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 December, 2013 - 31 December, 2019

Categories: Definition of the Firm

Source: GIPS Executive Committee

Company D has offices in London and Edinburgh. Although the individual investment managers in each office make the investment decisions, all the research and security trading are based in London. The Edinburgh office wants to define itself as a firm, “Firm D: Edinburgh,” and claim compliance with the GIPS standards. Can that office define itself as a firm separate from the rest of Company D and claim compliance with the GIPS standards?

Yes. If the Edinburgh office of Company D is held out to clients and prospective clients as a distinct business entity, which is organizationally or functionally segregated from the London office of Company D and retains discretion over the assets it manages, the Edinburgh office can define itself as a firm for the purposes of the GIPS standards. However, if the Edinburgh office of Company D is not held out to clients and prospective clients as a distinct business entity, which is organizationally or functionally segregated from the London office of Company D and does not retain discretion over the asset it manages, the Edinburgh office must not define itself as a firm for the purposes of the GIPS standards.

Please also see original Q&A