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CFA LevelⅠ: Ethical and Standard of Professional Conduct(Part3)

作者:admin 文章来源:CFA培训 点击数: 更新时间:2012-12-26 17:06
Part Ⅲ:GIPS:
  1. Why GIPS created—GIPS seek to avoid misrepresentation of performance,including Representative accounts;Survivorship bias;Varying time periods;
  2. What parties the GIPS apply to and who is served—Investment Management Firms;Clients and prospective clients.
  3. Key Characteristics
   ·to define its”firm” and reflect the”distinct business entity”;
   ·full disclosure for performance presentation;
   ·include all actual fee-paying,discretionary portfolios in composites for a minimum of five years or since firm or composites inception;
   ·no partial compliance and only full compliance can be claimed;
   ·in the event of conflict,follow the local law,but disclose;
   ·recommendations may become requirements in the future;
   ·supplemental”private equity” and “real estate”provisions.
  1. Fundamental of Compliancen
·Definition of the Firm—Requirements;
·Claim of Compliance—Requirements;
·Firm Fundamental Responsibilities—Requirments;
  1. Construction of Composite—A composite is a group of individual portfolios representing a similar investment strategy,objective,or mandate.
  2. Firm Definitions
·Complete list and description of all the firm’s composite;
·Minimum asset level;
·Disclose the period of noncompliance and how the presentation dose not comply GIPS.
  1. Presentation and Reporting
·Historical Performance Record;
·In the event of conflict,firm must follow the applicable country-specific regulations but must also disclose the nature of the conflict with GIPS.
  1. GIPS VS.Local Regulation
  2. Nine Major Sections of the GIPS
  3. Verification
   ·Third party verification is not required,but recommended;
   ·Verification is performed by a third party,not by the firm itself,on a firm-wide basis.
   ·This third party verifier must attest some situations.
 
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