NO.PZ2016040301000034
问题如下：
ABC Investment Management acquires a new, very large account with two concentrated positions. The firm’s current policy is to add new accounts for the purpose of performance calculation after the first full month of management. Cupp is responsible for calculating the firm’s performance returns. Before the end of the initial month, Cupp notices that one of the significant holdings of the new accounts is acquired by another company, causing the value of the investment to double. Because of this holding, Cupp decides to account for the new portfolio as of the date of transfer, thereby allowing ABC Investment to reap the positive impact of that month’s portfolio return.
选项：
A.Cupp did not violate the Code and Standards because the GIPS standards allow composites to be updated on the date of large external cash flows.
B.Cupp did not violate the Code and Standards because companies are allowed to determine when to incorporate new accounts into their composite calculation.
C.Cupp violated the Code and Standards because the inclusion of the new account produces an inaccurate calculation of the monthly results according to the firm’s stated policies.
解释：
C is correct.
Answer Cupp violated Standard III(D) –Performance Presentations when he deviated from the firm’s stated policies solely to capture the gain from the holding being acquired. Answer A is incorrect because the firm does not claim GIPS compliance and the GIPS standards require external cash flows to be treated in a consistent manner with the firm’s documented policies. Answer B is incorrect because the firm does not state that it is updating its composite policies. If such a change were to occur, all cash flows for the month would have to be reviewed to ensure their consistent treatment under the new policy.
1.如果公司没有相关政策要求说必须管理一个月才算进去。直接政策就规定说transfer当日就可以把后续业绩算进去，那么这时候他违反了吗？
2.GIPS的具体内容是什么，如果公司遵循了这个GIPS的同时，公司政策是规定说transfer当日就可以把后续业绩算进去，那么这时候他违反了吗？
