答案和详解如下： 1.According to the Global Investment Performance Standards (GIPS), where existing laws or regulations already impose performance presentation standards, firms: A) are strongly encouraged to comply with the GIPS standards in addition to those local requirements. B) that comply with local requirements will be in compliance with GIPS as long as the scope and nature of the conflict is fully disclosed. C) may choose to comply with local requirements rather than GIPS, but only with prior approval from the Investment Performance Council (IPC). D) must comply with the GIPS standards, because they are the globally accepted standards for the investment industry. The correct answer was A) Firms are encouraged, though not required, to comply with both GIPS and the local requirements, and also disclose any local laws and regulations that conflict with the GIPS standard. 2.The El Rey Investment Company, located in Barcelona, Spain, is in the process of adopting the Global Investment Performance Standards (GIPS) for the current fiscal year. One of the GIPS standards is in direct conflict with Spanish investment reporting regulations. In order to be in full compliance with GIPS, El Rey must: A) comply with the GIPS standard and make full disclosure of the conflict. B) comply with the local regulation and make full disclosure of the conflict. C) comply with both the GIPS standard and the local regulation for comparison purposes. D) choose either the GIPS standard or the local regulation, whichever is the more conservative approach, and make full disclosure of the conflict. The correct answer was B) A GIPS requirement is that firms comply with the local law and make full disclosure of the conflict. 3.The Global Investment Performance Standards (GIPS) were designed to be applied with the goal of full disclosure and fair representation of investment performance in all instances EXCEPT: A) when applicable local laws or regulations conflict with the GIPS, in which case, firms must comply with local laws and fully disclose the conflict. B) when a firm or composite has been in existence for less than five years, in which case, less stringent standards apply. C) in the case of private equity and real estate investments, which do not fall within the scope of the GIPS. D) when a composite includes nondiscretionary funds to which the GIPS are not applicable. The correct answer was A) In the case of a conflict, GIPS require that firms comply with local or country-specific laws or regulations rather than GIPS, but must fully disclose the nature and scope of the conflict. 4.Which of the following statements regarding GIPS is least accurate? A) A GIPS objective is to promote global “self-regulation.” B) GIPS allows clients to have more confidence in reported performance. C) Investment management benefits from having a globally accepted set of guidelines. D) To stay GIPS compliant, a firm must abide by GIPS guidelines even when conflicting with local or country-specific regulations. The correct answer was D) To stay GIPS compliant, firms are required to comply with local laws even if they conflict with GIPS. However, the discrepancy must be disclosed. | 
发表于 2008-5-15 15:07
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