Lich · 2024年06月18日

求问老师，A

The new risk-based regulations also require accurate and complete performance presentations, with all discretionary accounts included in at least one composite. Bukenya believes Jacaranda’s performance presentation policy meets these new requirements as well as the CFA Institute Standards of Professional Conduct because Jacaranda’s single composite includes all current and terminated client accounts, and presentations include the following statement: “Detailed information regarding the performance presentation is available on request.” Although Jacaranda does not currently comply with GIPS standards, Bukenya encourages the firm to do so within the next few years.

Q.Does Jacaranda’s performance presentation policy most likely meet required procedures for complying with CFA Institute Standards of Professional Conduct?

A.No, because of the structure of the composite.

B.Yes.

C.No, because it is not in compliance with GIPS standards.

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伯恩_品职助教 · 2024年06月21日

嗨，努力学习的PZer你好：

同学你好，我看了下答案，这个题不是GIPS的题，也根本就和GIPS无关，错误点是错在Performance Presentation。根据答案 single composite including all client portfolios, regardless of investment objectives (that would likely be different for the retail and institutional clients) could be considered to be misleading.也就是机构客户和个人客户应该分开在两个composite里做业绩展示。

我再强调一下，这个题目里和GIPS有关的表达都是对的。错在ethics的业绩陈述。