不积跬步无以至千里，乐考小编为广大考生朋友准备了"morality" exercise:Investment performance and GIPS standard，每天掌握几道题，每天进步一点点！
Questions 1:
Which of the following is least likely a requirement of the GIPS standards?Firms are required to:
A 、have their performance records verified by an independent third party.
B 、include all discretionary, fee-paying portfolios in at least one composite.
C、 present a minimum of five years of annual investment performance compliant withGIPS standards.
Questions 2:
In cases where applicable local laws governing calculation and presentation ofinvestment performance conflict with the GIPS standards, firms are:
A 、unable to claim GIPS compliance in cases where local regulations prohibitaccurate calculation.
B 、required to calculate and maintain two sets of performance data in order toclaim GIPS compliance.
C、 required to comply with local regulations and make full disclose of the conflict to claim GIPS compliance.
【Answer to question 1】A
【analysis】
A is correct because it is a recommendation but not a requirement that firms obtain independent third-party verification to claim GIPS compliance. Firms are required to include all discretionary, fee-paying portfolios in at least one composite. They must also present a minimum of five years of annual investment performance compliant with GIPS standards.
B is incorrect because it is a requirement.
C is incorrect because it is a requirement.
【Answer to question 2】C
【analysis】
C is correct because in cases where applicable local laws governing calculation and presentation of investment performance conflict with the GIPS standards, firms are required to comply with local regulations and make full disclose of the conflict in the compliant presentation.
A is incorrect because is a not a requirement for or obstacle to GIPS compliance in cases where local laws conflict with GIPS standards.
B is incorrect because is a not a requirement for or obstacle to GIPS compliance in cases where local laws conflict with GIPS standards.
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