GAPP Skepticism

By Brett Keller

Not everyone thinks the new Generally Accepted Principles and Practices (GAPP) agreed to by sovereign wealth funds at an IMF meeting in Chile will make much difference.

Nicholas Pettifer of the International Financial Law Review quotes two unnamed finance professionals who are dissatisfied with the arrangement. One said, “Protectionist governments will still block SWF activity in sensitive areas if it wants to regardless of whether a fund complies with the IMF or not.”

Another of Pettifer’s anonymous sources said, “A strict, compulsory code would go a long way to relieving protectionist concern, but instead the IMF has come up with something half-hearted…Personally, I wouldn’t want a strict code, but I can’t see the point of creating one at all if it has no impact.”

Pettifer has also expressed such skepticism about voluntary guidelines before.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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