CFA 一级考试考点:伦理和行为标准

  Part Ⅲ:GIPS:
  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.
  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.
  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.
  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.
  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.
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