in early May. The application period for the next fiscal year will re-open early next year.

Volunteer Qualifications: Members must be CFA Institute Members who have held the charter for at least three (3) years, with a minimum of five (5) years of experience in the industry.

Volunteer Commitment: Service on the DRC requires significant time commitment (about 100-150 hours), some of which will be during the work week. Members may be asked to serve on in-person hearing panels that require international travel.

Conflicts Specific to the Role: Must be a member in good standing; Must disclose every relationship with a prep provider, including work for a society-sponsored prep course; Prohibited from working for a prep provider while on the DRC and for one year after completion of term; May not be currently enrolled in the CFA Program; Must disclose all work (including volunteer) for another testing, credentialing, or licensing organization in the finance industry; Prohibited from working for another such organization while on the DRC; Disclose all immediate family and household members enrolled in the CFA or CIPM Program; May not serve if an immediate family member or household member is enrolled in CFA Program; Disclose all working relationships with individuals enrolled in the CFA and/or CIPM Program; Prohibited from acting as a CFA or CIPM exam team member, Council of Examiners member, PCR, CFA exam proctor, CFA exam supervisor, data forensics subject matter expert, EAS personnel, or any other role in exchange for compensation from CFA Institute.

Questions about the process or application?
Contact the Disciplinary Review Committee.

Members

DRC Liaison Staff

Sheri Littlefield oversees the organization's global legal services, compliance and risk management, and board services functions. As chief legal officer, she oversees all legal matters on a global basis and serves as advisor to CFA Institute leadership and Board of Governors. She directs and advises on global litigation, intellectual property protection strategies, transactional matters, employment issues, governance, and other in-house legal services. Ms. Littlefield has practiced law in a variety of disciplines and matters encompassing complex transactions, international litigation, environmental law, international trade controls, antitrust, and employment law, among others. Most recently, she served as general counsel at GE Industrial Solutions in Charlottesville, Virginia, where she oversaw all legal and compliance issues for the business around the world. She has served as general counsel to GE Intelligent Platforms and as counsel to the Hudson River Program for the General Electric Company, which included the implementation of one of the largest and most logistically complex environmental dredging cleanups in U.S. history. Prior to joining GE, Ms. Littlefield was counsel in the Albany office of Nixon Peabody. She graduated from George Washington University with a Bachelor of Arts degree in political science and a minor in Japanese. Ms. Littlefield also earned a Juris Doctor degree from Boston University School of Law.

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