The number of ‘Statements of Commitment’ (SoCs) – which record organisations’ recognition of, and commitment to adopt, the Code – has risen sixfold, from 100 in April 2018 to 605 in November, as recorded on the GFXC’s global index. That index, available on the GFXC website,1 allows market participants to see who signed up, and when. It includes statements from banks, asset managers, corporate treasurers, infrastructures, non-bank liquidity providers – and 41 central banks, including the Bank of England, who have committed to following the principles in the Code in their official operations and investment activities, except where doing so would inhibit the discharge of their legal duties or policy functions. Adoption of the Code is now widespread amongst banks and other sell-side firms. Table 1 shows that all of the largest 30 firms by asset size have signed up to the Code. Progress on the buy-side has been slower, though still quite encouraging: 11 of the largest 30 asset managers, accounting for over $ trillion of assets under management, have so far committed to the Code (Table 2). That number will rise over time, as firms currently working towards adoption reach the end of their internal processes. Nonetheless, it is clear that more remains to be done to secure the same degree of signup to the Code as there has been on the sell-side. What are the remaining obstacles, and how can we address them?
Hamad Al-Sayari: Financial planning and wealth management in Saudi Arabia Speech by His Excellency Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency, on the occasion of the graduation of the 7th and 8th Batches of the Financial Planning Program and the 2nd and 3rd Batches of the Wealth Management Program, Riyadh, 17 January 2007. *  *  *  Dear Audience, I am really glad on this blessed day to be with you in this happy occasion to celebrate the graduation of the 7th and 8th Batches of the Personal Financial Planning Program, and the 2nd and 3rd batches of the Wealth Management Program. In pursuance of its key role in developing the banking and financial sector, SAMA has been very keen to develop human resources in all financial and banking specializations. To this end, SAMA has made many initiatives. It has instructed the IOB to conduct a comprehensive study on the investment sector to determine the professional and educational criteria that must be satisfied by personnel involved in the various areas of investment. The findings of the study have showed that all staff working in investment and financial intermediation should have certain basic knowledge and skills in these fields. To meet these needs, the IOB designed scientific subjects and standardized tests on the basics of investment and stock trading. Moreover, the findings have indicated that banks’ customers are in need of persons specialized in offering financial advisory services.