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The El Rey Investment Company, located in Barcelona, Spain, is in the process of adopting the Global Investment Performance Standards (GIPS) for the current fiscal year. One of the GIPS standards is in direct conflict with Spanish investment reporting regulations. In order to be in full compliance with GIPS, El Rey must: A. comply with the GIPS standard and make full disclosure of the conflict. B. choose either the GIPS standard or the local regulation, whichever is the more conservative approach, and make full disclosure of the conflict. C. comply with the local regulation and make full disclosure of the conflict. |