CFA 一级考试：伦理和行为标准

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  GIPS是什么？它的关键你知道吗？他是用来定义“公司”，反映“不同的业务实体”。CFA来助你一起理解。

　　

　　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

　　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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关键词：CFA Presentation Requirements Verification Construction 伦理