{"id":11265,"date":"2021-02-17T11:35:45","date_gmt":"2021-02-17T11:35:45","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=11265"},"modified":"2026-02-18T19:18:12","modified_gmt":"2026-02-18T19:18:12","slug":"standard-c-misrepresentation","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/standard-c-misrepresentation\/","title":{"rendered":"Standard I (C) \u2013 Misrepresentation"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Has Abasolo violated Standard I(C) \u2013 Misrepresentation?\",\n    \"text\": \"Application 1: Correcting Unintentional Errors\\n\\nPeter Abasolo is responsible for maintaining ZXY Partners' webpage and promotional material. Abasolo is updating the firm\u2019s webpage and states that ZXY\u2019s Money Market Fund has \u00a310 billion in assets. Abasolo made a typographical error and goes on to publish the incorrect figure on the company website and brochures without identifying his error.\\n\\nHas Abasolo violated Standard I(C) \u2013 Misrepresentation?\\n\\nA. Yes, because he disseminated information that misstated the assets under management in the money market fund.\\n\\nB. No, because he did not knowingly misrepresent the assets under management in the money market fund.\\n\\nC. Yes, because any misrepresentation is in direct conflict with Standard I(C) \u2013 Misrepresentation.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B.\\n\\nAbasolo has not violated Standard I(C) \u2013 Misrepresentation because he did not knowingly make the error. However, once he discovers the mistake, he must take prompt action to correct the error, stop further distribution of the inaccurate materials, and inform recipients of the incorrect information.\"\n    }\n  }\n}\n<\/script><br \/>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Has Farak violated Standard I(C) \u2013 Misrepresentation?\",\n    \"text\": \"Application 2: Noncorrection of Errors\\n\\nSalma Farak is the CFO of a multinational insurance firm. The new promotional material created by the marketing department states that she is a CFA Charterholder. She just sat the Level III CFA Exam and is awaiting her result. Farak is aware of the misstatement and does not inform the marketing department of the error. The marketing department distributes the material to current and prospective clients over the next financial year.\\n\\nHas Farak violated Standard I(C) \u2013 Misrepresentation?\\n\\nA. No.\\n\\nB. Yes, because she does not make the error known to the marketing department.\\n\\nC. Yes, because she is responsible for making sure her qualifications are understood by the marketing department.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B.\\n\\nAlthough Farak did not directly create the misrepresentation, she was aware of the incorrect statement and failed to correct it. By allowing the material to be disseminated over time without correction, she violated Standard I(C) \u2013 Misrepresentation.\"\n    }\n  }\n}\n<\/script><br \/>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Has Klein violated Standard I(C) \u2013 Misrepresentation?\",\n    \"text\": \"Application 3: Plagiarism\\n\\nJessica Klein is preparing an investor briefing for her clients. She would like to include brief explanations of various financial concepts, such as price-to-sales (P\/S) and real returns. She finds these descriptions on a popular finance website and copies the explanations verbatim without acknowledging the authors.\\n\\nHas Klein violated Standard I(C) \u2013 Misrepresentation?\\n\\nA. No, because these concepts are popular finance jargon and the explanations are identical regardless of the source.\\n\\nB. Yes, because she failed to reference the original authors.\\n\\nC. No, because she does not need to acknowledge the original authors.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B.\\n\\nKlein has violated Standard I(C) \u2013 Misrepresentation because she copied the explanations verbatim without acknowledging the original authors. To be compliant, she must properly reference and credit the original source of any material used in her work.\"\n    }\n  }\n}\n<\/script><\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/MH0S2KvtFXY\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3 id=\"mce_22\" class=\"editor-rich-text__tinymce mce-content-body\" data-is-placeholder-visible=\"false\">\u00a0<\/h3>\n<p>Members and Candidates must not knowingly make any misrepresentations relating to\u00a0investment analysis, recommendations, actions, or other professional activities.<\/p>\n<p>Trust is paramount in the investment profession. Misrepresentation is broadly defined as making any false statements or deliberate omission of facts. Members and Candidates should not omit, misrepresent, or give false information on a firm or security in oral or digital communications and written materials \u2013 whether publicly disseminated or not.<\/p>\n<p>Standard I(C) \u2013 Misrepresentation prohibits Members and Candidates from guaranteeing clients\u2019 returns on investments or implying a guarantee of capital preservation. Many investments are characterized by some element of risk. Members and Candidates should avoid making statements such as \u201cYou can never lose money investing in this product\u201d or \u201cI can guarantee you a minimum 10% return on your investment over the year.\u201d These statements can be misleading to investors.<\/p>\n<div style=\"margin:18px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n        display:block;\n        text-align:center;\n        padding:14px 18px;\n        border:2px solid #2F5BFF;\n        border-radius:18px;\n        color:#2F5BFF;\n        font-weight:600;\n        font-size:16px;\n        text-decoration:none;\n        background-color:#f9faff;\n     \"><br \/>\n     Practice CFA Level II Ethics questions today.<br \/>\n  <\/a>\n<\/div>\n<h2><span style=\"font-weight: normal !msorm;\">Plagiarism <\/span><\/h2>\n<p>Standard I(C) \u2013 Misrepresentation prohibits plagiarism. Members and Candidates should <span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>always<\/em><\/strong><\/span> acknowledge the materials and ideas that are not their own.<\/p>\n<p>Examples of plagiarism include, but are not limited to:<\/p>\n<ul>\n<li>Taking credit for a research report that has been written by another analyst or firm.<\/li>\n<li>Copying excerpts from a report or article without acknowledging the author.<\/li>\n<li>Using graphs or charts without acknowledging the source.<\/li>\n<li>Copying proprietary models or spreadsheets without seeking permission from the firm or creators.<\/li>\n<li>Weak attribution when citing a particular text. For example, the following quote is attributed to \u201ca leading expert,\u201d \u201ca financial guru.\u201d Members and Candidates should acknowledge the authors directly.<\/li>\n<\/ul>\n<h2><span style=\"font-weight: normal !msorm;\">Investment Practice<\/span><\/h2>\n<p>Members and Candidates should not misrepresent their academic qualifications, personal or firm performance history, credentials, or services offered by their firm. Members should exercise care when using third-party information; they will bear the ultimate responsibility for any misrepresentations resulting from the use of third-party information.<\/p>\n<h2><span style=\"font-weight: normal !msorm;\">Performance Reporting<\/span><\/h2>\n<p>Members and Candidates should ensure that they select a benchmark that is comparable to the strategies used by the fund or for a particular client. Transparent reporting of the approved benchmark is crucial in providing clients useful information when making investment decisions.<\/p>\n<h2><span style=\"font-weight: normal !msorm;\">Social Media<\/span><\/h2>\n<p>Members and Candidates should ensure that they distribute the <span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>same<\/em><\/strong><\/span> information to clients and potential clients through \u201csocial media\u201d and traditional communication methods. Members and Candidates should make sure that all communications disseminated through social media comply with the Codes and Standards.<\/p>\n<h2>Omissions<\/h2>\n<p>Members and Candidates have become increasingly reliant on financial modeling techniques and technical analysis to find new investment opportunities and to reach investment recommendations. As a result, Members and Candidates should avoid <span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>k<\/em><\/strong><\/span><span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>nowingly<\/em><\/strong><\/span> omitting any inputs that could mislead those making investment decisions from these models. Additionally, conclusions from these models <span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>cannot be presented as fact<\/em><\/strong><\/span> because the results of the models are dependent on the inputs and techniques applied.<\/p>\n<p>Members and Candidates should encourage firms to create policies that guide composite construction. There should be a clear understanding of how and what is included in reporting performance. This is to avoid a situation in which Members and Candidates pick and choose what accounts to are representative of the firm or individual performance. A well-defined composite should aid in mitigating any misrepresentation of performance.<\/p>\n<h2><span style=\"font-weight: normal !msorm;\">Work Completed for Employer <\/span><\/h2>\n<p>Members and Candidates are permitted to use research or models created by other employees at the firm. All work, product, research, and models developed at the firm are the property of the firm. The firm is allowed to use the work completed by an analyst after they have left the firm. However, a member or candidate cannot re-publish reports or analyses after leaving the firm without express permission from his\/her former employer.<\/p>\n<h2>Compliance Recommendations<\/h2>\n<h3><span style=\"font-weight: normal !msorm;\">Factual Presentation<\/span><\/h3>\n<ul>\n<li>Firms can assist employees who communicate to clients and potential clients by providing an extensive list of the services offered and qualifications.<\/li>\n<li>Firms can designate specific employees to speak on behalf of the firm.<\/li>\n<li>Members and Candidates should understand the services and qualifications offered by the firm.<\/li>\n<\/ul>\n<h3><span style=\"font-weight: normal !msorm;\">Qualification Summary<\/span><\/h3>\n<ul>\n<li>Members and Candidates should create a summary of his or her qualifications, experiences, and services that are capable of providing.<\/li>\n<li>Firms should aid Members and Candidates by implementing reviews on employee correspondence and documentation that relate to the firm or individual\u2019s qualifications.<\/li>\n<\/ul>\n<h3><span style=\"font-weight: normal !msorm;\">Verify Outside Information<\/span><\/h3>\n<p>Members and Candidates share the responsibility for the accuracy of third-party material that they provide to clients. Members and Candidates should encourage their employers to set up procedures for verifying third-party information.<\/p>\n<h3><span style=\"font-weight: normal !msorm;\">Maintain Webpage<\/span><span style=\"font-weight: normal !msorm;\">s<\/span><\/h3>\n<p>Members and Candidates who are responsible for publishing material on web pages should ensure that the site contains current information. Members and Candidates should make <span style=\"font-weight: normal !msorm;\"><strong>reasonable<\/strong><\/span> attempts to protect the site\u2019s integrity, confidentiality, and to ensure there are full disclosures and no misrepresentations.<\/p>\n<h3><span style=\"font-weight: normal !msorm;\">Plagiarism Policy<\/span><\/h3>\n<p>To avoid plagiarism, Members and Candidates should take the following steps<\/p>\n<ul>\n<li><span style=\"font-weight: normal !msorm;\"><strong>Maintain copies<\/strong><\/span><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Keep copies of <span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>all<\/em><\/strong><\/span> the information and sources used when preparing a research report.<\/li>\n<li><span style=\"font-weight: normal !msorm;\"><strong>Attribute quotations<\/strong><\/span><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Attribute to their sources all data that is not prepared by persons other than financial and statistical reporting services.<\/li>\n<li><span style=\"font-weight: normal !msorm;\"><strong>Attribute summaries<\/strong><\/span><span style=\"font-weight: normal !msorm;\"><strong>:<\/strong><\/span> Attribute to their sources any summaries or paraphrases.<\/li>\n<\/ul>\n<blockquote>\n<h4><span style=\"font-weight: normal !msorm;\"><strong>Application 1: Correcting Unintentional Errors<\/strong><\/span><\/h4>\n<p>Peter Abasolo is responsible for maintaining ZXY Partners webpage and promotional material. Abasolo is updating the firm\u2019s webpage and states that ZXY\u2019s Money Market Fund has \u00a310 billion in assets. Abasolo made a typographical error; the fund has \u00a310 billion in assets. Abasolo goes on to publish \u201c\u00a310 billion in assets\u201d on the company website and brochures without identifying his error.<\/p>\n<p>Has Abasolo violated Standard I(C) \u2013 Misrepresentation?<\/p>\n<p>\u00a0 \u00a0 A. Yes, because he disseminated information that misstated the assets under management in the money market fund.<\/p>\n<p>\u00a0 \u00a0 B. No, because he did not knowingly misrepresent the assets under management in the money market fund.<\/p>\n<p>\u00a0 \u00a0 C. Yes, because any misrepresentation is in direct conflict with Standard I(C) \u2013\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Misrepresentation.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is B.<\/em>\u00a0<\/strong><\/p>\n<p>Abasolo has not violated Standard I(C) \u2013 Misrepresentation because he did not <span style=\"font-weight: normal !msorm; font-style: normal !msorm;\"><strong><em>knowingly<\/em><\/strong><\/span> make the error. Once Abasolo finds his mistake, he should take steps to stop the distribution of any material that contains the error and inform those who have received the inaccurate information.<\/p>\n<h4>Application 2: Noncorrection of Errors<\/h4>\n<p>Salma Farak is the CFO of a multinational insurance firm. The new promotional material created by the marketing department states that she is a CFA Charterholder. She just sat the Level III CFA Exam and is awaiting her result. Farak is aware of the misstatement and does not inform the marketing department of the error. The marketing department goes on to distribute the material to current and prospective clients over the next financial year.<\/p>\n<p>Has Farak violated Standard I(C) \u2013 Misrepresentation?<\/p>\n<p>\u00a0 \u00a0 \u00a0A. No.<\/p>\n<p>\u00a0 \u00a0 \u00a0B. Yes, because she does not make the error known to the marketing department.<\/p>\n<p>\u00a0 \u00a0 \u00a0C. Yes, because she is responsible for making sure her qualifications are understood by the marketing department.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is B.<\/em>\u00a0<\/strong><\/p>\n<p>Although Farak is not directly responsible for the misrepresentation of the qualifications, she allowed this material to be disseminated over some time.<\/p>\n<h4><span style=\"font-weight: normal !msorm;\">Application 3: Plagiarism<\/span><\/h4>\n<p>Jessica Klein is preparing an investor briefing for her clients. She would like to include some brief explanations of various financial concepts, such as price-to-sales (P\/S) and real returns. She finds these descriptions on a popular finance website and copies these explanations (verbatim) without acknowledging the authors.<\/p>\n<p>Has Klein violated Standard I(C) \u2013 Misrepresentation?<\/p>\n<p>\u00a0 \u00a0 \u00a0 A. No, because these concepts are popular finance jargon \u2013 all the explanations are identical regardless of the source.<\/p>\n<p>\u00a0 \u00a0 \u00a0 B. Yes, because she failed to reference the original authors.<\/p>\n<p>\u00a0 \u00a0 \u00a0 C. No, because she does not need to acknowledge the original authors.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is B.<\/em>\u00a0<\/strong><\/p>\n<p>Klein has violated Standard I(C) \u2013 Misrepresentation. For Klein to be compliant, she should always acknowledge the original author of any reference material.<\/p>\n<h4><span style=\"font-weight: normal !msorm;\">Application 4: Misrepresentation of Information<\/span><\/h4>\n<p>Michael Kato and Blake Thomas run a small investment advisory firm. They subscribe to a service offered by a large research company that provides detailed financial reports and macro research. The large research firm allows subscribers of the premium subscription to repackage the reports. Kato and Blake share these reports with their clients as their work.<\/p>\n<p>Have Kato and Blake violated Standard I(C) \u2013 Misrepresentation?<\/p>\n<p>\u00a0 \u00a0 \u00a0 A. No, because they have permission from the research company to repackage the research.<\/p>\n<p>\u00a0 \u00a0 \u00a0 B. Yes, because they still need to acknowledge the original authors of the research \u2013 even if they have permission to repackage the information.<\/p>\n<p>\u00a0 \u00a0 \u00a0 C. No, because they paid for the research and retain the right to use it at their discretion.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is B.<\/em>\u00a0<\/strong><\/p>\n<p>Kato and Blake are allowed to use third-party research but cannot claim the material as their own. By doing so, Kato and Blake may misrepresent their capabilities to current and future clients.<\/p>\n<h4><span style=\"font-weight: normal !msorm;\">Application <\/span>5<span style=\"font-weight: normal !msorm;\">: Issuer Paid Research<\/span><\/h4>\n<p>Amy Field is an issuer-paid securities analyst. She is hired by companies to create research reports and publish her recommendations on her popular website. Field completes her independent analysis on PayTech and publishes her \u201cStrong Buy\u201d recommendation on her website. Field fails to disclose the relationship with PayTech on her website and internet forums.<\/p>\n<p>\u00a0Is Field in violation of Standard I(C) \u2013 Misrepresentation?<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0A. No, because she arrived at her \u201cStrong Buy\u201d recommendation after conducting her independent analysis.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0B. Yes, because she is not allowed to be compensated for research coverage that is disseminated to the public.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0C. Yes, because she fails to disclose the relationship between PayTech and herself.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is C.<\/em>\u00a0<\/strong><\/p>\n<p>Field has violated Standard I(C) \u2013 Misrepresentation. Although Fields conducted her research independently, her lack of disclosure may mislead potential investors. Field is allowed to be compensated for issuer paid research but has to disclose the agreement and nature of compensation on her website and internet forums.<\/p>\n<h4><span style=\"font-weight: normal !msorm;\">Application 6: Plagiarism <\/span><\/h4>\n<p>Jorley Khan is a senior quantitative analyst at Quant Touch. He recently attended the annual Quantitative Forum \u2013 which brings together the top quantitative specialists in the world. Khan, inspired by the event, builds upon the thorough notes he compiled on a breakthrough stock selection algorithm that was presented by the keynote speaker. Khan works to refine the algorithm and adds his inputs and achieves superior results.<\/p>\n<p>How has Khan violated Standard I(C) \u2013 Misrepresentation?<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 A. Khan failed to attribute the algorithm to the keynote speaker.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 B. Khan cannot draw inspiration from others; all his work should be original.<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 C. Khan\u2019s modifications to the algorithm are not material enough to make the work his own.<\/p>\n<h4>Solution<\/h4>\n<p><strong><em>The correct answer is A.<\/em>\u00a0<\/strong><\/p>\n<p>Although he can make changes to the algorithm, Khan must acknowledge the speaker for his initial work. Khan is allowed to build on the ideas or concepts of others but must acknowledge their contribution.<\/p>\n<\/blockquote>\n<p>Reading 46: Guidance for The Standards of Professional Conduct (I-VII)<\/p>\n<p><em>LOS 46 (a) Demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations.<\/em><\/p>\n<div style=\"text-align:center; margin:40px 0 20px;\">\n<p>  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n        display:inline-block;\n        background:#3E73D9;\n        color:#ffffff;\n        padding:16px 34px;\n        border-radius:50px;\n        font-weight:700;\n        font-size:18px;\n        text-decoration:none;\n     \"><br \/>\n     Start Free Trial<br \/>\n  <\/a><\/p>\n<p style=\"\n        margin-top:14px;\n        font-size:15px;\n        line-height:1.5;\n        max-width:620px;\n        margin-left:auto;\n        margin-right:auto;\n        color:#333333;\n     \"><br \/>\n     Sharpen Ethics application with realistic exam practice.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Members and Candidates must not knowingly make any misrepresentations relating to\u00a0investment analysis, recommendations, actions, or other professional activities. Trust is paramount in the investment profession. Misrepresentation is broadly defined as making any false statements or deliberate omission of facts&#8230;.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,196],"tags":[216,197,219],"class_list":["post-11265","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-ethical-and-professional-standards","tag-cfa-level-2","tag-ethical-and-professional-standards","tag-standard-i-c-misrepresentation","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Standard I(C) Misrepresentation | CFA Level II<\/title>\n<meta name=\"description\" content=\"Learn the CFA Standard I(C) on misrepresentation, including plagiarism, performance reporting, social media 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