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.

Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.

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Archived

Effective: 1 January, 2014 - 31 December, 2019

Categories: Recordkeeping

Source: GIPS Executive Committee

We have custodial records, trade confirmations, portfolio holdings and valuations, transaction reports, corporate action reports, income received/earned reports, accrued income reports, and cash flow/weighted cash flow reports. Must we maintain all these records for all portfolios whether or not the portfolios are included in the composite?

No. For all composites the firm must capture and maintain all data and information necessary to support all items included in the firm’s compliant presentations, including the composite’s performance record. This might include a combination of several types of records. Although most firms are looking for a very precise list of the minimum supporting documents that must be maintained to support all parts of the compliant presentation, including the ability to recreate the firm’s performance history, there is not a single list of records that will suffice in all situations. A firm is not required to maintain records to support performance calculations for portfolios excluded from composites. However, a firm is required to maintain support to prove that all portfolios that were excluded from composites were properly excluded. The firm must determine which records would suffice and maintain these records for all portfolios/composites for each period of performance presented. Firms must also consider any regulatory requirement related to recordkeeping.

Please also see original Q&A