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.?

全球范圍內建立一個公允的、可比較的、充分的計算和報告的投資業績衡量標準

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

促進和確保投資業績數據在報表，記錄，推廣和報告形式上的準確性和一致性

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

促進所有市場中投資管理公司之間的公平競爭，降低針對新公司的不必要的進入壁壘

--To promote global " self regulation."

促進該行業的“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績標準，投資管理公司必須定義一個宣稱符合標準的實體“公司”。這個“公司”必須被定義成展現在客戶和潛在客戶面前的一個獨立的商業實體，可以是一個投資公司、子公司或者業務部門.

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

? GIPS 是為了保證對投資結果的公平陳述和充分披露而制定的道德準則

--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構建的賬戶組合中所有付費的委托投資賬戶，至少五年(或者自該賬戶組合出現之日起的數據包括進來。)在展示了符合標準的五年的數據之后，隨著時間的推進，公司必須每年度把該年的投資表現數據加入，直至至少含有十年的數據。

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

公司必須使用特定的計算和報告標準，并且做指定的披露

--Input data must be accurate.?

準確地輸入數據

--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公司采用推薦條款

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

鼓勵公司展現所有的額外和補充的信息

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

不能宣稱“部分符合 GIPS 標準刀，只有完全滿足要求，才能宣稱符合 LIPS 標準

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

當 GIPS 標準和當地的法規有矛盾的時候，公司應該遵照當地的法規，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 中有針對私募股權和房地產專門的條款，適用于這些資產種類

Fundamentals of compliance contain both requirements and recommendations:

Definition of the firm---requirements:

--Apply GIPS on a firm-wide basis.

GIPS 標準必須在整個公司的基礎上應用

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

這個“公司”必須被定義成展現在客戶和潛在客戶面前的一個獨立的商業實體

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

公司總資產界定必須是基于公平價值的所有委托賬戶、費委托賬戶、所有付費賬戶和非付費賬戶的總和

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

公司總資產中，如果公司對選擇下一級的投資公司有選擇決定權，那么這個賬戶組合中分配給下一級投資公司的資產表現也要包括進來。

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，是包括在各個地方的使用同一個品牌名稱的所有分支機構

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，必須書面記錄并保留有關政策或計算文件，包括明確受托管理的客戶資產數量。

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.

不能夠說:在計算一個賬戶組合的投資表現時，計算方法“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，也不能針對一個單獨的現有客戶的投資表現說“根據 GIPS 計算”(Calculated in?accordance with GIPS)，除非是一個符合標準的公司在向該客戶報告投資表現

Firm fundamental responsibilities---requirements:

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

?公司對所有潛在客戶進行宣傳必須使用同一資料（除非該客戶在 12 個月以內以收到過宣傳資料）

--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。清單中，必須列出至少過去五年以內中已經終止的賬戶組合

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

當客戶要求提供上述清單中任何賬戶組合的符合GIPS規范的業績報告和賬戶組合的描述的時候，公司必須予以提供。

--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.

當和其他的公司一起進行營銷的時候，如果只有一個公司是符合 GIPS 標準的，必須把這個公司和其他不符合規范的公司分開來獨立定義，確保清晰的表示出哪一個公司是合規的

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

公司應遵守 GIPS 標準的建議部分及其更新；?公司應就其遵守 GIPS 協議進行第三方認證。

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投資公司、分公司機構或是單獨的獨立部門。協會鼓勵將同一品牌下的實體視為一個公司，即包括所有的分公司、所有的地區。公司的最廣泛定義，是包括在各個地方的使用同一個品牌名稱的所有分支機構。例如高盛是全球跨國公司，那么高盛也就可以作為一個公司（包括其全球各分支機構）宣稱符合 GIPS。當然，如果公司某部門的資產可以相對獨立，投資決策采用自身的標準，同時向客戶宣傳時表現出來的為一個獨立的運作實體，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.?

公司應當確保至少 5 年（或更長的時問）年度投資業績報告數據符合 GIPS 標準，如果公司存續或出具投資業績報告的期限不足 5 年，則公司必須從公司成立之日起或開始出具投資業績之日起開始計算相應年限。公司滿足了上述期限要求后，還應逐年必須繼續報告并記錄其年度業績數據直到 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 日之后沒有不合規的業績報告，公司可以出具在合規投資業績報告記錄之前的不合規報告。公司必須指出哪些報告結果不合規以及它們是怎樣不符合GIPS 標準的規定的.

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.?

公司如果根據某個國家的 GIPS(CVG)來出具報告的，對于 2006 年 1 月 1 日之前使用 CVG 準則的公司可以申報 GIPS 準則。公司以 CVG 合規要求的報表數據也需要繼續在后續 GIPS 準則報告 中包含這些數據，直到出具至少 10 年的合規業績報告為止.

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.?

在某些國家已經存在有關業績表現標準政策或法規的情況下，協會也強烈希望公司也同時使用并遵守 GIPS 的標準。當然，在當地法規與 GIPS 標準有沖突的情況下，公司需要遵循當地法規的規定，但是需要在其合規聲明中對沖突的條款進行完全披露.

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.?

合規基本要求（Fundamentals of Compliance）。遵守 GIPS 的基本問題的突出兩點是關于公司的定義和公司對與分離資產的定義。如前所述，公司必須從整體范圍來界定遵守 GIPS標準（或者公司的整體資產可以明確劃分）。公司關于分離資產（Discretion）的定義也可以保證公司將所有管理資產納入到投資組合中.

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

輸入數據(Input Data).:輸入數據應該保持一致性，從而建立完整、公平、可比較的投資表現報告。從 2011 年 1 月起，所有的價值衡量均以公平價值和 GIPS 價值標準來評估.

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.?

計算方法(Calcualtion Methodology): 標準規定了計算投資組合和賬戶組合時使用的計算方法。為了實現公司業績報告的可比性，計算時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):一個賬戶組合，是將代表某種投資目標或者策略的一個或者多個投資組合的總和。賬戶組合回報，是該組合中所有的投資組合的業績結果的按資產加權的平均.

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)。公司必須披露關于他們的業績報告和公司采取的政策的特定信息，以確保報告中呈現的數據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.?

演示和報告(Presenation and Reporting): 公司必須按照 GIPS 的要求對于投資表現進行演示。如果合適，公司有責任把沒有被 GIPS 標準要求的其他信息包括在合規的業績展示中.

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（Real Estate）。這一部分條款適用于所有的實體投資(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.?

私募股權（Private Equity）。私募股權是指投資于處在不同發展階段的、但還沒有上市的企業，包括風險投資(venture investing)，已購買的上市公司的所有權，夾層投資，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.