A. Fundamental Principles
1. Honesty, Integrity, and Fairness
Investment analysts shall observe high standards of honesty, integrity, and fairness
in dealings with clients, prospective clients, and others related to professional
activities, so as to enhance public confidence in the profession.

2. Reasonable Care and Diligence
Investment analysts shall perform their professional activities with reasonable
care, prudence and diligence.

3. Interests of Clients First
Investment analysts shall always act in the best interests of their clients and
prospective clients, and place the interests of clients and prospective clients before
their own or that of their employers, or those of any third party.
ACIIA Principles of Ethical Conduct © 2005 ACIIA 3
ACIIA Principles of Ethical Conduct © 2005 ACIIA

4. Independence and Objectivity
Investment analysts shall take reasonable care to maintain independence and
objectivity and to make fair judgments in performing their professional activities.

5. Professional Competence
Investment analysts shall continuously strive to maintain and improve their professional
competence.

6. Required Knowledge and Compliance
Investment analysts shall maintain knowledge of and comply with all applicable
laws, rules, regulations, and the codes of ethics and standards of professional
conduct of national or regional associations, and shall not consciously partake
in any violation of an ethical or legal nature.