Tab 9 Final March 2013 GIPS Country Sponsor Reports

Transcription

1 Australia Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 In person meeting in Brussels in March ; Teleconference in September ; and In person meeting in Hong Kong in March. We expect a similar schedule issues? Please provide Sponsors? Please provide Yes - all voting requests have been submitted We expect a similar schedule Yes - Australia nominated Ly Quang for the retail/ pooled working group We expect a similar schedule any with the GIPS EC? Please provide We have provided a number of updates on Australia's advocacy that the reforms to our pension system includes GIPS in guidance from the regulator. We have been successful in achieving this. We have also advised our intention to release the results of our GIPS survey in 0 We have conducted training sessions / workshops during 0. We have also included our advocacy for the GIPS in submissions which are publicly available.0 P Group Training Four sessions to 0 August 0. Introduction to Performance Measurement attendees. Risk-Adjusted Performance Measurement attendees. Advanced Attribution attendees. Global Investment Performance Standards attendees We expect a similar schedule provide Submissions and verbal exchanges between the regulator and the FSC have canvassed GIPS. We expect a similar schedule translating the 0 version of the GIPS

2 Austria Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Yes - participation by Michael Schmid in the London EMEA RIPS Meeting in vember. Participation in the Brussels meeting in March was not possible due to conflicting professional obligation both by Mr Schmid and Mr. Mayer (deputy representative). However the Austrian Country Sponsors have a continuous track record of regular participation in RIPS and Council meetings either by the Country Representative or the deputy over the last decade. Further continuous participation planned for meetings within the EMEA region. Participation in March Meeting in Brussels already confirmed. issues? Please provide Sponsors? Please provide details any with the GIPS EC? Please provide - as there have not been any new comment periods opened within this time horizon to our knowledge. However we have been in contact with the Council Head on various subjects. Yes - vote on GIPS Council Chair Election and Run-off election as well as on the election of the GIPS Council representative to serve on the GIPS Executive Committee minations Committee Submission of top priorities as part of the "Key Strategic Priorities"-initiative. - not in 0. separate GIPS Website exists but GIPS is one bullet-point on the German Website of OeVFA and is mentioned on the VOeIG-Website OeVFA and VOeIG conduct a comprehensive course of lectures (ÖVFA-Lehrgang) which is one of the best known educational initiatives in the Austrian asset management business. GIPS is addressed within this programm in terms of historical development, objectives, rules, verification and organisation. Promotional activities and local newspaper advertisements are available on the German Website of OeVFA. Further continuous participation planned in fields of competence Further continuous participation planned Country sponsors are prepared to nominate individuals to serve on Subcommittees and Working Groups whenever relevant expertise can be provided - e.g. Risk Working Group in the past Current promotional material as provided by CFA Instituted shall be integrated in the relevant materials. provide VOeIG as the Austrian investment industry association is in regular contact with the Austrian Finanzmarktaufsicht (local regulator). However - like in 0 - the current regulatory framework in Europe faces material changes (e.g. UCITS V- Directive, AIFM-Directive, Basel II/III and consequences on asset management industry, Solvency II Directive and consequences on asset management industry, EMIR and Financial Transaction Tax) dominating the agenda. It was thus decided not to add GIPS to the agenda at this point in time as the subject might not attract the due attention and the industry would not be in a position to support the issue in an adequate way given the significant regulatory challenges. The situation will be reassessed by the end of 0 based on the action item of the vember 0 EMEA RIPS meeting. translating the 0 version of the GIPS Local market expertise is represented via the background of the two Austrian Sponsoring organisations. The Association of Austrian Investment Companies (Vereinigung Österreichischer Investmentgesellschaften, VÖIG) is the umbrella organisation for all Austrian investment fund management companies and all Austrian real estate investment fund management companies. VÖIG represents 0% of the fund assets managed by the Austrian investment fund management companies and real estate investment fund management companies and has thus access to investment specialists within the member companies. The objective of the Austrian Association for Financial Analysis and Asset Management (Österreichische Vereinigung für Finanzanalyse und Asset Management, ÖVFA) has been to promote the flow of information between listed companies and investors, to provide analysts, fund managers and other investors with a platform for sharing their experiences, to better acquaint domestic and foreign investors with Austria's role as a financial centre and to represent the interests of its members to the public at large and within the scope of economic policy initiatives aimed at fostering Austria's financial market. With corporate members from large listed companies an all relevant financial services groups ÖVFA has access to a vast pool of experts. Within the Country Sponsor Committee representatives from asset management, pension funds, verification, regulators and academics are represented. Communication with the representatives of CFA Society of Brazil and ANBIMA that are interested in applying for GIPS Country Sponsor in Brazil on the coexistence of several country sponsors based on local experience in Austria.

3 Belgium GIPS Country Sponsor - GIPS Council Meeting March 0 to Planned for 0 Participation at the March 0 Brussels Meetings by one of the two official Belgian GIPS representatives. issues? Please provide Belgium-BEAMA has answered on the "Survey on GIPS Standards and Pooled Funds". We consulted previously with our national GIPS users in preparing our answer in this. (Febr-March 0). Belgium-BEAMA consulted its national GIPS users a second time on the Decisions of the March 0 meetings: Indication of priorities between suggested decision/action items. Due to the lack of response, we were not able to sent in detailed feedback. (April 0) Sponsors? Please provide Belgium-BEAMA took part in the voting for the GIPS Council Chair (election April 0 + run-off election of May 0). Yes. BEAMA has appointed two Belgian GIPS Representatives. For details, see enclosure. GIPS_CountryReport_February0_StructureBELGIUM_BEAMA". any with the GIPS EC? Please provide position papers were transmitted by BEAMA in 0. te however that BEAMA is also a founding member of EFAMA (European Fund and Asset management Ass.). Some issues will be raised by that channel too. On the website of BEAMA, you will find a dedicated section on GIPS. See: Please note that due to the restructuring of several financial groups in Belgium, there was no opportunity to raise enough interest for such a workshop or seminar. provide BEAMA has very regular contacts with the local regulators of the financial sector. Belgium has introduced a so-called Twin Peaks Supervision (NBB and FSMA). translating the 0 version of the GIPS t applicable. BEAMA represents the Belgian and foreign fund asset managers as well as the investment firms, operating on the local market. Amongst our members you will find the Belgian Private Bankers' Ass., Through the major asset managers firms we have also close contact with the occupational pension funds industry. We are also a founding member of the umbrella association of the Belgian financial sector, Febelfin.

4 UPDATE REPORT FROM Belgium Belgian Asset Managers Association February 0 Structure of Country Sponsor / Country Sponsor Group of Experts. Official Main Contact for Belgium / BEAMA: Mrs. Josette Leenders, Belgian Asset Managers Association, Secretary General; Address: BEAMA, rue d Arlon, B-0. Telephone: +-(0)-0 0 Fax: Josette.Leenders@febelfin.be Mrs. J. Leenders will forward the necessary documents to the two representatives (see infra) and will also function as contact towards the President of BEAMA, Mrs. Myriam Vanneste.. Belgium / BEAMA has appointed two representatives: () Mrs. Chris Muyldermans, KBC AM, Public Policy & Regulatory Affairs; Address: KBC Asset Management, Havenlaan, B-0. Telephone: +-(0)- Fax: chris.muyldermans@kbc.be () Mr. Bart De Cock, Dexia AM, Head of Performance Measurement & Client Reporting; Address: Dexia Asset Management, Place Rogier, B-. Telephone: +-(0)- 0 Fax: Bart.DeCock@dexia.com ===================================================================== Josette Leenders Secretary General BEAMA Belgium ( February 0) Page of

5 Canada Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Attended GIPS Executive Committee Open Call, May / 0. Attended 0 EC Meetings in Brussels. Attended the RIPS meeting in Boston in October 0 (during the annual GIPS Conference). The CIPC's Chair has been in contact with the RIPS Chair on a regular basis and provided her with the achievements and plan for 0 Continue to be an active member and attend RIPS meetings either in person or by phone. issues? Please provide The CIPC, working jointly with the USIPC, prepared a working document to include plan sponsors within the GIPS The CIPC has created a sub group in charge of following up and bringing to the This document was finalized and presented to the Interpretations Subcommittee for review and then onward to group's attention all technical issues that require comments. This group will be in the EC for their comments. charge of drafting comment letters. Sponsors? Please provide any with the GIPS EC? Please provide Voted in GIPS Council Chair Election, April 0. Voted for the creation of a subcommittee within the Americas RIPS "Verifier Oversight Working Group" + Voted on the nomination of new members to the nomination committee. Continue to vote on issues and topics put forward to the CIPC. Karim Manaa was nominated and elected to serve in the "Promotion & Awareness" Subcommittee + Three members (Denis Melekhov, Laura Bewick and Robert Dyck) are part of the Verifier Oversight Working Group within the Garvin Deokiesingh was nominated to Chair of the Investment / Consultant Americas RIPS under the supervision of Ann Putallaz. Janice Brunas was invited to join one of the Pooled Fund Working subcommittee, to start September 0. Groups. We currently have Manuel Tereso on Institutional Markets Subcommittee and Garvin Deokiesingh on the Interpretations Subcommittee. Members of the CIPC participated with other group members in drafting working papers or guidelines: e.g. Jenny Tsouvalis for the plan sponsor document, Karim Manaa for the promotion and awareness group's education document...etc. White papers / articles in progress : a. New GIPS 0 handbook and the major changes b. Proposed NI- as it impacts performance measurement on client statements c. Issues Relating to Verification Quality d. Benefits of becoming GIPS compliant: Best practices e. Canadian GIPS Survey Results (note: requires completion of survey work) f. Interview an Expert article (suggestion: interview of GIPS firms that recently became GIPS compliant) g. Public cases/ Regulatory action for non-gips compliance h. Other articles to be determined Our webpage has been updated within the Canadian CFA Society website: a. Provide a brief description of GIPS b. Presentation of the CIPC c. Biographies of the members of the CIPC We are in the process of creating and launching a LinkedIn Group for our Canadian contacts. The members of the CIPC will be updating regularly the page with articles, links and important news related to GIPS. Speaking events in Toronto, Montreal and Quebec City about "Demystifying GIPS" and the "Verification Process" Continue to schedule speaking events in different provinces with the assistance of the regional CFA Societies. provide translating the 0 version of the GIPS - Yes. The CIPC has prepared a comment letter to the Canadian Securities regulator about a new regulation (National Instrument -) with respect to performance measurement. - The CIPC invited the Ontario Securities Commission to Continue to follow regulation about performance and react whenever possible + select one of their staff who could be an observer to the CIPC's meetings - The CIPC has a member who is a Offer information presentations to Securities regulators about GIPS representative of the Alberta Securities Commission N/A N/A The CIPC includes representatives from the financial industry. We have representatives from the following market industries: asset management, pension plans, consulting companies, verifiers, regulators, insurance and system vendors. Creation of subcommittees within the CIPC: Communication subcommittee, Eminence subcommittee and internet subcommittee + Creation of a webpage and a LinkedIn group. We have been sought out ask reference for Peru and Pakistan Committees for our insights as well as potential new country sponsor, Brazil. We will make sure that the new recruits will continue to have different profiles and bring different expertise within the financial industry.

6 Germany Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 meetings, conference calls? Please provide We (the GAMSC) have attended and actively participated at the RIPS EMEA meetings in 0, the open EC- Calls as well as meetings and various calls for example of the Interpretations Subcommittee, the Risk Working Group, etc. and the annual GIPS conference in Boston. We have continued our involvement as in 0. issues? Please provide We have sent questions on the Guidance Statement on Alternative Investment Strategies and Structures to the EC. We worked on the questions concerning GIPS Standards and Pooled funds. We additionally commented on the GIPS strategic plan. We intend to continue our involvement as in 0 and are looking for the announced new guidance statements. Sponsors? Please provide We have participated in the calls for the election of the minations Committee and the GIPS Council. We intend to continue our involvement as in 0. individuals to serve on GIPS Subcommittees and Working Groups? Please provide Martin Schliemann is head of GIPS Council and member of the EC, Hans G. Pieper is member of the GIPS Interpretations Subcommittee and a member of the Overlay Working Group, Clemens Schweiggl is member of the Investment Manager Subcommittee, Herbert Jobelius is member of the Risk Working Group, Michaela Krahwinkel is member of the Pool Funds Working Group. We intend to continue our involvement as in 0. any We finished the German translation of the GIPS 0 Standards. We submitted a questionnaire to the EC, with the GIPS EC? Please provide which contains a framework for a global questionnaire concerning the usage of GIPS Standards globally. Website? Please provide examples of GIPS Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other We have conducted the yearly German GIPS conference in 0 ( March 0) with Jonathan Boersma as keynote speaker. There were more than 0 participants form the industry. The German GIPS day has become a distinguished event for the industry. We have asset manager, consultants, verifiers and asset owners participating in that conference. The next German GIPS conference will take place on with Iain McAra as keynote speaker. The program is published on our website. communication with local regulator? Please provide The member associations of GAMSC, the German country sponsor, are in frequent contact with the local regulator on various issues related to the investment industry. The member associations of GAMSC will be in frequent contact in 0 as the regulation is becoming more active every year. translation, please explain plans, if any, for translating the 0 version of the GIPS Please explain how local market expertise is represented within your Country Sponsor The German GIPS-translation has been approved by the EC in march 0. The German country sponsor consists of three organisations: BVI German Investment and Asset Management Association, DVFA Society of Investment Professionals in Germany, and CFA Society Germany - with more than,0 individual members representing over 00 investment firms and BVI' members include investment firms. The German IPS consists of individuals that either work for investment companies or treasury departments (investor). Further members are verifiers, consultants and performance measurement service providers. We intend to continue our involvement as in 0. Please explain any additional activities not We provide a local hotline to ensure that common questions about GIPS are answered in a short period.

7 Greece Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Participated in GIPS Meeting in Brussels (March 0) issues? Please provide Sponsors? Please provide Voted in GIPS Council Chair Election (April & June 0) any with the GIPS EC? Please provide Yes (gips.gr) provide translating the 0 version of the GIPS - plans of translating GIPS 0 Three members of the committee work for investment management firms. -

8 Hong Kong Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Yes, The Hong Kong Society of Financial Analysts Limited (Hong Kong Society) has participated at RIPS, Council meetings and conference calls whenever invited. For instance, Karl Lung and Jenny Lor both attended the GIPS AP RIPS in-person meeting on January 0. We will continue to participate. issues? Please provide The Hong Kong Society GIPS Committee continues to participate actively in CFA Institute's GIPS Standards development. During the period March 0 to, the Hong Kong Society supported the promulgation of "GIPS Model RFP Template - a guide to the sections in RFPs related to compliance with the GIPS Standards". We will try to contribute whenever opportunity arises. Sponsors? Please provide Yes. For example, our representative has been actively participating in the GIPS Strategic Plan discussion via the Asia Pacific RIPS platform. We will continue to vote again. Yes, we have committee member, Sean Gilligan, joined the Pooled Fund Working Group as an Advisory Team Member. Jenny Lor is sitting on the GIPS Investor/Consultant Subcommittee, minations Committee and the Certificate in Investment Performance We will continue to have member(s) on subcommittee(s). Measurement (CIPM) Association Advisory Council. any with the GIPS EC? Please provide. We do not intend to participate in this aspect. We posted the current edition of GIPS Standards on the Society website. With regard to other promotional activities, whenever opportunities allow, the Hong Kong Society distributes GIPS Standards marketing materials and provides GIPS standards updates. For We don't have any plan to create a GIPS website, but will continue post example. GIPS and CIPM marketing materials have been distributed in the following events: () HKSFA GIPS Seminar on Feb updated GIPS news on Society website. 0; () IPARM Asia event on 0 Jan 0; () HKSFA Strategic Meeting on Jan 0; and () CIPM Practice Analysis sessions in September 0. Yes, the Hong Kong Society successfully arranged a GIPS Seminar on February 0. There are participants enrolled. The feedback is very positive. On 0 January 0, our GIPS Committee Member acted as moderator and speaker of the panel discussion on the topic Reviewing International Regulatory & GIPS Updates and their Implications for the Asian Investment Management Market at the Investment Performance Analysis & Risk Management Conference (IPARM) 0. The Hong Kong Society has plans to organise GIPS workshops (luncheon meetings and/or half-day seminars) and to cope with the CFA Institute to reach out relevant GIPS stakeholders (e.g. industry bodies; regulatory agencies, etc.) in Hong Kong. communication with local regulator? Please provide Ṭhe Hong Kong Society will continue the effort to update the regulatory The Hong Kong Society will keep on having ongoing dialogues with Securities and Futures Commission and other regulatory agencies agencies on latest development of GIPS Standards. translating the 0 version of the GIPS As English is the principal business language used in Hong Kong, we consider the information and materials provided by the CFA Institute in the English is the appropriate material to use for information and marketing purpose. We will not involve in the Chinese translation of GIPS 0. However, whenever there are requests from the general public, the Hong Kong Society will continue to provide the old version GIPS Chinese version (if suitable). The GIPS Committee of the Hong Kong Society consists of experts from different fields. It is also our effort to maintain an open dialogue for all GIPS stakeholders to ensure that there is an open channel for communication. We supplemented our GIPS education and awareness programmes with an alternative investments initiative. The GIPS Committee has been recruiting new members to support our new initiatives. We will continue to expand the diversity of our GIPS Committee to increase our local market expertise. We received positive feedback from the latest GIPS events in Hong Kong. Attendees expressed interest to join the HKSFA GIPS (i) The Hong Kong Society has member attended the 0 GIPS Annual Conference in Boston. (ii) We have facilitated the CIPM Practice Analysis sessions in Hong Kong. --

9 Ireland Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Attended GIPS council meeting in Brussels in March Attending March meeting in Brussels issues? Please provide Yes Country Sponsor continues to provide feedback and comment on the Will continue to do so. Sponsors? Please provide Country Sponsor voted on the election to the EC minations Will continue to do so. Yes Country Sponsor is represented on the Interpretations Subcommittee by Joe Kavanagh. Will continue to serve on this subcommittee. any with the GIPS EC? Please provide Indirectly - as part of the members involvement on the GIPS Subcommittees. Will continue to do so. Yes - in conjunction with CFA Ireland website. Training initiatives involving GIPS content being pursued in conjunction with local CFA branch. Will continue to seek out opportunities re Promotion of Standards provide translating the 0 version of the GIPS N/A Investment Managers / Consultants / Verifiers involved

10 Japan Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Yes, we attended all of the RIPS, Council physical meetings and conference call. A representative of SAAJ attended RIPS and Council meetings held March 0 in Brussels. We also participated the Asia Pacific RIPS conference call dated September 0. A representative of SAAJ attended Asia Pacific RIPS meeting held January 0 in Hong Kong. SAAJ plans to attend all of the GIPS Council, Asia Pacific RIPS meetings in physical and conference call meetings. issues? Please provide SAAJ submitted our response on the Pooled Fund survey conducted by GIPS EC. SAAJ also submitted the comments to exposure draft on the Guidance Statements on GIPS Performance Examinations in August 0. SAAJ plans to submit response to all of the comments requested by GIPS EC, GIPS Council, RIPS. Sponsors? Please provide Yes, whenever there is a vote on Sponsors, we always vote. SAAJ made a vote on the election of GIPS Council Chair which was conducted April 0 and the run-off election conducted in June 0. SAAJ also voted on the election of GIPS minations Committee member in October 0. SAAJ plans to make vote whenever there is an opportunity to vote on GIPS related matters. Yes, SAAJ nominated three individual to the GIPS Subcommittee and Working Groups as follows: Mr. Kenichi Tsukuda to GIPS Investor/Consultant Subcommittee, Mr. Junya Kato to GIPS Real Estate Subcommittee, and Ms. Mayumi Takahashi to GIPS Pooled Fund Working Group in September 0. SAAJ would like to nominate the members to any GIPS Subcommittee and Working Group whenever there is a vacancy. any with the GIPS EC? Please provide, we have not submitted with GIPS EC. We would like to submit working papers or raise any other issues with GIPS EC whenever there is a relevant issue. Yes, on SAAJ's website there is a designated page for GIPS Standards. All of translation of current GIPS Standards and endorsed Guidance Statements are uploaded there. We will keep updating the GIPS page on SAAJ website as much as possible. Especially when the translations of the Guidance Statements are endorsed by GIPS EC. Yes, SAAJ conducted GIPS seminars during the period. Please find attached a promotional material of one of the GIPS Seminars which was posted to our website in PDF format. SAAJ plans to hold at least - GIPS seminars a year. provide Yes, SAAJ makes regular contacts with Financial Services Agency. We had a meeting with FSA in March 0 regarding compliance with GIPS Standards in Japanese Market. SAAJ would like to make regular contact with FSA on GIPS matters. translating the 0 version of the GIPS SAAJ completed the translation of GIPS 0 version into Japanese and it was endorsed by GIPS EC in April 0. SAAJ plans to make the translation of GIPS Standards as soon as possible, whenever the new edition is published and endorsed by GIPS EC. SAAJ's Investment Performance Standards Committee consists of members from various stakeholders of GIPS such as Asset Manager, Custodian, Verifier, Consultant, Pension Fund etc. The membership of SAAJ's Investment Performance Standards Committee is reviewed every other years, and we try to introduce new members with expertise and experience. SAAJ translated the current GIPS Guidance Statements to Japanese and three guidance statements, Calculation Method, Treatment of Significant Cash Flow, Verification and received GIPS EC endorsement in August 0. Three additional Japanese translation of GIPS Guidance Statements, Alternative Investment Structure, Real Estate, and Recordkeeping Requirement were submitted to GIPS EC in February 0 for endorsement. SAAJ will continue its efforts to translate the GIPS Guidance Statements into Japanese in 0 and further.

11 Kazakhstan Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Active participants in the conference calls are not accepted because of the time difference. Participate in the meeting as inactive due to significant delays in Kazakhstan discussed issues on GIPS. Participation is accepted in order to obtain the maximum amount of information. issues? Please provide comments. There is a need to translate the GIPS Handbook into Russian. In the budget of the AFIA in 0 provided money for a translator and a financial analyst for the publication of GIPS Handbook on Russian language Sponsors? Please provide no no any with the GIPS EC? Please provide no In early February 0 started a web site: This site is designed to organise information and achievement of marketing objectives In 0 it is planned to fill the site information and begin consultations on issues. In May 0 a working group of the Government of Kazakhstan to reform the pension system of Kazakhstan. I have taken part in four meetings and asked enter into the practice of pension fund GIPS. Working Group recommended that the It is planned to continue in the working group and provide advice on Government of the Republic of Kazakhstan state pension fund and private funds to study the GIPS and implement then standards whenever possible in the activities. In September, taken part in television debates on the reform of the pension system, in which also referred to the implementation of GIPS in the practice of pension funds. provide In 0 Kazakhstan was eliminated Agency Financial Supervision and control and regulation functions were transferred to the National Bank of RK. Each month there is a meeting of the Concil. In 0 regulations were adopted to calculate the benchmark and recommendation from GIPS Handbook very useful. translating the 0 version of the GIPS Translation of standards drawn earlier by representatives of Ukraine in 00 and is sufficient to satisfy the understanding. Much more important interpretations. Therefore in 0 will be made a Russian translation of the GIPS Handbook. Until the end of 0 translated into Russian GIPS Handbook Each month on the last Tuesday of the financial analysts of various financial organizations meet to discuss issues and to solve problems with the regulator, to generate comments and proposals for prudential standards and the requirements of the regulator. Also discusses the conflicts of interest between financial market participants. These meetings are held regularly. In October 0, at the request of public service regulation and supervision of the financial market of the Kyrgyz Republic held a meeting and advising the Kyrgez colleagues on GIPS and their application.

12 Liechtenstein Country Sponsor Update Report - GIPS Council Meeting issues? Please provide Sponsors? Please provide Yes. March 0 to Planned for 0 March 0: Attendance and participation at the GIPS Executive Committee (EC), GIPS Council and RIPS meetings in Brussels. vember 0: Attendance and participation at the GIPS RIPS EMEA meeting in London. Yes. Attendance and participation at the future GIPS Executive Committee (EC), GIPS Council and RIPS meetings. Attendance and participation in conference calls The country-sponsor has submitted comments. In general, Liechtenstein works closely with the GIPS Expert Group from The cooperation with the GIPS Experts Group of the Swiss Banking Switzerland and gives therefore comments together with the Swiss colleagues (e.g. Comments on priority of RIPS EMEA Association is well established and will be carried on thoroughly. target projects within GIPS Strategic Plan). The cooperation with the GIPS Experts Group of the Swiss Banking Association is well established and will be carried on thoroughly. Yes. In April 0 we voted for GIPS Council Chair Election In May 0 we voted for GIPS Council Chair In September 0 we voted for GIPS EC 0 minations Committee Election Due to the very limited human resources, it is very difficult for Liechtenstein to nominate individuals to serve on GIPS Subcommittees and Working Groups. However we created a GIPS Expert Group Liechtenstein where we are able to discuss topics in detail. We will also vote in the future on topics and issues toward to us Due to the very limited human resources, it is very difficult for Liechtenstein to nominate and Working Groups. any with the GIPS EC? Please provide. As mentioned above (point ), Liechtenstein works closely with the Swiss Banking Association (e.g. Client Reporting, Valuation issues, the promotion of GIPS within the country etc.) The LBA-Website has a separate page for GIPS ( All presentations of our GIPS roundtables are being published there. The page refers also to the official GIPS-website ( and also to the corresponding Swiss website. On June 0, Liechtenstein Bankers Association organized the GIPS Experts Meeting in Vaduz. Dimitri Senik (PWC) held a very informative speech about the topic "Update on the GIPS strategic projects and the GIPS guidance for alternative investments" and Susanne Klemm (Ernst & Young) held also a very informative speech about the topic "Update of GIPS Q&As". The Liechtenstein Bankers Association organizes the annual GIPS Experts Meeting in June 0. This will be the th GIPS event in Liechtenstein and will cover current and upcoming topics. provide We have an ongoing and constant dialog with the Liechtenstein Financial Market Authority (FMA) We have an ongoing and constant dialog with the Liechtenstein Financial Market Authority (FMA) translating the 0 version of the GIPS We do not have a GIPS translation The members of the GIPS-roundtables are investment professionals of the member banks of the LBA. The cooperation with the GIPS Experts Group of the Swiss Banking Association is well established and will be carried on thoroughly. Creating and building up a GIPS Knowledge-Database on the LBA Intranet Creating and building up a GIPS Knowledge-Database on the LBA Intranet

13 Luxembourg Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Yes. March 0 Brussels & vember 0 London attended by Carolyn Linnevers Country Sponsor Representative. Yes, Brussels will be attended by the Country Sponsor Representative. Attending the vember meeting is also foreseen. issues? Please provide We circulated the final draft of the Alternative Investments Guidance Statements to a small group of local investment professionals for review. They had no specific comments to forward to the committee. One topic of interest is to understand how GIPS complies with or conflicts with the array of regulatory requirements that financial market participants are required to respect in Luxembourg and Europe. Sponsors? Please provide Yes. We have voted when required to. Yes we will continue to vote when requested to do so. We circulate all of the requests for volunteers to the GIPS working group and CFA Luxembourg members. We are encouraging more active involvement but this is a challenge as the market knowledge and use of GIPS is limited. any with the GIPS EC? Please provide We will be making closer contact with the Investment Funds stakeholder group. We will encourage a closer dialogue on GIPS issues and aim to learn more about their concerns. Yes. We have a GIPS on the Luxembourg CFA Society website. We recently updated the website with the new CFAI branding. This also included updates to the GIPS tab and a link to new GIPS handbook. We aim to hold at least one official GIPS event per year. In April 0, Anthony Howland (from BiSAM) spoke at a CFA Luxembourg event for members and candidates. In, the Luxembourg CFA Society will hold a GIPS event in cooperation with ALFI (representing the funds sector) with support from several other professional associations. Iain McAra will be the main speaker, supported by local asset manager and consultants with GIPS expertise. provide We are reviewing the best way to approach the regulator. Some information on whether any mandatory regulations conflict with GIPS would be necessary. translating the 0 version of the GIPS ne required. English is mainly used. ne required. English is mainly used. We have two representatives from GIPS compliant firms and two performance/gips specialists from consultancy firms. We may expand the committee to add expertise from the fund industry and investor stakeholder groups. The Luxembourg CFA Society added a local membership category to enable GIPS and other financial professionals without the CFA qualification to apply to become members. We will roll out the local memberships in the course of 0.

14 Mexico Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Yes, Mikhail Mora participated at RIPS in Boston 0. The intention is to participate at RIPS in 0. issues? Please provide.. Sponsors? Please provide Yes. GIPS Council Representative on the GIPS EC 0 minations Committee. In 0 we had the first formal GIPS Committee in Mexico, shortly we will be appointing different people for several subcommittees. any with the GIPS EC? Please provide. Three events this year:.-dr. Michael McMillan talked about GIPS and Ethics in the first GIPS Committee in Mexico..- Mikhail Mora talked about GIPS in the monthly meeting of the Mutual Fund Companies..- CFA Society of Mexico A workshop in Mexico City during summer. organized a GIPS workshop for 00 investment professionals in Los Cabos Mexico. Among the participants were KPMG, Ashland and Principal Financial Group. provide translating the 0 version of the GIPS Representatives from the National Banking and Securities Commission and the National Retirement Commission attended the first GIPS We'll continue to talk with regulators. In the first GIPS Committee there was representation from: regulators, mutual fund companies, institutional investors, verifiers, consultants, CFA society, practitioners, etc.

15 Micronesia Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 meetings, conference calls? Please provide Yes. Participated in Asia RIPS calls. Will participate in RIPS & EC conference calls, as well as any Asia RIPS in-person that may occur. issues? Please provide Yes. We have submitted comments when requested. As a member of GIPS EC P&A Committee, will comment on items under discussion as well as other items put form by EC. Sponsors? Please provide Yes. As needed. individuals to serve on GIPS Subcommittees and Working Groups? Please provide Submitted nominees for GIPS EC 0 minations Committee & 0 GIPS Council Chair As needed. any with the GIPS EC? Please provide As needed. Website? Please provide examples of GIPS We have GIPS Tab on our website, as well as links. See Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other We include a GIPS update at each country conference we hold. We will include a GIPS update at each country conference we hold. communication with local regulator? Please provide translation, please explain plans, if any, for translating the 0 version of the GIPS t applicable t applicable Please explain how local market expertise is represented within your Country Sponsor Our Country Sponsor Committee is comprised solely of Plan Sponsor Representatives Our Country Sponsor Committee is comprised solely of Plan Sponsor Representatives Please explain any additional activities not We had Trevor Persaud, GIPS Asia Pacific RIPS Chair, present on the GIPS standards at our annual investment conference in Manila, Philippines in vember. Attended by 0 institutional fund sponsors & investment advisors. ne at this point.

16 The Netherlands Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 YES, attended all RIPS and Council Meetings. YES issues? Please provide Comment on Alternative Investments via Conference Call YES Sponsors? Please provide YES YES YES, Working Group Overlay and Subcommittee Investment Management YES, going forward with WG and Subcommittee. any with the GIPS EC? Please provide YES, automatically redirected to the world website We held our annual Performance Roundtable in vember 0. Part of this seminar was a GIPS topic. provide translating the 0 version of the GIPS We have a link with the DNB, regulator for the Dutch Financial Market. N/A Representatives from investment managers, verifiers and pension funds are represented in the committee Performance Round Table

17 New Zealand Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Yes. Attendance in at AP RIPS meeting Hong Kong January 0. Participation in AP RIPS telephone conference call SepContinue to fully participate issues? Please provide NA Will respond as required Sponsors? Please provide Yes. Votes submitted in ballot and subsequent run-off ballots for Council chair. Will respond as required Yes. My name and that of Helen Wang put forward to serve on the Pooled Fund Working Group. any with the GIPS EC? Please provide Yes. The following question was submitted in August : I have had two managers approach me about understanding what they have to do to become GIPS compliant. The issue is for New Zealand is: this is a scoping / exploratory exercise and being an isolated market with little GIPS traction who do they get to do that work? Given they are small investors cost is a big consideration. The web-site has been a big help but now they want to take one more step in the compliance direction. Yes. Part of CFA New Zealand web-site.. provide Yes. Attached is a letter sent to the Minister responsible for retail product regulation. Continue to engage with regulator and policy makers translating the 0 version of the GIPS NA An Ad-hoc group of market practitioners including former EC President (Boulanger) is consulted on GIPS matters as required. The local CFA Board also provides expertise. Peter McCaffrey is a member of the Retail Funds Working Group.

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19 rway Country Sponsor Update Report - GIPS Council Meeting the following categories: March 0 to Planned for 0 actively participated at RIPS, Council meetings, conference calls? Please provide We have participated at the RIPS-EMEA, Council and EC in person meetings in Brussels in March 0. We have participated at the RIPS-EMEA meeting in London vember 0. We intend to participate at the RIPS-EMEA and GIPS Council in Brussels in and at the RIPS-EMEA meeting in autumn vember 0. comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide As far as we know there has not been any exposure drafts or Guidance Statements for comments in the period March 0 - (?) We have an ambition to provide comments on all documents open for public comment. issues/topics put forward to Country Sponsors? Please provide In our opinion we have voted on all nominations for seats at the relevant "GIPS - bodies" in 0/0. Unfortunately we have not been able to nominate individuals from rway. We intend to vote on all issues put forward to the country sponsor. individuals to serve on GIPS Subcommittees and Working Groups? Please provide Yes, one person was nominated and serves at the Promotion and Awareness Subcommittee. - any working papers or raised any other issues with the GIPS EC? Please provide, unfortunately > GIPS. The page is unfortunately in rwegian only. The webpage has undergone some alterations lately - any press releases, media activity or other We arranged a GIPS Seminar in December 0 covering GIPS Standards, Verification and Private Equity/Real Estate. We arranged a meeting with one of the superannuation funds in rway in September 0. We arranged a meeting with the Pension Fund Association in January 0 (part of Europe Retirement Fund Association). We have a hours yearly seminar for MBA Finance (Executive Program) covering GIPS and Performance Measurement. - communication with local regulator? Please provide, unfortunately. But one of the representatives within the Country Sponsor Committee is working for the local regulator. - translating the 0 version of the GIPS t relevant. - Asset Manager (), Regulator (), Verifier (), Advisor (), Energy trading (), Investor () - We have circulated information regarding GIPS and the new GIPS Handbook in writing to all members of the rwegian Association of Financial Analysts in December 0. -

20 Pakistan Country Sponsor Update Report - GIPS Council Meeting March 0 to Planned for 0 Attended RIPS in person meeting in Brussels in, RIPS Conference call in September and RIPS in person Plans are to attend GIPS council conference call. In addition country sponsor meeting in Hong Kong in January 0. Also attended March 0 GIPS council in person meeting in Brussels. Attended will attend Asia Pacific RIPS meetings through conference calls which are GIPS EC Open call May th 0 planned for every six months. issues? Please provide Pakistan country sponsor actively participated in giving comments and improving draft of the implementation assistance document. Comments would be provided as and when we receive such request. Sponsors? Please provide GIPS council chair election was voted twice and the country sponsor exercised vote in both ballots. Country sponsor nominated Mr. Farid Khan, CFA for 'Pooled Funds Working Group' Country sponsor plans to vote for the Asia Pacific RIPS chair election in the near future minations would be provided as and when we receive such request any with the GIPS EC? Please provide Country sponsors has been working on the 'Implementation Assistance for GIPS' with the Investment Manager committee. This paper was initiated by Pakistan Country Sponsor and is expected to put to GIPS EC in 0 meeting Papers or request for papers would be provided as and when some need arises immediate need Once we have five or so GIPS compliant firms we may go for GIPS website linked to CFA Pakistan website Regular interactions happened with industry players and presentations on GIPS were given to investment managers at the platform of Mutual Funds Association of Pakistan. These interactions are likely to result in three more companies claiming GIPS compliance in the near future. We plan to conduct GIPS workshop. Trevor Persaud Asia Pacific RIPS Chair has kindly consented to hold this workshop along with a short awareness session on GIPS which would be attended by investment managers, institutional investors, rating agencies, etc. provide Pakistan country sponsor has been very active in working with the regulator in influencing investment managers to go for GIPS compliance. Pakistan securities market regulator SECP in its annual reports mentions GIPS implementation as one of its priority areas. Press statements of SECP in this regards were also shared with relevant GIPS personnel in Hong Kong and Charlottesville. Regular contacts would be maintained with SECP. translating the 0 version of the GIPS need seen for translation in Pakistan need seen for translation in Pakistan Mir Muhammad Ali, CFA - GIPS Chair (UBL Fund Managers) Mashmooma Zehra, CFA (Chief Executive Officer Mutual Funds Association of Pakistan) Muhammad Asim, CFA (Senior Portfolio Manager MCB Asset Management Company Ltd) Aly Osman, (Head of Compliance UBL Fund Managers) Farid Khan, CFA (CEO ABL Asset Management Company) Mohammad Asad (Chief Investment Officer Al Meezan Investment Management Company) We have a rich mix of individuals in the committee and hope to build this team further. As can be seen we have included the mutual funds association in our committee to have more influence on investment managers More members would be added. Governance structure would be improved along with clearly defined roles and responsibilities including provision for succession planning. Pakistan country sponsor has been very active in working with investment managers to go for GIPS compliance. I am happy to report that three investment firms; National Fullerton Asset Management Company, Al Meezan Investment Management and MCB Arif Habib Investment Management Company are close to claiming GIPS compliance. With these companies being GIPS compliant we would be having five firms as GIPS compliant which translates into 0% of industry's assets under management. Pakistan country sponsor took time out of his vacation in Sri Lanka to educate investment managers there on how to achieve GIPS compliance. The experience of getting GIPS compliance in Pakistan was shared with them. Sri Lanka's investment management industry is very similar to that of Pakistan.

21 Peru Country Sponsor Update Report GIPS Council Meeting -, March 0 to Planned Peru, represented by Procapitales CEO Gerardo M Gonzales, attended official in-person GIPS meetings, including Americas RIPS meeting, in Brussels in March 0, for the first time ever. In September 0 he also attended the Americas RIPS inperson meeting and the GIPS Standards Annual Conference in Boston, USA. He will not be able to participate at the GIPS Council conference call to be held in. issues? Please provide t for the period of time under revision. However, through participation in the Americas RIPS Peru s country sponsor has expressed particular interest in following up the progress of a project included in the GIPS Strategic Plan which was distributed in Brussels in 0 relate to develop guidance on implementing the GIPS standards for firms in developing countries. Peru country sponsor will probably provide comments in the near future as a need arises. Sponsors? Please provide any with the GIPS EC? Please provide Yes, in April-May 0 Peru country sponsor submitted its vote for the election of the GIPS Council Chair. In October 0 Peru country sponsor submitted its vote for the election of the GIPS Council representative before the EC minations, up to now., up to now. We will provide our vote in any future GIPS-related issue upon request. We will assess the appropriateness to do so in the future. We will assess the appropriateness to do so in the future., up to now. We have included the construction of a GIPS website as a task within our working program. In coordination with GIPS Executive Director, Peru country sponsor held a training workshop in Lima on April -, 0, as an initial step towards GIPS dissemination within the Peruvian market. In addition, a colloquial roundtable between CFA Institute representatives and GIPS National Committee was held in the morning of April in order to exchange ideas regarding the benefits of adopting GIPS and the process of implementing GIPS based on other experiences. Both meetings were conducted by Jonathan Boersma and Karyn Vincent. In addition, within the framework of Procapitales annual Convention on Finance and Capital Markets in October 0, Procapitales received the support of CFA Institute for the attendance as a speaker of Erick Morales, from KPMG, to make a presentation on the benefits and the importance of GIPS for financial asset management, as a way to disseminate this topic within the Peruvian market. As a part of promotional activities, Procapitales has also published in its monthly journal two articles related to the scope and benefits of GIPS: one by Gerardo M Gonzales, Procapitales CEO; and the other by David Yuska, a member of the Americas RIPS in behalf of the United States. Up to date, there is no other similar meeting already scheduled but we will assess the appropriateness to do so in the future. Procapitales encourages other country sponsors in other regions to submit collaborations for future publication (submissions may be written in English and Procapapitales would prepare translations into Spanish). provide translating the 0 version of the GIPS We expect to maintain these guidelines of interaction. In addition, if Procapitales, as a trade association of private capital market institutions, maintains a permanent interaction with local necessary, we foresee to make some specific proposals in order to regulators (mainly SMV-Superintendency of Securities Market- but also SBS-Superintendency of Banks, Insurance Companies accommodate the feasibility to adopt GIPS without generating collision and Pension Funds). Both institutions participate in the GIPS National Committee as observers. against regulation. We have launched a review, which is still incomplete, of the Spanish version translated by Spain so as to assess the accuracy of the terminology with respect to the Peruvian market. This task has faced some delay but we expect to complete it promptly. Our GIPS National Committee is set up with members representing the following sectors: (a) pension funds; (b) mutual funds; The promotional work on GIPS in Peru will be based on the participation of (c) insurance companies; (d) banks; (e) Lima Stock Exchange; (f) audit companies; (g) academia, in addition to Procapitales as all these sectors/institutions; most of them are already Procapitales members. a trade association, and governmental authorities as observers (Central Bank, SMV, SBS). Peru country sponsor is working closely with the trade association of Peruvian mutual fund managing institutions, that are assessing the convenience and feasibility to adopt GIPS. There has been a significant interaction between this group and GIPS Standards experts (Jonathan Boersma and Erick Morales), with the participation of Procapitales, so as to clarify some concepts. This is the segment that may most likely adopt GIPS in the near future. Talks have suffered some delay because of changes within the chair of this trade association. We will provide details as soon as any relevant issue emerges.