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"morality" exercise:Investment performance and GIPS standard

来源: USDT官网 编辑:zhangxiaoqing 2021/03/29 09:34:19 字体:

学习是一个不断积累的过程,每天学习一点,每天进步一点!为了帮助大家更高效地备考2021年CFA考试,USDT官网每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试,梦想成真!

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 of investment performance conflict with the GIPS standards, firms are:

A 、unable to claim GIPS compliance in cases where local regulations prohibit accurate calculation.

B 、required to calculate and maintain two sets of performance data in order to claim GIPS compliance.

C、 required to comply with local regulations and make full disclose of the conflict to claim GIPS compliance.

View answer resolution
【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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