| The Global Investment Performance Standards (GIPS) apply to which of the following parties? 
 
 
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| A) | A software firm that developed a software package that assists investment firms in achieving GIPS compliance. |  |  
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| B) | The chief compliance officer for a regional money manager. |  |  
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| C) | An investment management firm located in Indonesia. |  |  
 
 
Only an investment firm that actually manages assets can claim compliance with GIPS.  |