aciia newsletter july 13 low

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ACIIA®NewsNewsletter of the Association of Certified International Investment Analysts ACIIA

Do we really need an additional designation …?Thoughts and sentiments of the outgoing ACIIA Chairman.

No 39 / July 2013

Already in the initial discussions preceding the foundation of the CIIA designation the founding members questioned if a com-peting designation in the global finance industry was necessary: Do we really need an additional designation?

The common understanding at that time was: yes. Though the globally needed knowledge for the investment professional is not dependant on the brand name and/ or the supplier of an offered designation, the added value of a new designation was seen in the add on’s to the exist-ing offers. These are: (1) Respecting individual cul-

tures and languages within a partnership of independ-ent member societies ena-bling CIIA-Holders to stay members in their local pro-fessional societies.

(2) Offering the necessary local knowledge of the candi-date’s home markets

(3) Offering more languages than only English to sit the exams.

(4) Allowing post graduate can-didates to spend a short as possible time frame to be prepared for sitting the exams: Between eight and twenty-four months only are needed for completing the CIIA designation.

(5) Further to that, competition improves the available prod-ucts in the market, also in the finance industry

Since its foundation in the year 2000 the ACIIA has established itself as a valuable forum for the exchange of knowledge, ideas and education in the interna-

tional investment field. Its main role is to provide a flexible, inter-nationally recognised qualifica-tion – the Certified International Investment Analyst. The CIIA examines candidates at a high standard and in a practical fash-ion in the global areas that are necessary for pursuing a carrier in the investment profession and in addition also in the topics of their respective home markets like local regulation and market practices. Candidates sitting the final exams have the choice of 9 (out of 11 possible) languages to complete their studies.The CIIA-Holders are requested to become a member of their local professional society, thus ensuring the independence of both the national society’s and the CIIA-Holder’s. Integrity counts, as it is within the finan-cial industry a topic of outstand-ing importance, the national so-ciety’s code of conduct is the guideline for the CIIA-Holder who is monitored by his home society underlying his home legislation. ACIIA supports the content of the local codes of conduct by the common “Prin-ciples of Ethical Conduct”.

The successful development of the numbers of CIIA-Holders since its introduction justifies the initial assessment for the market entry. Based on the ex-isting experience of some 14,000 CMA holders in Japan and some 6,000 CEFA holders in Europe in 2000, eight participating part-ners started launching the new CIIA brand. Today the member-ship stands at 36 partnering so-cieties, globally distributed and some 7,200 CIIA holders.

CONTENTS1 Do we really need an additional designation …?

2 The beautiful town of Cascais hosts the ACIIA Annual General Meeting

3 ACIIA Council News

FAA Lithuania Management Change

4 Comprehensive Survey to SAAJ Members

Special Presentations on Taiwan’s Capital Markets in Tokyo

5 HKEx CE Presented Strategic Plan in HKSI’s Programme

6 New Financial Supervisory Authority in Romania

8 EFFAS Summer School

9 Argentinean Diploma Ceremony

10 CISI and the Dutch Securities Institute agree programme of collaboration

CISI and SwedSec Licensiering AB agree programme of collaboration12 Agenda

2ACIIA®NewsNo 39 / July 2013

This success was enabled by the strong personal commitment of many members, highlighted by the Japanese SAAJ team and the Swiss SFAA team. Together they have been in the times of my Chairmanship (2001-2004 and 2008-2013) reliable and strong pillars of ACIIA’s success. Suc-cess is always linked to per-sonalities which compel me to extend a warm “thank you” to Mr Hagiwara and Dr Dufournet for their continuous support. For their efforts in developing mem-bers in Latin America my thanks are directed to the Spanish IEAF and Dr Zaballos in person. As no

organisation in the world is able to work “by management “only, i.e. without a reliable and capa-ble office, carrying out the day-to-day tasks, I extend my thanks to Fiona Tween. For more than six years she has been respon-sible for running Head Office and I was always convinced that office and management are the two sides of one coin.

Today ACIIA reflects more than just offering the CIIA designa-tion. Requirements and relations were built to enable CIIA-Hold-ers, candidates and member societies to network in a global context. Support with learning

materials and e-learning tools, sitting exams in places outside the candidate’s local society, portability of membership for CIIA-Holders – the CIIA Pass-port, and globally organised seminars are formal examples – short of the possibilities for personal networking initiatives. Now, after 13 years we are going to introduce changes in the organisational structure of the Council, the IEC (Interna-tional Examination Committee) and the ACIIA office aiming at an upgrade of candidates’ ser-vices.

As outgoing Chairman my sin-cere thanks are given to all of

you for trusting me with the leadership of ACIIA for so many years. My strong belief is that the CIIA has a remarkable po-tential in the financial industry. I am very confident that Dr Lin, the new Chairman together with the newly chosen Executive Management Committee will enhance the prestige and the market penetration of the CIIA designation.

By the way, to answer the initial question for the necessity of an additional designation:

Yes, we need the CIIA

Fritz H. Rau l

Continued from page 1

as ACIIA Chairman between 2001–2004 and 2008–2013. Jesus Lopez Zaballos, the current EFFAS Chairman was elected as the new Deputy Chairman suc-ceeding Kiyoto Hagiwara who served as ACIIA Chairman 2005 – 2008 and Deputy Chairman at all other times.

Key discussion topics included the structure of ACIIA activities and scholarships and grants for students wishing to study the CIIA. Two associations had

The beautiful town of Cascais hosts the ACIIA Annual General Meeting

The beautiful setting of Cascais was the venue for the ACIIA Council Meeting and Annual General Meeting held in June and delegates from around the world attended the meetings held in the historical Pousada Cascais Hotel.

The Annual General Meeting held on June, 27th, 2013 elected Lin Yixiang, Deputy Chairman of the Chinese society SAC, as the new ACIIA Chairman. He suc-ceeds Fritz H. Rau, who served From left to right Lin Yixiang, Kiyoto Hagiwara, Fritz H. Rau, Jesus Lopez-Zaballos


Continued from page 2 opinions concerning the strate-gic placement of the ACIIA. The event was superbly organized by the Portuguese Society, Asso-ciação Portuguesa de Analistas Financeiros APAF and over 40 representatives from all over the world attended the meetings.

The occasion of the meetings al-lowed a visit to the Portuguese Securities Market Commission CMVM on Tuesday 25th June in which the ACIIA Chairman Fritz H. Rau gave a presentation on the CIIA to CMVM President, Carlos Tavares and Gabriela Figueiredo Dias. The meeting was also attended by Kiyoto

Hagiwara, Michael Theobald, Jesus Lopez Zaballos, Raul Marques and Sofia Nascimento Rodrigues. On 26th June the EFFAS Bond Commission EBC held a seminar titled “Re-ex-amining the current thinking: a tough approach for debt bear-ers” which was attended by ap-proximately 50 participants

The meetings concluded with a gala dinner hosted by APAF during which the Chairman Fritz H. Rau and the deputy Chair-man Kiyoto Hagiwara were pre-sented with gifts from Michael Theobald on behalf of the ACIIA Council and all ACIIA Members

their applications to become Associate Members approved. These being the Association Professionnelle des Banques et des Etablissements Financiers ABEF in Algeria and the Asso-ciation of International Wealth Management India AIWMI in India. Mr Abderrezak Trabelsi and Mouatassem Boudiaf from ABEF attended the AGM and gave a small presentation on their society.

During the AGM, delegates of the member associations ea-gerly discussed and exchanged

as a thank you for their efforts and achievements over the last 13 years. In addition they both received a “Diploma for Out-standing Achievement” pre-sented by Claudia Stinnes.

The attendees were then treated to traditional Fado singing. l

gramme, where he gave cours-es in practical portfolio man-agement, asset allocation, and investment fund regulation.

Peter holds a Ph.D. in Econom-ics from the University of Kon-stanz and a Diploma from the University of Mainz. He then worked for 15 years in the finan-cial industry, and held various positions in Commerzbank Asset Management and was Head of Central Europe for Morgan Stan-ley Investment Management. In 2004, he moved over to DVFA to take his current position.

Mr. Kirijanovas was awarded an MBA from the Vytautas Magnus University and EMBA from the Baltic Management Institute. Currently he owns an account-ing and financial management company called M-Finance.

In the past Mr. Kirijanovas held various leading positions within the Sonex and Sanitas Groups. Also he is a Founder and Chairman

of the Board of charity and support foundation „Jiezno vaikai“.

During the meeting seven new FAA Board members were ap-pointed. The new FAA Board consists of the president, 3 new members – Nerijus Datku-nas, Milda Daugelaite, Marius Jankauskas (a regular EFFAS Summer School participant), and 3 re-elected members –

Darius Klimasauskas, Karolina Krisciukaityte and Mindaugas Vaiciulis (former president of FAA Lithuania). l

ACIIA Council News

FAA Lithuania Management Change

Peter Koenig from the German society Deutsche Vereinigung für Finanzanalyse und Asset Management became the new DVFA Board representative on the ACIIA Council at the Council meeting in June in Cascais.

Peter Koenig is Managing Di-rector of DVFA, the Society of Investment Professionals in Germany, where he is responsi-ble for the professional training and qualification programmes offered by the society. Before that time, he was a long-time lecturer in DVFA’s CEFA-pro-

Mr. Koenig also served on various industry committees. Amongst others, he was an associate board member of the German pension fund association ABA, and a member of the advisory board of the German financial services supervisory authority BaFin. He is a member of the Mar-ket Structure Commission and of the Training and Qualification Commission of EFFAS, and he is a member of the Examination Committee for the certification of independent investment advi-sors with the German Chamber of Commerce. l

The Annual General Members Meeting of the Lithuanian Finan-cial Analyst Association (FAA) was held on 12th April 2013. Mr. Eladijus Kirijanovas has been elected to be the new president of FAA. Mr. Kirijanovas was a Board Member and the Treas-urer of FAA till now and he was actively involved in all discus-sions and decisions related to FAA, EFFAS and ACIIA activities.

Peter Koenig

Eladijus Kirijanovas

L I T H U A N I A


uploaded to the SAAJ website in April 2013.

Since only the CMA holders are eligible to take the CIIA final ex-aminations in Japan, some of the questions were related to the CIIA qualification including its recognition and advantage in the market. The questions regarding the Private Banking Education and Examination Pro-gram launched by SAAJ in May 2013 were also asked. Follow-ings are the results in relation to these questions.

• 15% of the CMA holders re-sponded that they also have the CIIA qualification.

• 4% of the CMA holders re-sponded that they are regis-tered as CIIA candidates.

• 11% of the CMA holders re-

was Mr. Chao-zon Yang, Senior Executive Vice President of Tai-wan Stock Exchange (TWSE), who is also the Secretary Gen-eral of SAA Chinese Taipei, one of the ACIIA members in

Comprehensive Survey to SAAJ Members

Special Presentations on Taiwan’s Capital Markets in Tokyo

sponded that they would like to obtain the CIIA qualifica-tion. Among those people, 1) 70% mentioned that it is useful for the purpose of broadening knowledge and experience, 2) 22%, “CIIA” is attractive due to international recognition, and 3) 3%, it is required in the current job.

• Among those people who re-sponded having no intention of acquiring the CIIA qualifi-cation, 1) 70% mentioned that they do not feel necessity, 2) 14%, lack of preparation time, and 3) 9%, lack of knowledge on the difference between CMA and CIIA, as the main rea-son for not interested in CIIA.

• 27% of corporate members re-sponded that they encourage employees to obtain the CIIA qualification, and about 50%

Asian region. His presentation, entitled “Outline of Taiwan’s Capital Markets”, provided the audience with significant infor-mation on the capital market conditions and developments in recent years in Taiwan as well as insights for deepening economic relationship between Taiwan and Japan by elaborat-ing on the investments made by the Japanese corporations in Taiwan.

The second session was en-titled “Recent Situations on Taiwanese Economy and its Prospect” by Mr. Shingo Ito, Unit Chief, China Unit, Re-search Department – Asia of the Mizuho Research Institute. He explained the importance of Taiwan for the Japanese cor-porations as an investment tar-get and possible springboard to make foreign direct investment to China. l

of the securities and invest-ment companies responded similarly.

• Among the respondents, 230 are the CFP (Certified Finan-cial Planner) holders, of which 26% already have the CIIA qualification.

• 17% of the CIIA holders and those registered as CIIA can-didates are willing to take the SAAJ Private Banking (PB) Education and Examination Program.

• 24% of those who would like to obtain the CIIA qualification responded that they would also like to acquire the desig-nations of the PB Program.

The SAAJ hopes that the above results would be of some refer-ence to other ACIIA member so-cieties. l

On the occasion of celebrating the 50th anniversary in 2012, the Securities Analysts Association of Japan – SAAJ conducted a comprehensive survey on pro-fessional qualifications and SAAJ’s activities by sending a questionnaire in February 2013 to all SAAJ members, 25,800 in total, including 25,000 holders of the CMA (Chartered Member of SAAJ) designation, among which 2,500 are also CIIA hold-ers, and 400 corporate mem-bers. More than 2,400 members responded to the survey for a 9.5 % response rate.

The survey was expected to pro-vide meaningful information for SAAJ to newly develop a long-term strategic vision, and an analysis of the results from vari-ous perspectives was made and

Special presentations on Tai-wan’s capital markets were held in Tokyo on 31st May 2013 for the members of the Securities Analysts Association of Japan – SAAJ. One of the speakers

J A P A N

Mr. Chao-zon Yang, Senior ExecutiveVice President of Taiwan Stock Exchange, Secretary General of SAA Chinese Taipei

Mr. Shingo Ito, Unit Chief, Research Department-Asia, Mizuho Research Institute Limited


HKEx CE Presented Strategic Plan in HKSI’s Programme

ated capital account opening and expanding the transaction types.

In addition to the guests, more than 30 journalists from local, regional, and global media channels also joined the event. The event is widely reported later in various media platforms.

Mr Li’s presentation can be found in HKEx’s official website. http://www.hkex.com.hk/eng/newsconsul/speech/2013/Doc-uments/sp130523.pdf

Top University Students Received HKSI Scholarships The Hong Kong Securities and Investment Institute (HKSI) is dedicated to developing talent

On 23 May 2013, Mr Charles Li, Chief Executive of the Hong Kong Exchanges and Clearing Limited (HKEx), presented a speech to a group of guests in the HKSI Roundtable Luncheon. Being one of HKSI’s signature events, prominent market lead-ers are invited to share their views and knowledge with HKSI members and market practi-tioners in this programme.

One hundred and fifty guests at-tended the event, most of them senior executives of the industry.

Mr Li introduced the HKEx’s strategic plan to the guests, including leveraging on Lon-don Metal Exchange (LME) as a catalyst to facilitate acceler-

H O N G K O N G

Mr Charles Li (middle) with Mr Craig Lindsay (HKSI Chairman; left) and Mrs Edith Chan (HKSI Chief Executive; right)

Group Photo of Board Members of the HKSI with Senior Awardees

Group Photo of Board Members of the HKSI with Junior Awardees

HKSI Affiliate Membership One Year One Year

HKSI Training Programmes 6 Programmes 2 Programmes

HKSI Professional Events 6 Events 1 Event

Licensing Examinations E-Study Manuals One Set N/A

Awards Senior Scholarship Junior Scholarship

The HKSI Scholarship includes:


2013. Around 80 guests, includ-ing the awardees, their friends and family members, and repre-sentatives from the participat-ing universities all joined the ceremony. Together with HKSI Board Members, they all send the awardees best wishes on their success.

Mr Craig Lindsay, Chairman of the HKSI, praised the awar-dees’ achievements, “We are delighted to provide scholar-ships to the top performers from the eight universities. The scholarships will benefit the students because they provide them complimentary access to a variety of professional pro-grammes. We strongly believe that it is essential, for anyone keen to develop a successful career in financial services in-

dustry, to have continual pro-fessional training.”

HKSI Chief Executive Ms Edith Chan added, “The scholarships help encourage and support the next generation of finance pro-fessionals. We are dedicated to reach out to the new entrants as they are the talent pool for the industry. The students will be an important piece to facili-tate the sustainable growth of the industry. They are all po-tential leaders of Hong Kong’s financial industry in the short future. We wish them all the best.”

Mr Willy Chan, one of the junior awardees, is very excited and happy to receive the award. “The award means a lot to me. This award will be a plus for

for Hong Kong’s finance indus-try. In recognition of students’ excellent academic perfor-mance, the HKSI offers nine (three Senior and six Junior) HKSI Scholarships to the top business and finance students of each participating university since 2004. Over the years, more than 600 university students have received HKSI awards.

This year, 72 top students are nominated by the business and finance departments of eight universities in Hong Kong to receive the HKSI Scholarships.

The eight universities are: • The Chinese University of

Hong Kong• City University of Hong Kong• The Hong Kong Baptist

University • Hong Kong Polytechnic

University• Hong Kong Shue Yan

University• The Hong Kong University of

Science & Technology• Lingnan University• The University of Hong Kong

An award presentation cer-emony was held on 30 May,

my future job searching and will also help me prepare for my upcoming internship in an investment bank this summer. And I am very glad to have this networking opportunity to meet peers and senior practition-ers in this occasion, which is very important in the business world.”

Senior awardee, Ms Wong Cheuk Kwan, Jessie, said: “I am very happy to be here today and am glad to meet with sen-ior practitioners from different fields. The insights and expe-riences they share with us are invaluable. The free training courses that come with the award will be very useful for me. I will sure be better equipped and be more competitive after taking the courses.” l


dinavian countries (where the centralised model was first developed in the mid-1980s)2, United Kingdom, Germany, Austria, Ireland, Belgium, Po-land, or Hungary. Having as source of inspiration this Euro-

New Financial Supervisory Authority in Romania

R O M A N I A

pean „megatrend” (term bor-rowed from Naisbitt, J.), in April 2013, the Law no. 113/2013 ap-proving Government Emergency Ordinance no. 93/20123 on the creation, organization and func-tioning of the Financial Supervi-

Out of the 28 EU member states (Croatia being the 28th as of July 1, 2013), 151 have a single financial supervisory authority, this being either the Central Bank, or a separate authority – like in the case of the Scan-

sory Authority (FSA) in Romania was enacted. Two months later – in June, an amendment to this Law was made through the Gov-ernment Emergency Ordinance no. 55/20134, at the Internation-al Monetary Fund’s request5,

1 Negoita, S. – «Isărescu despre înființarea ASF: Aceasta este tendința în Europa, BCE încurajează integrarea supravegherii pe piață», 11.12.2012, http://cursdeguvernare.ro 2 http://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2007-Vienna/Papers/0522.pdf 3 http://legestart.ro/monitorul-oficial/mof-234-2013/legea-113-2013-parlametul-romaniei/ 4 http://legestart.ro/legislatie-oug-nr-552013-privind-unele-masuri-fiscal-bugetare-si-pentru-modificarea-unor-acte-normative/ 5 Tempea, O. – «Guvernul schimbă legislația Autorității de Supraveghere Financiară la cerința FMI: şefii vor fi aleşi după criterii noi», 13.06.2013, http://www.zf.ro

Cristiana Barabula, AAFBR member

party during the mandate, share participation of more than 5%, and/or directorship, and/or management, of certain legal entities is prohibited). The FSA board can validly pass deci-sions with the vote of half plus one of its members.

The projects7 had in view by the FSA for this year (what’s left of it) are: the harmonization of the three ex-financial entities8, and regular consultations with rep-resentatives of non-bank finan-cial markets, as well as the ac-ademic environment, on other projects to be further promoted by the FSA.

For the years to come strategic objectives and related activi-ties were already drawn for the Insurance sector, prior to the FSA creation; whereas for the Financial Instruments and In-vestments sector, and the Pri-vate Pensions sector custom-ized strategies are to be issued. We briefly state below the main points highlighted in the Strat-egy of the Insurance sector 2012–20169, which shall most probably be amended/updated soon, having in view its refer-ence to ex-CSA:

1. Improving the institutional capacity of the Insurance Supervisory Commission (activities: improving good practice principles, improv-ing professional compe-tence of staff, continuing to transpose and implement the EU legislation, ensuring nec-essary financial resources, developing/updating the IT system, developing a dia-logue with authorities and institutions in Romania, and increasing the authority’s visibility both at national and international level);


2. Changing the surveillance phi-losophy, by turning the com-pliance supervision to risk-based supervision, absolutely needed prior to implementing Solvency II Directive10, which will be completed by Omnibus II Directive (activities: further improvement of prudential supervision and control in-struments, and training of the insurance market personnel)

3. Increasing the Insurance Supervisory Commission’s role in insurance consumer protection, as well as in their financial education (activi-ties: improving the general principles for complaints management, improving the image of the insurance mar-ket, and improving the legal framework);

4. Strengthening the role and position of the Insurance Su-

mainly (ref. number of board members, required professional experience, conflict of interest clause).

Overall, the FSA’s main purpose is to streamline and strengthen the operation and supervision of (i) the capital market, (ii) the insurance sector and (iii) the private pension funds system, which together are presently worth approximately 15 billion EUR6 (around 11% of GDP). In this respect, the FSA took over all the duties of the supervisory authorities in the financial sec-tor (i.e. the National Securities Commission (CNVM), the Insur-ance Supervisory Commission (CSA) and the Private Pensions System Supervisory Commis-sion (CSSPP)) – which ceased to exist, except for the duties of the National Bank of Romania (BNR). Consequently, the FSA will be the sole authority enti-tled to issue, cancel or suspend authorisations, issue regula-tions, supervise the relevant entities and apply sanctions in the sectors supervised by, and according to the legislation applicable to, the replaced au-thorities.

The FSA is managed by a board of eleven members, respective-ly: five executive members (one president , one primary vice president, and three vice presi-dents - one per each financial sector), and six non-executive members. The members of the FSA board were appointed by the Parliament for a five year mandate and needed to meet several criteria in order to qual-ify for the position (e.g. profes-sional experience – as revised, no membership with a political

pervisory Commission within the commissions and expert committees of both the Eu-ropean Commission and the International Association of Insurance Supervisors (IAIS) (activities: continu-ing the active and effective involvement in Solvency II Project, and strengthening the cooperation with similar supervisory authorities of the EU member states, as well as other international institutions).

Certainly, the FSA’s main “mission” will be finding the most efficient and effective way to monitor the market so that the mistakes/weaknesses that led to the financial crisis be avoided. We are on the lookout for preliminary con-clusions regarding FSA’s ef-ficiency and effectiveness by year-end. l

6 XXXX – «Romanian Parliament to approve the members of the Romanian Financial Supervision Authority today », 24.04.2013, http://www.bursa.ro 7 XXXX – «Consiliul restrans al ASF a primit votul Parlamentului. Ce proiecte are Autoritatea pentru perioada urmatoare?», http://www.1asig.ro8 http://www.csa-isc.ro/ ; http://www.cnvmr.ro/ ; http://www.csspp.ro/ 9 http://www.csa-isc.ro/index.php?option=com_content&view=article&id=959&Itemid=206&lang=en 10 https://eiopa.europa.eu/activities/insurance/solvency-ii/index.html



EFFAS Summer Schoolevents EFFAS and ACIIA offers its National Associations and is a clear reflection of the commit-ment of both associations’ con-tinuous training and professional networking. Since the first year, participants could exchange views and experiences and learn from international experts and lecturers who wanted to share with us their “know how”.

This year, nearly 200 finan-cial professionals from Europe (France, UK, Italy, Switzerland,

Sweden, Turkey, Germany, Aus-tria, Belgium, Denmark, Finland, Hungary, Netherlands, Norway, Portugal, Romania, Russia, Serbia, Ukraine, Lithuania, Lux-embourg, Macedonia ...) Asia (Japan, Korea and India) and the Americas (Argentina and Peru) had the opportunity to work in different case study workshops on Corporate Finance, Portfo-lio Management, Analysis and Evaluation of Fixed Income, De-rivatives, Equities or Financial Accounting.

Besides conducting workshops on the CIIA subjects, attend-ees had the opportunity to hear interesting lectures such as Mr. Arturo Bries, Professor of Finance at the IMD Business School, Francisco Uría, Senior Partner KPMG Financial Sec-tor, Philippe Grégoire, Professor of Finance, Louvain School of Management, UCL. and Ms Pilar González de Frutos, President of Unespa (the Spanish Associa-tion of Insurance and Reinsur-ance companies). l

For the sixth consecutive year EFFAS, in collaboration with the Spanish Association (IEAF) and with the sponsorship of Banco Santander, has organized, in Madrid, in the Financial City of Banco Santander, the EFFAS Summer School 2013.

The summer school aimed at graduates and students of pro-fessional certifications CEFA-CIIA and members of national associations of ACIIA and EFFAS is undoubtedly one of the major

Key note speech. Arturo Bris.. Professor of Finance, IMD. Research Associate, European Corporate Governance Institute. Research Fellow, Yale International Center for Finance

Participants in the networking area. Opening Session.Silvia Ruiz, Senior Vice President and Director of the Corporate Area of Human Resources at Banco Santander and Jesús López Zaballos, EFFAS Chairman and ACIIA Deputy Chairman.


A R G E N T I N AArgentinean Diploma Ceremony The ceremony was organized by the Argentine Institute of Fi-nance Executives (IAEF) and was held on May 30th, 2013 in the auditorium of the Stock Ex-change of Buenos Aires. Dur-ing the event the CEFA and CIIA Diplomas were given as well as the Certified Financial Advisor Diplomas corresponding to the 2012 graduates.

During the ceremony, chaired by the President of the Stock Exchange Mr.Horacio P. Far-gosi, the ACIIA Chairman, Mr. Fritz H. Rau, had the opportunity to speak to students through a video recorded for the occasion. Jesus Lopez Zaballos, the EFFAS Chairman also participated in the ceremony, welcoming the new CEFA-CIIA holders to the Federations.

Álvaro Pereira, CIIA Argentine holder which is working at the World Bank as Senior Advisor to the Executive Director for Argentina, Bolivia, Chile, Para-guay, Peru and Uruguay, also sent a video from Washington to his new colleagues telling of his experiences and the importance of the Certified International In-vestment Analyst for profession-al development and international recognition.

After the ceremony the new graduates and their families shared a toast of camaraderie along with graduates of previous litters, members of the teaching staff, academic coordination and members of the Argentine Insti-tute of finance executives.

Those who wish may share vid-eos and photos the ceremony in our webwww.certificacionesfinancieras.com l

From left to right: Guillermo Sidoti (IAEF), Horacio P. Fargosi (Chairman of the Argentine Stock Exchange), Douglas Elespe (IAEF), Jesús López Zaballos (EFFAS Chairman), Alejandro Oberst (IAEF Treasurer), Oscar Mazza (General Manager, IAEF), Guillermo A Carracedo (Secretary of the Argentine Stock Exchange)

Argentina 2013 CEFA – CIIA graduates

are then entered into a public register on www.dsi.nl.

Based in the City of London, the CISI is a global organisation with representative offices in financial centres such as Dub-lin, Singapore, Dubai, Mumbai and Colombo. The CISI works in close cooperation with regu-lators, firms and other profes-sional bodies worldwide.

The Agreement notes areas of cooperation to include profes-sional development, career partnering and industry stand-ards and professionalism. The DSI is the first professional or-ganisation in northern Europe with which the CISI has aligned itself to date.

capital markets industry. It helps its members attain, main-tain and develop their knowl-edge and skills and to promote the highest standards of ethics and integrity in the securities and investment industry.

Based in the City of London, the CISI is a global organisation with representative offices in financial centres such as Dub-lin, Singapore, Dubai, Mumbai and Colombo. The CISI works in close cooperation with regu-lators, firms and other profes-sional bodies worldwide.

The Agreement notes areas of cooperation to include profes-sional development, industry standards and qualifications recognition. SwedSec and the Dutch Securities Institute are the first professional organisa-tions in northern Europe with which the CISI has aligned itself to date.

Kevin Moore, CISI Director of Global Business Development said: “We are very pleased to have agreed a programme of cooperation between ourselves and the DSI. There are many areas of mutual interest particu-larly industry standards, profes-sionalism, integrity and ethics. There will also be areas of best practice which we can share and develop going forward, including improving the port-ability prospects of financial services practitioners working in our respective countries.”

Jerry Brouwer, Managing Di-rector of DSI said: “In the CISI we found an organisation which shares the same ideas about in-tegrity and professional stand-

Kevin Moore, CISI Director of Global Business Development said: “We are very pleased to have agreed a programme of cooperation between ourselves and SwedSec. There are many areas of mutual interest includ-ing industry standards, profes-sionalism, portability of qualifi-cations, integrity and ethics.”

The Chartered Institute for Se-curities & Investment (CISI) and the Dutch Securities Institute (DSI) have signed an MoU to increase opportunities for co-operation between their organi-sations through a programme of collaboration.

The DSI is an independent foundation which promotes and monitors the integrity and reliability of financial services providers and compliance pro-fessionals that have met with the standards of screening, in-tegrity and educational require-ments. It does this by granting a DSI registration to more than 6000 qualified experts who must also subscribe to the DSI code of conduct. These professionals

The Chartered Institute for Se-curities & Investment (CISI) and SwedSec Licensiering (SwedSec), the Swedish Secu-rities Institute, have signed an MoU to increase opportunities for cooperation between their organisations through a pro-gramme of collaboration.

SwedSec, with 13,000 active and 3,000 passive members, is the central organisation for ensuring qualifications and compliance with rules among professionals in the Swedish securities market.

SwedSec’s overall aim is to contribute to a high level of confidence in the securities market. The CISI has a 40,000 global membership and is the professional body which sets examinations and offers quali-fications for those working or looking to establish a career in the wealth management and

ards in the financial industry. Mutual recognition of exams can be helpful for financial ex-perts and can also create inter-national standards of profes-sionalism in the sector.” l

Katarina Lidén, CEO of SwedSec said: “This programme of co-operation is an important step towards establishing common grounds for qualifications on an international level. We’re look-ing forward to exchanging expe-rience with the CISI and facilitat-ing mobility among professionals in the financial industry. l


H O L L A N D

S W E D E N

CISI and the Dutch Securities Institute agree programme of collaboration

CISI and SwedSec Licensiering AB agree programme of collaboration

From left to right – Jerry Brouwer (DSI) and Kevin Moore (CISI).

Left to right: Kevin Moore, CISI Business Development Director and Katarina Lidén, CEO Swedsec.


CIIA – opening doors to an international careerCIIA is an internationally recognised, advanced professional qualification with a globally applicable common knowledge base in Finance and Investment.

Unique characteristics of the CIIA diploma• Internationalexaminationcontent• Additionalcoverageoflocalregulationandmarketpractices• Commonstandardofethics• Examinationavailablein11locallanguages• Officiallyrecognisedasprofessionalqualificationinmanycountries• Borneby37professionalsocietiesrepresentingmorethan100’000investmentprofessionals

CIIA is recognised by regulatory authorities worldwide such as FSA (Financial Services Authority) in the United Kingdom.

www.aciia.org


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DON’T FORGET!

Agenda CIIA Final Examination Dates

September 2013Friday 20th, in Europe, New York, South America and Africa

Saturday 21st, in Asia

March 2014Friday 7th, in Europe, New York, South America and Africa

Saturday 8th, in Asia

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