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.?

全球范圍內(nèi)建立一個(gè)公允的缸榛、可比較的内颗、充分的計(jì)算和報(bào)告的投資業(yè)績(jī)衡量標(biāo)準(zhǔn)

--To ensure consistent, accurate investment performance data in areas of reporting, records, marketing, and presentations.?

促進(jìn)和確保投資業(yè)績(jī)數(shù)據(jù)在報(bào)表均澳，記錄找前，推廣和報(bào)告形式上的準(zhǔn)確性和一致性

--To promote fair competition among investment management firms in all markets without unnecessary entry barriers for new firms.?

促進(jìn)所有市場(chǎng)中投資管理公司之間的公平競(jìng)爭(zhēng)躺盛，降低針對(duì)新公司的不必要的進(jìn)入壁壘

--To promote global " self regulation."

促進(jìn)該行業(yè)的“自我約束

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.?

如果想要宣稱符合全球投資業(yè)績(jī)標(biāo)準(zhǔn)槽惫，投資管理公司必須定義一個(gè)宣稱符合標(biāo)準(zhǔn)的實(shí)體“公司”。這個(gè)“公司”必須被定義成展現(xiàn)在客戶和潛在客戶面前的一個(gè)獨(dú)立的商業(yè)實(shí)體仿耽，可以是一個(gè)投資公司项贺、子公司或者業(yè)務(wù)部門.

--GIPS are ethical standards for performance presentation which ensure fair representation of results and full disclosure.?

? GIPS 是為了保證對(duì)投資結(jié)果的公平陳述和充分披露而制定的道德準(zhǔn)則

--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.

必須把按照相似的策略和投資目標(biāo)構(gòu)建的賬戶組合中所有付費(fèi)的委托投資賬戶敬扛，至少五年(或者自該賬戶組合出現(xiàn)之日起的數(shù)據(jù)包括進(jìn)來啥箭。)在展示了符合標(biāo)準(zhǔn)的五年的數(shù)據(jù)之后急侥，隨著時(shí)間的推進(jìn)坏怪，公司必須每年度把該年的投資表現(xiàn)數(shù)據(jù)加入绊茧，直至至少含有十年的數(shù)據(jù)华畏。

--Firms are required to use certain calculation and presentation standards and make ?specific disclosures.

公司必須使用特定的計(jì)算和報(bào)告標(biāo)準(zhǔn)亡笑，并且做指定的披露

--Input data must be accurate.?

準(zhǔn)確地輸入數(shù)據(jù)

--GIPS contain both required and recommend provisions---firms are encouraged to adopt the recommended provisions.?

GIPS 包含基本條款和推薦條款一一鼓勵(lì)公司采用推薦條款

--Firms are encouraged to present all pertinent additional and supplemental information.?

鼓勵(lì)公司展現(xiàn)所有的額外和補(bǔ)充的信息

--There will be no partial compliance and only full compliance can be claimed.

不能宣稱“部分符合 GIPS 標(biāo)準(zhǔn)刀仑乌，只有完全滿足要求晰甚，才能宣稱符合 LIPS 標(biāo)準(zhǔn)

--Follow the local laws for cases in which a local or country-specific law or regulation conflicts with GIPS, but disclose the conflicts.?

當(dāng) GIPS 標(biāo)準(zhǔn)和當(dāng)?shù)氐姆ㄒ?guī)有矛盾的時(shí)候厕九，公司應(yīng)該遵照當(dāng)?shù)氐姆ㄒ?guī)，但是必須披露這種沖突

--Certain recommendations may become requirements in the future.?

某些“建議要求”可能在將來會(huì)變成“必要要求

--Supplemental private equity and real estate provisions contained in GIPS are to be applied to those asset classes.?

GIPS 中有針對(duì)私募股權(quán)和房地產(chǎn)專門的條款腺阳，適用于這些資產(chǎn)種類

Fundamentals of compliance contain both requirements and recommendations:

Definition of the firm---requirements:

--Apply GIPS on a firm-wide basis.

GIPS 標(biāo)準(zhǔn)必須在整個(gè)公司的基礎(chǔ)上應(yīng)用

--Firm must be defined as a distinct business unit.

這個(gè)“公司”必須被定義成展現(xiàn)在客戶和潛在客戶面前的一個(gè)獨(dú)立的商業(yè)實(shí)體

--Total firm assets include total market value of ?discretionary and non-discretionary assets, including fee-paying and non-fee-paying accounts.?

公司總資產(chǎn)界定必須是基于公平價(jià)值的所有委托賬戶、費(fèi)委托賬戶皮获、所有付費(fèi)賬戶和非付費(fèi)賬戶的總和

--Include asset performance of sub-advisors, as long as the firm has discretion over sub-advisor selection.?

公司總資產(chǎn)中洒宝，如果公司對(duì)選擇下一級(jí)的投資公司有選擇決定權(quán)雁歌，那么這個(gè)賬戶組合中分配給下一級(jí)投資公司的資產(chǎn)表現(xiàn)也要包括進(jìn)來。

Definition of the firm---recommendations:

--Include the broadest definition of the firm, including all geographical offices marketed under the same brand name.?

公司的最廣泛定義比庄，是包括在各個(gè)地方的使用同一個(gè)品牌名稱的所有分支機(jī)構(gòu)

Document policies and procedures---requirements:

--Document, in writing, policies and procedures the firm used to comply with GIPS.

公司在宣稱符合 GIPS 的過程中佳窑，必須書面記錄并保留有關(guān)政策或計(jì)算文件神凑，包括明確受托管理的客戶資產(chǎn)數(shù)量溉委。

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.

不能夠說:在計(jì)算一個(gè)賬戶組合的投資表現(xiàn)時(shí)薛躬，計(jì)算方法“符合 GIPS”或者類似的說法

--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.?

類似的型宝，也不能針對(duì)一個(gè)單獨(dú)的現(xiàn)有客戶的投資表現(xiàn)說“根據(jù) GIPS 計(jì)算”(Calculated in?accordance with GIPS)趴酣，除非是一個(gè)符合標(biāo)準(zhǔn)的公司在向該客戶報(bào)告投資表現(xiàn)

Firm fundamental responsibilities---requirements:

--Firms must provide a compliant presentation to all prospects( prospect must have received a presentation within the previous 12 months).

?公司對(duì)所有潛在客戶進(jìn)行宣傳必須使用同一資料（除非該客戶在 12 個(gè)月以內(nèi)以收到過宣傳資料）

--Provide a composite list and composite description to all prospects that make a request. List discontinued composites for at least five years.

向所有客戶提供賬戶組合的清單和賬戶組合的描述的信息岖寞。清單中仗谆，必須列出至少過去五年以內(nèi)中已經(jīng)終止的賬戶組合

--Provide, to clients requesting it, a compliant presentation and a composite description for any composite included on the firm's list.?

當(dāng)客戶要求提供上述清單中任何賬戶組合的符合GIPS規(guī)范的業(yè)績(jī)報(bào)告和賬戶組合的描述的時(shí)候，公司必須予以提供藻雪。

--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.

當(dāng)和其他的公司一起進(jìn)行營(yíng)銷的時(shí)候勉耀，如果只有一個(gè)公司是符合 GIPS 標(biāo)準(zhǔn)的便斥，必須把這個(gè)公司和其他不符合規(guī)范的公司分開來獨(dú)立定義威始，確保清晰的表示出哪一個(gè)公司是合規(guī)的

--Firms are encouraged to comply with recommendations and must comply with all requirements. Be aware of updates, guidance statements, and the like.?

公司應(yīng)遵守 GIPS 標(biāo)準(zhǔn)的建議部分及其更新字逗；?公司應(yīng)就其遵守 GIPS 協(xié)議進(jìn)行第三方認(rèn)證葫掉。

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.?

公司必須被界定為一個(gè)投資公司俭厚、分公司機(jī)構(gòu)或是單獨(dú)的獨(dú)立部門挪挤。協(xié)會(huì)鼓勵(lì)將同一品牌下的實(shí)體視為一個(gè)公司，即包括所有的分公司鸠信、所有的地區(qū)星立。公司的最廣泛定義绰垂，是包括在各個(gè)地方的使用同一個(gè)品牌名稱的所有分支機(jī)構(gòu)火焰。例如高盛是全球跨國公司，那么高盛也就可以作為一個(gè)公司（包括其全球各分支機(jī)構(gòu)）宣稱符合 GIPS绒怨。當(dāng)然窖逗，如果公司某部門的資產(chǎn)可以相對(duì)獨(dú)立餐蔬，投資決策采用自身的標(biāo)準(zhǔn)佑附，同時(shí)向客戶宣傳時(shí)表現(xiàn)出來的為一個(gè)獨(dú)立的運(yùn)作實(shí)體音同，那么也可以作為 GIPS 定義的公司（雖然可能從法律上來說不是一個(gè)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.?

公司應(yīng)當(dāng)確保至少 5 年（或更長(zhǎng)的時(shí)問）年度投資業(yè)績(jī)報(bào)告數(shù)據(jù)符合 GIPS 標(biāo)準(zhǔn)权均，如果公司存續(xù)或出具投資業(yè)績(jī)報(bào)告的期限不足 5 年叽赊，則公司必須從公司成立之日起或開始出具投資業(yè)績(jī)之日起開始計(jì)算相應(yīng)年限。公司滿足了上述期限要求后囊咏，還應(yīng)逐年必須繼續(xù)報(bào)告并記錄其年度業(yè)績(jī)數(shù)據(jù)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 日之后沒有不合規(guī)的業(yè)績(jī)報(bào)告梅割，公司可以出具在合規(guī)投資業(yè)績(jī)報(bào)告記錄之前的不合規(guī)報(bào)告户辞。公司必須指出哪些報(bào)告結(jié)果不合規(guī)以及它們是怎樣不符合GIPS 標(biāo)準(zhǔn)的規(guī)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.?

公司如果根據(jù)某個(gè)國家的 GIPS(CVG)來出具報(bào)告的底燎，對(duì)于 2006 年 1 月 1 日之前使用 CVG 準(zhǔn)則的公司可以申報(bào) GIPS 準(zhǔn)則书蚪。公司以 CVG 合規(guī)要求的報(bào)表數(shù)據(jù)也需要繼續(xù)在后續(xù) GIPS 準(zhǔn)則報(bào)告 中包含這些數(shù)據(jù)迅栅，直到出具至少 10 年的合規(guī)業(yè)績(jī)報(bào)告為止.

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.?

在某些國家已經(jīng)存在有關(guān)業(yè)績(jī)表現(xiàn)標(biāo)準(zhǔn)政策或法規(guī)的情況下读存，協(xié)會(huì)也強(qiáng)烈希望公司也同時(shí)使用并遵守 GIPS 的標(biāo)準(zhǔn)。當(dāng)然敬察，在當(dāng)?shù)胤ㄒ?guī)與 GIPS 標(biāo)準(zhǔn)有沖突的情況下，公司需要遵循當(dāng)?shù)胤ㄒ?guī)的規(guī)定蹂安，但是需要在其合規(guī)聲明中對(duì)沖突的條款進(jìn)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.?

合規(guī)基本要求（Fundamentals of Compliance）田盈。遵守 GIPS 的基本問題的突出兩點(diǎn)是關(guān)于公司的定義和公司對(duì)與分離資產(chǎn)的定義缴阎。如前所述，公司必須從整體范圍來界定遵守 GIPS標(biāo)準(zhǔn)（或者公司的整體資產(chǎn)可以明確劃分）述暂。公司關(guān)于分離資產(chǎn)（Discretion）的定義也可以保證公司將所有管理資產(chǎn)納入到投資組合中.

1.Input data. Input data should be consistent in order to establish full, fair, and comparable investment performance presentations.?

輸入數(shù)據(jù)(Input Data).:輸入數(shù)據(jù)應(yīng)該保持一致性畦韭，從而建立完整踱卵、公平惋砂、可比較的投資表現(xiàn)報(bào)告。從 2011 年 1 月起酝掩，所有的價(jià)值衡量均以公平價(jià)值和 GIPS 價(jià)值標(biāo)準(zhǔn)來評(píng)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.?

計(jì)算方法(Calcualtion Methodology): 標(biāo)準(zhǔn)規(guī)定了計(jì)算投資組合和賬戶組合時(shí)使用的計(jì)算方法期虾。為了實(shí)現(xiàn)公司業(yè)績(jī)報(bào)告的可比性镶苞，計(jì)算時(shí)必須使用同樣的方法.

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.?

賬戶組合的建立(Composite Construction):一個(gè)賬戶組合茂蚓，是將代表某種投資目標(biāo)或者策略的一個(gè)或者多個(gè)投資組合的總和。賬戶組合回報(bào)晾浴，是該組合中所有的投資組合的業(yè)績(jī)結(jié)果的按資產(chǎn)加權(quán)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)脊凰。公司必須披露關(guān)于他們的業(yè)績(jī)報(bào)告和公司采取的政策的特定信息茂腥，以確保報(bào)告中呈現(xiàn)的數(shù)據(jù)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.?

演示和報(bào)告(Presenation and Reporting): 公司必須按照 GIPS 的要求對(duì)于投資表現(xiàn)進(jìn)行演示础芍。如果合適，公司有責(zé)任把沒有被 GIPS 標(biāo)準(zhǔn)要求的其他信息包括在合規(guī)的業(yè)績(jī)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.?

房地產(chǎn)（Real Estate）。這一部分條款適用于所有的實(shí)體投資(包括土地诊杆、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.?

私募股權(quán)（Private Equity）晨汹。私募股權(quán)是指投資于處在不同發(fā)展階段的淘这、但還沒有上市的企業(yè)巩剖，包括風(fēng)險(xiǎn)投資(venture investing)佳魔，已購買的上市公司的所有權(quán)，夾層投資宁脊，以及這些投資中的有限合伙人份額和基金的基金.

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.