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周教授CFA金融课程:2021年CFA一二三级系列课程
Which of the following is an incorrect representation of requirements needed to meet the Global Investment Performance Standards (GIPS)?
A)
A firm is required to present at least five years of annual investment performance that is in compliance with GIPS. If the firm has been in existence for less time, then the performance must be presented since inception.
B)
Dollar-weighted rates of return should be used for the return calculations.
C)
Benchmarks and composites should be created on an ex ante basis.



Time-weighted rates of return must be used for the return calculations.

TOP

Which of the following statements about the Global Investment Performance Standards (GIPS) is CORRECT?
A)
The GIPS Executive Committee endorses translating GIPS into languages other than English.
B)
GIPS can be used by good investment management firms to create barriers to entry.
C)
GIPS allows firms to select which portfolios to include.



Countries are allowed to translate GIPS to improve local acceptance of the standards, though the English version of GIPS is the controlling version. If management firms use GIPS to create barriers to entry, then the firm has violated one of the objectives of the standard (to promote global competition). Firms are not allowed to present only the results of select (best performing) portfolios.

TOP

Which of the following statements is a key characteristic of Global Investment Performance Standards (GIPS)?
A)
GIPS exist as a minimum worldwide standard where local or country-specific law, regulation, or industry standards may not exist for investment performance measurement and/or presentation.
B)
GIPS require firms to show GIPS-compliant history for a minimum of ten years, or since inception of the firm or composite if in existence less than ten years.
C)
GIPS require managers to include all actual fee-paying and non-fee-paying discretionary portfolios in composites defined according to similar strategy and/or investment objective.



The GIPS standards: (1) do not require managers to include non-fee-paying accounts in composites, (2) require five years of GIPS compliant history, and (3) require compliance with local laws when they conflict with GIPS and disclosure of the conflict.

TOP

Each of the following is an objective of the Global Investment Performance Standards (GIPS) EXCEPT:
A)
to promote fair, global competition among investment firms that adopt GIPS and to create barriers to entry for new firms that do not.
B)
to foster the notion of industry self-regulation on a global basis.
C)
to obtain worldwide acceptance of a standard for the calculation and presentation of investment performance in a fair, comparable format that provides full disclosure.



GIPS Objectives:
  • Establish global, industry-wide best practices for the calculation and presentation of investment performance, so that performance presentations for GIPS-compliant firms can be compared regardless of their country location.
  • Facilitate the accurate and unambiguous presentation of investment performance results to current and prospective clients.
  • Facilitate a comparison of the historical performance of investment management firms so that clients can make educated decisions when hiring new managers.
  • Encourage full disclosure and fair global competition without barriers to entry.
  • Encourage self-regulation.

TOP

Each of the following is an objective of the Global Investment Performance Standards (GIPS) EXCEPT:
A)
to broaden the application and acceptance of the performance presentation guidelines of foreign and domestic regulatory entities.
B)
to facilitate the accurate and unambiguous presentation of investment performance results to current and prospective clients.
C)
to encourage full disclosure and fair global competition without barriers to entry.



GIPS Objectives:
  • Establish global, industry-wide best practices for the calculation and presentation of investment performance, so that performance presentations for GIPS-compliant firms can be compared regardless of their country location.
  • Facilitate the accurate and unambiguous presentation of investment performance results to current and prospective clients.
  • Facilitate a comparison of the historical performance of investment management firms so that clients can make educated decisions when hiring new managers.
  • Encourage full disclosure and fair global competition without barriers to entry.
  • Encourage self-regulation.

TOP

Each of the following is one of the objectives of the Global Investment Performance Standards (GIPS) EXCEPT:
A)
to encourage self-regulation.
B)
to obtain worldwide awareness of country-specific standards for the calculation and presentation of investment performance.
C)
to encourage full disclosure and fair global competition without barriers to entry.



GIPS Objectives:
  • Establish global, industry-wide best practices for the calculation and presentation of investment performance, so that performance presentations for GIPS-compliant firms can be compared regardless of their country location.
  • Facilitate the accurate and unambiguous presentation of investment performance results to current and prospective clients.
  • Facilitate a comparison of the historical performance of investment management firms so that clients can make educated decisions when hiring new managers.
  • Encourage full disclosure and fair global competition without barriers to entry.
  • Encourage self-regulation.

TOP

Which of the following is NOT an objective of the Global Investment Performance Standards (GIPS)?
A)
To encourage self-regulation.
B)
To encourage full disclosure and fair global competition without barriers to entry.
C)
To obtain worldwide recognition by securities regulators of a standard for the calculation and presentation of investment performance in a fair, comparable format that provides full disclosure.



GIPS applies to investment management firms and is intended to serve the existing and prospective clients of investment management firms, not regulators.

TOP

Which of the following is NOT a key characteristic of the Global Investment Performance Standards (GIPS)? GIPS:
A)
require managers to include all actual fee-paying and non-fee-paying discretionary portfolios in composites defined according to similar strategy and/or investment objective.
B)
require firms to use certain calculation and presentation methods and to make certain disclosures along with the performance record.
C)
do not address every aspect of performance measurement, valuation, attribution, or coverage of all assets.



The GIPS do not require managers to include non-fee-paying accounts in composites (Standard 3.A.1).

TOP

Which of the following is NOT a key characteristic of the Global Investment Performance Standards (GIPS)? GIPS:
A)
require managers to include all actual fee-paying and non-fee-paying discretionary portfolios in composites defined according to similar strategy and/or investment objective.
B)
require firms to use certain calculation and presentation methods and to make certain disclosures along with the performance record.
C)
do not address every aspect of performance measurement, valuation, attribution, or coverage of all assets.



The GIPS do not require managers to include non-fee-paying accounts in composites (Standard 3.A.1).

TOP

Which of the following compliance statements is most acceptable under the Global Investment Performance Standards (GIPS)?
A)
[Insert name of firm] has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
B)
[Insert name of firm] claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. [Insert name of firm] has not been independently verified.
C)
[Insert name of firm] has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®) and the CFA Institute.



GIPS mandates that firms use the following compliance statement when claiming compliance with the Standards and when the firm has not been verified: [Insert name of firm] claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. [Insert name of firm] has not been independently verified.
For firms that are verified:
[Insert name of firm] claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. [Insert name of firm] has been independently verified for the periods [insert dates]. The verification report(s) is/are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
For composites of a verified firm that have also had a performance examination:
[Insert name of firm] claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. [Insert name of firm] has been independently verified for the periods [insert dates]. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The [insert name of composite] composite has been examined for the periods [insert dates]. The verification and performance examination reports are available upon request.
Note the registered trademark symbol (®). There is no such thing as partial compliance and CFA Institute should not be referenced.

TOP

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上一主题: Reading 18: Goals-Based Investing: Integrating Traditional
下一主题:Portfolio Management and Wealth Planning【Session17 - Reading 42】