No one ever said that GIPS compliance is easy.
The GIPS Executive Committee recently released its “GIPS 2010 Key Issues Summary,” describing a number of issues that may be addressed by GIPS policy makers in an upcoming proposal. The summary is intended to give the industry a heads up about the potential changes as well as the rationale behind them. Formal comments, however, will be […]
Currently, GIPS states as follows: “Verification is strongly encouraged and is expected to become mandatory at a future date. The [policy committee] will re-evaluate all aspects of mandatory verification by 2010 and provide the industry sufficient time to implement any changes.”Turns out, the committee beat its 2010 deadline by several years. Last week, the committee […]
The new GIPS Guidance Statement on recordkeeping, which goes into effect this week, may be worth a read even if your firm does not claim GIPS compliance. The statement sets out lists of various types of records that can be used to reconstruct both account-level and composite-level performance. For example, account-level backup might include: bank/custodial statements […]
The CFA Institute has published a new list of 70 questions and answers providing guidance on practical issues related to the GIPS Standards. The list, published late last month, was based on questions submitted by attendees at the Institutes 2006 annual conference. “I dont think theres anything really groundbreaking,” said Jonathan Boersma, director of Investment Performance […]
Back in the fall of 2004, NRS and the National Society of Compliance Professionals each announced – within weeks of each other – that they were rolling out new certification programs. Two years later, heres where things stand: The Investment Adviser Association recently joined NRS as a co-sponsor of NRSs “Investment Adviser Compliance Certificate Program.” […]
Say your firm participates as an external manager in a Unified Managed Account (UMA) program sponsored by a major broker-dealer. Your firm provides a model to the UMA sponsor, which the sponsor implements on any cash balances placed in the program. However, your firm has trading responsibilities as well: As you adjust your model over […]