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Which of the following statements least accurately describes a key characteristic of the Global Investment Performance Standards (GIPS)?

A)	A firm may not claim compliance with GIPS until it has recorded at least five years of GIPS-compliant performance data.

B)	All fee-paying, discretionary portfolios must be included in at least one composite.

C)	The distinct business entity that is claiming compliance with GIPS must be defined.

If a firm has been in existence less than five years, it can claim GIPS compliance if it presents GIPS-compliant performance data since the firm's inception. The other statements are accurate.

Which of the following statements regarding Global Investment Performance Standards (GIPS) is most accurate?

A)	GIPS exists as a best or maximum worldwide standard where local or country specific law for investment performance measurement does not exist.

B)	GIPS is intended to foster the notion of a world-wide regulatory body to oversee investment performance and measurement on a global scale.

C)	GIPS requires that all fee-paying discretionary portfolios be included in composites defined according to investment objective or similar strategy and firms must show GIPS compliant history for a minimum of five years or since inception if a composite has existed less than five years.

GIPS provides a minimum, not a maximum, standard for investment performance measurement and/or presentation. GIPS requires that all fee-paying discretionary portfolios be included in a composite, not rank ordered, to prevent firms from presenting the results of their best portfolios. GIPS is intended to foster the notion of self-regulation, not a world-wide regulatory body, to oversee investment performance and measurement.

Which of the following is NOT an objective of the Global Investment Performance Standards (GIPS)?

A)	To foster the notion of industry self-regulation on a global basis.

B)	To obtain worldwide recognition by securities regulators of a standard for the calculation and presentation of investment performance in a fair, comparable format that provides full disclosure.

C)	To promote fair, global competition among investment firms for all markets without creating barriers to entry for new firms.

GIPS applies to investment management firms and is intended to serve the existing and prospective clients of investment management firms, not regulators.

Which of the following statements is a key characteristic of Global Investment Performance Standards (GIPS)?

A)	GIPS require firms to show GIPS-compliant history for a minimum of ten years, or since inception of the firm or composite if in existence less than ten years.

B)	GIPS exist as a minimum worldwide standard where local or country-specific law, regulation, or industry standards may not exist for investment performance measurement and/or presentation.

C)	GIPS require managers to include all actual fee-paying and non-fee-paying discretionary portfolios in composites defined according to similar strategy and/or investment objective.

The GIPS standards: (1) do not require managers to include non-fee-paying accounts in composites, (2) require five years of GIPS compliant history, and (3) require compliance with local laws when they conflict with GIPS and disclosure of the conflict.

Which of the following is NOT a key characteristic of the Global Investment Performance Standards (GIPS)? GIPS:

A)	require managers to include all actual fee-paying and non-fee-paying discretionary portfolios in composites defined according to similar strategy and/or investment objective.

B)	require firms to use certain calculation and presentation methods and to make certain disclosures along with the performance record.

C)	do not address every aspect of performance measurement, valuation, attribution, or coverage of all assets.

The GIPS do not require managers to include non-fee-paying accounts in composites.