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CFA Level I · CFA Level I Exam · Guidance for Standard VI: Conflicts of Interest

Which change did the 2023 revisions make to Standard VI(A)?

The 2023 revision renamed Standard VI(A) "Avoid or Disclose Conflicts" and requires members and candidates to either avoid conflicts of interest or disclose them. Previously the standard mentioned only disclosure. It does not require avoidance of every conflict, since disclosure applies when avoidance is not reasonable.

  1. AIt was renamed "Avoid or Disclose Conflicts" and now requires members to avoid or disclose conflictsCorrect
  2. BIt was removed and its content merged into Standard VI(B)
  3. CIt now requires members to avoid every conflict of interest without exception

Explanation

The Board renamed Standard VI(A) "Avoid or Disclose Conflicts" and revised it so members must either avoid conflicts or disclose them. The standard was not removed. It also does not demand avoidance in every case, because avoidance is often not reasonable and disclosure is then required.

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