The GIPS Standards Expand into Major Markets
Local organizations, which in the world of the Global Investment Performance Standards (GIPS®) are called Country Sponsors, play a key role in partnership with CFA Institute in developing and promoting the GIPS standards globally. Country Sponsors, which include one or more industry organizations, provide an important link to the GIPS Executive Committee (the CFA Institute committee that governs the GIPS standards). Country Sponsors are responsible for promoting the GIPS standards locally and representing their local market in the global development of the standards. They play an important role in making the GIPS standards relevant to their local markets by promoting the standards across the local investment industry and ensuring their countries’ interests are taken into account as the standards evolve. This map gives you a view of the Country Sponsors worldwide.
Expanding Reach of the GIPS Standards
The broad reach and widespread adoption of the GIPS standards continues to expand and now includes two new major global markets — Saudi Arabia and China.
The GIPS Executive Committee officially endorsed CFA Society Saudi Arabia as a GIPS Country Sponsor, and it is the first GIPS Country Sponsor in the Middle East. Saudi Arabia is by far the largest market in the Middle East region, with total market capitalization of $440 billion. CFA Society Saudi Arabia is preparing the first Arabic translation of the GIPS standards that will be an extremely helpful tool in promoting the standards in the region. Stay tuned for more details.
CFA Society Beijing also joins the ranks of Country Sponsors as the officially endorsed GIPS Country Sponsor for China. This recognition is especially significant because it marks the 40th GIPS Country Sponsor. With this endorsement, the GIPS standards will be promoted and adoption encouraged within China, which boasts the world’s second largest stock market, four of the top five largest banks, and 17,000 registered investment management firms.
Significance of the Expansion
Endorsement of these two latest GIPS Country Sponsors is an important milestone in many ways. First, recognition of an official GIPS Country Sponsor in these two regions has long been a mission of the GIPS standards. In addition, there is the significance of reaching 40 global GIPS Country Sponsors at the same time as we are celebrating the 30th anniversary of the GIPS standards. These factors contribute to the expansion, adoption, and promotion of the standards on the global stage, where the light is shining brightly in large part because of the partnerships with Country Sponsors and the contributions of the many GIPS volunteers who devote their time, energy, and expertise.
The GIPS standards serve as a key component in advancing the mission of CFA Institute to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.
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