How to understand “misconduct”?

Must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence. （任何不诚信的行为都是misconduct，但不是所有违法行为都是misconduct）

Dishonest conduct: Any act that involves lying, cheating, stealing, or other dishonest conduct would violate this standard if the offense reflects adversely on professional activities. Do not abuse this standard to settle personal, political, or other disputes unrelated to professional ethics. （不能滥用该准则来解决私人问题）

Absence of appropriate conduct and sufficient effort: Member or candidate is expected to conduct the necessary due diligence to understand the nature and risks of investment before making investment recommendations. If not taking such steps, instead, relying on others, is violation. （如果没有做尽职调查就违反了misconduct准则）

Conduct that damages trustworthiness or competence may include behavior that negatively affects ability to perform professional activities. E.g. abusing alcohol during business hours.  Because it could have a detrimental effect on the ability to fulfill professional responsibilities.

Personal bankruptcy may not reflect on the integrity or trustworthiness of the person declaring bankruptcy, but if the circumstances of the bankruptcy involve fraudulent or deceitful business conduct, the bankruptcy may be a violation of this standard.