Gb08_engl Umschlag:GB 2005 - DVFA

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Dealing with the financial crisis will require investment in professional qualification as well as deliberate and sustainable implementation of ethical standards.
the board Ladies and Gentlemen, Dear Members, Report of the Board_ In these trying times, being an investment professional is no easy task. The imbalances in the structure, trading and distribution of certain complex products have unleashed a crisis that resulted not only in a severe strain on the financial industry itself, but has impacted nearly every other sector of the economy as well. In the wake of this, the entire world is now experiencing the greatest economic crisis in more than 50 years. Government and citizenry have been called upon to step in and rescue the banking and financial system from collapse, as mutual trust, especially within the financial system, has broken down completely over the past several months. We expect the steps taken towards stabilization to prove effective. The governments and central banks have largely been proportionate in their response. The mistakes made during the Depression era of the 1930s have not been repeated. And, lessons have also been drawn from the situation in Japan over the past 20 years. Of course, it was a cardinal error to stand idly by as Lehman Brothers failed. Nevertheless, it must be remembered that the financial industry was responsible for the crisis, in conjunction with misguided deregulation and easy-money policy. Thus, the financial industry is now called upon to rebuild mutual trust among its members, along with the confidence of their customers and, most importantly, the faith of society in the financial system as a whole. A key element in this context will be to bring the relation between risk and reward into balance, for both the customer and the financial services provider. Consequently, the focus must be on methodological and ethical standards for professionals in the industry. <strong>DVFA</strong>, as a professional association, along with its members and Committees, seeks to contribute as much as possible to this effort. We can only repeat what was stated last year at this point: "We believe that market participants and investment professionals will have to place greater emphasis on addressing informational deficits and attaining a comprehensive understanding of the interactions, interrelationships and risks of global markets going forward. Dealing with the financial crisis will require investment in professional qualification as well as deliberate and sustainable implementation of ethical standards." In 2008, our Committees worked on the topics: rating standards, performance measurement standards, fairness opinions and REITs legislation. The Committees met regularly 05
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Gb08_engl Umschlag:GB 2005 - DVFA

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