不理解了

问题如下：

In relation to the GIPS standards, which of the following is accurate for an investment firm?

选项：

A.The firm is obligated to incorporate non-discretionary portfolios into its composite records. B.The firm is permitted to describe its performance calculation approach as compliant with the GIPS standards. C.The firm can classify a portfolio as non-discretionary when client restrictions materially affect the execution of the planned strategy.

解释：

Option C is correct. According to the GIPS standards, it is not mandatory for a firm to include non-discretionary portfolios in its composites. Additionally, firms are not allowed to state that their performance calculation methods are in accordance or compliant with GIPS. However, a firm may designate a portfolio as non-discretionary if documented client-imposed restrictions substantially impede the application of the intended investment strategy, rendering the portfolio unrepresentative of the strategy.