Page 27 - FINAL CFA SLIDES JUNE 2019 DAY 1
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LOS 5.a: Describe the key features of the GIPS 5. The GIPS Standards
standards and the fundamentals of compliance.
Key Characteristics of GIPS:
Document policies and procedures—requirements:
Document, in writing, policies and procedures the firm uses to comply with GIPS.
Claim of compliance—requirements: No statements referring to calculation
methodologies used in a composite
presentation as being “in accordance
with GIPS” or the like.
No such statements referring to the
performance of an individual,
There is no such thing as partial existing client as being “calculated in
compliance. accordance with GIPS” or the like,
unless a compliant firm is reporting
results directly to the client
