1. Which of the following definitions of a firm would violate GIPS?
A. Investment firm that has been in existence for less than five years.
B. Regional branch of an investment management firm marketed under the name of its parent.
C. Entity registered with the national regulator that oversees its investment management activities.
正确答案是B，给的解释是：
The definition of a firm for GIPS-compliant performance presentation should include all geographical offices marketed under the same name brand.
不知道是不是英语理解的问题，我感觉解释说的跟B是一回事儿啊，为什么violate呢
2. Which of the following includes only sections of the Global Investment Performance Standards?
A. Disclosure, Public Equity, Presentation and Reporting.
B. Real Estate, Calculation Methodology, Fundamentals of Compliance.
C.Input Data, Composite Construction, Wrap Fee/Speculative Margin Account (SMA) Portfolios.
正确答案是B，给出的解释是：
The nine major sections of GIPS are (0) Fundamentals of Compliance; (1) Input Data; (2) Calculation Methodology; (3) Composite Construction; (4) Disclosure; (5) Presentation and Reporting; (6) Real Estate; (7) Private Equity; and (8) Wrap Fee/Separately Managed Account (SMA) Portfolios.
我是真没明白什么叫做includes only sections，我做题的时候看B和C都被包含了，只有A有没在分类里的，就选了A，结果。。。。
