GIPS vs Ethics comparable, multiple, question, another, compete

Palantir

A US National (CFA charterholder) working in another country has to follow stricter of:
(i) US Law
(ii) Local laws
(iii) CFA Code of Ethics and Standards or Professional Conduct

Regarding GIPS - I read in an answer to a multiple choice question that you can follow local laws (instead of GIPS) if they are less strict - the reason being that you can compete with local firms on a comparable basis. Is that correct?