CFA LevelⅠ: Ethical and Standard of Professional Conduct（Part3）
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Why GIPS created—GIPS seek to avoid misrepresentation of performance,including Representative accounts;Survivorship bias;Varying time periods;
What parties the GIPS apply to and who is served—Investment Management Firms;Clients and prospective clients.
·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.
Fundamental of Compliancen
·Definition of the Firm—Requirements;
·Claim of Compliance—Requirements;
·Firm Fundamental Responsibilities—Requirments;
Construction of Composite—A composite is a group of individual portfolios representing a similar investment strategy,objective,or mandate.
·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.
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.
GIPS VS.Local Regulation
Nine Major Sections of the GIPS
·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.