Which of the following distinct entities can least likely claim compliance with the Global Investment Performance Standards (GIPS)?
A is correct because the Global Investment Performance Standards require that firms be defined as an investment firm, subsidiary, or division held out to clients or prospective clients as a distinct business entity (0.A. 12). A multi-national financial services holding company is unlikely to be solely operating as an investment firm, and the scope of the business could also make it more difficult to claim compliance on a firm-wide basis.