In order to take advantage of the opportunities and benefits offered by the Chartered Alternative Investment Analyst Association, Inc., (the "CAIA Association®") an individual (the "Individual") must meet certain requirements and agree that the Individual will abide by certain policies, as the same may be modified from time to time by the CAIA Association® in its sole discretion (collectively, the "Policies").

If, at any time, an Individual is not in compliance with the Policies, such Individual shall immediately notify the CAIA Association® of that fact.

If the CAIA Association® becomes aware of an Individual's noncompliance, or potential noncompliance, with the Policies, the CAIA Association® will take the following steps:

1. The CAIA Association®'s Discipline Officer (the "Discipline Officer", who shall be an individual appointed by either the CAIA Association®'s Chief Executive Officer (the "CEO") or Board of Directors (the "Board") to oversee this Discipline Procedure) may contact the Individual to request such additional information regarding the alleged noncompliance, in each case as the Discipline Officer deems necessary or appropriate in her sole discretion. The Individual shall promptly, but not later than ten (10) business days after such contact, provide all requested information.
2. The Discipline Officer shall deliver a report (whether oral or written, the "Report") to the CEO regarding the facts of the non-compliance (alleged or otherwise), including any disciplinary action taken by other certifying organizations against the Individual. The Report may be delivered before the Individual has responded to the request for information; however, the Discipline Officer shall update the Report to include such response whenever it is received.
3. The CEO may, in his sole discretion, upon receipt of the Report, take any or all of the following actions:
   
   1. If the Individual is a Full Member, Retired Member or Affiliate Member of the CAIA Association® -
      
      1. immediately revoke such membership pending further review by the Board;
      2. privately censure the Individual, in which case the CEO shall advise the Board of his decision to censure in the form of a brief written report at the next scheduled meeting of the Board;
      3. recommend that the Board publicly censure the Individual;
      4. recommend that the Board revoke the Individual's membership for a period not to exceed five (5) years;
      5. determine that the Individual complied or is now complying with the Policies and deem the matter closed.

      If the CEO takes any of the actions described in clauses (i), (ii) or (v), either the CEO or the Discipline Officer shall notify the Individual of such actions.

   2. If the Individual has registered to take either the CAIA Association®'s Level I Exam or Level II Exam but is not yet a member of the CAIA Association® -
      
      1. void the results of the Individual's exam;
      2. privately censure the Individual, in which case the CEO shall advise the Board of his decision to censure in the form of a brief written report at the next scheduled meeting of the Board;
      3. recommend that the Board deem the Individual inapplicable for membership in the CAIA Association® for either a period of years or indefinitely;
      4. determine that the Individual complied or is now complying with the Policies and deem the matter closed.

      If the CEO takes any of the actions described in clauses (i), (ii) or (iv), either the CEO or the Discipline Officer shall notify the Individual of such actions.

4. If the CEO recommends any action to the Board, the CEO shall deliver a written report to the Board explaining the reasoning behind such recommendation. The Board may, in its sole discretion, share some or all of such report with the Individual and invite the Individual to comment on such report and the recommendation, in writing. Except as otherwise specifically set forth herein, no Individual shall have any right to be present at any meeting of the Board where discipline of such Individual is being considered. The Board may, in its sole discretion, permit such attendance. Notwithstanding anything herein to the contrary, the Board shall not be limited to accepting or rejecting the recommendation of the CEO and may impose on the Individual any penalty that the Board deems appropriate, including penalties not set forth in this Discipline Procedure.
5. If the Board decides to (a) publicly censure the Individual, (b) revoke the Individual's membership or (c) deem the Individual inapplicable for membership in the CAIA Association®, the Board shall so notify the Individual and indicate the Board's reasons for taking such action. If the Board imposes a revocation or deems the Individual inapplicable for membership, the Board shall indicate the length of the period of such revocation or inapplicability. The Individual may submit a written appeal of the Board's decision to the Board within sixty (60) days of the Board's initial decision. The Board will consider such appeal at its next meeting and may, in its sole discretion, permit the Individual and any representative to attend such meeting. Such meeting may be held in person or by telephone or video conference, in the Board's sole discretion. Notwithstanding the foregoing, the Board may authorize the Individual's public censure, revocation of the Individual's membership, or deem the Individual inapplicable for membership prior to receipt or consideration any such appeal.
6. Upon the revocation of the Individual's membership, the Individual shall be deemed to have immediately resigned from any positions the Individual may hold with the CAIA Association® and any of its chapters or affiliates.
7. Nothing in this Discipline Procedure shall prevent or limit the ability of the CEO or the Board to promptly respond to any alleged noncompliance with the Policies, nor does the Discipline Procedure give the Individual any right to appeal any final decision of either the CEO or the Board to any regulatory body, legislative body or court. Each Individual specifically waives any right to pursue any legal or equitable remedy against the CAIA Association®, its officers, directors, employees, agents and representatives with respect to any aspect of this Discipline Procedure.
8. If the Individual's membership is revoked or the Individual is deemed inapplicable for membership pursuant to this Discipline Procedure, the Individual may apply for reinstatement or for membership at the end of the relevant period as indicated by the Board and the Board may, in its sole discretion, require the Individual to retake any examinations before reinstating such Individual's membership or considering the Individual to be applicable for membership.
9. The Board, the CEO and the Discipline Officer may each delegate any or all of such party's responsibilities under this Discipline Procedure to one or more directors, officers, employees or agents of the CAIA Association®.
10. Nothing in this Discipline Procedure shall prevent the CAIA Association® from exercising or pursuing any legal or equitable remedies that it may have against the Individual.