A错在哪里

问题如下：

Which statement most accurately expresses a requirement of the GIPS standards?

选项：

Non-fee-paying portfolios must not be included in composites.

All actual fee-paying discretionary segregated accounts must be included in at least one composite.

All actual fee-paying discretionary segregated accounts must be included in only one composite.

解释：

B is correct.

The GIPS standards require that all actual, fee-paying, discretionary segregated accounts must be included in at least one composite. Although non-fee-paying discretionary accounts may be included in a composite (with appropriate disclosure), non-discretionary segregated accounts must not be included in a firm’s composites.

GIPS 标准要求所有真实的、付费的、可自由支配的独立账户必须包含在至少一个composite 中。 尽管非付费全权委托账户可能包含在composite 中（并进行适当披露），，但非全权委托独立账户不得包含在公司的综合账户中。

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.4 Non-fee-paying discretionary portfolios may be included in a composite. If the firm includes non-fee-paying discretionary portfolios in a composite, those portfolios must be subject to the same policies and procedures as fee-paying portfolios.