- CFA Exams
- CFA Exam: Level I 2021
- Study Session 1. Ethical and Professional Standards
- Reading 5. Global Investment Performance Standards (GIPS)
- Subject 1. Introduction: The Vision Statement, Objectives and Key Characteristics of GIPS Standards
CFA Practice Question
Which statement(s) is (are) false?
II. A firm can claim partial compliance if it does not meet all the requirements of the GIPS standards.
I. Compliance with the GIPS standards is required by CFA Institute.
II. A firm can claim partial compliance if it does not meet all the requirements of the GIPS standards.
Correct Answer: I and II
Both are false. Compliance with the GIPS standards is voluntary. A firm cannot claim partial compliance.
User Contributed Comments 2
| User | Comment |
|---|---|
| AUAU | Key words "Voluntary of compliance, NO partial compliance" |
| gerdvar | All in or all out, applies with ethics in general |