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Question:

Which of the following is least likely a requirement of the GIPS standards? Firms are required to:

A have their performance records verified by an independent third party.
explanation

It is a recommendation but not a requirement that firms obtain independent third-party verification to claim GIPS compliance. Firms are required to include all discretionary, fee-paying portfolios in at least one composite. They must also present a minimum of five years of annual investment performance compliant with the GIPS standards.