I(A)Knowledge of law

注意：

1．红色字体代表第11版handbook新增的比较重要的内容

2．案例总结是把case当中容易判断错的结论摘录了下来，简单或者常规案例没有列出

I(B)Independence and Objectivity

I(C)Misrepresentation

I(D)Misconduct

II(A)Material nonpublic information

II(B)Market manipulation

III(A)Loyalty,prudence and care

III(B)Fair dealing

III(C)Suitability

III(D)Performance presentation

III(E)Preservation of confidentiality

IV(A)Loyalty to Employers

IV(A)Loyalty to Employers(续）

IV(B)Additional compensation arrangements

IV(C)Responsibility of supervisors

V(A)Diligence and reasonable basis

V(B)Communication with clients

V(C)Record retention

VI(A)Disclosure of conflicts

VI(B)Priority of transaction

VI(C)Referral fees

VII(A)Conduct as members and candidates

VII(B)Reference to CFA institute,designation

GIPS要点总结

Global Investment Performance Standards (GIPS)

Who can claim compliance

√Only an investment management firm that actually manage assets can claim compliance with the Standards

●Firms must be defined as an investment firm, subsidiary, or division held out to clients or prospective clients as a distinct business entity

√Firm-wide and full compliance

●If the Firm does not meet all the requirements of the GIPS standards, must not represent or state that it is “in compliance with the Global Investment Performance Standards except for...”

√Follow the local laws for cases in which a local or country-specific law or regulation conflicts with GIPS , but disclose the conflict

Verification

√Complying with the GIPS standards is voluntary

√An independent third-party “verifier”

√A single verification report is issued in respect of the whole firm; verification cannot be carried out for a single composite

Composites

√A composite is a grouping of individual discretionary portfolios representing a similar investment strategy, objective, or mandate

√All actual, fee-paying, discretionary portfolios must be included in at least one composite. Although non-fee-paying discretionary portfolios may be included in a composite (with appropriate disclosure) , non-discretionary portfolios must not be included in a firm's composites

√Total firm assets must be the aggregate fair value of all discretionary and non-discretionary assets managed by the firm. This includes both fee-paying and non fee-paying portfolios

Calculation methodology

√Firms must calculate time-weighted rates of return that adjust for external cash flows. Both periodic and sub-period returns must be geometrically linked

Presentation and reporting

√At least 5 years of performance (or since inception if less than five years) that meets the requirements of the GIPS standards. After a firm presents a minimum of five years of GIPS compliant performance, the firm must present an additional year of performance each year, building up to a minimum of 10 years of GIPS compliant performance

Nine major sections of GIPS

1. Fundamentals of compliance

2. Input data

3. Calculation methodology

4. Composite construction

5. Disclosure

6. Presentation and reporting

7. Real estate

8. Private equity

9. Wrap fee/Separately Managed Account Portfolios

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