NO.PZ202201050100001303
问题如下：
Mahe Manufacturing Company, a core-plus fixed-income client, informs Bamako in writing that, in the future, all security transactions must be approved in advance by Mahe’s controller. The most likely consequence is that Bamako must prospectively exclude the Mahe portfolio from:
选项：
A. all composites.
B. total firm assets
C. the core-plus fixed-income composite only
解释：
A is correct.
The client’s prior approval authority for security transactions most likely renders the portfolio non-discretionary. The GIPS standards state “non-discretionary portfolios must not be included in composites.” B is incorrect because total firm assets must include all discretionary and non-discretionary assets managed by the firm.
客户对证券交易的事先批准权限很可能使投资组合具有非自由裁量权。 GIPS 标准规定“非全权委托投资组合不得包含在composites中”。 B 不正确，因为公司总资产必须包括公司管理的所有全权委托和非全权委托资产。
3.A.2 All actual, fee-paying, discretionary segregated accounts must be included in at least one composite. Non-discretionary portfolios must not be included in composites.
这样A和B理解起来好像没有什么差别？
