We know that GIPS requires a benchmark to be posted in advertisements.
Now take a look at problem #50 in Schweser Practice Exam #3 in Volume I. It asks “State whether CCM’s composites are correctly defined according to GIPS”. There is no benhcmkark indicated - only equity / bond mix - so I thought “A. No, CCM must define an equity and fixed-income benchmark” would be the correct answer.
Instead, "Yes, if CCM establishes a tight allowable range is correct.
So do Composites require benchmarks to be defined or not?