Ethical And Professional Standards - Ethical And Professional Standards Section 2

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71. Which of the following is most likely a feature of the GIPS standards? GIPS standards:

  • Option : C
  • Explanation : The other two options are goals of the GIPS Executive Committee.
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72. Which of the following statements is most likely a key feature of the GIPS standards? In order to meet the objectives of fair representation and full disclosure and achieve best practice in the calculation and presentation of performance,

  • Option : B
  • Explanation : To achieve best practice in calculation and presentation of performance, firms should adhere to the minimum requirements and recommendations of GIPS standards.
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73. The fundamentals of compliance section under GIPS standards has how many requirements?

  • Option : B
  • Explanation : There are 16 requirements under Fundamentals of Compliance section
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74. According to the Fundamentals of Compliance section of the GIPS standards, which of the following is least likely a requirement for claiming compliance?

  • Option : C
  • Explanation : The condition for total firm assets is for periods beginning on or after 1 January, 2011, and includes both fee-paying and non-fee-paying portfolios.
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75. Which of the following requirements under the Fundamentals of Compliance section is least likely correct?

  • Option : B
  • Explanation : They must include assets managed by a sub-advisor.
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