Q1. The Investment Performance Council (IPC) is composed of 36 members from 15 countries and serves as the global committee responsible for the Global Investment Performance Standards (GIPS). The principal goal of the IPC is to have:

A)   all countries with developed financial markets adopt the GIPS standards as the standard for investment firms presenting historical performance and become members of the IPC.

B)   all firms in the IPC-represented countries adopt the GIPS standards as the standard for investment firms presenting historical performance.

C)   all countries worldwide adopt the GIPS standards as the standard for investment firms presenting historical performance.

Q2. Compliance with the CFA Institute Performance Presentation Standards (PPS) or the Global Investment Performance Standards (GIPS) is:

A)   the only way to comply with Standard V(B), Performance Presentation.

B)   the best way to comply with Standard V(B), Performance Presentation.

C)   required by the Code of Conduct.

Q3. Which of the following statements most accurately describes why the Global Investment Performance Standards (GIPS) were created? To:

A)   meet the need for a single globally accepted set of regulatory guidelines among developed securities markets.

B)   meet the need for a single globally accepted set of investment performance presentation standards.

C)   provide comparability of performance results among nations for which no presentation guidelines currently exist.

Q4. Which of the following best describes the underlying principles upon which the Global Investment Performance Standards

(GIPS) are based?

A)   Fair and consistent application of a global set of regulatory requirements.

B)   Uniformity and consistent application of standards for the global regulation of the securities industry.

C)   Full disclosure and fair representation of performance results.

Q5. Which of the following statements regarding CFA Institute Global Investment Performance Standards (GIPS) is TRUE? A firm that employs members of CFA Institute:

A)   is not required to conform to the GIPS.

B)   must choose to comply with either the Performance Presentation Standards (PPS) or GIPS.

C)   must comply with the GIPS only within the United States.

答案和详解如下：

Q1. The Investment Performance Council (IPC) is composed of 36 members from 15 countries and serves as the global committee responsible for the Global Investment Performance Standards (GIPS). The principal goal of the IPC is to have:

A)   all countries with developed financial markets adopt the GIPS standards as the standard for investment firms presenting historical performance and become members of the IPC.

B)   all firms in the IPC-represented countries adopt the GIPS standards as the standard for investment firms presenting historical performance.

C)   all countries worldwide adopt the GIPS standards as the standard for investment firms presenting historical performance.

Correct answer is C)

The IPC envisions the GIPS compliance as a “passport” that allows firms to enter the investment arena, which will level the playing field on a global basis.

Q2. Compliance with the CFA Institute Performance Presentation Standards (PPS) or the Global Investment Performance Standards (GIPS) is:

A)   the only way to comply with Standard V(B), Performance Presentation.

B)   the best way to comply with Standard V(B), Performance Presentation.

C)   required by the Code of Conduct.

Correct answer is B)

According to the Standards of Practice Handbook, complying with the PPS and GIPS is the best way to comply with Standard V(B). However, a firm is not required to be in compliance with either PPS or GIPS in order to claim compliance with Standard V(B). Compliance with the PPS or GIPS is neither required by the Code and Standards nor the SEC.

Q3. Which of the following statements most accurately describes why the Global Investment Performance Standards (GIPS) were created? To:

A)   meet the need for a single globally accepted set of regulatory guidelines among developed securities markets.

B)   meet the need for a single globally accepted set of investment performance presentation standards.

C)   provide comparability of performance results among nations for which no presentation guidelines currently exist.

Correct answer is B)

Recognizing the need for one globally accepted set of investment performance presentation standards, CFA Institute sponsored and funded the Global Investment Performance Standards Committee to develop and publish a single global standard by which all firms in all countries calculate and present performance to clients and prospective clients.

Q4. Which of the following best describes the underlying principles upon which the Global Investment Performance Standards

(GIPS) are based?

A)   Fair and consistent application of a global set of regulatory requirements.

B)   Uniformity and consistent application of standards for the global regulation of the securities industry.

C)   Full disclosure and fair representation of performance results.

Correct answer is C)

The GIPS standards are a set of voluntary standards based on the fundamental principles of full disclosure and fair representation of performance results.

Q5. Which of the following statements regarding CFA Institute Global Investment Performance Standards (GIPS) is TRUE? A firm that employs members of CFA Institute:

A)   is not required to conform to the GIPS.

B)   must choose to comply with either the Performance Presentation Standards (PPS) or GIPS.

C)   must comply with the GIPS only within the United States.

Correct answer is A)

No firm is required to comply with either PPS or GIPS. These are CFA Institute guidelines, and a firm can choose to conform to one or both.

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