This session outlines the ethical and professional standards expected of CFA members and candidates. It presents the Code of Ethics, which sets forth overarching principles, and the Standards of Professional Conduct, detailing specific rules for professional behavior. The material covers various duties, including those to clients, employers, and the integrity of capital markets. It also addresses the Professional Conduct Program for enforcing these standards and recent revisions to the Code and Standards. Ultimately, the text underscores the importance of ethics in the investment industry for maintaining trust and benefiting society.