ExpectationP-001

Honesty

Do not knowingly leave someone with a seriously false impression about the deal.

Why it matters

A sentence can be technically true and still make the overall offer misleading. Honesty is about the understanding a reasonable person is left with.

Truthful words are not enough when the overall message is false.
Exact OETS wordingOpen the citable version

Participants MUST NOT knowingly create or preserve a materially false understanding of a trade.

The plain explanation above is the best place to begin. This version is here when precision or citation matters.

Normative requirements

Not allowed

A participant is not allowed to knowingly make materially false claims.

Show the exact wording

A participant MUST NOT knowingly make materially false claims.

Required

A participant is required to correct a known material inaccuracy before commitment.

Show the exact wording

A participant MUST correct a known material inaccuracy before commitment.

Usually expected

A participant is normally expected to clarify predictable misunderstandings caused by their own presentation.

Show the exact wording

A participant SHOULD clarify predictable misunderstandings caused by their own presentation.

Technical truth is not enough

A small accurate disclaimer does not automatically cure a prominent misleading claim.

Transparency

Change history

Meaningful wording changes stay visible.
v1.0

Initial draft.