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.
The GIPS Standards Helpdesk is available for individual questions and typically responds to inquiries within 3 business days.
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ArchivedEffective: 1 September, 2011 - 31 December, 2019Categories: Asset OwnerSource: GIPS Executive Committee
Our firm is a pension plan sponsor, responsible for managing assets of our organization’s pension plan. We have discretionary authority to manage the assets. For those asset classes for which we do not have in-house expertise, we hire third party managers as sub-advisors for those assets. May we claim compliance with the GIPS standards?
Yes. An organization that manages actual assets may claim compliance with the GIPS standards. This includes plan sponsors, foundations, endowments, and similar entities that manage discretionary assets either internally and/or via third party sub-advisors. The use of a sub-advisor does not impact the ability of a firm to claim compliance with the GIPS standards, provided the firm has discretion over the selection of the sub-advisor. For periods beginning on or after January 1, 2006, a firm must disclose the use of a sub-advisor and the periods for which a sub-advisor was used. To claim compliance, the organization must adhere to all the requirements of the GIPS standards, including any updates, Guidance Statements (including the Guidance Statement on Definition of the Firm), interpretations, Questions & Answers (Q&As), and clarifications published by CFA Institute and the GIPS Executive Committee, which are available on the GIPS standards website (www.gipsstandards.org) as well as in the GIPS Handbook.