PMT Regulation and Ethics Guide

CSI Portfolio Management Techniques chapter guide for regulation and ethics, with section lessons, mandate controls, operations cues, and review priorities.

Regulation and Ethics is a PMT exam topic weighted at 10%. Use this chapter landing page to frame the mandate, operating model, technique, or reporting issue first, then move into the section lessons for the specific controls and portfolio-management decisions.

What this topic is really testing

discretionary portfolio management framework
mandate authority and managed-account controls
ethics, fiduciary duty, and client trust
conflicts, culture, and ethical response

Section lessons

Lesson	Main review cue
Discretionary Portfolio Management Framework	Explain the role of a portfolio manager in discretionary investment management
Mandate Authority and Managed-Account Controls	Recognize the core obligations that arise when managing client assets on a discretionary basis
Ethics, Fiduciary Duty, and Client Trust	Define ethics in the context of discretionary portfolio management
Conflicts, Culture, and Ethical Response	Recognize common conflicts of interest that can undermine ethical portfolio management

Better first instincts

If the case feels most like…	Better first move
authority, mandate, or benchmark problem	verify permission and restriction language before selecting a technique
operational workflow issue	identify whether the failure sits in front, middle, or back office
equity or fixed-income technique	connect the method to risk budget, benchmark, and client objective
reporting or attribution question	explain the result without overstating skill or ignoring benchmark limits

Common traps

treating PMT as only investment selection instead of mandate-driven portfolio management
ignoring operations and control evidence after a trade decision
selecting a technique that exceeds the mandate or implementation capacity
confusing performance measurement with clear client communication

In this section

PMT Discretionary Portfolio Management Framework Guide
CSI Portfolio Management Techniques study guide for discretionary portfolio management framework, with learning objectives, mandate controls, operations cues, and exam traps.
PMT Mandate Authority and Managed-Account Controls Guide
CSI Portfolio Management Techniques study guide for mandate authority and managed-account controls, with learning objectives, mandate controls, operations cues, and exam traps.
PMT Ethics, Fiduciary Duty, and Client Trust Guide
CSI Portfolio Management Techniques study guide for ethics, fiduciary duty, and client trust, with learning objectives, mandate controls, operations cues, and exam traps.
PMT Conflicts, Culture, and Ethical Response Guide
CSI Portfolio Management Techniques study guide for conflicts, culture, and ethical response, with learning objectives, mandate controls, operations cues, and exam traps.

Revised on Friday, May 29, 2026

2. The Institutional Portfolio Management Process

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