The Global Investment Performance Standards (GIPS) were designed to be applied with the goal of full disclosure and fair representation of investment performance in all instances EXCEPT:（）
A. when applicable local laws or regulations conflict with the GIPS, in which case, firms must comply with local laws and fully disclose the conflict.
B. when a firm or composite has been in existence for less than five years, in which case, less stringent standards apply.
C. in the case of private equity and real estate investments, which do not fall within the scope of the GIPS.
