LOS 4.a: Describe the key features of the GIPS standards and the fundamentals of compliance.
GIPS Objectives:
--To obtain global acceptance of calculation and presentation standards in a fair, comparable format with full disclosure.
全球范围内建立一个公允的、可比较的、充分的计算和报告的投资业绩衡量标准
--To ensure consistent, accurate investment performance data in areas of reporting, records, marketing, and presentations.
促进和确保投资业绩数据在报表，记录，推广和报告形式上的准确性和一致性
--To promote fair competition among investment management firms in all markets without unnecessary entry barriers for new firms.
促进所有市场中投资管理公司之间的公平竞争，降低针对新公司的不必要的进入壁垒
--To promote global " self regulation."
促进该行业的“自我约束
Key Characteristics of GIPS
--To claim compliance, an investment management firm must define its" firm". This definition should reflect the "distinct business entry" that is held out to clients and prospects as the investment firm.
如果想要宣称符合全球投资业绩标准，投资管理公司必须定义一个宣称符合标准的实体“公司”。这个“公司”必须被定义成展现在客户和潜在客户面前的一个独立的商业实体，可以是一个投资公司、子公司或者业务部门.
--GIPS are ethical standards for performance presentation which ensure fair representation of results and full disclosure.
GIPS 是为了保证对投资结果的公平陈述和充分披露而制定的道德准则
--Include all actual fee-paying, discretionary portfolios in composites for a minimum of five years or since firm or composite inception. After presenting five years of compliance data, the firm must add annual performance each year going forward up to a minimum of ten years.
必须把按照相似的策略和投资目标构建的账户组合中所有付费的委托投资账户，至少五年(或者自该账户组合出现之日起的数据包括进来。)在展示了符合标准的五年的数据之后，随着时间的推进，公司必须每年度把该年的投资表现数据加入，直至至少含有十年的数据。
--Firms are required to use certain calculation and presentation standards and make specific disclosures.
公司必须使用特定的计算和报告标准，并且做指定的披露
--Input data must be accurate.
准确地输入数据
--GIPS contain both required and recommend provisions---firms are encouraged to adopt the recommended provisions.
GIPS 包含基本条款和推荐条款一一鼓励公司采用推荐条款
--Firms are encouraged to present all pertinent additional and supplemental information.
鼓励公司展现所有的额外和补充的信息
--There will be no partial compliance and only full compliance can be claimed.
不能宣称“部分符合 GIPS 标准刀，只有完全满足要求，才能宣称符合 LIPS 标准
--Follow the local laws for cases in which a local or country-specific law or regulation conflicts with GIPS, but disclose the conflicts.
当 GIPS 标准和当地的法规有矛盾的时候，公司应该遵照当地的法规，但是必须披露这种冲突
--Certain recommendations may become requirements in the future.
某些“建议要求”可能在将来会变成“必要要求
--Supplemental private equity and real estate provisions contained in GIPS are to be applied to those asset classes.
GIPS 中有针对私募股权和房地产专门的条款，适用于这些资产种类
Fundamentals of compliance contain both requirements and recommendations:
Definition of the firm---requirements:
--Apply GIPS on a firm-wide basis.
GIPS 标准必须在整个公司的基础上应用
--Firm must be defined as a distinct business unit.
这个“公司”必须被定义成展现在客户和潜在客户面前的一个独立的商业实体
--Total firm assets include total market value of discretionary and non-discretionary assets, including fee-paying and non-fee-paying accounts.
公司总资产界定必须是基于公平价值的所有委托账户、费委托账户、所有付费账户和非付费账户的总和
--Include asset performance of sub-advisors, as long as the firm has discretion over sub-advisor selection.
公司总资产中，如果公司对选择下一级的投资公司有选择决定权，那么这个账户组合中分配给下一级投资公司的资产表现也要包括进来。
Definition of the firm---recommendations:
--Include the broadest definition of the firm, including all geographical offices marketed under the same brand name.
公司的最广泛定义，是包括在各个地方的使用同一个品牌名称的所有分支机构
Document policies and procedures---requirements:
--Document, in writing, policies and procedures the firm used to comply with GIPS.
公司在宣称符合 GIPS 的过程中，必须书面记录并保留有关政策或计算文件，包括明确受托管理的客户资产数量。
Claim of compliance---requirements:
--Once GIPS requirements have been met, the following compliance statement must be used:
"[Insert name of firm} has prepared and presented this report in compliance with the Global Investment Performance Standards.
--There is no such thing as partial compliance.
--There are to be no statement referring to calculation methodologies used in a composite presentation as being " in accordance with GIPS" or the like.
不能够说:在计算一个账户组合的投资表现时，计算方法“符合 GIPS”或者类似的说法
--Similarly, there should be no such statements referring to the performance of an individual, existing client as being " calculated in accordance with GIPS" or the like, unless a compliant firm is reporting results directly to the client.
类似的，也不能针对一个单独的现有客户的投资表现说“根据 GIPS 计算”(Calculated in accordance with GIPS)，除非是一个符合标准的公司在向该客户报告投资表现
Firm fundamental responsibilities---requirements:
--Firms must provide a compliant presentation to all prospects( prospect must have received a presentation within the previous 12 months).
公司对所有潜在客户进行宣传必须使用同一资料（除非该客户在 12 个月以内以收到过宣传资料）
--Provide a composite list and composite description to all prospects that make a request. List discontinued composites for at least five years.
向所有客户提供账户组合的清单和账户组合的描述的信息。清单中，必须列出至少过去五年以内中已经终止的账户组合
--Provide, to clients requesting it, a compliant presentation and a composite description for any composite included on the firm's list.
当客户要求提供上述清单中任何账户组合的符合GIPS规范的业绩报告和账户组合的描述的时候，公司必须予以提供。
--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.
当和其他的公司一起进行营销的时候，如果只有一个公司是符合 GIPS 标准的，必须把这个公司和其他不符合规范的公司分开来独立定义，确保清晰的表示出哪一个公司是合规的
--Firms are encouraged to comply with recommendations and must comply with all requirements. Be aware of updates, guidance statements, and the like.
公司应遵守 GIPS 标准的建议部分及其更新； 公司应就其遵守 GIPS 协议进行第三方认证。
LOS 4.b: Describe the scope of the GIPS standards with respect to an investment firm's definition and historical performance record.
The definition of the firm, for purposed of GIPS compliance, must be the corporation, subsidiary, or division that is held out to clients as a business entity. If a firm has different geographic location of the firm should include all the various geographic locations and their clients. Firms based in any country may present GIPS compliant performance histories.
公司必须被界定为一个投资公司、分公司机构或是单独的独立部门。协会鼓励将同一品牌下的实体视为一个公司，即包括所有的分公司、所有的地区。公司的最广泛定义，是包括在各个地方的使用同一个品牌名称的所有分支机构。例如高盛是全球跨国公司，那么高盛也就可以作为一个公司（包括其全球各分支机构）宣称符合 GIPS。当然，如果公司某部门的资产可以相对独立，投资决策采用自身的标准，同时向客户宣传时表现出来的为一个独立的运作实体，那么也可以作为 GIPS 定义的公司（虽然可能从法律上来说不是一个公司法人）.
A firm must initially present a minimum of five years of compliant performance presentation for the firm and each composite unless the firm or composite has been in existence less than five years. For firms or composites in existence less than five years, compliant performance sine inception must be presented in order to claim compliance. After the initial compliant performance presentation, one year of compliant performance must be added each year to a required( minimum) performance history of ten years.
公司应当确保至少 5 年（或更长的时问）年度投资业绩报告数据符合 GIPS 标准，如果公司存续或出具投资业绩报告的期限不足 5 年，则公司必须从公司成立之日起或开始出具投资业绩之日起开始计算相应年限。公司满足了上述期限要求后，还应逐年必须继续报告并记录其年度业绩数据直到 10年.
Firms may present periods of noncompliant performance immediately prior to the compliant performance history as long as no noncompliant performance is presented for any periods after January 1, 2000. Firms must specify which performance results are noncompliant and the ways in which such( noncompliant) performance does not comply with GIPS.
只要在 2000 年 1 月 1 日之后没有不合规的业绩报告，公司可以出具在合规投资业绩报告记录之前的不合规报告。公司必须指出哪些报告结果不合规以及它们是怎样不符合GIPS 标准的规定的.
LOS 4.c: Explain how the GIPS standards are implemented in countries with existing standards for performance reporting and describe the appropriate response when the GIPS standards and local regulations conflict.
Firms that previously presented performance in compliance with a particular Country Version of GIPS(CVG) may claim GIPS compliance for any CVG-compliant results prior to January 1, 2006. Firms that report such CVG-compliant performance data must continue to include that performance data in subsequent GIPS-compliant presentations util a minimum of ten years of compliant performance is presented.
公司如果根据某个国家的 GIPS(CVG)来出具报告的，对于 2006 年 1 月 1 日之前使用 CVG 准则的公司可以申报 GIPS 准则。公司以 CVG 合规要求的报表数据也需要继续在后续 GIPS 准则报告 中包含这些数据，直到出具至少 10 年的合规业绩报告为止.
In any cases where country-specific regulations conflict with GIPS, firms must follow the applicable country-specific regulations but must also disclose the nature of the conlict with GIPS.
在某些国家已经存在有关业绩表现标准政策或法规的情况下，协会也强烈希望公司也同时使用并遵守 GIPS 的标准。当然，在当地法规与 GIPS 标准有冲突的情况下，公司需要遵循当地法规的规定，但是需要在其合规声明中对冲突的条款进行完全披露.
LOS 4.d: Describe the nine major sections of the GIPS standards.
0. Fundamentals of compliance. The fundamental issues involved in complying with GIPS are (a) definition of the firm, (b) documentation of firm policies and procedures with respect to GIPS compliance, (c) complying with GIPS updates, (d) claiming compliance in the appropriate manner, and (e) appropriate verification statement when a third-party verifier is employed.
合规基本要求（Fundamentals of Compliance）。遵守 GIPS 的基本问题的突出两点是关于公司的定义和公司对与分离资产的定义。如前所述，公司必须从整体范围来界定遵守 GIPS标准（或者公司的整体资产可以明确划分）。公司关于分离资产（Discretion）的定义也可以保证公司将所有管理资产纳入到投资组合中.
1.Input data. Input data should be consistent in order to establish full, fair, and comparable investment performance presentations.
输入数据(Input Data).:输入数据应该保持一致性，从而建立完整、公平、可比较的投资表现报告。从 2011 年 1 月起，所有的价值衡量均以公平价值和 GIPS 价值标准来评估.
2. Calculation methodology. Certain methodologies are required for portfolio return calculation and certain other methodologies are required for composite return calculations. Uniformity in methods across firms is required so that their results are comparable.
计算方法(Calcualtion Methodology): 标准规定了计算投资组合和账户组合时使用的计算方法。为了实现公司业绩报告的可比性，计算时必须使用同样的方法.
3. Composite construction. Creation of meaningful, asset-weighted composites is important to achieve a fair presentation. Composite performance is based on the performance of one or more portfolios that have the same investment strategy or investment objective. Composite returns are the asset-weighted average( not a simple average) of the returns on the portfolios that are included in each composite.
账户组合的建立(Composite Construction):一个账户组合，是将代表某种投资目标或者策略的一个或者多个投资组合的总和。账户组合回报，是该组合中所有的投资组合的业绩结果的按资产加权的平均.
4. Disclosures. The firm must disclose information about the presentation and the policies adopted by the firm so that the raw numbers presented in the report are understandable to the user. There are some disclosures that all firms must make, but some disclosures may not apply to all firms. If a disclosure is not applicable to a specific firm, the firm is not required to include any statement regarding it.
披露(Disclosure)。公司必须披露关于他们的业绩报告和公司采取的政策的特定信息，以确保报告中呈现的数据是使用者可以理解的.
5. Presentation and reporting. Investment performance must be presented according to GIPS requirements. Other firm-specific information not specifically required by GIPS should be included when appropriate.
演示和报告(Presenation and Reporting): 公司必须按照 GIPS 的要求对于投资表现进行演示。如果合适，公司有责任把没有被 GIPS 标准要求的其他信息包括在合规的业绩展示中.
6. Real Estate. Certain provisions apply to all real estate investments( land, building, et.) Regardless of the level of control the firm has over management of the investment. These provisions apply regardless of whether the asset is producing revenue or there is leverage involved in the investment.
房地产（Real Estate）。这一部分条款适用于所有的实体投资(包括土地、建筑等等)
7. Private equity. Private equity investments must be valued according to the GIPS Private Equity Valuation Principles, which are contained in Appendix D, unless the investment is an open-end or evergreen fund( which mist follow regular GIPS). Private equity investments include all investment in companies that are not publicly traded, regardless of their stage of business development. This would include venture capital investments, ownership of a previously public company that has been purchased (taken private), and mezzanine financing, as well as limited partnership shares in such investments and fund-of-funds investments.
私募股权（Private Equity）。私募股权是指投资于处在不同发展阶段的、但还没有上市的企业，包括风险投资(venture investing)，已购买的上市公司的所有权，夹层投资，以及这些投资中的有限合伙人份额和基金的基金.
8. Wrap fee/ Separately Managed Account( SMA) portfolios. For these portfolios, some of the requirements and recommendations in Sections 0 through 5 are supplemented or replaced by the requirements specified in this section.
网友评论