What's New in CAIA Code of Ethics 2026? Updated Standards and Requirements
- Dimitri Dangeros, CFA, CAIA
- 4 days ago
- 5 min read
“What’s New in CAIA Code of Ethics 2026” is the wrong question if you think there is a brand-new, 2026-dated PDF replacing everything that came before. The legal backbone of the CAIA Code of Ethics is still the same document last formally updated in 2017. The real change for 2026 is the ethical architecture around it: the introduction of CAIA’s own Ethical Principles and their integration into membership commitments and the exam curriculum.
If you are a candidate or member, the CAIA Code of Ethics 2026 effectively means:Code of Ethics + Candidate & Member Agreement + Discipline Procedures + the new CAIA Ethical Principles.
1. The two-layer structure behind CAIA Code of Ethics 2026
There are now two distinct layers you need to understand.
Layer 1 – The binding Code of Ethics (compliance layer)
The Code of Ethics is still the short, enforceable policy that sits behind the Candidate & Member Agreement and discipline process. Core obligations include:
Conduct in CAIA programsYou must not do anything that compromises the reputation of CAIA, the CAIA designation, or the integrity, validity, or security of CAIA exams and programs.
Professional conductYou must not engage in professional conduct involving dishonesty, fraud, or deceit, and you must act with integrity, competence, diligence, respect, and in an ethical manner with clients, employers, colleagues, and the public.
Duty to inform CAIAYou must promptly disclose serious issues from roughly the past five years:– Professional conduct investigations or litigation– Felony convictions– Certain misdemeanors (fraud, misrepresentation, moral turpitude)– Regulatory bans or loss of licenses due to misconduct– Findings that you aided or abetted violations of law or regulation
Use of the CAIA name and marksYou must not misrepresent or exaggerate your relationship with CAIA (for example, claiming to be a charterholder before it is actually awarded).
Compliance with the Candidate & Member AgreementYou must stay in full compliance with all referenced policies (Code of Ethics, exam policies, IP, privacy, fee schedule, etc.) and notify CAIA if you are not.
That is the enforceable, policy-level CAIA Code of Ethics 2026. Discipline Procedures (updated separately) spell out the consequences: cautionary letters, suspensions, or revocation of membership and exam rights.
Layer 2 – CAIA Ethical Principles (substantive ethics layer)
The new piece for 2026 is the CAIA Ethical Principles: eight principles grouped into “Doing the Right Things” and “Doing Things Right.” They cover:
Ethics and professionalism at the core
Partnership with clients rather than superiority
Client-centric decision making
Transparent and authentic communication
Evidence-based practices
Comprehensive risk management
Adaptability and continuous improvement
Collaborative excellence
These principles now underpin:
The 2026 CAIA curriculum (Level I and II ethics topics), and
The global membership commitment from 2025 onward.
So the practical answer to “What’s New in CAIA Code of Ethics 2026?” is: the Code is now applied in a world where these Ethical Principles define what “professional and ethical” actually means in day-to-day investment practice.
2. Key changes between the old regime and CAIA Code of Ethics 2026
a) From borrowed standards to a proprietary ethics framework
Historically, the curriculum used the CFA Institute Code and Standards as the main ethics content. That is gone for the 2026 exams. Ethics in the curriculum is now built on CAIA’s own Ethical Principles and CAIA-specific readings on:
Professionalism and Fiduciary Responsibility
Ethics in the investment industry
For you, that means:
Exam ethics questions are no longer about CFA Standards.
You’re expected to know CAIA Ethical Principles and apply them to complex scenarios in alternatives and institutional mandates.
The membership side (the formal Code of Ethics) remains a CAIA document, but now sits alongside a CAIA-branded principles framework instead of imported rules.
b) A “codified global ethics standard” in the curriculum
CAIA’s own curriculum communications for 2026 describe ethics as a codified global standard embedded across topics, not a stand-alone reading at the front of the book. Ethics moves from being something you memorize to something that shapes:
How you evaluate managers, strategies, and funds
How you think about governance, transparency, and risk
How you justify decisions that affect clients and broader stakeholders
If you are preparing for the exams, the CAIA Code of Ethics 2026 environment now demands you argue from principles, not just spot violations of a rule list.
c) Membership commitment extended to the Ethical Principles
CAIA has explicitly stated that the new Ethical Principles will be:
Adopted by the global membership as part of their professional commitment, and
Used as the ethics component of the CAIA Charter Program curriculum starting with 2026 exams.
In practice, a charterholder operating under CAIA Code of Ethics 2026 is expected to:
Satisfy the minimum conduct requirements in the Code, and
Demonstrate alignment with the Ethical Principles in their professional judgment and behavior.
If your behavior technically avoids a Code violation but conflicts with the Ethical Principles (e.g., client-unfriendly but narrowly legal conduct), do not assume you are safe.
3. What candidates must change for the 2026 exams
If you are studying under the 2026 syllabus:
Treat CAIA Ethical Principles as a core topic, not background reading.
Learn all eight principles and how they split between “doing the right things” and “doing things right.”
Be ready to apply them to scenarios involving:– Conflicts of interest in alternatives– Illiquidity and side-letter arrangements– Valuation issues in private markets– Stewardship, sustainability, and stakeholder impact
Ethics is no longer just about avoiding obvious fraud. It is about whether your choices are principled, client-centric, and defensible under CAIA’s own framework.
4. What members must change under CAIA Code of Ethics 2026 What's New in CAIA Code of Ethics 2026
For charterholders and members, CAIA Code of Ethics 2026 implies:
Tighter self-reporting disciplineYou must have a systematic way to identify and report events that trigger your duty to inform CAIA (investigations, regulatory actions, serious convictions).
Stronger controls around use of the CAIA designationYour firm’s marketing, bios, and communications need to be scrubbed to ensure no misrepresentation of your relationship with CAIA.
Embedding Ethical Principles into policies and processes
Investment policy statements, due-diligence checklists, product approvals, and client communications should map cleanly to the Ethical Principles.
“We complied with the law” is no longer enough; you are expected to show principle-level justification for your decisions.
Training and oversightTeams should be trained not only on the Code of Ethics text but on how Ethical Principles guide decisions where rules are silent or ambiguous.
5. Practical checklist for operating under CAIA Code of Ethics 2026
Summarize your obligations this way:
Legal/compliance floor – Full adherence to the Code of Ethics, Candidate & Member Agreement, exam policies, and discipline procedures.
Principles-based ceiling – Consistent behavior with the CAIA Ethical Principles in how you design products, manage risk, treat clients, and interact with stakeholders.
Transparency and reporting – Proactive self-disclosure of relevant issues and zero tolerance for misrepresentation of your CAIA status.
Continuous alignment – Regularly revisiting internal policies and practices to keep them aligned with both the Code and the evolving Ethical Principles.
That is what “What’s New in CAIA Code of Ethics 2026” actually means: not a cosmetic edit to a PDF, but a shift to a two-layer system where a short, enforceable Code is interpreted and applied through a much richer, CAIA-specific ethical framework.
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