Q & A Database
The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.
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CurrentEffective: 1 March, 2021Categories: GIPS ReportsSource: 2020 GIPS Standards
When a firm presents a GIPS Report to a prospective investor for a pooled fund, it must disclose the pooled fund’s current fee schedule and expense ratio. In the GIPS® Standards Handbook in Sections 5, 6, and 7, it states that the fee schedule and expense ratios may be an exhibit attached to the GIPS Report and that this exhibit may be the pooled fund’s offering documents, if the offering documents include the appropriate fee schedule and expense ratio. This language is not included in the GIPS® Standards Handbook in Section 4, however. To satisfy the requirement to disclose the pooled fund’s current fee schedule and expenses ratio, are we permitted to use a pooled fund’s offering documents as an exhibit attached to a GIPS Composite Report that includes time-weighted returns?
When a GIPS Composite Report is provided to a prospective investor for a pooled fund included in the composite, the firm may satisfy the requirement to disclose the pooled fund’s current fee schedule and expense ratio by attaching an exhibit to the GIPS Composite Report, which may be the pooled fund’s offering documents, if the exhibit includes the appropriate fee schedule and expense ratio.