Ease of doing business – Interim arrangement for certified past performance of Investment Advisers and Research Analysts prior to operationalisation of Past Risk and Return Verification Agency (“PaRRVA”)
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Certified past performance may be shared with clients if ICAI/ICMAI certified, limited to one-to-one requests and templates. Interim permission allows Investment Advisers and Research Analysts to provide past performance data certified by a member of ICAI or ICMAI for periods prior to PaRRVA operationalisation, only on specific client request and on a one-to-one basis, not publicly. Such providers must enrol with PaRRVA within a specified period after its launch or cease communicating certified past performance; post-operationalisation performance must use PaRRVA-verified metrics. All communications must include a prescribed disclaimer and follow templates to be issued by the supervisory bodies. Non-compliance may attract enforcement measures under applicable intermediaries regulation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Certified past performance may be shared with clients if ICAI/ICMAI certified, limited to one-to-one requests and templates.
Interim permission allows Investment Advisers and Research Analysts to provide past performance data certified by a member of ICAI or ICMAI for periods prior to PaRRVA operationalisation, only on specific client request and on a one-to-one basis, not publicly. Such providers must enrol with PaRRVA within a specified period after its launch or cease communicating certified past performance; post-operationalisation performance must use PaRRVA-verified metrics. All communications must include a prescribed disclaimer and follow templates to be issued by the supervisory bodies. Non-compliance may attract enforcement measures under applicable intermediaries regulation.
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