Explanation

When a formal determination is made that a GARP member has violated the GARP Code of Conduct, the potential consequences include:

• Suspension of membership (Option B): GARP may suspend a member from membership roles for a specified period, such as 2 years
• Revocation of membership: Complete removal from GARP membership
• Revocation of FRM certification: Loss of the Financial Risk Manager designation
• Suspension from candidacy in the FRM program: Temporary or permanent ban from participating in the FRM program

Why other options are incorrect:

• Option A: GARP does not typically impose monetary fines as penalties for Code of Conduct violations
• Option C: While GARP may require additional education, they don't typically mandate re-taking the entire FRM examination
• Option D: While ethical training may be recommended, "required participation in ethical trading" is not a standard penalty for Code of Conduct violations

The most common and appropriate consequence from the given options is suspension of membership, making Option B the correct answer.