No. 37 - January 2013 - ACIIA

® 

No 37 / Jan. 2013 

ACIIA ® 

News 

Newsletter of the Association of Certified International Investment Analysts ACIIA 

ACIIA Council Meeting 

in Buenos Aires 

ACIIA Council Members and representatives 

from a number of 

countries gathered in Argentina 

in early November to attend the 

ACIIA Council Meeting which 

was held at the IAEF offices in 

Buenos Aires. Key discussion 

topics during the meeting included 

the Structure of ACIIA 

Activities, ACIIA Scholarships 

and Grants, CIIA Promotion and 

Marketing and Re-imbursement 

for Promotional Activities. 

The meeting was superbly organized 

by the Argentinean 

society Instituto Argentino de 

Ejecutivos de Finanzas IAEF. 

Following the meeting on Thursday 

15th November, the IAEF 

successfully hosted an early 

evening seminar at the Stock 

Exchange. Four speakers from 

ACIIA and ACIIA member Societies 

contributed to the seminar. 

Shinichi Yoshikuni from SAAJ 

Japan, Senior Advisor of the Mizuho 

Securities, talked about the 

world financial crisis and Asia. 

Jesus Lopez Zaballos, the EFFAS 

Chairman and Peter König, Managing 

Director of the German 

CoNTENTS 

1 ACIIA Council Meeting in Buenos Aires 

3 The CIIA ® course in Austria partly recognised for Finance MBA 

First CIIA diploma holder in Lithuania 

SAAJ Celebrated 50th Anniversary 

5 SAAJ launched the first Private Banking Education and Examination 

Program in Japan 

Finance, Theatre, Torockó (Rimetea) Conference 

6 The Certified Securities and Investment Draft Bill – 

Stakeholders Meeting 

8 Andrew Sheng inducted as HKSI Honorary Fellow 2012 

9 Hong Kong Securities and Investment Institute Appointed New Board 

Directors and Craig Blaser Lindsay was elected Chairman 

11 Agenda

No 37 / January 2012 

Continued from page 1 

DVFA Finance Academy gave 

their views on the debt crisis of 

the Euro-countries, the reasons 

and options for future developments, 

using different perspec- 


News 

tives in their argumentation. 

Professor Michael Theobald, 

Chairman of the ACIIA International 

Examinations Committee, 

discussed the risk and invest- 

ment after the crisis. on Friday 

evening 16th November the IAEF 

organised the associations 45th 

Anniversary dinner at the Sheraton 

Hotel where delegates and 

Jose Siaba Serrate, Jesus Lopez Zaballos, Shinichi Yoshikuni, Douglas Elespe, Peter König and Michael Theobald 

Delegates and their spouses attend the 45th Anniversary dinner 

2 

their spouses were welcomed. 

The next ACIIA Council Meeting 

will take place on 26th June 2013 

and the Annual General Meeting 

on 27th June 2013 in Portugal. l 

Jesus Lopez Zaballos, Kiyoto Hagiwara, Shinichi Yoshikuni and Douglas Elespe Jesus Lopez Zaballos, Michael Theobald, Douglas Elespe and Fritz H Rau 

Representatives of the ACIIA attend the 45th Anniversary dinner



News 

The CIIA ® course in Austria partly 

recognised for Finance MBA 

The Vienna Economic University 

offers a professional MBA 

in Finance via the WU Executive 

Academy. oVFA, as the organ- 

iser of the CIIA ® course in Austria, 

is proud to announce that 

the CIIA ® course was partly 

recognised by the Academic 

First CIIA diploma holder in Lithuania 

Karolis Devyzis, CIIA holder 

In 2012, Karolis Devyzis, managing 

partner of a local financial 

consultancy company InCapital 

Consulting Ltd., became the 

first Certified International Investment 

Analyst (CIIA) diploma 

holder in Lithuania. 

Mr Devyzis shared his impressions: 

“I am very happy to have 

achieved the certificate in less 

than one year – this very possibility 

was one of the reasons 

SAAJ Celebrated 50th Anniversary 

Opening remarks by SAAJ Chairman Mr. Kazutoshi Inano 

SAAJ / ASIF Conference held 

on Monday 15th October 

In commemoration of the 50th 

anniversary of the Securities 

Analysts Association of Japan 

(SAAJ), the joint conference of 

SAAJ and ASIF - Asian Securities 

and Investments Federation 

Advisers and that the successful 

completion of the CIIA ® 

course exempts from 25% of the 

MBA program. 

why I chose to take on the CIIA. 

However, the studies were really 

intense and I found it challenging.” 

When asked about the syllabus 

and exams, Karolis Devyzis 

commented; “I found the syllabus 

to be very consistent and 

interconnected. The exams, in 

particular the Final, are very 

complex and teach students 

understanding the need to 

- was successfully held on Monday 

15th october 2012 at Keidanren 

Kaikan in Tokyo Japan. 

The event was conducted under 

3 

AUSTRIA 

This is a significant sign of acknowledgement 

and trust in our 

program and will give the CIIA ® 

designation an additional push. l 

LITHUANIA 

evaluate all strategic and financial 

aspects when taking 

decisions.” 

Karolis Devyzis is clear on his 

expectations regarding the CIIA 

diploma: “This achievement 

demonstrates the quality of 

capital management solutions 

that I provide and I am sure it 

will help me in attracting more 

international clients in the near 

future”. l 

JAPAN 

the main theme of “Toward the 

new development of Japanese 

Corporations – Investor Relations 

and Securities Analysts”.



There were about 800 participants 

from among the members 

of SAAJ as well as the guests 

from the ASIF member regions. 

There were two keynote speakers, 

Dr. Changyong Rhee, Chief 

Economist, Asian Development 

Bank, and Dr. Aftab Seth, 

former Indian Ambassador to 

Japan. Dr. Rhee’s speech was 

entitled “Short-term outlook 

and Medium-term Challenges 

for Asian Economies”, and Dr. 

Seth’s speech was entitled 

“India in Asia: Past, Present and 

Future”. The webcasts of their 

presentations are available on 

the SAAJ website. 

one of the most experienced 

analysts in Japan, Mr. Yasuo 

Kuramoto, CMA, Vice Chairman, 

Fidelity Japan Holdings, 

who also served as a Deputy 


News 

A board of the 50-year chronology in the exhibition SAAJ Chairman Mr. Kazutoshi Inano, Vice Chairman Professor Tomio Arai and five 

prize winners 

Chairman of SAAJ, and Mr. Akiyoshi 

oba, CMA, currently a 

Deputy Chairman of SAAJ had 

a dialog session, “Securities 

Analysts: Past and Prospect to 

the Future”. 

Panel discussion entitled “Toward 

the new development of 

Japanese Corporations – Investor 

Relations and Securities 

Analysts” was held with five 

panelists, three from corporate 

management and two from analysts, 

moderated by Mr. Noriyuki 

Matsushima, CMA, Managing 

Director, Citigroup Global Markets 

Japan Inc. 

SAAJ 50th Anniversary 

Projects in 2012 

Besides the SAAJ / ASIF Conference, 

SAAJ accomplished 

the 50th anniversary projects 

as follows: 

SAAJ 50 Year History Book Dictionary of Terms in Securities 

Analysis and Investment Management 

SAAJ 50-Year History Book 

was published in october 2012 

detailing the development of 

investment professionals in 

Japan and the SAAJ, and distributed 

for free to all SAAJ 

members including CMA / CIIA 

holders, related parties / individuals, 

and those in relation 

with financial analysts’ associations 

/ industries in various 

countries. The book is available 

on the SAAJ website. 

The Dictionary of Terms in Securities 

Analysis and Investment 

Management, new version, 

was published in November 

2012 comprehensively covering 

financial and investment terms 

for investment professionals, 

and distributed for free to all 

SAAJ members including CMA / 

CIIA holders and related parties. 

The 50th Memorial Article Prize 

was awarded to five distinguished 

articles providing valuable 

implications / proposals for 

investments and capital markets 

from a long perspective, 

selected from 38 articles submitted 

for the Prize. The award 

ceremony was conducted during 

the SAAJ / ASIF Conference 

in october 2012. The awarded 

articles are available on the 

SAAJ website. 

50th Anniversary Survey Articles 

by prominent academics / 

practitioners appeared in octo- 

4 

ber to December 2012 issues of 

the Securities Analysts Journal, 

SAAJ’s monthly professional 

journal. Such nine articles include: 

“Frictions and Finance 

Theory” by Takao Kobayashi 

(Professor, Aoyama Gakuin University); 

“DoGMA” by Robert 

D. Arnott (Chairman, Research 

Affiliates LLC); “Modeling the 

Term Structure of Interest 

Rates: A Survey for Practitioners” 

by Tomio Arai (Professor, 

University of Tokyo); and “Derivatives, 

Securitization, and 

Financial Market Crisis” by Kazuhiko 

ohashi (Professor, Hitotsubashi 

University). 

A series of factsheets with photographs 

also appeared in each 

issue of the Journal during 2012, 

covering epoch-making issues 

and events in SAAJ’s 50 year 

history. 

Special Purpose Funds for Educational 

Support have been 

established: “Asian Securities 

Analysts Education Supporting 

Fund” to support the education 

for securities analysts in Asian 

region; and “Securities Analysts 

Education Promotion Fund 

for Universities” to promote 

the securities analysts education 

in universities and graduate 

schools. The total amount 

of donations including that by 

SAAJ itself has reached about 

13.5 million yen (about 155,000 

US dollars) for each fund. l



News 

SAAJ launched the first Private Banking 

Education and Examination Program in Japan 

While aging and 

declining birthrate 

are rapidly 

advancing, the 

total individual 

financial assets in Japan exceed 

more than 1,500 trillion yen 

(about 17 trillion US dollars), 

the greater proportion of which 

is held by the elderly. Japan is 

also one of the top three countries 

in the world by population 

of high net worth individuals. In 

such circumstances, not only 

the asset management itself 

but also how to maintain assets 

and enterprises from generation 

to generation has been an 

urgent issue for individuals and 

financial institutions as service 

providers. 

Since 2007 the Securities Analysts 

Association of Japan 

(SAAJ) has taken steps to create 

a professional education 

program for wealth management 

in order to respond to 

various needs of high net worth 

individuals and those so called 

“the mass affluent” in Japan. 

After five-year intensive efforts 

such as commencement of private 

banking seminars and establishment 

of the Private Banking 

Common Knowledge Base 

(PB CKB) as well as the feasibility 

study of introducing a private 

banking qualification scheme 

and creation of the study guide 

booklet and original textbooks, 

SAAJ has now launched the 

first Private Banking Educa- 

Thereafter, Károly Szász, president 

of the Hungarian Financial 

Supervisory Authority (HFSA), 

held his opening presentation 

entitled “Crisis and Re-regulation”, 

in which he shared his 

views and dilemmas with the 

audience on the proposal of the 

single supervisory mechanism 

for banks in the euro area. In his 

speech, Mr Szász outlined how 

the EU crisis program started 

and where it is going, and of 

why Hungary fears the unconditional 

support of the banking 

union. 

The establishment of the common 

banking supervision is only 

the first step in the integration 

process of the financial sector, 

followed by the harmonization of 

liquidation and national deposit 

guarantee systems. Looking at 

the common banking supervision, 

it is problematic, that if the 

non-euro zone members join the 

banking union, they voluntarily 

tion and Examination Program 

which takes place in 2013. 

Features of the program: 

• Four designations starting 

from the entry level 1) Private 

Banking Coordinator, and 

other higher levels: 2) Primary 

Private Banker; 3) Senior 

Private Banker; and the highest 

level 4) Executive Private 

Banker. 

• Covers seven topic areas: 

“Relationship Management”, 

“Wealth Management”, “Real 

Estate”, “Tax”, “Trust and Estate 

Planning”, “Mass Affluent 

Customers”, and “Professional 

Ethics” 

Finance, Theatre, Torockó (Rimetea) 

Conference 

The Hungarian Capital Market 

Professionals’ Society HCMPS 

organized a conference titled 

“Finance, Theater, Torockó” 

on 6th and 7th october 2012 in 

Torockó (Rimetea), in order to 

promote international financial 

professional diplomas. Besides 

the HCMPS, the Institute 

for Training and Consulting in 

Banking, the Department of Finance 

of Corvinus University 

of Budapest, the Babes-Bolyai 

University, the Székelyudvarhely 

College (MÜTF) and the Central-European 

Training Centre 

for Brokers also participated in 

the organization and successful 

conduction of the event. 

The event was opened by János 

Száz, HCMPS Chairman, who 

welcomed the participants and 

briefly outlined the professional 

program of the day. Vice-president 

of the Romanian organisation 

Rozália Pál also attended 

the conference. 

waive their banking supervisory 

powers, and implement the decisions 

of ECB while they cannot 

get involved in the processes 

substantially, since they are not 

monetary union members. In the 

words of Károly Szász: “We will 

enter a one-way street of no 

return, and we make no street 

5 

• Computer-based tests (CBT) 

for the designations 1) and 2), 

CBT with a written examination 

for 3), and the combination 

of a written examination 

and an interview for 4). A 

partial exemption of exams is 

given to holders of other professional 

qualifications such 

as CMA, Certified Public Tax 

Accountant, CPA, and CFP. 

• Continuing education is mandatory 

to maintain the designations 

The examinations of “Private 

Banking Coordinator” and “Senior 

Private Banker” will commence 

in June 2013 and those 

of other designations in 2014. l 

HUNGARY 

game rules. It is difficult to 

formulate what would be Hungary’s 

interest. At the moment, 

I am of the view that we should 

not join the banking union. Rather, 

we should focus on building 

and strengthening the national 

defence system, for which we 

should get the EU’s support.”


A member of the Board of Directors 

of the National Bank of 

Romania Ágnes Nagy said that 

Romania would join the banking 

union. She explained that 

the Romanian banking system 

is dominated by foreign banks 

at 80%, which would otherwise 

be included in the common European 

banking supervisory 

system. In Ms Nagy’s opinion, 

from the inside, through the accession 

it is easier to convince 


News 

Continued from page 4 EU leaders to take into account emphasized that Hungary would and Vera Száz (MoL) were pre- 

national interests in decision- have gone bankrupt long ago, if sented with the process and 

making. 

the foreign parent banks had not preliminary experiences of the 

financed their local subsidiaries. MoL bond issuance program. 

Following a specific request 

from the audience, György 

Surányi, the former president 

of the National Bank of Hungary, 

also shared his views on 

this topic. He said that Hungary 

should support the “opt-in” 

standpoint, since the country 

is simply not able to protect its 

own banking system without the 

support of the ECB. Mr Surányi 

In his presentation, Riecke Werner, 

the former Vice-president 

of the National Bank of Hungary 

examined the main issues and 

requirements of the public debt 

management, i.e. loans, issuance 

of debt and debt service. 

In a panel discussion, András 

Huszár (CFo of INA), László 

Szabó (Head of Treasury, MoL) 

The Certified Securities and Investment Draft Bill – 

Stakeholders Meeting 

The Institute of Investment and 

Securities Industry held a Conference 

at the Hilton Hotel in 

Nairobi, Kenya. The Conference 

brought together key regional 

stakeholders and practitioners, 

in capital markets, regulatory 

bodies, pension industry, Sacco 

sector, insurance industry, actuarial 

advisory services, stock 

Finance stakeholders attending meeting 

broking, mutual funds, training 

and certification agencies, 

diplomatic agencies amongst 

others, to discuss enabling legislation 

needed to deepen the 

securities and investment sector 

in Kenya. The Conference 

opening remarks were made by 

Lazarus Kimanga, Chairman of 

the Institute of Certified Secu- 

rities & Investments Analysts. 

ICSIA also used this occasion to 

promote the ACIIA and to create 

awareness of the CIIA professional 

qualification. 

The Conference discussed the 

Certified Securities and Investment 

Draft Bill (CSIA Bill) which 

will soon be introduced in the 

6 

Besides the professional program, 

the young economists 

and students could attend a 

play titled “Tündökl Jeromos” 

written by Áron Tamási, on 

Saturday evening. Climbing the 

Székelyk, visiting the castle of 

Torockószentgyörgy and the 

college of Nagyenyed were also 

part of the program. l 

KENYA 

Parliament to regulate the activities 

of the securities and 

investment analysts in Kenya. 

The bill, amongst other things, 

will entrench the practise of 

securities and investment analysts 

through a self-regulatory 

environment, while adhering to 

a code of conduct and ethics. 

The presentation of the Bill was 

given by Pius Nduatih, CEo of 

KASNEB. 

Africa is experiencing notable 

growth driven by the new discoveries 

of natural resources, 

great investment in infrastructure 

and a fast-growing middle 

class; making it more alluring to 

the foreign investor. The challenges 

of investment in Kenya 

– which include corruption, 

impunity, high costs of doing 

business, technology transfer 

risks, trends of peace instability, 

policy inconsistencies – to mention 

some, were also discussed 

during the conference. Consequently, 

the Draft Certified Securities 

and Investment Analysis 

(CSIA) Bill that seeks to avert the 

mentioned challenges by paving 

way for the much needed qualified 

/ skilled personnel in the investment 

arena and better collaboration 

among them – so as 

to realize the Vision 2030.



Kevin Moore from the Certified 

Institute for Securities & Investment 

based in London, whose 

organization represents over 

40,000 members in 49 countries, 

commented that competence 

is not just about examinations. 

“It is about skills, knowledge, 

expertise, ethical behaviour 

and the application and maintenance 

of all of these”. Mr Moore 

presented statistics that showed 

that financial services industry is 

amongst the least trusted industries 

while technology industry 

ranked high as far as trust was 

concerned and emphasized the 

need for the regulatory agencies 

to work closely with professional 

training institutions and 

employment agencies in order 

to promote professional standard 

in Kenya’s financial sector. 

Africa is becoming an increasingly 

attractive hub for foreign 

investors in light of various 

economic, political and social 

reforms that are taking place 

throughout the continent, resulting 

in a much improved business 

environment conducive 

for foreign direct investment. 

For instance, investing in infrastructure 

has become critical to 

Africa’s growth. Though there 

have been some significant improvements 

in the development 

and quality of infrastructure in 

Kenya, as well as in the rest of 

the continent, there is still an 

instantly recognizable deficit. 

This shortfall has had an unhelpful 

bearing on the smooth 

running of trade and agricultural 

activities. Given that the financing 

capacity of our government 

as in other African countries is 

limited, there are opportunities 

for investors to partner with the 

government in the development 

of our otherwise unreliable infrastructure. 

This could be investing 

in reliable power supply, 

water resources, roads and railway 

systems. 

The Hilton in Nairobi 


News 

• A report by Africa Development 

Bank indicates that by 

2060 the number of people 

earning between US $ 4 and 

US $ 20 will shift from 355million 

to about 1.1 billion or 42% 

of Africa population. 

• UN report on population indicates 

that by 2030, over 70% of 

the Africa population will be a 

youthful population. 

With these transformations taking 

place, the continent has become 

more integrated into the 

global economy. Notably, for 

almost a decade, Africa’s economy 

has been growing at an 

average rate of almost six per 

cent per year, which is above 

average in global comparison. 

This trend is being driven by a 

growing middle class that approximates 

over 300 million people 

and is expected to expand. 

This middle class will require 

to be serviced with new products 

hence making Africa’s fast 

moving consumer goods sector 

promising. There will therefore 

be a huge and ever-growing 

opportunity for manufacturers 

and retailers of FMCGs like 

food, beverages, home care and 

personal care products, said 

Godfrey Mwau, the Economic 

Secretary in the Ministry of Finance 

in Kenya. 

For Kenya to benefit from this 

development; there is need for 

widespread development of 

critical social and physical infrastructure, 

and the developing of a 

pool of well qualified investment 

analysts able to work across the 

continent. Jamie Walker – Frontier 

Market Intelligence Regional 

Director and a Media business 

development expert talked about 

the need for Kenya to send the 

right signals to global investors 

who are eager to channel their 

investments into Kenya There is 

need to improve investment incentives 

and regulatory framework 

that will support Foreign 

Direct Investments. Thus ICSIA 

is positioned to ensure public investment 

is made upon the basis 

of financial information which 

is adequate and reliable in content 

and entirely has uniformity, 

both as to quality and quantity. 

Anchored on its vision, ‘To be a 

Knowledge Centre in Financial 

Markets for Developing Economies’, 

ICSIA will increase the 

number of competent investment 

analysts at the service of 

the investing public, a factor that 

will contribute to making our financial 

markets safer than they 

otherwise would be. There’s a 

likelihood that the evident economic 

crisis and the recession 

in developed economies, includ- 

7 

ing USA and Europe, will lead to 

a capital flight into Africa on an 

unprecedented scale – in search 

of better return on investment. 

This is further underscored by 

Germany’s Africa Strategy Paper 

that seeks to promote broadbased 

economic growth through 

a dynamic private sector that promotes 

economic interaction with 

Africa by facilitating trade and 

investment. Thus there is urgency 

on the part of African Capital 

Markets to quickly deepen their 

financial markets in readiness for 

this eventuality. The level of sophistication 

of financial markets 

must be addressed to factor in 

risk mitigation products, including 

derivatives, future and option 

platforms. The ability to manage 

risk is of utmost importance to 

investors. 

ICSIA is focused on developing 

and equipping students and professionals 

in financial sectors 

in Africa with skill sets that will 

make them relevant in the new 

and emerging financial savvy Africa. 

The passing of the CSIA Bill 

will legitimize the profession and 

create a legal framework to build 

a profession. There is therefore 

the need for urgent lobbying to 

ensure that the legal provisions 

for this profession are entrenched 

in all appropriate Acts. l


Andrew Sheng inducted as HKSI Honorary 

Fellow 2012 

The Hong Kong Securities and 

Investment Institute (HKSI) was 

pleased to have Andrew Sheng 

present as an Honorary Fellow 

during the induction ceremony 

held at the HKSI’s 15th Anniversary 

Dinner on 18th october 

2012. The HKSI new logo was 

also officially introduced at this 

memorable event. 

Veteran Finance Professional – 

Andrew Sheng 

Andrew Sheng is a veteran central 

banker and financial market 

regulator in Asia and has worked 

in many prestigious organisations 

including the Securities 

and Futures Commission in Hong 

Kong, the Hong Kong Monetary 

Authority, China Banking Regulatory 

Commission, the World 

Bank, and the Bank Negara Malaysia. 

Mr Sheng is currently the 

President of “The Fung Global 

Institute”, which is a non-profit 

and independent think-tank and 

learning institute that generates 

and disseminates new thinking 

from Asian perspectives on issues 

that are transforming the 

global economy. 

Mr Sheng is one of the founding 

members of the HKSI, and has 

been supporting the Institute 

for many years. It is his belief 

that financial services industry 

is built on the quality of people 

and their training. 

“I am very honoured to become 

an Honorary Fellow of the 

HKSI. As one of the founding 

members of the Institute, I feel 

particularly proud of the Institute’s 

great work over the past 

15 years,” Mr Sheng told HKSI 

during a video interview. The 

interview was published on the 

HKSI website (www.hksi.org) in 

early November. 

HKSI Honorary Fellowships are 

awarded to the individuals who 

have made distinguished contributions 

to the development 

of the financial industry. 


News 

During the induction ceremony, 

the HKSI Chairman Anthony 

Muh commented, “We are delighted 

to have Mr Sheng as 

the Institute’s Honorary Fellow 

2012. He is one of the key figures 

to have driven the development 

of Hong Kong’s financial industry. 

With his supervision and effort, 

the Hong Kong Mortgage 

Corporation was established, 

the Hong Kong Exchanges and 

Clearing was demutualised, 

merged, and listed, and the 

Securities and Futures Ordinance 

was adopted. With his 

tremendous contributions to 

the financial market of China 

and Hong Kong, it is our honor 

and pleasure to have Mr Sheng 

as our HKSI Honorary Fellow.” 

Around 400 members and practitioners 

of the industry witnessed 

the induction ceremony. 

After the ceremony, Mr Sheng 

presented a keynote speech 

on ‘The Asian Capital Market 

Landscape’. In recognition of 

members’ significant contribution 

to the development of the 

industry and the Institute, four 

HKSI ordinary Members were 

also inducted as HKSI Fellows 

during the same occasion. They 

are as follows; Chan Ping Keung 

(Bryan), Gary WK Cheung, Samantha 

SY Ho, and Peter SH 

Wong. 

Grooming Young Members 

This year, the HKSI made a special 

arrangement for the 15th 

Anniversary Dinner. Eleven 

Andrew Sheng and HKSI Board Members with elites of the industry 

VIPs at the HKSI new logo introduction ribbon-cutting ceremony 

Andrew Sheng inducted as HKSI Honorary Fellow for 2012 

8 

HoNG KoNG 

students from the year’s HKSI 

scholarship awardees were invited 

to join the dinner. They are 

all pleased to have a chance to 

learn from the senior practitioners 

of the industry. The HKSI is a 

premier membership organisation 

in the securities and investment 

industry in the region. To 

date, there are over 2,300 individual 

members with 53 Honorary 

Fellows and Fellows as the 

highest rank. l


Craig Blaser Lindsay was elected 

as the new Chairman at the 

first meeting of the Board held 

immediately after the AGM. Mr 

Lindsay has over thirty years 

industry experience working in 

major financial centres including 

New York, London, Tokyo, 

and now in Hong Kong. He has 

worked in prestigious companies 

like Goldman Sachs and 

Tokai Asia and is currently the 

Managing Director and Chief 

operating officer of CITIC Securities 

International Investment 

Management (HK) Limited as 

well as the Chairman of China 

New Economy Fund Limited. 


News 

Hong Kong Securities and Investment Institute Appointed New 

Board Directors and Craig Blaser Lindsay was elected Chairman 

The 15th Annual General Meeting (AGM) of the Hong Kong Securities and Investment Institute was held on Wednesday, 5th December 2012, 

during which the new Board for 2013 was formed as follows: 

Board Directors elected by members: Prof Michael Arthur Firth Hong Kong Economic Journal Chair Professor of 

Finance 

Lingnan University 

Mr John Martin Maguire Head of Corporate Finance 

Reorient Financial Markets Limited 

Mr Colin Stuart Shaftesley Partner, Financial Services Practice 

PricewaterhouseCoopers, Hong Kong 

Mr Tsang Chi Suen Trini Wocom Holdings Limited 

Director and General Manager 

Board Directors appointed by the Mr Chiu Kwok Keung Ringo Managing Director and Chief operating officer 

Securities and Futures Commission (SFC): CITIC Securities International Company Limited 

Mr Shek Chi Fai Derek Director of Licensing SFC 

Mr Wong Ying Kwan Stephen Chief Executive officer 

HSBC Broking Services (Asia) Limited 

In addition, the following eight Broad Directors will hold office until the next AGM: 

Mr Craig Blaser Lindsay (Chairman) 

Mr Chan Ping Keung Bryan 

Ms Ho Shuk Yee Samantha 

Dr Lam Kit Lan Cynthia 

Mr Philip Andrew Tye 

Ms Wong Wai Kwan Anna 

Mr Wong Shiu Hoi Peter 

Mrs Edith Ngan Chan (Chief Executive) 

Mr Lindsay appreciates the effort 

of the previous Board Directors 

said, “We would like to 

express our heartfelt thanks to 

the outgoing Chairman, Anthony 

Muh, and the entire Board of 

2012 for their invaluable contributions 

to the HKSI over the 

years.” 

“In 2012, the HKSI celebrated its 

15th anniversary and rebranded 

the name of the Institute to ‘Hong 

Kong Securities and Investment 

Institute’ with a new logo to 

highlight our positioning in both 

sectors,” Mr Lindsay added. Notable 

achievements included: 

• Brought first internationally 

recognised private wealth 

management qualification, 

CIWM (Certified International 

Wealth Manager), to Hong 

Kong and Asia 

• Developed and completed Licensing 

Examination (LE) for 

Credit Rating Agencies (LE 

Paper 4 and Paper 10) 

• Extended offering of LE to Taiwan 

such that LE is available 

for the whole Greater China 

area 

Chief Executive of the HKSI, 

Edith Ngan Chan, congratulated 

the new Board Directors 

HKSI Chairman Craig Blaser Lindsay 

9 

and welcomed Mr Lindsay’s 

appointment. Ms Chan said, 

“Mr Lindsay has been a HKSI 

member since 1997 and was inducted 

as a HKSI Fellow in 2007. 

In the past fifteen years, he has 

served as a HKSI Board Director 

(2005 to 2010 and 2011 to 

present), been a member of the 

HKSI Executive Committee and 

Examinations Committee, and 

has also Chaired the Membership 

Committee, Editorial Committee, 

Audit Committee, and 

E-Committee. Mr Lindsay provides 

important links from our 

past achievements to a bright 

future.” l



News 

CIIA – opening doors 

to an international career 

CIIA is an internationally recognised, advanced professional qualification with a globally applicable 

common knowledge base in Finance and Investment. 

Unique characteristics of the CIIA diploma 

• International examination content 

• Additional coverage of local regulation and market practices 

• Common standard of ethics 

• Examination available in 11 local languages 

• Officially recognised as professional qualification in many countries 

• Borne by 36 professional societies representing more than 100’000 investment professionals 

CIIA is recognised by regulatory 

authorities worldwide such as FSA (Financial 

Services Authority) in the United Kingdom. 

10 

www.aciia.org


Agenda 

Events 

EFFAS European Bond Commission 

11th – 12th February 2013, Paris 

Meetings 

ILPIP Council Meeting 

25th June 2013, Lisbon 

ACIIA Council Meeting 


ACIIA Annual General Meeting 


Seminars 

4th SAAJ International Seminar 

21st – 22nd February 2013, Tokyo 

EFFAS One day seminar 

13th March 2013, oslo 


News 

CIIA Final Examination Dates 

March 2013 

Friday 8th, in Europe, New York, 

South America and Africa 

Saturday 9th, in Asia 

September 2013 

Friday 20th, in Europe, New York, South 

America and Africa 

Saturday 21st, in Asia 

DoN’T FoRGET! 

® 

ACIIANews 

Publisher 

Association of Certified 

International Investment 

Analysts ACIIA 

Feldstrasse 80 

8180 Buelach/Zurich 

Switzerland 

T +41 44 872 35 43 

F +41 44 872 35 32 

info@aciia.org / www.aciia.org 

Layout 

zollinger graphic design, 

11 

Zurich/Switzerland (azollinger.ch) 

Copyright © 

Pictures: 

The rights to all pictures are 

either with ACIIA or a third party 

and may not be used without 

permission.

No. 37 - January 2013 - ACIIA

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