25 июня 2015 г.

 
 
On Wednesday, June 25 in the conference hall of the Moscow Stock Exchange on Vozdvizhenka Street a conference was held on the theme “Adoption of GIPS standards in Russia”. The organizer of the event was the CFA Association Russia.

GIPS (Global Investment Performance Standards) is a set of rules and standards for calculating investment result indicators and disclosing information to investors in a way that is based on values of business ethics, honesty, integrity, and transparency. The CFA Institute first proposed them in 1999, and GIPS is promoted by the GIPS Executive Committee.

 
The moderator of the conference was member of the board of directors of the CFA Association Russia Peter Kadish, CFA.

 
CFA Association Russia president Neil Withers, CFA came before the guests to give the opening remarks. “The GIPS standards are known worldwide, and the time has come for the Russian investment community to get to know them better,” he said. “Notwithstanding the fact that this process is not as simple as we would like.”


The GIPS director for Europe, the Near East, and Africa Iain McAra, in his talk entitled “GIPS as an example of best practices in information disclosure and building an asset-management business” introduced attendees to the basic principles of GIPS, and he spoke about the reasons why the investment community should switch to GIPS, the popularity of these standards in the developed world and developing countries, and the advantages which GIPS adoption brings to both investment managers and investors. “Unlike state regulation, GIPS is a voluntary practice. However, if we wish to fully meet the expectations of investors, we need to accept these commitments,” McAra said.

 
Representatives of the American firm Ashland Partners International Limited, partner Sean Gilligan and director Stephen Zhu, participated in the conference remotely. In their speech they dwelt on practical aspects of implementing GIPS in an investment company. In the opinion of these speakers, GIPS compliance in recent years has become mandatory for successfully working in the investment field. “In developed countries, and especially if we’re talking about a large investment firm, it’s mandatory to ask a candidate for an investment manager about GIPS compliance. And if the answer is ‘No’, then the candidate will receive a refusal already at the first stage,” Zhu said.

 
Alexander Rudyakov, a senior attorney at the Yust law firm, told attendees about the legal aspects of adopting GIPS in Russia, drawing attention to well-known examples of not entirely correct behavior on the part of investment managers. As Rudyakov sees it, “Russian legislation in the investment area is strict enough, but the problem is that it isn’t carried out. What really has to be done is to make the mechanisms that already exist work. Adoption of GIPS can contribute to this.”


The conference program was concluded by a presentation by Anton Ryzhikov, CIPM in which he addressed issues of practical adoption of GIPS in Russia. According to Ryzhikov, today there is a whole set of practices for disclosing information for investors, which leads to different results: “That is why the introduction of a single standard like GIPS seems very useful.”







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