NO.PZ2022010601000013
问题如下：
Which statement does not accurately express the requirements of the GIPS standard?
选项：
A.
All actual fee-paying discretionary segregated accounts must be included in at least one composite.
B.
Non-discretionary portfolios must not be included in composites.
C.
The firm must create composites for a strategy if it is offered only as a pooled fund.
解释：
C is correct.
如果仅作为 a pooled fund 提供，GIPS 标准则不要求公司为策略创建组合。所以C表述不符合GIPS要求。但GIPS要求：所有实际付费的全权委托独立账户必须包含在至少一个组合中。非全权委托投资组合不得包含在组合中。
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.
3.A.3 All actual, fee-paying, discretionary pooled funds must be included in at least one composite if they meet a composite definition. The firm is not required to create a composite that only includes one or more pooled funds unless the firm offers the strategy as a segregated account. The firm may terminate any composite that was created solely to include one or more pooled funds if the composite is not representative of the firm’s strategy offered as a segregated account.
能否进一步解释C呢 没有很理解pooled funds与composite之间的关系 pooled funds是如何被纳入组合计算的呢？
