medium · CFA Level I ethics
Nadir Components' newest analyst, Kevin, is preparing a report on Harbourlight REIT. Kevin finds a previous report written by a former colleague who has since left the firm. Kevin copies several pages of the colleague's original property analysis and inserts it into his own new report without citation, as 'the firm owns the work anyway.' Kevin also notes that Harbourlight has a 10% dividend yield and states that this 'guarantees an annual return of at least 10%.' Kevin's use of his former colleague's work without attribution is:
- A violation of Standard I(C) Misrepresentation, because he is taking credit for another person's conceptual work.
- Permissible according to the 'statistical reporting service' exception if the copied work consisted only of raw data.
- Permissible under Standard IV(A) Loyalty to Employer, as the firm owns all research products created by its employees.
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