Announcements

Asset owners that inquire about GIPS compliance are increasingly asking their investment managers about compliance with the CFA Institute Asset Manager Code of Professional Conduct.
The Global Investment Performance Standards (GIPS®) are a voluntary set of standards based on the fundamental principles of fair representation and full disclosure of performance results that were created to provide an ethical framework for the calculation and presentation of the investment performance history of an investment management firm. The exact reach and adoption of the GIPS standards has been difficult to measure, despite the apparent widespread industry acceptance and aim to protect investors. Since 1999, organizations in 37 countries have been formally endorsed as sponsors of the GIPS standards, but the number of firms claiming compliance with the standards within those countries is still unknown. Independent and third-party surveys as well as consultant databases indicate that approximately 80% of investment firms claim compliance, but that is based on sampling and targeted surveys. The lack of conclusive data on the subject has been a source of frustration for many firms across the industry, with regulators, media, and various other stakeholders.
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GIPS In The News

The Securities and Exchange Commission’s exam chief recently warned sponsors of wrap fee programs to do a better job of monitoring and disclosing the number of “step-out” trades performed by the wrap account’s investment managers, as these types of trades require clients to pay a fee on top of the wrap fee.

“The issue we have is one of disclosure,” regarding wrap accounts, Andrew Bowden, head of the SEC’s Office of Compliance Inspections and Examinations, told attendees at the CFA Institute’s Global Investment Performance Standards (GIPS) Annual Conference in Boston Sept. 19. “If you’re a wrap fee sponsor, it’s your responsibility to actually monitor the frequency with which the managers participating in your program are actually ‘stepping out’ trades so that you can make proper disclosures.”
Think Advisors
26 September 2014
Some financial advisers don't mind sharing information about the performance returns they have pulled in for clients. Those numbers, nonetheless, may come with a caveat.
Reuters
12 September 2014
We asked the GIPS team of CFA Institute around the world – Annie Lo in the Asia-Pacific region, Beth Kaiser, Ken Robinson, and Anju Grover in the Americas region, and Iain McAra in the EMEA (Europe, Middle East, and Africa) region – to discuss these upcoming updates to the GIPS standards.
Asia Asset Management
3 April 2014

Current Standards

The 2010 edition of the GIPS standards was adopted on 29 January 2010 and becomes effective on 1 January 2011.

2010 edition of the GIPS standards (effective 1 January 2011)
Archive of the GIPS standards
Endorsed Translations (2010 edition)

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