UPDATE REPORT Americas Regional Investment Performance Subcommittee February 2009

Transcription

1 February 2009 Americas RIPS Update Report UPDATE REPORT Americas Regional Investment Performance Subcommittee February 2009 Current Projects The RIPS itself has not undertaken any specific projects. The United States Investment Performance Committee (USIPC) continued work on several projects which have interregional impact, which will presumably be detailed within their country sponsor update report. Status Update Highlights of activity relating to or in support of the GIPS standards, subsequent to the prior report in August 2008, are: Introductory and Promotional Materials: The RIPS Chair coordinated the provision of information/documents to be used by Canadian Investment Performance Committee (CIPC) as they worked to ramp-up activity and familiarity with the GIPS standards across the country as a new country sponsor. The GIPS standards Content: The RIPS Chair sought comments and feedback from country sponsors regarding the Guidance Statement on Verifier Independence. Best Practices: The RIPS Chair liaised with South Africa s Country Sponsor regarding their enforcement process in instances of complaints of false claims of compliance with the GIPS standards. Advocacy efforts outside US and Canada: No specific outreach activities occurred during the past six months. Next Steps The items listed below have the highest priority over the next 6-12 months. Communication (webcasts, conferences, etc.) and other activity regarding GIPS The RIPS Chair will continue to seek opportunities and interest for prospective country sponsors. As previously reported, initially this would likely involve a training and educational approach, with the intent of teaching investment professionals within these countries about the GIPS standards and the benefits of their adoption. In-person visits would be done as a follow-up to telephone and written communication, if sufficient interest were identified to justify the expenditure of time and money. Page 1 of 1

2 14 February 2009 Asia Pacific RIPS Chair Update Report UPDATE REPORT Asia Pacific RIPS February 2009 Asia Pacific RIPS Objectives The objectives of each Regional Investment Performance Subcommittee (RIPS) are: a) to represent the interests of regional Country Sponsors in the GIPS standards at the GIPS Council; b) to provide a conduit of information between the local Country Sponsor and the GIPS Council; c) to promote the implementation of the GIPS standards within the region preferably by Country Sponsors adopting the GIPS standards (In English), or an EC-endorsed Translation of the GIPS standards (TG); d) to stimulate interest and support for the GIPS standards by communicating the benefits of the GIPS standards and encouraging investment management firms to comply; and e) to support the GIPS Council and EC in the further development of the GIPS standards by providing meaningful input and seeking suitable nominees to participate in the work of the EC and its subcommittees. Membership The following organizations, plus the Chairman, are the nine current voting members of the Asia Pacific RIPS. Each organization has been endorsed by the GIPS Executive Committee as a Country Sponsor in the Asia Pacific region. Country Australia Hong Kong SAR Japan Korea 1 Micronesia New Zealand Pakistan Singapore Member Performance Analyst Group of Australia (P Group) Hong Kong Society of Financial Analysts (HKSFA) The Security Analysts Association of Japan (SAAJ) Korea GIPS Committee (KGC) Asia Pacific Association for Fiduciary Studies (APAFS) CFA Society of New Zealand (CFANZ) CFA Association of Pakistan (CFAAP) Investment Management Association of Singapore (IMAS) 1 Republic of Palau (ROP); Republic of the Marshall Islands (RMI); Federated States of Micronesia (FSM); Commonwealth of the Northern Marianas Islands (CNMI); and Territory of Guam (Guam) Page 1 of 2

3 14 February 2009 Asia Pacific RIPS Chair Update Report Current Projects The Asia Pacific RIPS still has no project at this committee level. Members, however, are active in their respective countries. Since my previous Update Report, which was dated 15 August 2008, I have had less regular contact with members and so, I am not able to report specific activities held in the region over the past six months or so. Personally, I have been mostly engaged in the process of finalizing a revision the GIPS standards ever since the Executive Committee (EC) met in Boston in September The EC had also been meeting by conference call on a monthly basis up until then and has, since then, been meeting much more frequently to finalize the revised version of the GIPS standards which was to be released for public comment no later than in January This was achieved and the GIPS 2010 Exposure Draft (ED) is now available. It is critically important that members seek to obtain as much participation as possible from their constituents on making submissions on the GIPS 2010 Exposure Draft before the end of June More urgent, in my view, is for all members to aim to obtain as much feedback as possible in your respective countries/regions on the ED before we meet in Dublin in March, so that the RIPSs, Council and EC meetings can all benefit from your findings on the ground up to that point in time. Also, the Asian Securities and Investments Federation (ASIF), which has previously known as the Asian Securities Analysts Federation (ASAF), would like to apply for an associate membership on this committee and members will consider this in Dublin. Status Update There has been no meeting, nor has there been any request by any member for a meeting to be held, of this committee since March 2008 in Amsterdam. My term as chair is coming to an end on 1 September 2009; I continue to be available to assist until then. Next Steps Elect a new chair and plan for a successful event in September 2009, when the EC and our RIPS will be meeting in person in Singapore. Thank you and I look forward to seeing you all in Dublin. Louis Boulanger, CFA 14 February 2009 Page 2 of 2

4 March 2009 EMEA RIPS Update Report UPDATE REPORT EMEA Region March 2009 by Stefan Illmer, Chair of the RIPS EMEA 1. RIPS EMEA Objectives The objectives of each Regional Investment Performance Subcommittee (RIPS) are: a) to represent the interests of regional Country Sponsors in the GIPS standards at the GIPS Council; b) to provide a conduit of information between the local Country Sponsor and the GIPS Council; c) to promote the implementation of the GIPS standards within the region preferably by Country Sponsors adopting the GIPS standards (In English), or an EC-endorsed Translation of the GIPS standards (TG); d) to stimulate interest and support for the GIPS standards by communicating the benefits of the GIPS standards and encouraging investment management firms to comply; e) to support the GIPS Council and EC in the further development of the GIPS standards by providing meaningful input and seeking suitable nominees to participate in the work of the EC and its subcommittees; f) to promote the establishment of an effective and consistent verification service throughout the region; and g) to communicate the benefits of the GIPS standards and cooperate with regulators to broaden the GIPS standards compliance to cover all aspects of the investment management industry in the region.

5 2. Membership The following organizations are the current country sponsors of the RIPS EMEA endorsed by the Executive Committee of the GIPS Standards: Country Members TG 1 Austria (1) Österreichische Vereinigung für Finanzanalyse und No Asset Management (ÖVFA) and (2) Vereinigung österreichischer Investmentgesellschaften (VÖIG) 2 Belgium Belgian Asset Managers Association (BEAMA) No 3 Denmark The Danish Society of Financial Analysts (DSFA) and CFA No Society of Denmark 4 France French Experts Group on Performance Presentation Standards (FEGPPS) sponsored by: (1) Société Française des Analystes Financiers (SFAF) and (2) Association Francaise de la Gestion Financiere (AFG) 5 Germany German Asset Management Standards Committee (GAMSC): (1) BVI Bundesverband Investment und Asset Management e.v. (2) DVFA Deutsche Vereinigung für Finanzanalyse und Asset Management, and (3) German CFA Society TG to be submitted TG Endorsed December Hungary CFA Society of Hungary TG Endorsed August Ireland Irish Association of Investment Managers (IAIM) No 8 Italy Italian Investment Performance Committee (IIPC) sponsored by: (1) L Associazione Bancaria Italiana (ABI), (2) L Associazione Italiana degli Analisti Finanziari (AIAF), (3) Assogegtioni, (4) Sviluppo Mercato Foni Pensione (MEFOP), (5) Assirevi, (6) Italian CFA Society TG Endorsed April Kazakhstan Association of Financial & Investment Analysts (AFIA) No 10 Liechtenstein Liechtenstein Bankers Association (LBA) No 11 The Netherlands VBA Beroepsvereniging van Beleggingsprofessionals 12 Norway The Norwegian Society of Financial Analysts (NFF) No 13 Portugal Associação Portuguesa de Analista Financeiros (APAF) No 14 Russia National League of Management Companies (NLU) No 15 South Africa Associaton for Savings Investment, South Africa (ASISA) No TG to be submitted 16 Spain Asociación Española de Presentación de Resultados de Gestión TG endorsed January Sweden Swedish Society of Financial Analysts (SFF) No 18 Switzerland Swiss Bankers Association (SBA) No 19 Ukraine Ukrainian Association of Investment Business (UAIB) TGs in Ukrainian endorsed October 2007 and Russian endorsed April United Kingdom UK Investment Performance Committee (UKIPC) sponsored by: (1) Investment Management Association (IMA), (2) Association of British Insurers (ABI), and (3) The National Association of Pension Funds (NAPF) No Page 2 of 4

6 The following organization is an approved EMEA RIPS Associate Member: EMEA RIPS Representing / Role / Interest Associate Member 1 EFAMA European Fund and Asset Management Association The following industry organizations have been invited and/or targeted to provide observers to the RIPS EMEA and maybe recommended to become Associate Members with a voting right on the RIPS EMEA level. Organization Representing 1 EFFAS European Federation of Financial Analysts EFFAS members Societies 2 EVCA European Private Equity and Venture capital Association Private Equity and Venture capital organizations 3 NAPF National Association of Pension Funds Pension funds 4 EFRP European Federation for Retirement Provision Pension funds 5 INREV Investors in Non-Listed Real Estate Real estate investors Vehicles 6 CESR Committee of European Securities Regulators 3. Interested Countries Country Interested organization Status of contact 1 Cyprus CFA Society of Cyprus Established 2 Greece Hellenic CFA Society Established 3 Iceland Icelandic Financial Services Association (ISFA/SFF) First contact 4 Slovakia Slovak Association of Investment Firms Established 5 Turkey Association of Institutional Investment Manager and Turkish First contact Association of Investment Professionals 6 Kuwait Kuwait CFA Society First contact 7 Jordan Jordan CFA Society First contact 4. Status of RIPS EMEA Initiatives Initiative 1 Working group on performance attribution 2 Working group on investors questionnaire 3 Working group on client reporting Status of RIPS EMEA initiative a) Questionnaire on performance attribution and b) EIPC Guidance on Performance Attribution Presentation a) Questionnaire for investors a) RIPS EMEA Guidance for Recipients of Investment Reporting Page 3 of 4

7 4 Working group on risk measures 5 Working group on balanced accounts 6 RIPS EMEA / EFAMA working group 7 Regulator relations working group a) Initial ideas and principles set up b) New chairman to restart working group c) Responsibility moved to the investment manager subcommittee Working group closed. Working group running: a) Initial ideas and principles set up b) set up issues to be resolved c) Chairman to restart working group Working group postponed until further results of the RIPS EMEA / EFAMA working group 5. Current Action Items 1. Mr. Morrison will continue to contact Mr. Cronin, the Head of EMEA for CFA Institute Centre for Financial Market Integrity, to determine appropriate contacts and organizations that EMEA RIPS should invite to participate as Associate Members. 2. Mr. Rota recommends clarifying text in the RIPS OPPs regarding voting when the next review of the OPPs occurs. 3. Mr. Schleimann to provide the EFAMA executed RIPS Associate Member Agreement to Mr. Illmer for review and completion. 4. Mr. Morrison was requested to speak with David Gould regarding the NAPF interest in joining the EMEA RIPS as an Associate Member. 5. Mr. Illmer will contact CESR representatives to begin discussions and invite them to participate as an Associate Member of EMEA RIPS. 6. Mr. van Eijk is to provide Ms. Kent his revised version of the GIPS Today presentation that is adapted specific to real estate. 7. Mr. Illmer will draft a proposal on client reporting and asked Country Sponsors to provide local input. 8. Include the following Agenda topics for further discussion at the March 2009 EMEA RIPS meeting: Treatment of Illiquid Assets within Performance Measurement The GIPS standards applicability for retail investors to be led by Mr. Morrison and Mr. Schliemann Country Sponsor Enforcement Efforts Client reporting Page 4 of 4