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Question:

It is most likely that Woods has violated the Standard regarding:

A misrepresentation.
Explaination

Woods has misrepresented Lams experience. They don’t really have an “experienced international team.” That would include analysts, researchers, back office capabilities and experience, and the firms investment committee as well. It is not a violation of the Standard on performance presentation to include the results of the newly hired managers as long as it is clear they achieved their performance at their previous firm. Fair dealing has not been violated because no clients were disadvantaged in favor of others.