Honesty
Do not knowingly leave someone with a seriously false impression about the deal.
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
A participant is not allowed to knowingly make materially false claims.
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A participant MUST NOT knowingly make materially false claims.
A participant is required to correct a known material inaccuracy before commitment.
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A participant MUST correct a known material inaccuracy before commitment.
A participant is normally expected to clarify predictable misunderstandings caused by their own presentation.
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A participant SHOULD clarify predictable misunderstandings caused by their own presentation.
A small accurate disclaimer does not automatically cure a prominent misleading claim.
Transparency
Change history
Meaningful wording changes stay visible.Initial draft.