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CFP Course Prep 1 > CFP Board's Procedural Rules > Flashcards

CFP Board's Procedural Rules Flashcards

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CFP® flashcards
1
Q

Disciplinary and Ethics Commission:

A

The Disciplinary and Ethics Commission (DEC) investigates, reviews and takes appropriate action with respect to alleged violations of the Code of Ethics and Standards of Conduct.

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2
Q

Grounds for Discipline:

A

The Commission determines the Forms of Discipline when grounds for discipline are established. The Commission may order Private Censure, Letter of Admonition, Suspension, or Revocation of the certificant’s or registrant’s right to use the marks.

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3
Q

Interim Suspension:

A

This is issued when the certificant or registrant has failed to provide evidence which establishes that the certificant or registrant does not pose an immediate threat to the public, and their conduct does not impinge upon the reputation of the marks.

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4
Q

Investigation:

A

CFP Board Counsel notifies a certificant or registrant that they are under investigation, and of the allegations asserted against them. The certificant or registrant has 30 days to respond to the Commission.

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5
Q

Complaint-Answer:

A

Respondent must deliver to CFP Board Counsel a written Answer within 30 calendar days of delivery of the Complaint, unless CFP Board Counsel delivers an Amended Complaint before the Answer is due. Respondent must deliver a written Answer to an Amended Complaint no later than the later of 14 calendar days of delivery of the Amended Complaint or the date an Answer to the original Complaint was due

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6
Q

Discovery and Evidence:

A

The Hearing Panel may determine what weight to give any evidence. The Hearing Panel may consider, but is not bound by, federal or state evidentiary or procedural rules. The Chair of the Hearing Panel must administer oaths or affirmations to testifying witnesses. CFP Board must obtain a written transcript of the hearing and make it available to the Appeals Committee and any Appeal Panel upon appeal.

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7
Q

Hearings:

A

CFP Board must hold a hearing in any case presented to the DEC if Respondent, CFP Board Counsel, or the DEC requests a hearing. The Hearing Panel may hold the hearing in person, by telephone, or by video conference. If a hearing is not requested, then the DEC may hold a hearing or resolve the matter on the written record.

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8
Q

Report, Findings of Fact and Recommendation:

A

The Hearing Panel shall record its findings of fact and recommendations and submit the findings and recommendations to the Commission.

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9
Q

Conviction of a Crime or Professional Suspension:

A

A record from any court of criminal jurisdiction indicating that Respondent has been convicted of a crime in that court, or admitted into a program that defers or withholds entry of a judgment of conviction (“Criminal Conviction”), is conclusive proof of the commission of the crime and that Respondent engaged in the criminal conduct that led to the Criminal Conviction.

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10
Q

Settlement Procedure:

A

A certificant, registrant or CFP Board Counsel may propose an Offer of Settlement in lieu of a disciplinary hearing.

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11
Q

Required Action after Suspension:

A

A Respondent whose Certification and License has been suspended for one year or less may file a written request for reinstatement no earlier than 30 days prior to the last day of the suspension and no later than five years from the first day of the suspension. If Respondent does not request reinstatement within five years of the first date of the suspension, then Respondent has relinquished CFP® certification permanently, with no opportunity for reinstatement.

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12
Q

General Provisions:

A

CFP Board may impose fees on Respondent or Appellant, including for a settlement review, hearing, or appeal. Respondent or Appellant must submit the fee to CFP Board within 30 calendar days of the assessment.

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13
Q

Form of Discipline

A

Private censure (unpublished)
Public letter of admonition (publishable)
Suspension (not to exceed 5 years)
Revocation (lost forever!)

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14
Q

Unacceptable conduct includes felony conviction for:

A

theft or embezzlement,
tax fraud,
any degree of murder or rape,
any other violent crime within the last five years.
two or more personal or business bankruptcies.

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15
Q

Disciplinary Rules & Procedures Purpose

A

Used by the CFP Board to enforce the Rules of Conduct.
Provide a process for applying the Principles of the Code of Ethics.
Certificants will be given notice of a potential violation.
Procedures are followed regarding a violation or potential violation.

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16
Q

State Regulation of Securites

A

Blue Sky Laws
Broker-dealer regulation
The registration process

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17
Q

The steps that occur when a CFP does not adhere to the Code of Ethics and Standards of conduct:

A

Investigations
interim Suspensions
Forms of Discipline
Complaint-Answer
Default
Settlement Procedure
Hearings
Report, Findings of Fact and Recommendation
Appeals
Conviction of a Crime or Professional Suspension
Required Action after Revocation or Suspension
Reinstatement after Discipline
Confidentiality of Proceeding
General Provisions

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18
Q

What is the Calendar deadline for presenting documents?

A

45 Days

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19
Q

What is the Calendar deadline for providing Written Statements?

A

45 Days

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20
Q

What is the Calendar deadline for presenting stipulations?

A

45 Days

21
Q

What is the Calendar deadline for Identifying Witnesses

A

30 Days

22
Q

Temporary and Permanent Bar only applies to Respondents who ____ CFP® professionals.

A

are not

23
Q

How many CFP and DEC members need to be comprised of the Hearing Panel?

A

3

24
Q

The _____ will review and decide all appeals.

A

Appeals Committee of the Board of Directors

25
Q

A suspension of a CFP® professional’s Certification and Trademark License during the
pendency of proceedings is referred to as a(n)

A

Interim Suspension

26
Q

At the commencement of an investigation, a Respondent must deliver to CFP Board Counsel a document acknowledging receipt of the Notice of Investigation within ____________from delivery to Respondent of the Notice of Investigation.

A

30 Calendar days

27
Q

What action must be taken if CFP Board Counsel finds probable cause to believe that Respondent violated the Code and Standards or the Pathway to CFP® Certification Agreement,

A

Letter of Dismissal
Settlement Offer
Complaint

28
Q

Which of the following sanctions is a written reproach of Respondent that CFP Board publishes in accordance with Article 17.7 (General Provisions, Publication) of the Procedural Rules?

A

Public Censure

29
Q

List the sanctions from lowest to highest

A

Private Censure
Public Censure
Suspension
Revocation

30
Q

A Respondent must deliver a written Answer to an Amended Complaint no later than the later of ____________ of delivery of the Amended Complaint or the date an Answer to the original Complaint was due.

A

14 calendar days

31
Q

____ and ____ may present evidence and argument and make recommendations regarding an appropriate sanction.

A

Respondent and CFP Board Counsel

32
Q

The hearing will remain open until the ____ issues its final order

A

DEC
they have final say

33
Q

A Respondent who is the subject of an Order of Public Censure, Temporary Bar, or Permanent Bar that is not under appeal must deliver to CFP Board Counsel, within 45 calendar days of issuance of the order, written evidence that Respondent has:

A

a. Advised Respondent’s Firm(s), in writing, of the Public Censure, Temporary Bar, or Permanent Bar; and

b. Advised all Clients of the Public Censure, Temporary Bar, or Permanent Bar, and provided all Clients the location of CFP Board’s website that sets forth Respondent’s disciplinary history.

34
Q

Private Censure.

A

A private censure is an unpublished written reproach of Respondent that the DEC
issues to a censured Respondent.

35
Q

Public Censure.

A

A public censure is a written reproach of Respondent that CFP Board publishes in
accordance with Article 17.7.

36
Q

Suspension.

A

A suspension is a period in which Respondent remains subject to the Terms and
Conditions of Certification and Trademark License but is prohibited from using the CFP® certification
marks, stating or suggesting that Respondent is a CFP® professional, or holding out to the public as
being certified by CFP Board. The DEC may issue a suspension for a specified period, not less than 90
calendar days or greater than five years. CFP Board publishes a suspension in accordance with Article
17.7.

37
Q

Interim Suspension.

A

An interim suspension is a suspension issued prior to a final order. An interim
suspension may be in place for a period not greater than five years. CFP Board publishes an interim
suspension in accordance with Article 17.7.

38
Q

Administrative Suspension.

A

An administrative suspension is a suspension imposed by CFP Board
Counsel pursuant to Article 4. An administrative suspension will be in place for one year and one day.

39
Q

Revocation.

A

A revocation is the termination of a Respondent’s Certification and Trademark License.
CFP Board publishes a revocation in accordance with Article 17.7. A Respondent whose CFP®
Certification and License is revoked is permanently barred from applying for or obtaining CFP®
Certification.

40
Q

Administrative Revocation.

A

An administrative revocation is a revocation imposed by CFP Board
Counsel pursuant to Article 4. CFP Board publishes an administrative revocation in accordance with
Article 17.7.

41
Q

Temporary Bar.

A

A temporary bar is a period in which a Respondent who currently is not a CFP®
professional is prohibited from applying for or obtaining CFP® certification. CFP Board publishes a
temporary bar in accordance with Article 17.7.

42
Q

Administrative Temporary Bar.

A

An administrative temporary bar is a temporary bar imposed by CFP
Board Counsel pursuant to Article 4. An administrative temporary bar will be in place for one year and one day.

43
Q

Permanent Bar.

A

A permanent bar is a permanent prohibition on the ability of a Respondent who
currently is not a CFP® professional to apply for or obtain CFP® certification. CFP Board publishes a
permanent bar in accordance with Article 17.7.

44
Q

Administrative Permanent Bar.

A

An administrative permanent bar is a permanent bar imposed by
CFP Board Counsel pursuant to Article 4. CFP Board publishes an administrative permanent bar in
accordance with Article 17.7.

45
Q

A Respondent whose Certification and License has been suspended for more than one year may file a _______ in accordance with Article 14.

A

etition for Reinstatement

46
Q

CFP Board publishes which sanctions?

A

Public Censure, Suspension, Temporary Bar, Revocation, and Permanent Bar, Revocation

47
Q

True or False? Respondent, Appellant, or Appellee may be represented by counsel during proceedings conducted pursuant to Procedural Rules.

A

True

48
Q

CFP Board Counsel may not deliver a Notice of Investigation after the later of:

A
  1. 7 years after the date of the last action constituting a violation of the Code and Standards;
  2. 2 years after the date on which Respondent is the subject of a Criminal Conviction, Civil Finding, or Professional Discipline; or
  3. The date the DEC establishes in an order granting a Motion for Extension of Time to Commence Investigation.
49
Q

If CFP Board Counsel finds probable cause to believe that Respondent violated the Code and Standards or the Pathway to CFP® Certification Agreement, then CFP Board Counsel must take one or more of the following actions:
Letter of Dismissal
Suspension
Settlement Offer
Complaint

A

Suspension
Settlement Offer
Complaint

CFP Course Prep 1 (15 decks)

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