Whenever an investment management firm presents its investment performance as being in compliance with the Global Investment Performance Standards (GIPS), it must state how it defines itself as a firm. Under GIPS, a firm may define itself for the purpose of claiming GIPS compliance using any of the following options EXCEPT when:
A) all assets are managed to one or more base currencies.
B) an investment firm, subsidiary, or division is held out to clients or potential clients as a distinct business unit.
C) the subsidiary or division of a company claims GIPS compliance when the parent company is GIPS compliant. |