In SS notes, it mentions there is no such thing as partial compliance. Yet, on the very next page, it says Firms may present periods of noncompliant performance immediately prior to the performance history as long as no noncompliant performance is presented for any periods after 1 Jan 2000. Firms must specify which performance results are noncompliant and the ways in which such performance does not comply with GIPS. Isnt there a slight contradiction here?
nope, cos by doing so, you’re still complying with the rules… i think they mean, you can’t make statements of partial compliance… you either comply with ALL the rules (that rule you mentioned being one of them) or you dont…
I think it means you have to fully comply on all the statements which you claim compliance. E.g. you wouldn’t be able to claim partial compliance by following the correct composite creation methods, but then use a money weighted return to calculate returns.