Conflict of Interest Disclosure in Investment Analysis

A financial analyst, Jane, is preparing a report on a portfolio recommendation for her clients. As part of her work, she decides to include some financial projections based on information from her proprietary research as well as market forecasts. To enhance the credibility of her analysis, she discloses in her report that certain projections are based on external sources, while others are based on her firm's internal analyses. However, she does not mention the potential conflicts of interest that could arise from her firm's relationships with the companies she has analyzed.

Given these circumstances, which of the following actions represents a breach of the CFA Institute's Code of Ethics regarding investment analysis communication?