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