Local laws/regulations conflict with GIPS standards standards, regulatory, conflict, investment, encouraged

LPoulin133

To be GIPS compliant, is the firm REQUIRED to comply with the GIPS standards AND local laws/regulations? Especially when the GIPS standards are stricter.

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"Where existing laws, regulations, or industry standards already impose requirements related to the calculation and presentation of investment performance, firms are strongly
encouraged to comply with the GIPS standards in addition to applicable regulatory
requirements. Compliance with applicable law and/or regulation does not necessarily lead
to compliance with the GIPS standards. In cases in which laws and/or regulations conflict
with the GIPS standards, firms are required to comply with the laws and regulations and make full disclosure of the conflict in the compliant presentation." -- GIPS standards, Page 3.