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LOS 5.a: Describe the key features of the GIPS 5. The GIPS Standards
standards and the fundamentals of compliance.
Firm fundamental responsibilities—requirements:
Firms must provide a compliant presentation to all prospects (prospect must have received a
presentation within the previous 12 months).
Provide a composite list and composite description to all prospects that make a request. List
discontinued composites for at least five years.
Provide, to clients requesting it, a compliant presentation and a composite description for any
composite included on the firm’s list.
When jointly marketing with other firms, if one of the firms claims GIPS compliance, be sure it is
clearly defined as separate from noncompliant firms.
Firms are encouraged to comply with recommendations and must comply with all requirements.
Be aware of updates, guidance statements, and the like.
