Morgan Stanley Capital International Inc. and Standard & Poor’s are studying the possibility of refining their industry classifications for the healthcare, real estate and utilities industries.

The firms say their objective is to ensure that the industry classification structure, “continues to accurately represent the global equity markets and, thereby, enables asset owners, asset managers and investment research specialists to make seamless global comparisons by industry.”

They have issued a consultation paper that is designed to serve as a basis for discussion before MSCI and S&P make any final decisions. Changes, if any, should be announced before the end of the year.

Standard & Poor’s and MSCI first developed the Global Industry Classification Standard (GICS) back in 1999. The standard is designed to facilitate investment research and investment management processes.