William Rex, CFA, distributes materials referencing his performance results since he is the only portfolio manager at the firm he has founded. In the presentation, Rex includes five years of investment performance, four of which were with a previous employer. The presentation does not make a distinction between the first four years and the most recent year of performance. Also included in the presentation are simulated results of a stock selection model Rex has recently developed and tested. The fact that the results are simulated is disclosed in the presentation. Has Rex violated any CFA Institute Standards of Professional Conduct?

A.No.

B.Yes,failing to disclose that four years of his performance results were with another employer is a violation,but including the simulated results is acceptable.

C.Yes,both failing to disclose that four years of his performance results were with another employer and including the simulated results are violations.