Yes the P-Group is always keen to actively participate.

Transcription

1 Australia Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Investment and Financial Services Association (IFSA) always attends and participated in RIPS including the March meeting in Dublin. Over the years IFSA (P-Group) has participated in many council meetings and conference calls. This will continue. As you are aware there is a very active GIPS community in Australia that IFSA operates under the banner P-Group. 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Yes. Last year (2009) we held 17 meetings; 6 very well attended information sessions; a week of training courses; and 2 GIPS issues dedicated IFSA annual conference sessions. The 2009 P Group Investment Performance Training Courses held in October resulted in training for 79 people. This will continue. Specifically, the 2010 P Group Training Courses will be held in the week commencing 23 August Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Please provide details. Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Please provide details. Yes. This will continue. 4 Not in the last 12 months. Yes the P-Group is always keen to actively participate. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? Yes. This will continue. 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Yes. We are currently substantially upgrading the P-Group website at significant cost. It will be relaunched at the end of March. This will continue. 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Refer to 2 above. This will continue.

2 Australia Country Sponsor Update Report 8 Has Country Sponsor had any communication with local regulator? We have regular and ongoing contact with both Australian regulators. Over the years, many of their staff have been trained by the P-Group. This will continue. 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. N/A 10 Please explain how local market expertise is represented within your Country Sponsor Committee. The P-Group, within IFSA, has a formal Operating Committee who is always a managed mix of wellqualified service providers and industry experts. The Chair is rotated every few years. This will continue. 1. The IFSA Guidance Note No. 26 Asset Valuation and Unit Pricing for Infrequently Valued Assets - has recently been updated and approved by the IFSA Board on 15 th February This Guidance note is attached. 2. The IFSA, P Group GIPS Compliance Survey 2010 has been sent out and we are hoping that aggregated responses will be available closer to the GIPS Council Meeting. 11 Please explain any additional activities not provided above. Nothing to add.

3 Tab 13 Draft Australia Guidance Note 26 Guidance Note No 26 Asset Valuation and Unit Pricing for Infrequently Valued Assets The main features purpose of this Guidance Note is: To specify the principles for asset valuation in the calculation of unit prices when transactions may take place in Schemes which are substantially invested in infrequently valued assets; To provide guidance in the interpretation and application of those principles; and To standardise the practices and procedures relating to the pricing of interests in such Schemes.

4 IFSA Guidance Note No 26 Tab 13 Draft Australia Guidance Note 26 Table of Contents Section : Page Title...1 : 3 Date of Issue...2 : 3 Effective Date...3 : 3 Application...4 : 3 Statement of Purpose...5 : 3 Statement of Principles : 4 Definitions...7 : 4 Interpretation....8 : 4 Example of Application...9 : 5 2

5 IFSA Guidance Note No 26 Tab 13 Draft Australia Guidance Note 26 1 Title 1.1 This Guidance Note may be cited as IFSA Guidance Note No 26 Asset Valuation and Unit Pricing for Infrequently Valued Assets. 2 Date of Issue 2.1 This Guidance Note was originally issued on 10 December An amended Guidance Note was issued in February Effective Date 3.1 This Guidance Note is effective from the date of issue. Amendments to this Guidance Note are effective from the date of issue of the amended version of the Guidance Note. 4 Application 4.1 This Guidance Note should be applied by the operator of a Scheme, whether the Scheme is offered for public subscription or otherwise, in determining the price at which transactions by investors in Scheme interests may take place where the underlying assets of the Scheme are substantially invested in infrequently valued assets. 4.2 The principles in this Guidance Note apply to: open ended Schemes that allow investors to transact on a regular basis; and closed ended Schemes (where investors cannot transact at regular intervals). 4.3 This Guidance Note does not apply to listed Schemes. 4.4 This Guidance Note should also be applied with reference to: IFSA Standard No 8 Scheme Pricing ; IFSA Standard No 9 Valuation of Scheme Ass ets and Liabilities, and Global Investment Performance Standards (refer IFSA Guidance Note No 1). 4.5 The interpretation contained within this Guidance Note does not take into account every specific unit pricing circumstance, and hence consideration should be given to each specific situation. In particular, consideration should be given to the Scheme s Constituent Documents, and the legislative obligations of the Scheme Operator. 3

6 IFSA Guidance Note No 26 Tab 13 Draft Australia Guidance Note 26 5 Statement of Purpose 5.1 Main features and purpose of this Guidance Note are: To specify the principles for asset valuation in the calculation of unit prices when transactions may take place in Schemes which are substantially invested in infrequently valued assets; To provide guidance in the interpretation and application of those principles; and To standardise the practices and procedures relating to the pricing of interests in such Schemes. 6 Statement of Principles 6.1 The principles to be adopted in the asset valuation and unit pricing for infrequently valued assets are: To maintain investor equity, Scheme operators need to monitor the movement of Scheme asset values within a portfolio between periods, and must revalue any Scheme assets where there is a significant difference between the value of the portfolio used for Scheme pricing and the current market value (as estimated by the Scheme operator based on monitoring of triggers outlined in 9.6 below) of the portfolio. This can be achieved through updated valuations or estimates. If such an updated valuation or estimate cannot be performed to give a value certainty, the Scheme operator should delay processing transactions until such a time that current valuations can be included in Scheme pricing. 6.2 Failure to update valuations of affected Scheme assets in a timely fashion can result in the unit prices of the Scheme not reflecting the current market value of the underlying asset portfolio. Transacting investors may be impacted, and any transactions may have a subsequent impact on the remaining investors in the Scheme. 7 Definitions 7.1 In this Guidance Note: Infrequently valued assets means any asset which is valued at a frequency less than that in which interests in the Scheme can be transacted. Generally these assets are illiquid in nature (i.e. can not be easily bought and sold within a short time period). These include unlisted assets, commercial properties, infrastructure assets, private equity holdings, non-exchange traded securities, derivatives (e.g. CDOs, mortgages, over-the-counter swaps etc), hedge funds and assets for which there is no observable immediate market or market price. Market value means the current price that an investor is reasonably expected to pay on an arms length basis in normal circumstances as a 4

7 Tab 13 Draft IFSA Guidance Note No 26 Australia Guidance Note 26 going-concern where there is a willing buyer and seller, i.e. not under pressure to sell. This is not necessarily the last quoted price. 8 Interpretation 8.1 Due to the practicalities and costs involved with obtaining frequent valuations for illiquid assets, Scheme operators have typically valued them less frequently than investors can transact in the Scheme. This could result in interests in a Scheme being transacted at prices which do not represent the current value of its asset portfolio, potentially diluting or enhancing other investors interests in the Scheme, at the expense of member equity. 8.2 In applying section of IFSA Standard No 8 Scheme Pricing to this circumstance, Scheme operators should establish appropriate measures to ensure that equity is maintained between transacting and non-transacting investors. In their Regulatory Guide 94 Unit Pricing - Guide to Good Practice, ASIC/APRA suggest that there should be a reasonable basis for estimating the unit price between valuations. 9 Example of Application 9.1 Scheme operators should implement a set of policies that are reviewed and approved by the Board or duly authorised sub-committee, and submitted for review and approval to the board or sub-committee every twelve (12) months. 9.2 The Scheme should nominate an appropriately authorised committee dedicated to the oversight of the valuation process of infrequently valued Scheme assets. Members of this body should include individuals who are not involved in the day-to-day execution of the valuation process, and should be from a diverse background across the organisation. The number of members who are rewarded or whose superiors are rewarded on the basis of portfolio performance should be limited and not hold a majority membership of the committee. 9.3 Valuations of assets should be sought from independent third party valuers wherever possible. Where such a valuer is used, the Scheme operator should consider rotating valuers every three (3) years. Scheme operators should satisfy themselves as to the credentials of the independent valuer. The set of policies referred to in section 9.1 should disclose how the Scheme operator applies information received from independent third party valuers to the valuation. 9.4 Where the Scheme operator relies on an asset valuation provided by an Investment Manager, the Scheme operator must satisfy themselves that they have adequately managed the potential conflict of interest that may arise. A non-exhaustive list of potential conflicts in such circumstances is provided below: - Fees paid to an investment manager are impacted by performance of assets under management - Investment managers may seek to avoid breaches of their mandate that would otherwise be revealed through mandate compliance monitoring - Investment managers may seek to maintain levels of capital in the fund above pre-determined minimums 5

8 Tab 13 Draft IFSA Guidance Note No 26 Australia Guidance Note 26 - Investment managers may seek to avoid negative publicity and any adverse client relationship impact associated with inferior fund performance - Investment managers may cyclically manipulate valuations between periods to maximise performance fees 9.5 Scheme operators should stagger valuations of assets across the course of each year in order to moderate the extent of out-of-date valuations. However, it should be noted that this approach does not remove the risk of breaching the principles of section of Standard No 8 during times of rapid market movement. 9.6 The Scheme operator should regularly monitor asset values to ensure that the Scheme s asset values used for pricing are not significantly different to the current market value of those assets. Asset prices can be monitored via a number of triggers, for example: Changes in discount rates. Recent sales / similar assets currently for sale; Significant revaluations of other similar assets within the portfolio; Movement in an appropriate market index; Changes in the asset profile, such as green ratings for commercial properties etc; Movements in the occupancy and rental yields for commercial buildings; Changes in interest rates; Change to tax rules; Changes in capitalisation rates; and Revenue and expense drivers for the underlying business 9.7 Some illiquid assets have an inevitable degree of uncertainty concerning individual valuations (eg. two independent valuations for a property could differ by say 10%). However, across a broad portfolio, these variations should average out, and there should be more certainty regarding the total valuation of the portfolio. 9.8 Where the value of the portfolio used for pricing significantly departs from the current market value of the portfolio (as estimated by the Scheme operator based on monitoring of triggers outlined in 9.6 above), the Scheme operator should obtain an updated valuation of the portfolio s affected assets, either via a revised valuation of the assets or by applying a discretionary estimate from, say, an updated valuation model or directors estimate. 9.9 For example, a Scheme operator may trigger a revaluation of any affected assets if the value of the portfolio used in Scheme pricing deviates from the suspected current market value of the portfolio by more than 5%. The specific threshold adopted needs to consider the nature of the assets, and the potential for transactions to occur at prices that would create inequities Where proprietary valuation models are used, the Scheme operator must identify and mitigate model risk. Models should be independently assessed, and Scheme operators should satisfy themselves as to the credentials of the independent assessor. 6

9 IFSA Guidance Note No 26 Tab 13 Draft Australia Guidance Note It is important to note that, in accordance with IFSA Standard No 8 Scheme Pricing, a Scheme operator is required to suspend transaction (and pricing) where Scheme pricing can not be determined. Hence, if a revised asset valuation is impractical, the Scheme operator should consider delaying processing the transactions until such time that unit prices could be updated to reflect a current valuation. Alternatively, the Scheme operator should consider restricting the frequency and timing of investor transactions to the same frequency and timing as asset valuations, subject to the Scheme s disclosures When updated valuations are obtained, Scheme operators must not smooth the impact of the change in asset valuation on unit prices. The updated asset valuation should be used immediately in Scheme pricing. This is also a requirement of the ASIC/APRA Unit Pricing - Guide to Good Practice. 10 Disclosure 10.1 Scheme operators should set out the frequency of asset valuation in disclosures to investors. While disclosure of the frequency of asset valuation is important, the disclosed practice should be considered a minimum requirement and should not prevent more frequent valuations to ensure investor equity. The principles of this Guidance Note should be applied to ensure that investor equity is maintained. Disclosure of a practice that results in significant inequities does not relieve a Scheme operator of their duties under the Corporations Act to ensure a fair and equitable treatment to investors Where valuations are carried out between full valuations, for example quarterly intermediate valuations based on the movement in a suitable index where full valuations are carried out annually, the frequency of both full and intermediate valuations should be disclosed to investors. However, care should be taken not to disclose to the extent that the information could be used to facilitate arbitrage opportunities. 7

10 Austria Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? March 2009 to Future Plans for 2010 The Austrian Country Sponsors have been represented at all RIPS and Council meetings so far (by either Mr.- Schmid or Mr.- Mayer as deputy representative) with the exception of the November 2009 meeting in Frankfurt. The Austrian Country Sponsors have repeatedly and actively submitted comments whenever appropriate with the last cases in point being the participation in the vote for the EC Nominations Committee in November 2009 and comments on the Operating Policies and Procedures for Council and RIPS as well as comments on the Violations and Resolutions Process. Yes, please refer to the answer to question 2. Due to the relatively small size of the Austrian Investment Industry and the lean organizational structure of the sponsoring organizations the Austrian Country Sponsors have nominated individuals only in rare cases (e.g. Risk Management Working Group) in the past. Mr. Schmid will participate in the Lisbon meeting in March and the Austrian Country Sponsors are committed to participate further in the promulgation of the standards. The Austrian Country Sponsors consider a "democratic", majority based decision making process in the further development of the standards as essential for broad commitment and acceptance and will thus further cast their vote on all subjects put forward. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? No. If the Austrian Country Sponsors see reason to do so they will act accordingly. 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. No, the Austrian Country Sponsors have no "GIPS Website". The promotion of GIPS is primarily focus on Seminars organized and promoted by the Austrian GIPS Standards Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. The Vereinigung Österreichischer Investmentgesellschaften" organizes and actively promotes the "VOeIG Lehrgang", a course of seminars which are among the best known attended educational programs for investment professionals in Austria. These seminars cover - among broad range of subjects - the GIPS Standards with a focus on the following points: objective and benefits of GIPS Standards, content, compliance and verification, governance and history. The relevant seminar is held by Mr. Schmid (Austrian representative) twice a year with an average number of circa 25 participants. Has Country Sponsor had any VOeIG is in continuous communication with the relevant Austrian regulator Finanzmarktaufsicht communication with local regulator? Please (Financial Market Authority) on a broad range of issues. provide details. For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Not applicable. Presentation documents will be overhauled and adapted to the new standards in 2010.

11 10 11 Austria Country Sponsor Update Report Please explain how local market expertise The local committee comprises representatives from the investment fund industry, pension fund is represented within your Country Sponsor industry, regulators, academics and the verification industry. Committee. Please explain any additional activities not provided above. Austria's third largest asset management company Pioneer Austria started a GIPS compliance project in As the project was centrally implemented out of Dublin Mr. Schmid provided details on the local fund accounting and performance measurement practice in order to support the compliance process. Pioneer Austria being the last of the tree largest Austrian Asset Management Companies becoming compliant. Besides the VOeIG conducts surveys on the compliance status of Austrian asset management companies.

12 Belgium Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? The two Belgian GIPS Representatives participated at the March 2009 Dublin Meetings. One of them attended also the Conf Call on 29 January 2010 (GIPS EC). Participation at the Lisbon Meetings by the two Belgian GIPS Representatives is planned. 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. BEAMA has sent in written comments on the exposure drafts of the Standards on 10 March 2009, to the CFA Institute. The two Belgian representatives have also commented accordingly during their presence at the March 2009 Dublin Meetings. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? BEAMA expressed its vote for the 2010_EC Nominations Committee (November 2009). 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Yes, BEAMA has appointed two Belgian GIPS Representatives. For details, see enclosure " GIPS_CountryReport StructureBELGIUM_BEAMA". 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? See Item 2. No other position papers were transmitted by BEAMA. Note however that BEAMA is also a founding member of EFAMA, The European Fund and Asset Management Association. Some issues will be raised through that channel also. 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Yes, BEAMA has an own website (WWW. BEAMA.BE). On this website a dedicated number of pages is attributed to GIPS. The website will be renewed in the coming months. The dedicated pages for GIPS will remain. We intend to add the 2010 Exposure on GIPS Standards (final text) as soon as the press release of CFA will be published. 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. We organised a Belgian GIPS Users' Meeting in February 2009, to collect comments on the exposure drafts (see item 2). When necessary we sent out mail messages to the Belgian GIPS Community to keep them informed about major GIPS News (e.g. the CFA material on "GIPS Today & Key Components of the Draft GIPS 2010 Exposure Draft" or "GIPS Newsletter - Remember the following GIPS provisions are effective 1 January 2010" were distributed in this way). BEAMA organises at least one yearly meeting of the Belgian GIPS Community. 8 Has Country Sponsor had any communication with local regulator? BEAMA has very regular contact with the local regulators of the financial sector. Up till now, there has not been much demand about GIPS Standards from their side. We are also in touch with the European level via EFAMA (see item 5). Here there is more demand from e.g. CESR to have detailed information & coordination with GIPS Standards.

13 Belgium Country Sponsor Update Report 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Not applicable. 10 Please explain how local market expertise is represented within your Country Sponsor Committee. BEAMA represents the Belgian and foreign fund and asset managers as well as the investment firms, operating on the local market. We have amongst our members also the Belgian Private Banking Association. Through the major asset managers firms we have also close contact with the occupational pension funds industry. We are also part of the umbrella federation of the Belgian financial sector, Febelfin. 11 Please explain any additional activities not provided above.

14 Tab 13 Final Belgium Country Sponsor Report Attachment UPDATE REPORT FROM Belgium Belgian Asset Managers Association Structure of Country Sponsor / Country Sponsor Group of Experts 1. Official Main Contact for Belgium / BEAMA: Mrs. Josette Leenders, Belgian Asset Managers Association, Secretary General; Address: BEAMA, rue d Arlon 82, B-1040 Brussels, Belgium. Telephone: +32-(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, Mr. Erwin Schoeters. 2. Belgium / BEAMA has appointed two representatives: (1) Mr. Christophe Javaux, Fortis Investments, Head of Performance Measurement and Attribution; Address: Fortis Investment Management Belgium S.A./N.V., 14 Avenue de l Astronomie, B-1210 Brussels, Belgium. Telephone: +32-(0) Fax: Christophe.Javaux@fortisinvestments.com (2) Mrs. Véronique Wegnez, Dexia AM, Global Head of Performance Analysis & Reporting; Address: Dexia Asset Management, 11 Place Rogier, B-1210 Brussels, Belgium. Telephone: +32-(0) Fax: Veronique.Wegnez@dexia-am.com ===================================================================== Josette Leenders Secretary General BEAMA Belgium (12 Febr. 2010) Page 1 of 1

15 Canada Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report 1 2 Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. March 2009 to Future Plans for 2010 Yes. The Canadian Investment Performance Committee (CIPC) participated in all activities as invited and participated with the RIPS representative when requested. We did attend GIPS call. As part of GIPS 2010, we have provided our comments. We are still in the growth stage of the Committee and will see this in We will continue to actively participate and be more vocal in our activities. We expect to become more involved, moving from GIPS 2010 to interpretations and guidance. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Yes. We participated in the election of David Spaulding for the GIPS 2010 Nominations Committee. We will continue to vote when requested, as we see this as a critical part of our role Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Has Country Sponsor had any communication with local regulator? For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Garvin Deokiesingh has been nominated and accepted for the GIPS Interpretation Subcommittee. As future opportunities arise, we will look to put forward the best candidate from our region. None to date. This will be part of our plans for Yes, it is incorporated as part of the Canadian CFA Societies website, at with link to CIPC. We have had two major events, in Montreal (May 6, 2009) and in Toronto (October 28, 2009) to educate as well as promote the GIPS Yes. We are in constant contact over promoting the Standards, and have the OSC members as observers. I will speak at their conference. N/A

16 10 Please explain how local market expertise is represented within your Country Sponsor Committee. Canada Country Sponsor Update Report We have representation from pension plans, inst and retail community, verifiers and system providers. Also have representation across Canada. 11 Please explain any additional activities not provided above. Our events in Toronto were webcast and shared with all Canadian societies, increasing our reach. Jonathan Boersma spoke as well.

17 Country Sponsor Update Reports Submitted As of 25 February 2010 Country Asia Pacific 1 Australia X 2 Hong Kong X 3 Japan X 4 Korea X 5 Micronesia X 6 New Zealand X 7 Pakistan X 8 Singapore X 9 Sri Lanka X Total for Asia Pacific RIPS 9 Americas 1 Canada X 2 United States X Total for Americas RIPS 2 EMEA 1 Austria X 2 Belgium X 3 Denmark X 4 France X 5 Germany X 6 Greece X 7 Hungary X 8 Ireland X 9 Italy 10 Kazakhstan X 11 Liechtenstein X 12 The Netherlands X 13 Norway X 14 Portugal X 15 Russia X 16 Spain X 17 South Africa X 18 Sweden 19 Switzerland X 20 Ukraine X 21 The UK X Total for EMEA RIPS 19 GIPS Council Chair EMEA RIPS Chair Asia Pacific RIPS Chair X Americas RIPS Chair X Total for All Country Sponsors 30 4 X X Notes

18 Denmark Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. Peter Luntang Christensen decided September 2009 to step down from the Danish Country Sponsor chair and hand over the responsibility to Lars Bjerre Hansen. He has participated in the RIPS meeting in Frankfurt November 6th 2009, and the open EC call on January Plan to participate in both RIPS EMEA and GIPS Council conference calls and on-site meetings 2 Has the Country Sponsor submitted comments on the exposure drafts of The Danish country sponsor has invited and encouraged the members of the Danish Society of the Standards, Guidance Statements, Financial Analysts and CFA Denmark to comment on the Exposure draft individually. or other issues? 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? The Danish country sponsor voted on the election to the 2010 NOMINATIONS COMMITTEE The Danish country sponsor plan to actively participate in votes put forward to the Country Sponsors 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? No 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? Please provide details. No 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. The country sponsor does not have a special GIPS Website 7 The Country sponsor facilitates a Performance analyst network with 30 members who meets twice a year. GIPS progress and issues is a concurrent topic on these meetings. It is being considered to make a "GIPS update seminar" to market the changes in the GIPS Similar activities are planed by one of the major verifiers. Eventually a common event will be made 8 Has Country Sponsor had any communication with local regulator? No

19 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. NA Denmark Country Sponsor Update Report There are no plans to make a special Danish translation of the standard Please explain how local market expertise is represented within your Country Sponsor Committee. Please explain any additional activities not provided above. The performance committee of The Danish society of Financial Analysts and CFA Denmark consists of 5 members, who represent investors, asset managers, pension managers and software vendors. All members have experience working with GIPS tasks from these different viewpoints.

20 France Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report 1 Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. March 2009 to Future Plans for 2010 We have participated to the EMEA RIPS meeting in Frankfurt on November Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? During the latest meeting that took place on February 22nd, the GIPS experts' working group discussed the subject of the end of month valuation obligation versus some French local exceptions. The experts group reminded/confirmed some practical guidelines in order to help to comply with the obligation (asset thresholds, local exception rule). A new subject arised related to the "fair value" concept introduced by GIPS 2010 Standards that needs to be clearly defined and understood by the French practitioners under a GIPS compliant form. The group agreed that some work needs to be done in this respect Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? Please provide details. Yes, we have voted on the nomination committee. We have expressed our remarks on the proposed revision to the GIPS Standards Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. GIPS Standards have been integrated to the PRAM (the financial training courses delivered by our association).

21 8 9 Has Country Sponsor had any communication with local regulator? For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. France Country Sponsor Update Report During the latest meeting that took place on February 22nd, the GIPS experts' working group raised the question whether to translate the GIPS Members agreed that the entire booklet be translated in case the decision to translate is reached Please explain how local market expertise is represented within your Country Sponsor Committee. Please explain any additional activities not provided above. We have a GIPS experts' working group that meets regularly.

22 Germany Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report 1 Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? March 2009 to Future Plans for 2010 The German Asset Management Standards Committee (GAMSC) attended all and hosted one RIPS EMEA meeting. As usual the primary member and his deputy participated in the meetings. Additionally we led the regulatory working group. 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. January 2010: We have submitted comments on the revised GIPS Governance Documents. June 2009: We have submitted comments for GIPS We will publish an updated translation during the year Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? November 2009: Submitting the GAMSC Ballot for the Germany Country vote for David Spaulding to be the GIPS Council Representative on the GIPS EC 2010 Nominations Committee. 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? In the last year we participated in the verification an practitioner as well as in the interpretation subcommittee. Additionally we joined several working group like risk. ongoing 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? We submitted comments on GIPS Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Yes, 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Yes, GIPS-Tag (GAMSC seminar day on GIPS). Press release concerning GIPS 2010 on 17 February Ongoing marketing initiatives with industry experts to promote GIPS in Germany. Next GIPS-Tag is planed for 2nd half Has Country Sponsor had any communication with local regulator? Yes, ongoing. Ongoing

23 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Germany Country Sponsor Update Report We will identified the individual who will work on the translation but will wait until the final version is published before we start our work. 10 Please explain how local market expertise is represented within your Country Sponsor Committee. Three (3) organisations - BVI German Investment and Asset Management Association, DVFA society of Investment Professionals in Germany, and GCFAS German CFA Society - with nearly 3,000 individual members representing over 400 investment firms and BVI' members include 87 investment firms. 11 Please explain any additional activities not provided above.

24 Greece Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report 1 Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. March 2009 to Future Plans for 2010 Attended GIPS meeting in Dublin (March 2009, observer) and EMEA RIPS meeting in Frankfurt (Nov 2009) 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? No 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Voted for the GIPS Council representative to serve on the GIPS 2010 EC Nominations Committee (Nov 2009) 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? No 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? No 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. We have set up a website in the Greek language (GIPS.gr) which has the Greek TG and all the news and developments regarding GIPS, FAQs, events etc Maintenance 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. No We are planning to hold a GIPS event in Has Country Sponsor had any communication with local regulator? Please provide details. No Planned for 2010

25 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Please explain how local market expertise is represented within your Country Sponsor Committee. Please explain any additional activities not provided above. Greece Country Sponsor Update Report Three members of the committee work in investment management firms. We plan to prepare some informational material and send promotional information to investment firms. We will translate the GIPS 2010 during the first half of 2010

26 Hong Kong Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Yes, we participated in every case when we were being invited. We will continue to attend. 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. Yes, we submitted our formal comments in 2009 when the exposure draft was posted for comments. We will comment again when the opportunity arises. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Yes. We will vote again. 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Yes, we had 4-5 individuals sitting on various committees at one stage. We will continue to have 1-2 members on those committees. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? No. We do not intend to participate in this aspect. 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. We have translated GIPS into Chinese and posted it on our society's website. We have no plan to create a website for GIPS specifically. 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Due to the unfavorable market condition and the launch of GIPS 2010 in the near future, no seminars or workshops was held. But plans are underway for the next year. We plan to have both luncheons and workshops in mid Has Country Sponsor had any communication with local regulator? Yes, we have ongoing dialogues with Securities and Futures Commissions. We will update the regulators on the latest version.

27 Hong Kong Country Sponsor Update Report 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Due the formation of CFA China, we will no longer involved in the translation of the GIPS 2010 into simplified Chinese for use in Mainland China We have no plan to translate GIPS Please explain how local market expertise is represented within your Country Sponsor Committee. Our committee consist of expertise from difference 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 intend to expand the diversity of our GIPS committee to increase our local market expertise. 11 Please explain any additional activities not provided above.

28 Hungary Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. Mr. Péter Varga attended the Dublin meeting, and Mr. Miklós Farkas attended the Frankfurt EMEA RIPS meeting Mr. Miklós Farkas is attending the Lisbon meeting, and is planning to attend future meetings. 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. We did not, unfortunately (but we agreed with the suggestions put forward by the EC). We definitely plan to do so in the future, after finishing the restructuring of the local country sponsor committee. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Yes. We have voted on the issue of Nomination Committee member. We will continue to do so. 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? No. The local industry is too small, and our committee has no pool of experts to nominate from. This will likely not change in the near future. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? No. None. 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. We have registered both and The preparation of the GIPS website is under way, in the meantime and have GIPS related material (GIPS in Hungarian, conference details, etc.) We are planning to go ahead with the GIPS website this year. On the GIPS website the Standards would be available on-line, as well as presentations from previous GIPS conferences and related material.

29 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Hungary Country Sponsor Update Report The country sponsors and the Hungarian Financial Supervisory Authority organize an annual half-day conference on investment performance related subjects, especially GIPS. On 27 January 2010, we have organised our fifth annual conference. The conference was again very successful around 100 people attended from pension funds, asset managers, insurance companies, banks and regulators. We have again handed out copies of GIPS 2006 at the conference as well. The conference was preceded by a press release that announced the joint country sponsorship of BAMOSZ and CFAH, as well as the conference ( nyek_m%e9r%e9se_sajt%f3k%f6zlem%e9ny.doc&type=documents). The press release appeared 16 times, including the portals of all the major business papers (a list is attached). There were also articles on the conference in two business newspapers. BAMOSZ and the International Training Center for Bankers organize a regular asset management course, which includes a lecture on performance measurement with a special GIPS focus. The lecture on performance measurement was also reintroduced as part of the basic asset management course, and is given by Mr. Miklós Farkas, still having a focus on GIPS. We will start planning next year s conference hopefully over the Summer, and it will be held in again in January. The asset management course, and the performance measurement lecture, will be held this year as well. 8 Has Country Sponsor had any communication with local regulator? The country sponsor committee includes an observer from the Hungarian Financial Supervisory Authority (HFSA) (unfortunately, our colleague left the HFSA this year, but we still have good contact with the regulator). The good contact remains, and we will try to ask the regulator to send someone as an observer. 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. The country sponsor has translated both the original and the Gold GIPS, and we are planning to translate GIPS 2010 as well. As soon as the official GIPS 2010 is available, we will start translating is and hope to have an endorsed version before the end of the year. 10 Please explain how local market expertise is represented within your Country Sponsor Committee. The most important achievement in 2009 was that the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) has joined the CFA Society of Hungary as joint Hungary Country Sponsors, and were endorsed by the GIPS EC in December The Hungarian GIPS Committee is now under restructuring, but the current committee also includes members from both bodies, and our group of experts includes representatives from fund management companies, the association of asset management companies as well as the regulator, the HFSA as observers. We will ask the members of both associations to join the local GIPS committee, and will have to work out how the new committee will operate. We will also ask the regulator to send an observer. After the committee is set up, we plan to evaluate how other parties (clients or verifiers) could be enlisted. 11 Please explain any additional activities not provided above.

30 Ireland - Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. Hosted the March meeting in Dublin, attended RIPS meeting in Frankfurt in November Attending March meeting in Lisbon 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Yes Country Sponsor provided feedback to the exposure drafts of the standards. Will continue to do so. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Yes Country Sponsor voted on election to EC Nominations committee, among others. Will continue to do so. 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Yes Country Sponsor chair Joe O'Donnell is currently on the Investment Manager Sub Committee. Will continue to serve on this committee. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? Please provide details. Indirectly - as part of Joe O'Donnell's involvement on the Investment Manager Sub Committee. Will continue to do so. 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Yes - in conjunction with CFA Ireland website. 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Press release re GIPS 2010 in progress. Training initiatives involving GIPS 2010 content being pursued. Will continue to seek out opportunities re Promotion of Standards 8 Has Country Sponsor had any communication with local regulator? No

31 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. n/a Ireland - Country Sponsor Update Report 10 Please explain how local market expertise is represented within your Country Sponsor Committee. Investment Managers / Consultants / Verifiers involved 11 Please explain any additional activities not provided above.

32 Japan Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report 1 Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. March 2009 to Future Plans for 2010 The Security Analysts Association of Japan (SAAJ) attended all of the physical and telephone meetings of Asia Pacific RIPS, Council meetings (two persons, a representative and an observer) during the period and actively stated comments on technical issues of the GIPS standards and also governance issues. 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? SAAJ submitted detailed comments on: 1) the exposure draft of the 2010 version (June 2009); 2) draft revisions to GIPS Operating Policies and Procedures (June 2009 and January 2010); 3) draft GIPS Country Sponsor Performance Process and Notification of Violation and Resolution Process (March 2009, September 2009, and January 2010); and 4) proposed USIPC s paper Suggested Practices: Model, Hypothetical, and Backtested Performance (November 2010). 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? SAAJ voted for items discussed during the RIPS meeting held March 2009 in Dublin and September 2009 in Singapore. SAAJ also voted for the items during the Asia Pacific RIPS meeting held on 8 December Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? SAAJ nominated Mr. Seiji Kamiya as a member of GIPS verification subcommittee in April Before that, SAAJ nominated five persons to serve on GIPS interpretations and investor/consultant subcommittees and also risk, real estate, and private equity working groups. They are also members of the SAAJ's Investment Performance Standards Committee. Ms. Naoko Mori of SAAJ was elected as a member of GIPS EC Nominations Committee and served for the year of She is also a member of GIPS promotion & awareness subcommittee. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? SAAJ sent a questionnaire to GIPS secretariat to clarify some points in the final draft of 2010 version of GIPS Standards. 6 7 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. SAAJ's website has pages dedicated for GIPS, and it provides most of GIPS related information including the Japanese Translation of the GIPS Standards, Guidance Statements, and updates on any revisions to the Standards and Guidance Statements. The analysis report on the results of SAAJ's survey regarding firms' compliance with GIPS appears on the website. Information on GIPS Seminar sponsored by SAAJ is also provided on the website. Information on GIPS posted on the website is also distributed to SAAJ members and various industry associations by as necessary. SAAJ released GIPS EC's Decisions on Key Issues regarding GIPS 2010 revisions in October SAAJ plans to release finalization of GIPS 2010 to local media in Japanese. SAAJ will hold a five-hour GIPS Seminar on 8 in Tokyo in order to explain about the 2010 version. We also plan to hold several GIPS workshops during 2010.

33 Has Country Sponsor had any communication with local regulator? Please provide details. For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Please explain how local market expertise is represented within your Country Sponsor Committee. Please explain any additional activities not provided above. Japan Country Sponsor Update Report In Japan, the GIPS standards have become well recognized through educational and promotional activities over 15 years by SAAJ to its corporate and individual members and also using a wide network with industry associations such as those for investment management firms, public and private pension sponsors, and verifiers. As the GIPS standards are voluntary ones, not regulations, we understand that promotion to industries is most important. In such continuous efforts, regulators and governmental organizations recognize the Standards, and some of such examples are: 1) Governmental Pension Investment Fund requires applicant investment firms to submit GIPS compliant materials as reference information; and 2) Firms are required to disclose whether they are in compliance with the GIPS standards or not in the application form for registration as general real estate investment advisors (i.e. discretionary real estate investment managers) with the Ministry of Land, Infrastructure and Transport Japan. Currently the SAAJ Investment Performance Standards Committee has 28 members from various GIPS stakeholders including, investment management firms, pension plan sponsors, consultants, and verifiers. SAAJ plans to complete the tentative translation of the 2010 version of the GIPS standards so that it could be used for the planned GIPS Seminar to be held on 8 in Tokyo. Our promotional activities have been made through the GIPS Seminar in Tokyo. We plan to hold various GIPS workshops aiming to explain related with actual applications of the GIPS standards in practice.

34 Kazakhstan Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? March 2009 to Future Plans for 2010 November, GIPS - EMEA RIPS Meeting Frankfurt am Main; Varch, GIPS EC RIPS, Dublin; November, GIPS EC RIPS, Madrid NO NO 4 5 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? NO I publish the issue 'GIPS - Standards of Improvement' in the journal 'Insurance Premium' 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. In the April 2009 in the frame of the Fifth International Risk Management Conference was organised the session devoted to the GIPS Standards, their leading in Kazakhstan. There were invited Lyudmila Zhurahovskaya, Stanislav Zhurahovskij, the representatives of Ukraine Country Sponsors, in the capacity of speakers. Their speech was about interpretation of the Notion of GIPS and the experience of Ukrain in that question. For the taking part in the Conference there was payed fee at the amount of 300$ from the funds of the Kazakhstan Country Sponsor. On April, it is planned the Sixth International Risk Management Conference where also will be the session devoted to the GIPS Standards. In the Capacity of Speaker I hope to see Susanne Klemm from Ernst&Young. 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities.

35 8 Has Country Sponsor had any communication with local regulator? Kazakhstan Country Sponsor Update Report There is a constant communication with local regulator - Agency of the Republic of Kazakhstan on regulation and supervision of financial market and financial organizations. In the result of this communication in the practice of supervision financial institutions has appeared such GIPS elements as weekly revaluation of financial instruments in the investments portfolio. The real fair value gives to investors. Implement the investment limits into one issuer that is now at the rate of 10% from all assets, Investment limit into one emission of one issuer is 25%. Continues the work of introduction into practice of investment control system of risk management with the estimation of risk according to GIPS. 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. The official translation of the GIPS Standards to the Russian Language was made by Lyudmila Zhurahovskaya The new translation it is planned to do independently Please explain how local market expertise is represented within your Country Sponsor Committee. Please explain any additional activities not provided above. The Kazakhstan stock market is extremely low liquid and it is in the stage of crises with the numerous defaults of Kazakhstan issuers. It is estimated for today as having no prospects for the 2 or 3 years.

36 Korea Country Sponsor Update Report 1 Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? March 2009 to Future Plans for ) 2009 GIPS EC in Dublin, Ireland : For the first time, the representative of Korea GIPS Committee(KGC) attended GIPS EC meeting in Dublin during 24~25 March 2009 and introduced activities KGC had done so far for promoting the proliferation of GIPS in Korea. 2) 2009 RIPS in Singapore : the representative of KGC attended RIPS meeting in Singapore during 18~19 September ) Conference calls : 1 time 1) 2010 GIPS EC in : The representative of Korea GIPS Committee(KGC) will attend GIPS EC meeting in Lisbon coming. 2) Conference calls : if any 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. 1) Draft of the Standards : KGC's opinion and comment on the exposure draft of the GIPS 2010 was submitted on 1 January ) Draft of the Guidance Statement : After reviewing the new GS of GIPS2010, KGC would decide whither to make some comments. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? 1) Voting for electing the chairman of Asia/Pacific RIPS : 1) n/a 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? 1) n/a 1) n/a 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? 1) n/a 1) n/a 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. 1) Country Sponsor's Website : KGC are operating the official website of KGC, through which KGC provides the TG of GIPS2005 and status of GIPS adopting financial institutions and so forth. 1) updating the website : KGC's official website is supposed to be updated more frequently for better understanding GIPS.

37 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Korea Country Sponsor Update Report 1) Seminars : 2009 Korea GIPS Conference was held in Seoul on 5 November ) Media release : KGC and KOFIA(Korea Financial Investment Association) has issued the media release that was introducing what is GIPS and What KGC does for GIPS. In addition, whenever the journalist ask the information of GIPS for writhing news, KGC provides relevant information. 1) 2010 Korea GIPS Conference : As the annual event, KGC is providing the Korea GIPS Conference and planning the 2010 Korea GIPS Conference coming second half. 2) KGC will handle any question from media or journalists actively; for example, if the number of the GIPS adopting asset mangers reach some level, such as 50% out of total asset managers in Korea, KGC will issue the press release. 8 Has Country Sponsor had any communication with local regulator? 1) So far, there was little communication with regulatory authority yet. However, it is predicted that 1) same as left regulatory authority and KGC have many conversation, because the regulatory authority has shown interest in disclosing the evaluation based on GIPS to public. 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. 1) KGC has plan to release the TG of GIPS2010 by the end of 1st quarter Please explain how local market expertise is represented within your Country Sponsor Committee. 1) n/a 1) n/a 11 Please explain any additional activities not provided above. 1) provision of GIPS education course : two month course of GIPS education was presented in October almost forty people working in the financial field took the course. 1) provision of GIPS education course : KGC is planning to provide better refined and professional GIPS education courses for training the relevant work force. However, the detailed plan for 2010 is on developing.

38 Liechtenstein Bankers Association Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for 2010 Yes. Attendance at the GIPS at the RIPS EMEA-Meeting in Madrid 1 Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? 29 January 2010: Participated at the GIPS Executive Committee (EC) open conference call meeting on Friday 29 January 2010 at 9:00 a.m. ET for one hour to review and approve the final draft of the GIPS 2010 Exposure Draft. Attendance and participate at the future GIPS Executive Committee (EC), GIPS Council and RIPS meetings. Attendance and participate conference calls 2 3 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? : Att Yes. The d country-sponsor, d ti i t d as t well th GIPS some individual E ti banks C (e.g. itt LGT (EC) Capital GIPS C Management il d RIPS Ltd.) have ti submitted i Li b comments. In general, Liechtenstein works closely with the GIPS Expert Group from Switzerland and gives therefore comments together with the Swiss collegues (e.g. GIPS 2010 exposure drafts). The cooperation with the GIPS Experts Group of the Swiss Banking Association is well established and will be carried on thoroughly. 15 January 2010: Submitted comments on the Executive Committee Operating Policies and Procedures, GIPS Council Operating Policies and Procedures, RIPS Operating Policies and Procedures, Standing Subcommittee Operating Policies and Procedures and the draft C t S Vi l ti R l ti P Yes. We vote for GIPS EC Nominations Committee and GIPS Council Representative Election The cooperation with the GIPS Experts Group of the Swiss Banking Association is well established and will be carried on thoroughly. 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Due to the very limited human ressources, it is very difficult for Liechtenstein to nominate individuals to serve on GIPS Subcommittees and Working Groups. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? No. As mentioned above (point 2), Liechtenstein works closely with the Swiss Banking Association (e.g. Client Reporting, Valuation issues, the promotion of GIPS within the country etc.) 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. The LBA-Website has a separate Site for GIPS ( All presentations of our GIPS roundtables are beeing published there. The site refers also to the official GIPS-website ( and also to the corresponding Swiss website. 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. On 18 June 2009, Liechtenstein Bankers Association organized the GIPS Experts Meeting in Vaduz. Susanne Klemm (Ernst & Young) held a very informative speach about "GIPS factor of success for the international competition" [GIPS - Erfolgsfaktor im internationalen Wettbewerb]. The Liechtenstein Bankers Association organizes the annual GIPS Experts Meeting in June This will be the fifth GIPS event in Liechtenstein and will cover current and upcoming topics. 8 Has Country Sponsor had any communication with local regulator? Please provide details. 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) 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. we do not have a GIPS translation 10 Please explain how local market expertise is represented within your Country Sponsor Committee. The members of the GIPS-roundtables are investment professionals of the member banks of the LBA. 11 Please explain any additional activities not provided above. The cooperation with the GIPS Experts Group of the Swiss Banking Association is well established and will be carried on thoroughly. Create and build up a GIPS Knowlegde-Database on the LBA Intranet Create and build up a GIPS Knowlegde-Database on the LBA Intranet

39 Micronesia Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories March 2009 to Future Plans for Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Yes, attended RIPS Council in Singapore in 2009 and recent RIPS Conference Calls. Continue to be active in RIPS Council meetings and participate in ongoing conference calls relating to GIPS and RIPS. 2 Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? No. Reviewed exposure drafts and comments made by other RIPS Council Members. Review future any future exposure drafts as they come through, and comment as appropriate. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Please provide details. Yes, voted on various issues at last RIPS Meeting in Singapore. Also, addressed additional topics on RIPS Conference Calls. Votes on topics at upcoming GIPS/RIPS Council Meeting in Lisbon and conference calls pre and post event. 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Please provide details. Yes. Nominated Jason Miyashita to serve on the GIPS Promotion and Awareness Subcommittee. Unfortunately, Jason had to withdraw due to the extreme time difference of the calls. Nominate additional individuals to serve on GIPS Subcommittees that meet on Asia Pacific or U.S. West Coast time. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? No. Reviewed working papers and comments made by other RIPS Council Members. Review comments by various RIPS Committee members and provide comments and suggestions 6 Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Yes. APAFS has a section on its website devoted to GIPS Awareness. Work with other RIPS Council to add links to APAFS Micronesia website as well as publish working papers, comments and dialogue relating to GIPS worldwide.

40 Micronesia Country Sponsor Update Report 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Yes. Had specific GIPS Speakers at 9th Annual Pacific Region Investment Conference in Manila, Philippines attended by over 300 delegates. Host 10th Annual Pacific Region Investment Conference in Manila, Philippines with more GIPS topics and speakers. 8 Has Country Sponsor had any communication with local regulator? Yes. Ongoing communications with various country regulators in Micronesia. Continue to work with Micronesia country regulators for updates on GIPS Standards and Compliance. 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. N/A. Reviewed Japan and Hong Kong translations and provided feedback to country sponsors at RIPS Meeting. 10 Please explain how local market expertise is represented within your Country Sponsor Committee. Country Sponsor Committee is comprised of local public fund board of trustee members or senior fund officials Continue to utilize speakers with industry recognized credentials and incorporate local speakers at Regional Conferences. 11 Please explain any additional activities not provided above. Included GIPS update sessions at series of Country Conference. Continue to raise GIPS awareness amongst its members at its Regional Country Conferences, along with initiating discussions with appropriate entities in the South Pacific for GIPS initial awareness.

41 New Zealand Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? Please provide details. Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? Does the Country Sponsor have a GIPS Website? Please provide examples of GIPS marketing materials. Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other Has Country Sponsor had any communication with local regulator? March 2009 to Future Plans for 2010 Yes. Attendance and participation in: Asia Pacific RIPS meetings - Dublin March 2009 In-Person; Singapore September 2009 In-Person; December 2009 Teleconference. GIPS Council meetings - Dublin March 2009 In-Person Yes. Comments on GIPS 2010 Draft submitted 30 June Comments on: Executive Committee Operating Policies and Procedures; GIPS Council Operating Policies and Procedures; RIPS Operating Policies and Procedures; Standing Subcommittee Operating Policies and Procedures; and draft Country Sponsor Violation Resolution Process submitted 14 January Yes. Asia Pacific Chair vote 29 May 2009; EC Nominations Committee vote 9 November No. This is a matter the Board of the NZ Country Sponsor will address.. No. No. Board of the NZ Country Sponsor resolved to include GIPS link on country sponsor web-site. GIPS article (copy attached) published in national newspaper (circulation 200,000) 18 October Yes. In New Zealand, the Government Actuary has a regulatory role over the KiwiSaver initiative (a Government sponsored retirement savings plan). CS representative met with Government Actuary to discuss GIPS provisions (particularly those relating to fees) on 11 November In addition the New Zealand Government established the Capital Markets Working Group. Members of that working group and the Government officials were provided with the GIPS newspaper article referred to above.

42 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. NA New Zealand Country Sponsor Update Report Please explain how local market expertise is represented within your Country Sponsor Committee. Please explain any additional activities not provided above. An ad-hoc group of investment professionals and industry groups was consulted on GIPS 2010 draft. A survey of the New Zealand investment market place was conducted over December 2009/January 2010 to determine the level of GIPS awareness among investors and asset consultants and to ascertain their future intentions with respect to GIPS. A summary of the survey results is attached. Attachments: 1. GIPS article 2. GIPS survey Peter McCaffrey New Zealand Country Sponsor representative 12-Feb-10

43 Tab 13 Final New Zeland Country Sponsor Report Attachments

44 GIPS SURVEY RESULTS Tab 13 Final New Zeland Country Sponsor Report Attachments Participation : 40 invitations sent out. Targeting investment managers, asset owners and investment consultants. Survey had two parts aimed at different audiences: 1. Investment managers; and 2. Asset owners / investment consultants A copy of the survey is attached as an Appendix. INVESTMENT MANAGERS 7 responses Highlights Awareness 6 fully aware 1 Aware but at a superficial level Compliance 3 plan to comply 4 have no plans to comply If you answered "no plans to comply", please indicate the reason why - please select those that apply and rank in order of importance (1 being most important). Don't believe GIPS has any value No perceived benefits form complying Resources needed to comply (time/people) Difficulty in accessing required data Difficulty in understanding/applying the standards Clients don't require compliance Cost Comments received: We would need to understand cost of implementation and on going costs of complying. A reasonable size project for the business to resource appropriately. No disadvantage to not complying Our calculations do comply but we would never claim to comply. Managers would have to apply it consistently before we would do so and it would have to be changed to make it more relevant and accurate for the NZ environment Verification 1 plans to comply in next 12 months. 1 plans to comply in next two years 1 no timetable but sees eventual compliance as a natural progression 1 is planning to become verified

45 1 has no plans to be verified Tab 13 Final New Zeland Country Sponsor Report Attachments If you answered "No plans to be verified", please indicate the reason/s why by selecting all that apply and ranking them in order of importance (1 being the most important). Don't know who provides verification services No perceived benefits from verification Time required for verification Cost Reasons for planning to comply 1 investor requirement 2 industry best-practice 2 reported that clients or asset consultants enquire about compliance, 5 said they didn t No clients / asset consultants required proof of compliance 5 believe mandatory compliance would improve the quality of investment performance information. Increasing Awareness What could the CFA Society of New Zealand provide to raise your awareness of GIPS? 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% Run public training seminars Run private training seminars for your firm Provide access to online GIPS material 1 manager said they would pay a premium for GIPS compliance. 4 said they wouldn t.

46 INVESTMENT CONSULTANTS / ASSET OWNERS Tab 13 Final New Zeland Country Sponsor Report Attachments 8 responses Awareness 1 not at all aware, 2 aware but at a superficial level, 2 fully aware. 1 requires managers to be compliant. 4 don t None require independent proof of compliance. 1 asset consultant enquires whether managers on panel are GIPS compliant. 2 require proof of claims of compliance. Of 6 responses Please indicate your organisation's perception of the value of GIPS in carrying out your tasks of comparing and evaluating managers' past performance and selecting managers for clients. Of no value whatsoever - please go to Question 13 Of some value but composites not at all used in our work Of some value but GIPS not considered relevant to our work GIPS compliant composites are used occasionally in our work Value fully recognised and composites used frequently Of 7 responses, 6 believe mandatory compliance would improve the quality of investment performance information. The No answer also said: GIPS hides more information that it discloses and allows managers too much freedom in how they calculate and present returns. The principle that we should have reliable and consistent data is good but GIPS doesn't achieve it. Also the next two questions highlight part of what is wrong with the thinking behind HIPS. Is 5 good or is 1 good? Also the question should not be what can CFA Society of NZ do to raise the awareness but what can CFA Society do to make it more useful and more relevant.

47 What do you believe are the industry benefits of GIPS compliance? (Please select those that apply and rank in order of compliance) Tab 13 Final New Zeland Country Sponsor Report Attachments Ability to compare performance presentations on a global basis Improved internal controls Improved transparency and comparability of performance presentations Increased confidence in investment managers Improved quality of performance information What could the CFA Society of New Zealand provide to raise your awareness of GIPS? Please select all that apply. 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Run public training seminars Run private training seminars for your organisation Provide access to online GIPS material Other (please specify) CONCLUSIONS Response rate disappointing; Country sponsor sub-committee formed to follow up; Fact of survey itself assisted to raise awareness Peter McCaffrey New Zealand Country Sponsor Representative

48 Appendix Tab 13 Final New Zeland Country Sponsor Report Attachments CFA Society of New Zealand Global Investment Performance Standards (GIPS ) Survey 2009 The CFA Society of New Zealand (CFANZ) as New Zealand country sponsor of the Global Investment Performance Standards (GIPS ) is conducting a survey to gather information about GIPS awareness and intentions in the New Zealand market. The GIPS are a set of ethical principles that establish a standardised, industry-wide approach on how investment firms should calculate and report their investment results to prospective clients in a way that ensures fair representation and full disclosure. Whilst these Standards apply to the presentation of investment manager performance, asset owners, and consultants also have a vested interest in the application of the Standards. Accordingly, this survey consists of 2 sections: Part A: Investment Managers Part B: Asset Owners & Asset Consultants Your views are very important and we ask that you complete the section of the survey applicable to your organisation. Please note that responses are due Friday 29 January It would be greatly appreciated if you could your response to info@cfasociety.org.nz. Please note that all replies will be treated in confidence and the results of the survey will be analysed and presented in an aggregated format. The findings of this survey will assist the CFANZ in understanding the industry s requirements with regards to GIPS. If you have any questions regarding this survey, I can be contacted on Yours sincerely, Peter McCaffrey CFA Society of New Zealand GIPS Representative

49 Tab 13 Final New Zeland Country Sponsor Report Attachments PART A: INVESTMENT MANAGERS 1. Respondents Details Company Job Title Phone No. SURVEY QUESTIONS 2. Is your organisation a retail fund manager, a wholesale fund manager or both? Retail Fund Manager Wholesale Fund Manager Both Retail & Wholesale Fund Manager Is your organisation a KiwiSaver provider? (Y/-) 3. What is the approximate NZD value of assets under management as at 30 Sept 2009? Retail Assets Under Management Wholesale Assets Under Management Total Retail & Wholesale Assets Under Management ($NZ) 4. Please state what asset classes you offer. Please select all that apply Cash New Zealand Fixed Interest International Fixed Interest New Zealand Equities Listed Property International Equities Direct Property Private Equity Infrastructure Hedge Funds Multi-Sector Funds Other please specify (Y/-)

50 Tab 13 Final New Zeland Country Sponsor Report Attachments 5. Please indicate your firm s awareness of GIPS. Please select ONE ONLY Not at all aware please go to question 14 Aware but at a superficial level Fully aware (Y/-) 6. Please indicate your firm s intentions with relation to GIPS compliance. Please select ONE ONLY Currently in Compliance please go to question 9 Plan to Comply please go to question 8 No Plans to Comply (Y/-) 7. If you answered No plans to comply, please indicate the reason why. Please select those that apply & rank in order of importance Cost Clients don t require compliance Difficulty in Understanding/Applying the Standards Difficulty in Accessing Required Data Resources needed to Comply (Time / People) No Perceived Benefits from Complying Don t believe GIPS has any value Other please specify (1 8) 8. If you answered Plan to comply, please indicate the timeframe in which you intend to become compliant. Within the next 6 months Within the next 12 Months (by Dec 2010) Within the next 2 years Other please specify (Y/-) 9. If you claim GIPS compliance, have you had your claim of compliance independently verified?

51 Yes within the past 12 months Yes greater than 12 months ago No but are planning to become verified No plans to be verified Tab 13 Final New Zeland Country Sponsor Report Attachments (Y/-) 10. If you answered No plans to be verified, please indicate the reason/s why. Please select all that apply & rank in order of importance Cost Time Required for Verification No Perceived Benefits from Verification Don t Know who provides Verification Services Other please specify (1 5) 11. If you claim GIPS compliance or plan to comply, what reasons motivated you in your decision? Please select all that apply Investor Requirement Asset Consultant Requirement Parent Company Requirement Marketing Advantage of Being Compliant Industry Best Practice Improve Internal Organisational Controls Other please specify (Y/-) 12. Do your clients / asset consultants enquire whether you are GIPS compliant? Yes No (Y/-) 13. If yes, do they require proof of independent verification of GIPS compliance? Yes No (Y/-)

52 Tab 13 Final New Zeland Country Sponsor Report Attachments 14. Do you believe mandatory GIPS compliance would improve the quality of investment performance information? Yes No (Y/-) 15. What could CFANZ provide to raise your awareness of GIPS? Please select all that apply Run public training seminars Run private training seminars for your firm Provide access to on-line GIPS material Other please specify (Y/-) 16. As an investor, would you be willing to pay a premium for GIPS compliance. Yes No (Y/-) 17 Any other comments? THANKYOU FOR PARTICIPATING!

53 PART B: INVESTORS & ASSET CONSULTANTS 1. Respondents Details Company Job Title Phone No. Tab 13 Final New Zeland Country Sponsor Report Attachments SURVEY QUESTIONS 2. Which classification below best fits your organisation? Asset Owner Trustee of a Superannuation Fund Asset Owner of a non-superannuation Fund Asset Consultant please go to question 7 Other please specify (Y/-) 3. What is the approximate NZD value of assets under your control as at 30 Sept 2009? Assets under your control ($NZ) 4. Please indicate your organisation s awareness of GIPS. Please select ONE ONLY Not at all aware please go to question 13 Aware but at a superficial level Fully aware (Y/-) 5. Asset Owners - do you require your fund manager(s) to be GIPS compliant? Yes No please go to question 10 (Y/-) 6. If yes, do you require proof of independent verification of GIPS compliance? (Y/-)

54 Yes please go to Question 10 Tab 13 Final New Zeland Country Sponsor Report Attachments No please go to Question Asset consultants - do you enquire whether investment managers on your panel are GIPS compliant? (Y/-) Yes No - please go to Question 9 8. If yes, do you require proof of independent verification of GIPS compliance? (Y/-) Yes No 9. Please indicate your organisation s perception of the value of GIPS in carrying out your tasks of comparing and evaluating managers past performance and selecting managers for clients. Please select ONE ONLY Of no value whatsoever please go to Question 13 (Y/-) Of some value but composites not at all used in our work Of some value but GIPS not considered relevant to our work GIPS compliant composites are used occasionally in our work Value full recognised and composites used frequently 10. Do you believe mandatory GIPS compliance would improve the quality of investment performance information? (Y/-) Yes No 11. If you answered No, please indicate the reason why.

55 Tab 13 Final New Zeland Country Sponsor Report Attachments 12. What do you believe are the industry benefits of GIPS compliance? Please select those that apply & rank in order of importance Improved Quality of Performance Information Increased Confidence in Investment Managers Improved Transparency & Comparability of Performance Presentations Improved Internal Controls Ability to compare Performance Presentations on a Global Basis Other please specify (1 6) 13. What could CFANZ provide to raise your awareness of GIPS? Please select all that apply Run public training seminars Run private training seminars for your organisation Provide access to on-line GIPS material Other please specify (Y/-) THANKYOU FOR PARTICIPATING!

56 Norway - Country Sponsor Update Report Tab 13 Final Country Sponsor Update Report 1 Please explain Country Sponsor activities in the following categories Has the Country Sponsor attended and actively participated at RIPS, Council meetings, conference calls? Please provide details. March 2009 to Future Plans for 2010 Attended RIPS-EMEA meeting in Dublin (26. March 2009) and Frankfurt (6. November 2009). Intention to attend all in-person meetings and public conference calls Attended GIPS-Council meeting in Dublin (27. March 2009). Plan to attend GIPS Council and RIPS- when possible. EMEA meeting in Lisbon (18. and 19. ). Observer at open conference call at the EC meeting 29. January Has the Country Sponsor submitted comments on the exposure drafts of the Standards, Guidance Statements, or other issues? 1) Comments submitted on exposure draft to 2010 GIPS Standards ( 17. June 2009). 2) The Norwegian Country Sponsor has cooperated with the Spanish country sponsor on discussion related to transforming net-of-fees return to gross-of-fees-return. Intention to submit comments on exposure drafts and Guidance Statements when requested. 3 Has the Country Sponsor voted on issues/topics put forward to Country Sponsors? Submitted comments on the proposed revisions of OPPs ( ) Intend to submit comments on all issues put forward to the Country Sponsor 4 Has the Country Sponsor nominated individuals to serve on GIPS Subcommittees and Working Groups? Jørn Gunnar Kleven from the Norwegian Country Sponsor has been appointed by CFA Institute to serve on the GIPS EC Nominations Committee. As a country sponsor with few persons in the local expertise group (formed by the country sponsor) it is difficult to nominate individuals to all vacant positions in the various subcommittees and working groups. We will provide information on vacant positions in working groups to persons outside the local expertise group, if there are individuals with required skills and qualifications outside the local expertise group. 5 Has the Country Sponsor submitted any working papers or raised any other issues with the GIPS EC? No - 6 Website: www. finansanalytiker.no --> GIPS. We submitted a GIPS Flyer to all society members by post at the end of December 2009 explaining the proposed changes to the GIPS Standards from Does the Country Sponsor have a GIPS and all changes in the current GIPS Standards from All major asset managers Website? Please provide examples of GIPS (25 companies) received a one page letter in May 2009 explaining the benefits of becoming GIPS marketing materials. Compliant, with information that the country sponsor could assist with "low level support". We make amendments and additions to the website when needed

57 7 Has Country Sponsor planned or conducted GIPS Seminars or Workshops? Please list any press releases, media activity or other promotional activities. Norway - Country Sponsor Update Report No GIPS seminars in Instead we provided general information about the GIPS Standards to companies that currently are not GIPS compliant (see previous point) in May Information about proposed changes to the GIPS Standards to selected key stake holders by post (mainly government bodies, regulators and trade organisations ). Information about proposed changes to the 2010 GIPS Standards to companies that currently are GIPS Compliant. We encouraged the receivers to provide comments to the exposure draft. Informed the local Venture Capital and PE association and Mutual Fund Association about proposed changes to the 2010 GIPS Standards. 4 hours GIPS / Performance measurement lecture/seminar at MBA-course in Finance (yearly activity). - 8 Has Country Sponsor had any communication with local regulator? Please provide details. On in-person meeting with the Ministry of Finance in 2009 explaining the proposed changes to the GIPS Standards from We informed the Financial Supervisory Authority of Norway about the proposed changes to the GIPS Standards from by post. - 9 For those Country Sponsors with a GIPS translation, please explain plans, if any, for translating the 2010 version of the GIPS standards. Not relevant Not relevant 10 Please explain how local market expertise is represented within your Country Sponsor Committee. The local market expertise group: Verifier, Asset manager, Regulator, Asset advisor, Individual investor, Energy manager We expect no changes in the local expertise group in Please explain any additional activities not provided above. The local expertise group had 3 conference calls in presentations on 2010 GIPS Standards to major asset owners / asset managers (Ministry of Finance, Government Fund Global and Government Fund Domestic). Others: 4 asset managers are GIPS compliant in Norway

58 Tab 13 - Final - Norway Country Sponsor Report Attachment

59 Tab 13 - Final - Norway Country Sponsor Report Attachment

60 Tab 13 - Final - Norway Country Sponsor Report Attachment