GIPS: valuation policy policy, required, accordance, valuation

Muddahudda

1.A.3

FIRMS MUST value PORTFOLIOS in accordance with the COMPOSITE-specific
valuation policy. PORTFOLIOS MUST be valued:

c. No more frequently than required by the valuation policy.

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Can you explain why it's "No more frequently than required by the valuation policy"?

susana

because they could 'game' performance by picking dates that show their best returns....