Q1. With respect to reporting investment results, Global Investment Performance Standards (GIPS) require a minimum of:

A)     ten years of historical performance.

B)     five years of historical performance.

C)     three years of historical performance.

Q2. In January 2003, the Medusco Investment firm has decided to present its performance history in compliance with the Global Investment Performance Standards (GIPS). Medusco was formed on January 1, 1992, and has never before presented its performance results in compliance with the GIPS standards. Which of the following actions must Medusco take in order to claim GIPS compliance?

A)   Present GIPS-compliant performance results for the 5-year period from January 1, 1998, through December 31, 2002.

B)   Present GIPS-compliant performance results for the 5-year period from January 1, 1998, through December 31, 2002, and report five additional years of non-GIPS-compliant performance with a disclosure explaining why the performance in the earlier years is not GIPS-compliant.

C)   Retroactively comply with GIPS for periods after January 1, 2000, and report non-GIPS-compliant performance results for the periods January 1, 1993, through December 31, 1999, with a disclosure explaining why these earlier years are not GIPS-compliant.

Q3. Whenever an investment management firm presents its investment performance as being in compliance with the Global

Investment Performance Standards (GIPS), it must state how it defines itself as a firm. Under GIPS, a firm may define itself for the purpose of claiming GIPS compliance using any of the following options EXCEPT when:

A)   the subsidiary or division of a company claims GIPS compliance when the parent company is GIPS compliant.

B)   all assets are managed to one or more base currencies.

C)   an investment firm, subsidiary, or division is held out to clients or potential clients as a distinct business unit.

答案和详解如下：

Q1. With respect to reporting investment results, Global Investment Performance Standards (GIPS) require a minimum of:

A)     ten years of historical performance.

B)     five years of historical performance.

C)     three years of historical performance.

Correct answer is B)

GIPS require a minimum of five years of conforming historical performance results.

Q2. In January 2003, the Medusco Investment firm has decided to present its performance history in compliance with the Global Investment Performance Standards (GIPS). Medusco was formed on January 1, 1992, and has never before presented its performance results in compliance with the GIPS standards. Which of the following actions must Medusco take in order to claim GIPS compliance?

A)   Present GIPS-compliant performance results for the 5-year period from January 1, 1998, through December 31, 2002.

B)   Present GIPS-compliant performance results for the 5-year period from January 1, 1998, through December 31, 2002, and report five additional years of non-GIPS-compliant performance with a disclosure explaining why the performance in the earlier years is not GIPS-compliant.

C)   Retroactively comply with GIPS for periods after January 1, 2000, and report non-GIPS-compliant performance results for the periods January 1, 1993, through December 31, 1999, with a disclosure explaining why these earlier years are not GIPS-compliant.

Correct answer is A)

In order to claim GIPS compliance, Medusco must present at least five years of annual investment performance results that are compliant with GIPS. Medusco may, at its discretion, add an additional five years of results that are not GIPS-compliant to their five-year compliant history with a disclosure of the period of noncompliance and an explanation of why the presentation for these periods is not GIPS compliant.

Q3. Whenever an investment management firm presents its investment performance as being in compliance with the Global

Investment Performance Standards (GIPS), it must state how it defines itself as a firm. Under GIPS, a firm may define itself for the purpose of claiming GIPS compliance using any of the following options EXCEPT when:

A)   the subsidiary or division of a company claims GIPS compliance when the parent company is GIPS compliant.

B)   all assets are managed to one or more base currencies.

C)   an investment firm, subsidiary, or division is held out to clients or potential clients as a distinct business unit.

Correct answer is A)

In order for an investment firm to claim GIPS compliance, GIPS must be applied on a firmwide basis. If the parent company is GIPS compliant, this does not automatically mean the divisions or subsidiaries are compliant. A division or subsidiary of a company would also have to comply with GIPS to be able to claim compliance. If an investment firm, subsidiary, or division is held out to clients or potential clients as a distinct business unit it can claim GIPS compliance even if the parent company is not compliant.

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