NO.PZ2022010501000001
问题如下：
Company C manages money for both retail and institutional clients. There are two autonomous groups within the company: “Company C Institutional Investment Management,” which manages institutional assets, and “Company C Retail Investors,” which manages retail assets. How should Company C define itself as a firm to comply with the GIPS standards?
选项：
解释：
The GIPS standards encourage firms to adopt the broadest, most meaningful definition of a firm. Company C should consider defining itself to include the assets managed by both the institutional entity and the retail entity for the purposes of claiming compliance with the GIPS standards. Company C could define the two autonomous entities as separate firms, however, if each subsidiary is held out to clients and prospective clients as a distinct business unit.
GIPS 标准鼓励公司采用最广泛、最有意义的公司定义。 C 公司应考虑将自己定义为包括机构实体和零售实体管理的资产，以便声称符合 GIPS 标准。 但是，如果每个子公司都作为一个不同的业务单位向客户和潜在客户提供服务，则 C 公司可以将这两个自治实体定义为独立的公司。
即子公司如果能独立则可单独声称符合GIPS，而不能独立的话，则必须以整个公司都要符合GIPS才能声称遵守GIPS。
1.A.1 The GIPS standards must be applied on a firm-wide basis. Compliance must be met on a firm-wide basis and cannot be met on a composite, pooled fund, or portfolio basis.
1.A.2 The firm must be defined as an investment firm, subsidiary, or division held out to the public as a distinct business entity.
Since two autonomous groups can make investment decisions by themselves, they can be defined as firms separately.But they can also declaired as a whole firm.
