49-656: The Standards Board for Alternative Investments ( SBAI ), formerly known as the Hedge Fund Standards Board , is an international standard-setting body for the alternative investment industry and sets the voluntary standard of best practices and practices endorsed by its members. Its primary role is to be the custodian of the Alternative Investment Standards (formerly known as "the Standards"), which are designed to create
98-519: A memorandum of understanding to collaborate on the United States Standards Strategy. The determinates of whether an NSB for a particular economy is a public or private sector body may include the historical and traditional roles that the private sector fills in public affairs in that economy or the development stage of that economy. A national standards body (NSB) generally refers to one standardization organization that
147-598: A "framework of transparency, integrity and good governance" in the way the hedge fund industry operates. The SBAI originated in June 2007, when a group of leading alternative investment managers formed the Hedge Fund Working Group to develop industry standards in areas such as disclosure, valuation, risk management, governance, and shareholder conduct. Founding firms included Marshall Wace , Cheyne Capital Management , Man Group , and CQS . In January 2008,
196-407: A company offers a product that is "compliant" with a standard. When an organization develops standards that may be used openly, it is common to have formal rules published regarding the process. This may include: Though it can be a tedious and lengthy process, formal standard setting is essential to developing new technologies. For example, since 1865, the telecommunications industry has depended on
245-509: A hierarchical fashion in terms of national, regional and international scope; international organizations tend to have as members national organizations; and standards emerging at national level (such as BS 5750 ) can be adopted at regional levels (BS 5750 was adopted as EN 29000) and at international levels (BS 5750 was adopted as ISO 9000). Unless adopted by a government, standards carry no force in law. However, most jurisdictions have truth in advertising laws, and ambiguities can be reduced if
294-892: A large variety of independent international standards organizations such as the ASME , ASTM International , the International Commission on Illumination (CIE) , the IEEE , the Internet Engineering Task Force (IETF), SAE International , TAPPI , the World Wide Web Consortium (W3C), and the Universal Postal Union (UPU) develop and publish standards for a variety of international uses. In many such cases, these international standards organizations are not based on
343-481: A particular country, while others have been built from scratch by groups of experts who sit on various technical committees (TCs). These three organizations together comprise the World Standards Cooperation (WSC) alliance. ISO is composed of the national standards bodies (NSBs), one per member economy. The IEC is similarly composed of national committees, one per member economy. In some cases,
392-611: A permanent agency of the United Nations , in which governments are the primary members, although other organizations (such as non-governmental organizations and individual companies) can also hold a form of direct membership status in the ITU as well. Another example of a treaty-based international standards organization with government membership is the Codex Alimentarius Commission . In addition to these,
441-408: A product or process is safe for humans, animals, and the environment. The subject of their work can be narrow or broad. Another area of interest is in defining how the behavior and performance of products is measured and described in data sheets. Overlapping or competing standards bodies tend to cooperate purposefully, by seeking to define boundaries between the scope of their work, and by operating in
490-1177: A proposal to form a new global standards body. In October 1946, ISA and UNSCC delegates from 25 countries met in London and agreed to join forces to create the new International Organization for Standardization ; the new organization officially began operations in February ;1947. Standards organizations can be classified by their role, position, and the extent of their influence on the local, national, regional, and global standardization arena. By geographic designation, there are international, regional, and national standards bodies (the latter often referred to as NSBs). By technology or industry designation, there are standards developing organizations (SDOs) and also standards setting organizations (SSOs) also known as consortia. Standards organizations may be governmental, quasi-governmental or non-governmental entities. Quasi- and non-governmental standards organizations are often non-profit organizations. Broadly, an international standards organization develops international standards (this does not necessarily restrict
539-410: A technological baseline for future research and product development. Formal standard setting through standards organizations has numerous benefits for consumers including increased innovation, multiple market participants, reduced production costs, and the efficiency effects of product interchangeability. To support the standard development process, ISO published Good Standardization Practices (GSP) and
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#1732783950090588-496: A university may have copies of technical standards on hand. Major libraries in large cities may also have access to many technical standards. Some users of standards mistakenly assume that all standards are in the public domain . This assumption is correct only for standards produced by the central governments whose publications are not amenable to copyright or to organizations that issue their standard under an open license. Any standards produced by non-governmental entities remain
637-557: Is developing, coordinating, promulgating, revising, amending, reissuing, interpreting, or otherwise contributing to the usefulness of technical standards to those who employ them. Such an organization works to create uniformity across producers, consumers, government agencies, and other relevant parties regarding terminology, product specifications (e.g. size, including units of measure), protocols, and more. Its goals could include ensuring that Company A's external hard drive works on Company B's computer, an individual's blood pressure measures
686-608: Is that country's member of the ISO . A standards developing organization (SDO) is one of the thousands of industry- or sector-based standards organizations that develop and publish industry specific standards. Some economies feature only an NSB with no other SDOs. Large economies like the United States and Japan have several hundred SDOs, many of which are coordinated by the central NSBs of each country (ANSI and JISC in this case). In some cases, international industry-based SDOs such as
735-864: The African Organisation for Standardisation (ARSO), the Arabic industrial development and mining organization (AIDMO), and others. In the European Union, only standards created by CEN, CENELEC, and ETSI are recognized as European standards (according to Regulation (EU) No 1025/2012 ), and member states are required to notify the European Commission and each other about all the draft technical regulations concerning ICT products and services before they are adopted in national law. These rules were laid down in Directive 98/34/EC with
784-719: The CIE , the IEEE and the Audio Engineering Society (AES) may have direct liaisons with international standards organizations, having input to international standards without going through a national standards body. SDOs are differentiated from standards setting organizations (SSOs) in that SDOs may be accredited to develop standards using open and transparent processes. Developers of technical standards are generally concerned with interface standards , which detail how products interconnect with each other, and safety standards , which established characteristics ensure that
833-707: The GCC Standardization Organization (GSO) for Arab States of the Persian Gulf . In general, each country or economy has a single recognized national standards body (NSB). A national standards body is likely the sole member from that economy in ISO; ISO currently has 161 members. National standards bodies usually do not prepare the technical content of standards, which instead is developed by national technical societies. NSBs may be either public or private sector organizations, or combinations of
882-544: The Hayes command set developed by Hayes , Apple 's TrueType font design and the PCL protocol used by Hewlett-Packard in the computer printers they produced. Normally, the term standards organization is not used to refer to the individual parties participating within the standards developing organization in the capacity of founders, benefactors , stakeholders , members or contributors, who themselves may function as or lead
931-516: The ITU to establish the telecommunications standards that have been adopted worldwide. The ITU has created numerous telecommunications standards including telegraph specifications, allocation of telephone numbers, interference protection, and protocols for a variety of communications technologies. The standards that are created through standards organizations lead to improved product quality, ensured interoperability of competitors' products, and they provide
980-1049: The OpenOffice.org , an Apache Software Foundation -sponsored international community of volunteers working on an open-standard software that aims to compete with Microsoft Office , and two commercial groups competing fiercely with each other to develop an industry-wide standard for high-density optical storage . Another example is the Global Food Safety Initiative where members of the Consumer Goods Forum define benchmarking requirements for harmonization and recognize scheme owners using private standards for food safety . De jure In law and government , de jure ( / d eɪ ˈ dʒ ʊər i , d i -, - ˈ jʊər -/ ; Latin: [deː ˈjuːre] ; lit. ' by law ' ) describes practices that are officially recognized by laws or other formal norms, regardless of whether
1029-645: The WTO Technical Barriers to Trade (TBT) Committee published the "Six Principles" guiding members in the development of international standards. Some standards – such as the SIF Specification in K12 education – are managed by a non-profit organizations composed of public entities and private entities working in cooperation that then publish the standards under an open license at no charge and requiring no registration. A technical library at
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#17327839500901078-726: The World Health Organization Guidelines in health, or ITU Recommendations in ICT and being publicly funded, are freely available for consideration and use worldwide. In 1904, Crompton represented Britain at the Louisiana Purchase Exposition in St. Louis , Missouri , as part of a delegation by the Institute of Electrical Engineers . He presented a paper on standardization, which
1127-462: The World Wide Web Consortium (W3C), whose standards for HTML , CSS , and XML are used universally. There are also community-driven associations such as the Internet Engineering Task Force (IETF), a worldwide network of volunteers who collaborate to set standards for internet protocols. Some industry-driven standards development efforts don't even have a formal organizational structure. They are projects funded by large corporations. Among them are
1176-406: The intellectual property of their developers (unless specifically designed otherwise) and are protected, just like any other publications , by copyright laws and international treaties . However, the intellectual property extends only to the standard itself and not to its use. For instance if a company sells a device that is compliant with a given standard, it is not liable for further payment to
1225-537: The ruling dynasty of Egypt was subject to the rulers of the Ottoman Empire but acted as de facto independent rulers who maintained the polite fiction of Ottoman suzerainty . However, starting from around 1882, the rulers had only de jure rule over Egypt, as it had by then become a British puppet state . Thus, by Ottoman law, Egypt was de jure a province of the Ottoman Empire, but de facto
1274-897: The ARINC Standards. Regional standards bodies also exist, such as the European Committee for Standardization (CEN), the European Committee for Electrotechnical Standardization (CENELEC), the European Telecommunications Standards Institute (ETSI), and the Institute for Reference Materials and Measurements (IRMM) in Europe, the Pacific Area Standards Congress (PASC), the Pan American Standards Commission (COPANT),
1323-484: The board announced that it was changing its name from HFSB to the SBAI or Standards Board for Alternative Investments (SBAI) to "reflect the evolution of the industry". Specifically, it noted that "managers increasingly offer their investment strategies through a variety of vehicles beyond ' hedge funds ', including liquid alternatives , regulated funds, co-investment vehicles , drawdown funds, and managed accounts " while at
1372-507: The body's first President. The International Federation of the National Standardizing Associations (ISA) was founded in 1926 with a broader remit to enhance international cooperation for all technical standards and specifications. The body was suspended in 1942 during World War II . After the war, ISA was approached by the recently formed United Nations Standards Coordinating Committee (UNSCC) with
1421-515: The contributions of other engineers, accomplished a modest amount of industry standardization; some companies' in-house standards also began to spread more widely within their industries. Joseph Whitworth 's screw thread measurements were adopted as the first (unofficial) national standard by companies around Britain in 1841. It came to be known as the British Standard Whitworth , and was widely adopted in other countries. By
1470-835: The country, and enabled the markets to act more rationally and efficiently, with an increased level of cooperation. After the First World War , similar national bodies were established in other countries. The Deutsches Institut für Normung was set up in Germany in 1917, followed by its counterparts, the American National Standard Institute and the French Commission Permanente de Standardisation , both in 1918. Several international organizations create international standards , such as Codex Alimentarius in food,
1519-515: The end of the 19th century differences in standards between companies was making trade increasingly difficult and strained. For instance, in 1895 an iron and steel dealer recorded his displeasure in The Times : "Architects and engineers generally specify such unnecessarily diverse types of sectional material or given work that anything like economical and continuous manufacture becomes impossible. In this country no two professional men are agreed upon
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1568-480: The foreword with a statement like the following: "Attention is drawn to the possibility that some of the elements of this document may be the subject of patent rights. ISO and IEC shall not be held responsible for identifying any or all such patent rights". If the standards organization is aware that parts of a given standard fall under patent protection, it will often require the patent holder to agree to Reasonable and non-discriminatory licensing before including it in
1617-657: The goal of providing transparency and control with regard to technical regulations. Sub-regional standards organizations also exist such as the MERCOSUR Standardization Association (AMN), the CARICOM Regional Organisation for Standards and Quality (CROSQ), and the ASEAN Consultative Committee for Standards and Quality (ACCSQ), EAC East Africa Standards Committee www.eac-quality.net , and
1666-401: The inability of their developers to keep abreast with the technological innovation. As a result, a new class of standards setters appeared on the standardization arena: the industry consortia or standards setting organizations (SSOs), which are also referred to as private standards . Despite having limited financial resources, some of them enjoy truly international acceptance. One example is
1715-469: The national committee to the IEC of an economy may also be the ISO member from that country or economy. ISO and IEC are private international organizations that are not established by any international treaty. Their members may be non-governmental organizations or governmental agencies, as selected by ISO and IEC (which are privately established organizations). The ITU is a treaty-based organization established as
1764-658: The practice exists in reality. The phrase is often used in contrast with de facto ('in fact'), which describes situations that exist in reality, even if not formally recognized. De jure is a Latin expression composed of the words de (from) and jure (adjective form of jus , meaning 'law'). In U.S. law , particularly after Brown v. Board of Education (1954), the difference between de facto segregation (that existed because of voluntary associations and neighborhoods) and de jure segregation (that existed because of local laws) became important distinctions for court-mandated remedial purposes. Between 1805 and 1914,
1813-472: The principle of one member per country. Rather, membership in such organizations is open to those interested in joining and willing to agree to the organization's by-laws – having either organizational/corporate or individual technical experts as members. The Airlines Electronic Engineering Committee (AEEC) was formed in 1949 to prepare avionics system engineering standards with other aviation organizations RTCA, EUROCAE, and ICAO. The standards are widely known as
1862-790: The purpose of safety or for consumer protection act from deceitful practices. The term formal standard refers specifically to a specification that has been approved by a standards setting organization. The term de jure standard refers to a standard mandated by legal requirements or refers generally to any formal standard. In contrast, the term de facto standard refers to a specification (or protocol or technology) that has achieved widespread use and acceptance – often without being approved by any standards organization (or receiving such approval only after it already has achieved widespread use). Examples of de facto standards that were not approved by any standards organizations (or at least not approved until after they were in widespread de facto use) include
1911-419: The same time moving away from "hedge fund" as a term in order to "classify and integrate a diverse array of alternatives strategies by underlying asset class, return profile, market exposure, or liquidity". Standards organization A standards organization , standards body , standards developing organization ( SDO ), or standards setting organization ( SSO ) is an organization whose primary function
1960-448: The same with Company C's sphygmomanometer as it does with Company D's, or that all shirts that should not be ironed have the same icon (a clothes iron crossed out with an X) on the label. Most standards are voluntary in the sense that they are offered for adoption by people or industry without being mandated in law. Some standards become mandatory when they are adopted by regulators as legal requirements in particular domains, often for
2009-610: The size and weight of a girder to employ for given work". The Engineering Standards Committee was established in London in 1901 as the world's first national standards body. It subsequently extended its standardization work and became the British Engineering Standards Association in 1918, adopting the name British Standards Institution in 1931 after receiving its Royal Charter in 1929. The national standards were adopted universally throughout
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2058-454: The standard. Such an agreement is regarded as a legally binding contract, as in the 2012 case Microsoft v. Motorola . The ever-quickening pace of technology evolution is now more than ever affecting the way new standards are proposed, developed and implemented. Since traditional, widely respected standards organizations tend to operate at a slower pace than technology evolves, many standards they develop are becoming less relevant because of
2107-455: The standards organization except in the special case when the organization holds patent rights or some other ownership of the intellectual property described in the standard. It is, however, liable for any patent infringement by its implementation, just as with any other implementation of technology. The standards organizations give no guarantees that patents relevant to a given standard have been identified. ISO standards draw attention to this in
2156-510: The standards organizations. The implementation of standards in industry and commerce became highly important with the onset of the Industrial Revolution and the need for high-precision machine tools and interchangeable parts . Henry Maudslay developed the first industrially practical screw-cutting lathe in 1800, which allowed for the standardization of screw thread sizes for the first time. Maudslay's work, as well as
2205-782: The total assets under management of all members was $ 3 trillion. In 2014, the board became an affiliate member of the International Organization of Securities Commissions (IOSCO) and in 2016 established mutual observer relationship with the International Forum of Sovereign Wealth Funds . In July 2011, Dame Amelia Fawcett was appointed Chair of the SBAI, replacing Andrew Large. In 2014, SBAI became an affiliate member of International Organization of Securities Commissions (IOSCO) and in 2016 SBAI and International Forum of Sovereign Wealth Funds (IFSWF) agreed to engage in mutual observership. In September 2017,
2254-554: The two. For example, the Standards Council of Canada is a Canadian Crown Corporation , Dirección General de Normas is a governmental agency within the Mexican Ministry of Economy, and ANSI is a 501(c)(3) non-profit U.S. organization with members from both the private and public sectors. The National Institute of Standards and Technology (NIST), the U.S. government's standards agency, cooperates with ANSI under
2303-1023: The use of other published standards internationally). There are many international standards organizations. The three largest and most well-established such organizations are the International Organization for Standardization (ISO), the International Electrotechnical Commission (IEC), and the International Telecommunication Union (ITU), which have each existed for more than 50 years (founded in 1947, 1906, and 1865, respectively) and are all based in Geneva , Switzerland . They have established tens of thousands of standards covering almost every conceivable topic. Many of these are then adopted worldwide replacing various incompatible "homegrown" standards. Many of these standards are naturally evolved from those designed in-house within an industry, or by
2352-510: The working group was established as a nonprofit, called the Hedge Fund Standards Board (HFSB). Its primary purpose was to oversee what's called the "Standards" (now known as the "Alternative Investment Standards"). At its inception, the board had 14 leading hedge fund managers and was chaired by Sir Andrew Large to develop the standards. By 2016 it had almost 200 hedge fund managers and institutional investors as members;
2401-406: Was so well received that he was asked to look into the formation of a commission to oversee the process. By 1906, his work was complete and he drew up a permanent terms for the International Electrotechnical Commission . The body held its first meeting that year in London, with representatives from 14 countries. In honour of his contribution to electrical standardization, Lord Kelvin was elected as
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