The following candidate behavior is considered misconduct and will be subject to review by the CAIA Association Board of Directors:

1. Giving or receiving help in answering exam questions found in the actual CAIA examinations (as distinct from the publicly available sample questions found on the CAIA website). This includes but is not limited to sharing in any way, shape or form examination information (such as examination questions) with a candidate who has not yet taken the exam, or receiving any such information from any candidate who has taken an examination.
2. Removing examination materials from the exam room
3. Using study materials during the exam
4. Using a recording device during the exam
5. Using a photographic device during the exam
6. Not clearing calculator memory prior to the start of the exam
7. Using a laptop, small computer, PDA, or any other device that stores large amounts of information during the exam
   

Upon review, should the CAIA Association Board of Directors determine that a violation has occurred, it will recommend disciplinary action. The candidate may accept the conclusion and penalty, or ask for an appeal. In the case of an appeal, the candidate alone must represent himself before the Board of Directors and accept its recommendation as final.

Those found to be in violation of one or more points of misconduct may be subject to the following penalties at the sole discretion of the Board of Directors:

1. An invalid exam
2. Censure
3. Suspension from the program for a period of time to be determined by the Board
4. Expulsion from the program