Historically, global investment firms have been subject to a diverse patchwork of laws, regulations, and market customs that dictate how investment performance results can be measured and advertised.
For example, the well-known warning that "past investment returns may not be predictive of future investment returns", has long been encouraged in advertisements for managed funds by regulators such as the U.S. Securities and Exchange Commission (SEC).
This led the CFA Institute to form the CIPM Association.Candidates for the CIPM qualification must adhere to the same body of professional ethics and professional conduct[1] that has been devised for Chartered Financial Analysts by the CFA Institute.
To obtain the Certificate, one must sequentially pass two examinations (known respectively as Principles and Expert).
[2] After obtaining the Certificate, Certificate-holders are required to engage in continuing education, and to file a Professional Conduct Statement (PCS) annually.