AIMR/CFA Institute

New Guidance on GIPS Performance Exams

The CFA Institutes Investment Policy Committee has released a new Guidance Statement on performance examinations. A performance examination is quite different from a regular GIPS verification. In contrast to a verification, which is a firm-wide review to confirm that a firm has constructed its composites in accordance with GIPS and adopted adequate procedures, a performance exam […]

Compliance Issues Raised by MSP and UMA Accounts (Part 2 of 2)

Before turning to the application of the GIPS standards to multi-style portfolio (MSP) or Unified Management Account (UMA) accounts, lets peel the onion a bit more on last weeks assets under management discussion. According to Kirkpatrick & Lockhart partner Michael Caccese, there are three general types of MSP/UMAs. The first category of accounts are those […]

SEC Examiners May Expect In-House GIPS Expertise

“Whos your GIPS expert?”If your firm claims GIPS compliance, you may be asked that question during your next SEC examination.Tim Simons of Ashland Partners recalled a recent advisory firm exam, conducted by the SECs Midwest Regional Office, in which examiners asked who within the firm was the resident GIPS expert. The firm pointed to Simons, […]

An IM Insight Special Report: Going GIPS (Part 2 of 2)

Continued from the April 10 edition of IM Insight . . . but first, before we turn to the remaining steps in becoming GIPS compliant, lets circle back to Step 4: Plug the accounts into the composites, discussed in the last IM Insight. As you may recall, we discussed how the GIPS standards state that […]

An IM Insight Special Report: Going GIPS (Part 1 of 2)

Should your firm move towards compliance with the GIPS standards? Do you need help? How much work is involved? Heres a look at some of the practical issues involved in “going GIPS.” Why do it? If you want to market to institutional clients, GIPS compliance is pretty much a prerequisite.Not because it will give your […]

CFA Institute Issues GIPS Transition Guidance

Planning to transition to GIPS on January 1? Last week, the CFA Centre for Financial Market Integrity issued a press release and guidance highlighting several key changes that will take effect on that date. The most obvious change: firms will need to claim GIPS compliance, rather than AIMR-PPS compliance, in presentations that include performance results for […]

CGIPS Program Now Live

The CFA Institute last week announced that its “Certificate in Global Investment Performance Standards” (CGIPS) program is up and running. Anyone interested in becoming credentialed in investment performance evaluation and presentation can enroll online in the program. The self-study program requires candidates to pass exams at two levels: a “Principles” exam, covering the fundamentals of performance […]

CFA Institute Issues Final Wrap Guidance

If your firm manages wrap accounts and wants to continue claiming GIPS or AIMR-PPS (soon to be GIPS) compliance, get ready to roll out a new division: “[Your Firms Name] Managed Accounts” (or whatever your firms marketing people come up with).That, at least, is one projected scenario resulting from the CFA Institutes new wrap guidance, […]

Wrap Guidance Coming This Week

Look for the CFA Institute to issue its final GIPS wrap fee guidance (a.k.a. separately-managed account guidance) early this week. The new guidance, which will replace the current AIMR-PPS wrap fee provisions effective January 1, 2006, has generated a significant amount of controversy since its 2002 proposal. The guidance would require many wrap managers to […]

Update from the CFA Institute

Heres the latest on a variety of projects from the Charlottesville, VA-based CFA Institute: Transition to GIPS. Wheres that early summer guidance we expected on the transition from AIMR-PPS to GIPS standards? According to Alecia Licata, director of investment performance standards at the CFA Institutes Centre for Financial Market Integrity, the group has several guidance […]

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.