The review comes in response to concerns expressed to the institute about the social and environmental effects of events such as the Three Peaks Challenge.
The institute originally published the code in 2002 but added a separate leaflet called UK Charity Challenge Events in 2004 after a consultation with the National Parks Authority. The leaflet was designed to address the issue of large-scale events that could affect the environment.
The new code will revisit these issues. Megan Pacey, director of policy and campaigns at the institute, said: "In order to continue to be sustainable, standards need to be set around such events that meet the requirements of all interested parties, including landowners, local people, operators, fundraisers and fundraising organisations."
The institute expects the first working party meeting to take place in January and to produce a first draft of the new code during the summer. The final publication is anticipated in 2010.
Applications must be submitted to the institute by 21 November.