The readings in this study session present a framework for ethical conduct in
     the investment profession by focusing on the CFA Institute Code of Ethics and
Standards of Professional Conduct as well as the Global Investment Performance
Standards (GIPS).
      The principles and guidance presented in the CFA Institute Standards of
Practice Handbook (SOPH) form the basis for the C FA Institute self-regulatory
program to maintain the highest professional standards among investment
practitioners. "Guidance" in the SOPH addresses the practical application of the
Code of Ethics and Standards of Professional Conduct. The guidance reviews
the purpose and scope of each standard, presents recommended procedures for
compliance, and provides examples of the standard in practice.
      The Global Investment Performance Standards (GIPS) facilitate efficient com-
parison of investment performance across investment managers and country bor-
ders by prescribing methodology and standards that are consistent with a clear and
honest presentation of returns. Having a global standard for reporting investment
performance minimizes the potential for ambiguous or misleading presentations.