The former. At least as far as the law goes, you do have some lack of knowledge and have demonstrated it.
That said, you may still be quite clever and knowledgeable in whatever it is you do. For your sake, I trust and hope that is the case.
Ok smart guy... Who issues and enforces the MCM? If you don’t know what it is, or who issues it... Maybe you aren’t as up to speed as you think you are.