Equities - DVFA

50 YEARS 

Society of Investment Professionals in Germany 

Annual Report 2010

Annual Report 2010_ 

Society of Investment Professionals in Germany

Imprint 

Publisher: DVFA e.V. 

Mainzer Landstraße 47a 

60329 Frankfurt am Main 

Tel.: 069 | 264848-0 

Fax: 069 | 264848-488 

Mail: info@dvfa.de 

Web: www.dvfa.de 

Development and Text: DVFA GmbH 

Chief Editor: Ralf Frank | Dr. Peter König 

Editing: Natascha Bingenheimer 

Design: ReichDesign | Frankfurt/M. 

Print: Ph. Reinheimer | Darmstadt 

This publication and all parts thereof 

are copyrighted. Any use beyond the 

scope of the German Copyright Act 

(Urheberrechtsgesetz - UrhG) without 

the express permission of the DVFA 

is prohibited and punishable by law. 

This applies in particular to copying, 

translating, microfilming and electronic 

storage and processing.

contents 

DVFA e.V. 

The Board 

Report of the Board ______________________________________________________________________________ 05 

Members of the Board ___________________________________________________________________________ 07 

The Society 

Members of the Advisory Board ________________________________________________________________ 08 

Corporate Sponsors of DVFA ____________________________________________________________________ 08 

DVFA Representatives and Honorary Members ______________________________________________ 09 

Feature: DVFA celebrates its 50th anniversary ______________________________________________ 10 

Feature: Members’ Meeting ____________________________________________________________________ 13 

Commissions and Expert Groups ______________________________________________________________ 14 

Feature: DVFA Clubs _____________________________________________________________________________ 15 

Activities of the Commissions 

Equities _____________________________________________________________________________________________ 16 

Feature: DVFA and Germany’s SMEs ___________________________________________________________ 20 

Fixed Income ______________________________________________________________________________________ 22 

Feature: Alumni Network _________________________________________________________________________ 23 

Asset Management _______________________________________________________________________________ 24 

Panel on Financial Market Communication __________________________________________________ 26 

Feature: Integrated Reporting ___________________________________________________________________ 28 

Panel on Financial Market Regulation ________________________________________________________ 30 

Feature: Investor protection and improve operation of the capital market _________________ 31 

EFFAS/ACIIA 

Annual General Meeting _________________________________________________________________________ 32 

EFFAS Summer School __________________________________________________________________________ 34 

ACIIA ________________________________________________________________________________________________ 35 

DVFA e.V. Annual Financial Statements ______________________________________________________ 36 

DVFA GmbH 

Table of Contents_ 

Report of the Management _____________________________________________________________________ 38 

DVFA GmbH Annual Financial Statements ___________________________________________________ 40 

Feature: DVFA Graduation Ceremony 2010 ____________________________________________________ 42 

Feature: German Investment Consultant Conference _________________________________________ 43 

Feature: EFPA ______________________________________________________________________________________ 44 

Feature: Wealth Management ___________________________________________________________________ 45 

Feature: Risiko Management ____________________________________________________________________ 47 

Appendix ____________________________________________________________________________________________ 48 

03

“ Through our international membership network, DVFA, 

beyond a doubt a German organisation, offers the 

necessary global reach that is so crucial for professionals 

in the capital markets.

the board 

Ladies and Gentlemen, Dear Members, 

Report of the Board_ 

The year 2010 was clearly shaped by events to mark the DVFA anniversary. With a festive 

affair in October, we hosted nearly 400 guests to celebrate the first half century of the 

Society. The commemorative publication released for the same occasion covers numerous 

facets, with more than 40 articles written by industry experts, reflecting the broad range 

of activities pursued by DVFA and its members. The spectrum extends from answers to 

new challenges in asset management, financial analysis, accounting and the fixed income 

segment, to issues of corporate governance, financial communication, ethics and regulation, 

and even encompasses economic paradigms for the future. The volume clearly 

demonstrates that, since the very beginning, the work of DVFA has revolved around the 

fascinating point at which capital market theory meets practice. All members were provided 

with a copy of the publication. 

Our Commissions and Expert Groups also look back on a successful year in 2010. In 

the Equities division, the Small Cap Expert Group and Commission Life Science were 

very active: The small cap experts are working intensively on reporting standards for 

small and midcaps, while the life science group released the well-received publication 

‘Life Science in the Capital Market – Biosimilars’. The conference calendar was full last 

year, with events addressing a wide array of topics before large crowds of participants. 

I must also mention the publication ‘KPIs for ESG’, which – carrying the endorsement 

of EFFAS – has been recognised by DG Enterprises and the EU Commission as a European 

Sustainability Standard. As a rapid reaction to the growing presence of small and 

medium-sized enterprises in the market for fixed income securities, the Expert Group 

Bond Communication has drafted a list of communication guidelines for issuers of corporate 

bonds. These ‘Minimum Standards for Bond Communication’ have been adopted 

by Deutsche Börse, which uses them as guidelines for new issues after opening a new 

Entry Standard for bonds at the end of January 2011. 

The Finance Academy was enlarged in 2010 to include the new postgraduate programme 

CRM Certified Risk Manager, which is being offered in partnership with Frankfurter 

Institut für Risikomanagement und Regulierung (FIRM). The financial management programme 

Certified Financial Manager has received accreditation from the European 

Financial Planner Association (EFPA), which set up EFPA Deutschland e.V. at the end of 

October to represent it in Germany. DVFA is a founding member of the organisation, and 

Dr. Peter König serves as Deputy Chairman. 

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06 

the board 

Through our international membership network, DVFA, beyond a doubt a German organisation, 

offers the necessary global reach that is so crucial for professionals in the 

capital markets. The CIIA, for instance, is not a national DVFA-specific qualification. It 

is offered by DVFA on behalf of a worldwide organisation. 

Our work in EFFAS, the training and qualification organisation ACIIA, the new cooperation 

with EFPA, and recognition of the work by the DVFA Commission on ESG by the European 

Commission demonstrate the scope of our international relationships. DVFA also acts as 

representative for the European umbrella association in Germany. 

Over the past year, several DVFA Clubs met to examine aspects of the financial market 

crisis. The DVFA Club events, which offer our members the ability to inform themselves 

about current events while meeting in an informal atmosphere, have been met with 

enthusiastic support. This is all the motivation we need to further develop the format. 

Near the end of 2010, the Society founded the non-profit ‘Gemeinnütziges DVFA Institut für 

Finanzstudien gGmbH’, which aims to promote academics and research, carry out scholarly 

programmes and projects on financial topics. A further objective of the new non-profit 

is to support the stated mission of the Society to ‘promote public awareness of and 

strengthen confidence in capital markets.’ The new gGmbH is to be funded via grants. 

We would also like to take a moment to remember our honorary member Professor Dr. 

Dr. h.c. Carsten Claussen, who passed away in 2010. Prof. Claussen was a participant 

at the founding meeting of the Society. Until shortly before his death, he actively took 

part in our activities and advised DVFA as an expert in the field of equity reporting legislation. 

His main interest was in establishing ethical principles and assuring integrity 

among DVFA investment professionals. 

DVFA has 1,283 individual members and 13 corporate sponsors. 

Report of the Board_ 

The DVFA e.V. 2010 annual financial statements were audited by Ebner Stolz Mönning 

Bachem GmbH & Co. KG and received an unqualified opinion. 

The Board warmly thanks all of the Commissions and Expert Groups for their commitment, 

as well as the DVFA administrative team for their tireless support of DVFA e.V. 

Frankfurt, March 2011 DVFA e.V. Board

the board 

Fritz H. Rau 

DVFA e.V., Chairman, 

Financial Market Regulation 

Frank Klein 

DB Advisors 

Asset Management 

Ingo Mainert 

Allianz Global Investors/RCM 


Dr. Peter Merk 

LB Baden-Württemberg 

Deputy Chairman, Fixed Income 

Stefan Bielmeier 

DZ BANK AG 

Fixed Income 

Gunnar Miller 

Allianz Global Investors/RCM 

Equities 

Members of the Board_ 

Andreas Heinrichs 

Vontobel Securities AG 

Secretary, Equities 

Guido Hoymann 

B. Metzler seel. Sohn & Co. KGaA 

Equities 

Michael Schmidt 

Union Investment Privatfonds 


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08 

the society 

Members of the Advisory Board 

(as of March 2011) 

DVFA Corporate Sponsors 

Claus Döring 

Börsen-Zeitung, Chief Editor 

Norbert Enste 

Enste/PCG Asset Management GmbH, Managing 

Director 

Nils Frowein 

AWD Holding AG, Deputy Chairman 

Lars Hille 

DZ BANK AG, Management Board 

Dr. Lutz R. Raettig 

Morgan Stanley AG, Supervisory Board Chairman 

Dr. Johannes J. Reich 

B. Metzler seel. Sohn & Co. Holding AG, Partner 

Dr. Hans Reckers 

Member of the Executive Board of the Deutsche 

Bundesbank ret. 

Michael Reuther 

Commerzbank AG, Management Board 

Advisory Board & Corporate Sponsors_ 

Peter Roemer 

Deutsche Asset Management Investment GmbH, 

Speaker of the Management Board 

� Bayerische Landesbank Girozentrale 

� BHF-BANK AG 

� Commerzbank AG 

� Deutsche Apotheker- & Ärztebank eG 

� Deutsche Börse AG 

� DZ BANK AG 

� HSBC Trinkaus & Burkhardt AG 

Prof. Dr. Dr. h. c. Uwe Schneider 

Johannes-Gutenberg-Universität Mainz, Director 

of the Institute For German and International 

Banking Law 

Dr. Zeno Staub 

Bank Vontobel AG, Management Board 

Wolfgang Stertenbrink 

Alte Leipziger-Hallesche, Management Board 

Chairman 

Hans-Joachim Strüder 

LB Baden-Württemberg, Management Board 

Werner Taiber 

WestLB AG, Management Board 

Andreas Utermann 

Allianz Global Investors AG, Management Board 

Jens Wilhelm 

Union AssetManagement Holding AG, 

Management Board 

Bernd Zens 

DEVK-Versicherungen, Management Board 

� Jungheinrich AG 

� Landesbank Baden-Württemberg 

� R+V Versicherung 

� RCM Allianz Global Investors AG 

� Vossloh AG 

� WestLB AG

the society 

Representatives National 

Representatives International 

Representatives ACIIA 

Representatives EFFAS 

Representatives ILPIP 

Internal Dispute Settlement 

Honorary Members of DVFA 

DVFA Representatives & Honorary Members_ 

Exchange Council of the Frankfurt Stock Exchange __________________ Heinz-Jürgen Schäfer 

DRSC - German Standardization Council _______________________________________ Norbert Barth 

DRSC - Working Group on Classification of items as equity or liabilities ____ Sigrid Krolle 

DRSC - Working Group Fair Value __________________________________________ Michael Schickling 

EFPA Deutschland - Executive Board ______________________________ Dr. Peter König, Ulf Mayer 

Federal Financial Supervisory Authority (BaFin) Advisory Board __________ Dr. Peter König 

FIRM - Advisory Board ____________________________________________________________ Dr. Peter König 

Frankfurt Main Finance __________________________________________________________ Dr. Peter König 

GAMSC - German Asset Management Standards Committee ______________ Dr. Peter König 

XBRL e.V. _________________________________________________________________________________ Ralf Frank 

GIPS - RIPS EMEA ____________________________________________________________ Martin Schliemann 

EFRAG Insurance Accounting Working Group (IAWG) ___________________ Dr. Carsten Zielke 

IASB Insurance Working Group __________________________________________________ Norbert Barth 

IASCF XBRL Advisory Committee ____________________________________________________ Ralf Frank 

IASB Joint International Group on Performance Reporting ____________ Hans-Joachim Pilz 

IIRC International integrated Reporting Committee ______________________________ Ralf Frank 

XBRL International Best Practice Board ____________________________________________ Ralf Frank 

ACIIA Council ___________________________________________________________________________ Fritz H. Rau 

International Examinations Committee (IEC) ____________________ Prof. Dr. Raimond Maurer 

Commission on ESG Environmental, Social, Governance Issues (CESG) _______ Ralf Frank 

Market Structure Commission (MSC) __________________________________________ Dr. Peter König 

Training and Qualification Commission (TQC) ________________________________ Dr. Peter König 

ILPIP Council _______________________________________________________________________ Dr. Peter König 

Arbitration Panel: 

Dr. h.c. Gerd Nobbe __________ Chairman 

Judge (Ret.) German Fed. Court of Justice 

Dr. Jürgen Callies _________________ Arbiter 

Helmut Mader _______ _____________ Arbiter 

Margot Schoenen _______ Deputy Arbiter 

Christian Strenger ______ Deputy Arbiter 

Michael Hauck, Dr. Peter Maurer 

Ethics Panel: 

Thomas Sagebiel _____________ Chairman 

Presiding Judge Frankfurt Higher Regional Court of Appeals 

Thomas Neisse __________ Panel Member 

Rudolf Symmank ________ Panel Member 

Bruno Hidding __ Deputy Panel Member 

Dr. Lars Slomka _ Deputy Panel Member 

09

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featu DVFA celebrates its 50 Equities_ 

th anniversary_ 

DVFA celebrates its 50 th anniversary 

On 26 October 2010, DVFA held a celebration to mark its 50-year anniversary. Nearly 400 guests were assembled at 

the IHK in Frankfurt to help commemorate the occasion. 

In his opening address, after a look back over the past 50 years of the Society, DVFA Chairman Fritz H. Rau focussed 

on the topics that will characterise the work of organisation in the future. ‘Implementation and continual re-examination 

of ethical principles along with qualification for the profession are key to our work. Integrity and qualification are 

two sides of the same coin. Each depends on the other!’ 

On behalf of the City of Frankfurt and Spokesman of the Executive Committee of Frankfurt 

Main Finance, Dr. Lutz R. Raettig praised the accomplishments of DVFA over the years. 

‘Thanks to DVFA, Frankfurt’s financial community has enjoyed astounding development 

over the past 50 years.’ 

Thomas Neiße, President of Bundesverband Investment und Asset Management e.V. (BVI), 

expressed hope in his speech, ‘that DVFA and BVI will work even more closely going forward 

to promote the success of financial centre Frankfurt and identify new fields for cooperation 

with one another. The people of BVI, at any rate, would be very pleased at this.’ 

The event’s keynote speaker was Prof. Dr. Norbert Walter, who addressed the crucial 

integrative role played by DVFA in training and qualification, in Germany and at EU level.



‘Make use of the rich biotope of education. To me, the most important capability of DVFA 

is its promotion of professionalism and independence as inherent values – in a way that 

transcends national boundaries.’ 

The anniversary celebration offered a festive framework for the first-ever awarding of 

the DVFA Medal of Honour, of which Prof. Dr. Norbert Walter was the inaugural recipient. 

Fritz H. Rau, in his congratulatory speech, said that Dr. Walter had been a prominent 

voice for more than two decades, often contributing trenchant advice on key economic 

and financial market developments. He also emphasised that the remarks by Prof. Dr. 

Norbert Walter were invariably characterised by intense analytical acuity. 

Michael Hauck was also recognised for his life’s 

work, not only in relation to the founding of DVFA. 

Mr. Hauck, it was said, helped shape Frankfurt’s 

financial centre through a profound commitment to 

capital market transparency and qualification of 

investment professionals. He was also commended 

for his promotion of integrity, as part of DVFA and in 

his numerous other functions and diverse initiatives. 

Claus Döring, Chief Editor of Börsen Zeitung, was on 

hand as the eloquent and entertaining host of the 

event. 

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Commemorative publication ‘Kapitalmarkt in Theorie und Praxis’ 

To mark the occasion of its 50 th anniversary, DVFA put together a commemorative 

publication on the theories and realities of the capital market entitled, ‘Kapitalmarkt 

in Theorie und Praxis’ (‘Capital market theories and realities’). 

It is a collection of essays from more than 40 respected authors on the future of Research, 

Asset Management, Regulation and Accounting, for use by both professional capital 

market experts and academics. Fritz H. Rau stressed: ‘We deem it important to bridge 

the gap between theory and practice – a guiding ambition that our society of investment 

professionals has had from the very start.’

featu Annual Member's Meeting_ Equities_ 

Annual General Meeting 2010 elects new board members 

On 26 May 2010, the DVFA Members’ Meeting elected Stefan Bielmeier of DZ BANK AG, Guido Hoymann of B. Metzler seel. Sohn 

& Co. KGaA and Michael Schmidt of Union Investment Privatfonds GmbH as new members of the Board of DVFA e.V.. Stefan 

Bielmeier will join the Fixed Income section, Michael Schmidt will work in Asset Management and Guido Hoymann support the 

Society in the area of Equities. 

The sitting board members: Fritz H. Rau (Chairman), Dr. Peter Merk (Deputy Chairman Fixed Income) of Landesbank Baden- 

Württemberg, Andreas Heinrichs of Vontobel AG (Secretary, Equities), Frank Klein of DB Advisors (Treasury, Asset Management), 

Ingo Ralf Mainert (Asset Management) of RCM/Allianz Global Investors KAG and Gunnar Miller (Equities) of RCM/Allianz Global 

Investors KAG, were reelected by 

the Members’ Meeting. 

Winfried Becker, after 8 years as 

a member of the Board, Klaus 

Holschuh after 6 years and Ernst- 

Ludwig Drayß after 4 years requested 

that their names be withdrawn 

from balloting. 

From left to right: Stefan Bielmeier (DZ BANK AG), Guido Hoymann (B. Metzler seel. Sohn & Co. KGaA), Michael Schmidt (Union Investment Privatfonds GmbH) 

Impressions from the Garden Party 

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the society 

u 

u 

u 

u 

u 

EQUITIES FIXED INCOME ASSET MANAGEMENT 

CRUF-DE 

[Corporate Reporting User Forum] 

Expert Groups Financial Reporting 

[Banks, Insurance, Real Estate] 

Expert Group Corporate Transaction 

& Valuation 

Expert Group Fairness Opinions 

Expert Group Small Caps 

Commission Life Science 

Commission on Effective Financial Market Communication 

Expert Group: Bond Communication 

u 

u 

u 

u 

Commission on Standards for Investment Research 

Overview of DVFA Commissions & Expert Groups_ 

Fixed Income Forum 

Commission Rating Standards 

Expert Group: Rating-relevant 

aspects of mezzanine financing 

Expert Group: Rating-relevant 

aspects of IFRS adoption 

Expert Group: Rating standards 

for ABS 

Expert Group: Use of rating scales 

FINANCIAL MARKET COMMUNICATION PANEL 

u 

FINANCIAL MARKET REGULATION PANEL 

u 

u 

Asset Management Forum 

Commission Investment 

Performance Standards 

Expert Group: Leverage 

Expert Group: Assets under 

management 

Commission on Non-Financials 

Expert Group: Corporate Governance 

Code Commission

featu DVFA Club +++ DVFA Club +++ DVFA Equities_ Club_ 

DVFA Club [Feb 2010] u 

Prof. Dr. Uwe H. Schneider 

DVFA Club [May 2010] u 

Dr. Udo Milkau 

‘Ethics and responsibility in the financial industry – Part II’ 

On 01 February, DVFA invited participants to attend its first Club event of 2010. 

‘Ethics and responsibility in the financial industry - Part II’ was a thematic continuation 

of the event in September 2009. Peter König hosted the evening, Prof. Dr. Uwe H. 

Schneider, Institut für internationales Kreditrecht, presented eight topics for discussion. 

Referencing the prior DVFA Club event ‘Ethics and responsibility in the financial industry 

– Part I’, Prof. Schneider said that it was not plausible to define the capital market 

as an 'ethics-free zone’. The financial crisis, he said, was proof to the contrary, as is the 

existence of numerous other ethical standards. The financial crisis also coincided with 

a political crisis with a legal Renaissance. Schneider seemed to prefer the model of self 

regulation and spoke of ‘societal ostracism’ or ‘societal sanctions’ as effective deterrents 

to ethically objectionable conduct. 

‘Physics of the financial markets’ 

Dr. Udo Milkau, physicist and adjunct professor at Johann Wolfgang Goethe University, 

Frankfurt, captivated the numerous guests with a fascinating look at the predictability of 

systematic financial market risks. 

He impressively succeeded in bridging the interdisciplinary gaps between physics, 

mathematics and financial market theory. ‘Before we start, remember: even physics 

cannot foretell when and how one should invest,’ said Dr. Milkau, but continued by saying 

that developments in the field of physics in the second half of the 20th Century can be 

very helpful in gaining a better understanding of financial market crises. 

Theoretical models like Heisenberg’s uncertainty principle or the Ising model of ferromagnetism 

can be starting points. Milkau demonstrated how the mere the supposition 

that financial markets are ordered, linear and balanced systems proves false. On the 

contrary: non-linearity is the norm, with episodes of linearity, and that order happens 

only occasionally in the chaotic environment of the market. 

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activities of the commissions 

CRUF 

CRUF Corporate User Forum is a network of senior investment professionals from leading 

sell and buy-side equity and bond market institutions formed in 2005. Members of CRUF 

provide critical commentary and advice on existing and forthcoming financial reporting 

and accounting standards under IFRS. Meetings are held regularly in London, New York, 

Frankfurt am Main and Sydney. In 2010, a new section of CRUF was established in 

Canada. Further CRUFs are currently being set up in France, Japan and South Korea. 

Among other objectives, CRUF aims to further reduce the complexity and size of financial 

reporting. The practice-based recommendations of the organisation's members target 

granularity of the standards developed and increased use of electronic reporting formats. 

CRUF in Germany concentrated primarily on the following in 2010: 

� IAS 18 Revenue Recognition 

� IAS 27 Consolidations 

� IAS 39 Financial Instruments 

� IAS 37 Provisions, Contingent Liabilities and Contingent Assets 

� IAS 19 Accounting Treatment and Disclosure of Employee Benefits 

Equities_ 

CRUF Germany has authored a joint position paper for the CRUF network on the draft 

of IAS 37. Dialogue with the IASB was expanded, so that IASB staff, project managers 

and directors were present via closed circuit television at most CRUF meetings. 

Also in 2010, CRUF Germany began active exchanges with organisations like EBF 

(European Banking Federation), Business Europe and FSB (Financial Stability Board). 

The CRUF website was relaunched in 2010, to make its information more easily accessible 

to anyone interested (www.cruf.com).


Expert Group Banks 

The focus of this Expert Group is on 'Business models for banks'. Its aim is to contribute 

to an improved understanding of banking business and development of associated business 

models. The objective is to raise awareness of the different business models of 

banks beyond the domain of banking and accounting specialists. 

This project is meant to culminate in 2011 with a symposium hosting presenters from 

the banking industry and academics, as well as management consulting and auditing 

professionals. The event will be aimed at equity and bond investors, representatives 

from the banking industry and the financial press. 

Expert Group Real Estate 


The fifth DVFA Real Estate Conference was held on 22 and 23 February. The session 

for corporates, investors, financial analysts and experts from the real estate industry 

focussed on the topic: ‘ESG as an investment criteria for institutional investors - is sustainability 

paying off?’. This year’s Conference attracted more than 120 real estate 

experts to the DVFA Center in Frankfurt. 

The attractiveness of real estate investment seems to be directly related to sustainability 

aspects and there was a consensus among participants: Transparent reporting and fair 

valuations are two main pillars of strategically consistent investment - though this message 

does not seem to have been received by all market participants. 

The focus of the work of the Expert Group led by Prof. Dr. Heinz Rehkugler was on continuation 

of the transparency index, the third survey, fair valuation and the discussion 

surrounding G-REITs. 

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Expert Group Corporate Transaction & Valuation 

Since January 2009, the Expert Group Corporate Transaction & Valuation has looked at 

corporate valuations in so-called ‘dominated’ situations, i.e. companies under CPL agreements 

or involved in squeeze outs. The adequacy of the consideration offered to minority 

shareholders in such scenarios is examined by the courts in review proceedings, the duration 

of which usually spans several years. In this context, the courts currently orient their 

decisions on the IDW S1 auditing principles for corporate valuations. 

Initially, the Expert Group addressed the legislative framework in Germany and elsewhere, 

as well as valuation concepts, valuation standards and the corporate perspective. Its objectives 

include simplification of the review process and development of principles for valuation 

by the majority shareholder. This will contribute to improved efficiency and prevent 

unreasonably long court proceedings, provided the principles are also accepted by the 

German justice system. Furthermore, the recommendations aim to establish international 

comparability between principles for valuation in dominated situations through promotion 

of methodological diversity (NPV, DCF, multiples) and transparency. 



The DVFA Small & Mid Cap Reporting Standard represens a collection of the most important 

reporting and information elements as a sort of best practice for financial reporting, and 

fundamental aid for small and medium-sized companies entering the capital market. The 

DVFA SMCRS are meant to improve the efficiency of capital market communication by 

small caps in the German market. The Expert Group presented the DVFA SMCRS at the 

second DVFA Small Cap Forum (SCF_ on 19 April 2010). Based on this presentation, the 

concept was published in both Börsen Zeitung and GoingPublic magazine. 

A white paper by the Expert Group was sent to 30 selected companies with the request for 

a statement of position on the SMCRS. Alongside work on the SMCRS, the Small Cap 

Expert Group supported a dissertation on ‘Analysis of the investment behaviour of small 

cap investors’ by Marta Kemter, University of Hamburg. The next task for the Expert Group 

will be the practical implementation of the DVFA SMCRS.




In 2010, another interesting, ground-breaking topic was dealt with and presented at the 

annual DVFA Life Science Conference in various publications. 

The 3 rd DVFA Life Science Conference ‘Biosimilars’ was held with more than 100 international 

guests at the DVFA Center on 8 June 2010. This year’s conference was held in 

English for the first time. Biosimilars or ‘follow-on biologics’ are generic versions of biopharmaceutical 

products. 

Given the great interest in this small but growing market segment, which is increasingly an 

important investment topic, members of the DVFA Commission Life Science - as in previous 

years - published multiple articles. An in-depth look at of the topic was presented by 

the DVFA Commission in the publication ‘Life Science in the Capital Market: Biosimilars’, 

2,000 copies of which were printed in time for the German Equity Forum on 22 November 

2010. This publication is available online at: http://www.dvfa.de/biosimilars 

In the book, which takes the form of an edited volume, the presenters and panel participants 

of the 3 rd DVFA Life Science Conference, along with selected experts, delineated 

their presentations and views expressed at the conference in 12 articles. The publication 

thus assembles expert viewpoints from a variety of fields (pharma/generics companies, 

biotech companies, legal experts, VC investors, analysts, fund managers etc.) on the 

market segment ‘biosimilars’. 

The 3 rd DVFA Life Science Conference and the release of the volume was generously 

sponsored by BIO Deutschland, DG Bank AG, Deutsche Börse Group, Mayer Brown LLP 

and transkript / BIOCOM Media GmbH. 

Following the great success of the previous DVFA Life Science Symposia, the 4 th DVFA 

Life Science Symposium is planned in Frankfurt for 17 May 2011, addressíng the use 

of ‘Life Science Asia/Europe – Getting insight in mutual growth opportunities’. Here, 

participants will examine the aspects ‘Going East - Growth opportunities and challenges 

for European life science companies’ as well as ‘Going West - Is the German capital 

market ready for Asian life science companies?’. 

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featu DVFA and Germany’s Equities_ SMEs_ 

DVFA and Germany’s SME sector – initiatives to promote better capital market access for 

small and medium-sized enterprises 

Germany’s capital market is still characterised by a vast number of SMEs. Using the definition of less than EUR 100 in 

market capitalisation, roughly 500 companies in the German capital market, or 60% of all listed companies, can be 

called ‘small caps’. 

For the past eight years, DVFA has supported and promoted the interests of small caps 

as an asset class. Since the late summer of 2003, the Society has been holding the 

respected SCC_ Small Cap Conference, now the largest independent investor conference 

for listed SMEs in Germany. Moreover, in February 2009, the SCF_ Small Cap 

Forum - a further format - was introduced for presentation of annual financial statements. 

In the spring of 2010, the SCF_ was held for the second time. 

Its autonomy and neutral positioning permits DVFA to invite buy and sell-side analysts, 

portfolio managers and asset managers from any company within the market. Thus, the 

Society can also offer the presenting companies the opportunity to speak with its investors, 

to uphold existing contacts and establish new ones. Corporates use the DVFA 

Conference to report on current financial ratios and business developments, as well as 

to participate in one-on-one discussions with investors. Moreover, on the occasion of 

the SCF_, the work of the DVFA Expert Group Small Caps was presented along with academic 

projects, such as the pioneering scholarly work of Petra Oetken. 

Guideline Analyst Presentation 

For more than 20 years, DVFA has been working to assist corporates with capital marketoriented 

financial communication. In 2010, the Guideline Analyst Presentation was 

released jointly with PwC Deutschland, to delineate approaches for design and distribution 

of analyst presentations, the role and function of which in the context of financial communication 

has been largely ignored by companies. The publication offers support for preparing 

and organising analyst presentations and sets up a series of standards for a reporting 

format that will be seen as one of the most important information sources for investment 

professionals. Although investment professionals have clear demands and expectations 

in this area, no uniform standards have ever been developed for analyst presentations.

featu DVFA and Germany’s Equities_ SMEs_ 

2 nd SCF_ Small Cap Forum: Prof. Dr. 

Max Otte, IFVE GmbH, spoke about 

value investing - ‘Investing in the Warren 

Buffett style’ 

Since the start of 2009, the Expert Group Small Caps has been working to raise capital 

market visibility of small caps. The work of the group culminated in publication of a white 

paper on "DVFA Small and Midcap Reporting Standards", as best practice for financial 

reporting and capital market activities of SMEs in June 2010. In 2011, the discussion 

phase with small and midcap issuers on the form and scope of the SMCRS. The Expert 

Group is drafting a discussion paper to be released in the spring of 2011. 

Minimum standards for bond communication 

Ralf Frank, Managing Director DVFA: ‘It is imperative for small and midcap companies 

to provide more focused and targeted reporting on business models and performance 

in order to assure adequate institutional reach as compared to large caps.’ 

The Expert Group Bond Communication, established in 2010, is endeavouring to define 

the demands of bond investors and analysts when it comes to communication by 

bond issuers. Given the substantial increase in the number of small and medium-sized 

enterprises issuing bonds, the ‘DVFA minimum standards for bond communication’, 

developed at the end of 2010 and introduced to the market in 2011, stirred significant 

interest among capital market participants. These minimum standards serve, e.g. as a 

point of reference for the small cap bonds segment which was opened by Deutsche Börse 

in Q1 2011. 

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Fixed Income Forum 

The Forum was established in 2005 and meets as many as two times per year. The organisers 

are the two members of the DVFA Board responsible for Fixed Income: Dr. Peter 

Merk (LBBW) and Stefan Bielmeier (DZ BANK). Participants in the Fixed Income Forum prepare 

presentations on current topics as a basis for discussion. 

Four presentations were held at the Fixed Income Forum in January 2011. Dr. Guido 

Zimmermann (LBBW) gave a speach entitled The euro crisis in historical context – lessons 

and conclusions’. He was followed by Dr. Thomas Meißner (DZ BANK), with ‘EMU crisis: 

what can monetary and fiscal policy do?’. Oliver Piquardt presented “Bank restructuring – 

creditor participation in losses”. In the final presentation, Dr. Markus Walchshofer (Union 

Investment) and Christoph Klein (DB Advisors), both Chairmen of the Expert Group Bond 

Communication, spoke about the ‘Minimum standards for bond communication’. This new 

publication is highly relevant given the present wave of SME bond issues. Deutsche Börse 

AG has implemented rules based on the DVFA recommendations. 


Fixed Income_ 

The Commission Rating Standards comprises four Expert Groups. 

In February 2010, Expert Group III, under the leadership of Prof. Dr. Thomas Heidorn 

published the paper ‘Requirements for structured finance ratings’. The aim of the publication 

is to define the basis for rating of structured products, in order to strengthen investor 

confidence in the usefulness of ratings, as well as in the product class itself. To this end, 

requirements have been developed for the asset pool and for the originator/servicer. 

Rating differences vis-à-vis corporate issuers have also been identified. 

Expert Group IV, led by Dr. Oliver Everling, examines issues relating to interpretation and 

usefulness of rating scales, such as types of ratings, requirements for the development of 

rating symbols, the number of rating classes, investment grade and non-investment grade, 

demands on the specificity of rating symbols and rating thresholds. There are already 

expectations with respect to these aspects within the markets, against which the rating 

agencies are the foremost opponent. The Expert Group is working to formulate a standard.

featu Equities_ Alumni_ 

DVFA Alumnis: Expansion of the network 

The DVFA Alumni Network that was established in 2009 now counts more than 90 

members and promotes active networking through measures like multiple yearly events. 

Until now, the organisation has only been open to graduates and instructors of the CIIA 

programme and its predecessors the CEFA and DVFA Investment Analyst programmes. 

Given the numerous requests from graduates 

of other programmes, DVFA Alumni 

has been expanded, and now admits all 

DVFA postgraduates. Thus, the organisation 

is now open for all CeFM, EFA, CRM, 

CCrA or CREA participants. All current and 

former instructors and Academic Directors 

of these programmes are also warmly invited 

to join the network. 

Olaf Liebeskind (right) of Deutsche Bank 

AG is Chairman, Andreas Deeng (left) of 

HelabaTrust is Deputy Chairman of the 

DVFA Alumni Network. 

Two successful networking events in 2010 

On 3 March 2010, the year's first networking event was held. The topic of the evening 

was ‘Not naughty banks - naughty bank’. 

At the second event on 21 October, Norbert Abraham from ingeniam - Executive Search & 

Human Capital Consulting spoke about ‘Networking and career acceleration’. Abraham 

presented the audience with interesting insights into his activity as a career coach. 

23

24 


Asset Management Forum 

Three Asset Management Forums were held in 2010. The objective of the forum series 

is an exchange between selected representatives of the asset management industry. 

Frank Klein (DB Advisors), Ingo Mainert (Allianz Global Investors/RCM) and Michael 

Schmidt (Union Investment Privatfonds GmbH) are the members of the DVFA Board 

responsible for Asset Management. 

For the meeting at the end of March, a lecture on hedge funds by Harald Sporleder 

(Allianz Global Investors/RCM) was on the agenda. Open-ended real estate funds were 

the topic covered by Michael G. Husung (RREEEF Germany). Dr. Peter König spoke 

about ‘Qualification standards for portfolio managers’. 

The first half of the second Asset Management Forum on 26 August focussed on the 

‘Crisis in European government bonds and its effects’, as presented by Frank Klein. He 

was followed by Michael Schmidt with ‘How reliable is the Information Ratio (IR) as a 

measure of portfolio manager performance?’. 

On 25 November, the third Forum dealt with aspects of integrated risk management 

and regulatory impacts on asset management. Dr. Patrik Justen (DB Advisors), Dr. 

Thomas Stephan (Allianz Global Investors/RCM) and Dieter Konrad (Union Investment 

Institutional GmbH) spoke about asset management. In the second half, Dr. Peter König 

presented a look at the legislative measures implemented over the past several years 

in the areas of banking, asset management, investment advice and insurance. 

Frank Klein emphasises the importance of the culture of discussion upheld within the 

Forums: ‘We have succeeded in critically analysing certain asset classes with a focus on 

the diverging risk perceptions between corporates looking to raise capital and investors. 

The work of the Forum focuses clearly on the European horizon.’ 

For 2011, another 2-3 events are planned. 

Asset Management_


Commission Investment Performance Standards 

Asset Management_ 

Once again in 2010, joint cooperation between the three professional associations BVI, 

GCFAS and DVFA was carried on under the name GAMSC – German Asset Management 

Standards Committee. In regular meetings, the GAMSC planned and implemented joint 

projects relating to the GIPS Global Investment Performance Standards. 

The IPC – Investment Performance Standards Committee initiated by the GAMSC and 

comprising eleven professionals from the fields of asset management and investment 

analysis, met regularly. 

An immense and very time-intensive project completed by the IPC was translation of the 

GIPS 2010, which were published in the spring, into German. The translation will be 

published via the GAMSC website as soon as it has been officially approved by the GIPS 

Council. 

Representatives of GAMSC and IPC regularly took part in international meetings of the 

GIPS boards and committees, in particular the RIPS EMEA (Regional Investment 

Performance Subcommittee for Europe, Middle East and Africa). 

IPC also covered topics such as: assets under management, leverage and derivatives, 

as well as issues relating to implementation of GIPS 2010 - in the context of which particular 

focus is placed on determining whether adjustments of guidance statements are 

acceptable in the current form from the German perspective. 

On 17 February 2010, the 4 th GIPS Day event was held at the DVFA Center in Frankfurt. 

An interesting programme greeted guests with practical accounts demonstrating the 

importance of the GIPS for Germany and the current state of implementation by respected 

personalities within the asset management industry. With more than 60 participants, 

the event can now be seen as a market standard for GIPS events in Germany. 

Further information is available online at the GAMSC website http://www.gamsc.com 

25

26 


Financial Market Communication_ 

Commission on Effective Financial Communication 

The Principles for Effective Financial Communication developed by the Commission 

were reviewed in 2010, but no changes were made. They continue to serve as a basis 

for awarding of the annual Capital IR Prize. The Principles address a range of general 

problems in financial communication. The members of the Commission on Effective 

Financial Communication focused intensively on further development of the KPIs for 

environmental, social and governance (ESG) issues as part of the Commission on Non- 

Financials. 

At the same time, a new Expert Group was set up to cover the topic Integrated Reporting. 

In 2011, it will develop proposals for definition and implementation of integration between 

different reporting formats from the perspective of investment professionals. 

Commission Corporate Governance 

Working under the auspices of the DVFA Financial Market Communication Panel, the 

Commission Corporate Governance has developed the Scorecard for German Corporate 

Governance © - a DVFA evaluation scheme based on the German Corporate Governance 

Code (Deutsche Corporate Governance Kodex – DCGK). 

In 2010, the Scorecard was completely revamped and aligned to reflect the amendments 

to the DCGK and relevant legislation. Thus, the rating system is now even better 

suited to meet the needs of investment professionals. At the same time, an empirical 

study was devised to identify the prevailing trends in corporate governance from the 

perspective of investment professionals. It will be launched in 2011.


Financial Market Communication_ 

Commission on Non-Financials 

2010 marked the culmination of nearly five years of work by the Commission on Non- 

Financials. In the most recent version, the Commission identified the most important 

non-financial indicators (key performance indicators) for financial investors in each of 

the 114 sub-sectors of the Dow Jones classification. 

The aim of the work is to identify ways to improve the quality of financial analysis. 

Sector-specific definition of key performance indicators is meant to serve as a bridge 

between investors and corporates. For the latter, it becomes easier to communicate 

relevant information to investors. Investors themselves have rapid access to information 

they need to make a proper assessment of the company. During the past year, the Commission 

moved forward with its successful activities in this area. Building on the indicators 

already identified, which were more or less general in nature, the team developed sectorspecific 

indicators. Prior to publication, the resulting KPIs were reviewed by academic and 

professional experts, whose constructive advice was used to further refine the indicators. 

The Commission on Non-Financials will continue to face immense challenges in the 

years ahead. Expansion of its work to other asset classes and advancement of the work 

already accomplished will be of great importance. At the same time, the Commission will 

seek to find ways for non-financial information to be taken into account for corporate 

valuation – e.g. in the context of discounted cash flow models. 

27

28 

featu Integrated Reporting_ Equities_ 

In September 2010, after more than five years of dedicated work, the DVFA Commission on Non-Financials released its 

‘KPIs for ESG 3.0’, a collection of key performance indicators relating to topics of environment, social responsibility 

and corporate governance. For the 114 sub-sectors of the Stoxx Industry Classification Benchmark (ICB), indicators 

were aggregated, which can be reported by companies using a three level system. 

The DVFA publication, which has the international 

endorsement of EFFAS and is marketed as the ‘DVFA/ 

EFFAS KPIs for ESG 3.0’, has met with strong approval 

from numerous initiatives, standard setters and regulators, 

and is being described as unique and groundbreaking 

in its high degree of granularity and sectorspecificity. 

In 2010, initiatives and projects aimed at integrating 

financial and non-financial reporting were formed 

and refined. 

For years now, investors and financial analysts have 

rightly complained that, in addition to the traditional 

frameworks for financial reporting such as IFRS or US- 

GAAP, there is significant scope for voluntary reporting in sustainability, CSR and ESG 

reports. Given the past lack of coordination between the two, investment decisions often do 

not have an adequate basis of information about the corporates’ risks and opportunities. 

From September 2009 to March 2010, Ralf Frank, Managing Director of DVFA, took 

part on behalf of the Society in the ESG Disclosure Workshops held by the European 

Commission. At these events, which focussed on the issue of what form obligatory corporate 

ESG reporting should take, EFFAS partnered with other organisations to form the 

ECRA European Combined Reporting Alliance, a coalition of economic stakeholders in 

corporate communication. 

In October 2010, at the invitation of the two authors of ‘One Report’, Robert G. Eccles and 

Michael Krzus, Ralf Frank took advantage of the opportunity to speak about the work of 

EFFAS/DVFA at Harvard Business School in Boston/MA. In the context of the symposium, 

the foundations for integration of financial and ESG reporting were laid with the representatives 

of numerous initiatives, standard setters and regulators. Under the umbrella of the 

IIRC International Reporting Committee, standards are now being developed jointly worldwide 

by standard setters like IASB and FASB, associations of accounting professionals,

featu Integrated Reporting_ Equities_ 

e.g. FEE, IFAC, initiatives such as Accounting for Sustainability, 

AccountAbility and GRI Global Reporting 

Initiative, along with associations such as EFFAS. Ralf 

Frank represents DVFA and EFFAS within the IIRC as a 

member of the Content Working Group. 

With the Global Reporting Initiative (GRI), EFFAS has 

now initiated a dialogue, with the aim of exploring the 

synergies between the G3 and GRI reporting standards 

and the DVFA/EFFAS KPIs for ESG 3.0, to enable the 

roughly 3,000 companies now reporting in accordance 

with G3 to use the DVFA/EFFAS KPIs. 

In 2010, along with its efforts in the area of integrated 

reporting, DVFA supported the work of the German 

Council for Sustainable Development, which has 

released a draft Sustainability Code for the German 

business community. Based on a roundtable of the 

Council for Sustainable Development with investors 

and corporate representatives at the offices of DB 

Advisors, Prof. Dr. Alexander Bassen, University of 

Hamburg and Chief Financial Communication Advisor 

to DVFA, drafted the Code on the basis of the German 

Corporate Governance Code (Deutschen Corporate 

Governance Kodex – DCGK). 

The Sustainability Code contains principles that can 

be combined by companies with existing indicators, 

such as AA1000, GRI and DVFA/EFFAS. 

29

30 


Financial Market Regulation_ 

Panel on Financial Market Regulation 

In 2010, the focus of legislation and regulation was on investment advisory business. 

Below is an overview of the most important measures: 

u Documentation requirement 

Since 1 January 2010, investment advisors have been subject to more extensive requirements 

in relation to the documentation of investment advisory meetings with private 

clients. The documentation must contain a record of the advisory meeting, in particular 

the reason for the meeting and its duration, the customer’s information and his expectations, 

as well as the recommendations made and the key reasons for these. In this 

context, BaFin published a letter in November 2010, specifying that this documentation 

requirement also applies to prospective clients and irrespective of whether a transaction 

results from the advisory meeting. Additionally, meetings with potential new clients, which 

did not lead to an investment advisory meeting, must also be documented. 

u AIFM Directive 

At EU level, the AIFM Directive was adopted by the European Parliament in November 

2010. This directive regulates managers of alternative investment funds, though the 

scope of applicability is broadly defined. It encompasses open and closed-ended funds 

that are currently not covered by regulation or fall under the UCITS Directive. After entry 

into force, national legislatures have two years within which to implement the rules. At 

the same time, details will need to be clarified via implementing provisions at EU level. 

u MiFID-Review 

In December, the EU Commission launched a consultation on review of the MiFID. The 

key elements are: 

� Expanding the scope of the MiFID to investment services and activities not currently 

covered 

� Expanding the MiFID transparency rules to further financial instruments (bonds and 

OTC derivatives) 

� Strengthening of investor protection 

The legislative drafts are due to be prepared in spring 2011.

featu Financial Market Regulation_ Equities_ 

New German legislation to strengthen investor protection: 

(Anlegerschutz- und Funktionsverbesserungsgesetz / Gesetz über Vermögensanlagen) 

In 2010, investor protection was a top focus of the German legislature. It began in 

March 2010 with publication of the proposal by the German Federal Ministry of 

Finance (Bundesfinanzministerium – BMF) on planning of a draft law to strengthen 

investor protection and improve operation of the capital market (Anlegerschutz und 

Funktionsverbesserungsgesetz – AnlSFG). 

The new law aims to improve consumer protection for private investors, e.g. through 

expansion of protections to cover ‘grey capital market’ products, creation of a database 

of registered investment advisors, sales managers and compliance officers, mandatory 

qualification for the above functions and introduction of fact sheets for financial products. 

Registration requirements and acceptable proof of qualification are further defined in a 

green paper released for a proposed Employee Reporting Regulation (Mitarbeiteranzeigeverordnung). 

Certain new provisions are also meant to improve operation of the capital markets, 

including: expansion of disclosure obligations under the Securities Trading Act (WpHG) 

to include additional financial instruments as a means to prevent hidden voting rights 

acquisition as well as various new rules for open-ended real estate funds, e.g. ban on 

daily redemption in conjunction with minimum holding periods meant to help improve 

the liquidity situation of asset management companies. 

The Bundestag adopted the government’s draft of the law to strengthen investor protection 

and improve operation of the capital market on 08 February 2011. The planned 

expansion of scope to include the 'grey capital market' was removed from the draft. In 

this context, the BMF and Federal Minister of Economics and Technology have now 

released a consultation draft of an Investment Products Act (Gesetz über Vermögensanlagen 

– VermAnlG). Under this law, investment products are classified for the first 

time as financial instruments, and the general obligations under the WpHG are expanded, 

including the obligation to give investor-tailored investment advice, disclose fees and 

maintain a record on investment advice. Activities of ‘investment intermediaries’ 

(Finanzanlagenvermittler) and ‘investment advisors’ (Finanzanlagenberater) will also be 

subject to licensing in accordance with the German Industrial Code (GewO). 

31

32 

EFFAS/ACIIA 

Annual General Meeting_ 

EFFAS – The European Federation of Financial Analysts Societies 

EFFAS is the European umbrella organisation for more than 14,000 investment professionals 

represented in 26 national associations. EFFAS e.V. is a non-profit organisation 

registered in Frankfurt/Main, the offices of which are located in the direct 

vicinity of DVFA, in order to enhance synergies with the local EFFAS member society. 

EFFAS Annual General Meeting 2010 in Geneva 

Two major events dominated the organisation's activities in 2010: the Annual General 

Meeting in June and the EFFAS Summer School. 

The EFFAS Annual General Meeting took place on 25 June 2010 and was hosted by the 

Swiss Financial Analysts Association, SFAA. The agenda included the presentation of 

the financial year 2009 annual report, EFFAS’ commission reports, perspectives and 

projects, approval of two new member societies, as well as the elections for the members 

of the Executive Management Committee (EMC) and the chairman. Following the 

votes, the newly elected EMC member was Hans Buysse from Belgium, for a period of 

three years. The other EMC members are: Vincent Bazi (France), Marianne Flink 

(Sweden), Friedrich Mostböck (Austria), Jesús López Zaballos (Spain). Giampaolo Trasi 

from AIAF, Italy, has been re-elected as chairman of EFFAS. The headquarters of EFFAS 

moved to Frankfurt in conjunction with the relocation of the DVFA offices. 

EFFAS has a voice at the EU in Brussels, ESMA, and IASB/IFRS due to the relevant 

EFFAS Commissions. EFFAS now has a presence also within the XBRL community and 

the Integrated Reporting community. Collaboration with other international organisations 

(e.g. ECMI, EFRAG, GIPS) has been expanded and improved.

EFFAS/ACIIA 

Regulatory Initiatives_ 

Position Papers submitted during the business year 2010/2011 

Institution Date Title 

European Commission 

IASB International Accounting 

Standards Board 








EFRAG European Financial 

Reporting Advisory Group 




Standards Board/IFRS International 

Financial Reporting Standard 

Consultation Document 

Level 2 Directive 2009/138/EC 

Insurance & Reinsurance (Solvency II) 

IASB – International Accounting 

Standards Board/IFRS - International 




ESMA European Securities and 

Markets Authority 

IASB - International Accounting 

Standards Board/IFRS - International 


12 Feb 2010 

01 Mar 2010 

21 June 2010 

30 Sept 2010 

22 Oct 2010 

15 Nov 2010 

30 Nov 2010 

30 Nov 2010 

15 Dec 2010 

26 Jan 2011 

31 Jan 2011 

31 Jan 2011 

02 Feb 2011 

25 Feb 2011 

09 Mar 2011 

EFFAS Submission in preparation for final 

ESG Disclosure Workshop 

Exposure Draft ED/2009/6 

Management Commentary 

Financial Instruments: Amortised Cost 

and Impairment ED /2009/12 

Presentation of Items of Other 

Comprehensive Income ED /2010/5 

Revenue from Contracts with Customers 

ED /2010/6 

Green Paper ‘Towards adequate, sustainable 

and safe European pension systems’ 

Insurance Contracts 

Insurance Contracts 

Leases Exposure Draft ED/2010/9 

Consultation Directive 2009/138/EC 

Insurance and Reinsurance (Solvency II) 

Effective Dates and Transition Methods 

Disclosure of Non-Financial Information by 

Companies 

Public Consultation Review of the Markets 

in Financial Instruments Directive (MiFID) 

Technical advice on possible delegated acts 

concerning the Prospectus Directive (2003/ 

71/EC) as amended by the Directive 2010/ 

73/EU 

Exposure Draft ED/2010/13 

Hedge Accounting 

33

34 

EFFAS/ACIIA 

EFFAS 2010 Summer School - Third Edition 

EFFAS Summer School_ 

To enhance the networking between existing EFFAS designation holders, CEFA and CIIA 

candidates and other investment professionals, EFFAS, with the support of IEAF and 

the Banco Santander Group, organised the third edition of the EFFAS Summer School 

in Madrid, in the Santander Financial City (Boadilla del Monte – Madrid). 

The proportion of investment professionals was greater 

than in the first two years, and those in attendance benefited 

from a wide range of workshops and lectures on capital 

market, accounting and regulatory topics. 

Germany was represented by participants, members of 

the DVFA Alumni. DVFA board member Frank Klein gave a 

speech on Fiduciary Management and Peter König acted 

as moderator on the panel. The EFFAS Summer School 

supports the concept that, in addition to qualification, 

exchanging views and networking are key to professional 

development. 

CIIA/CEFA/CMA Diplomas - as of December 2010

EFFAS/ACIIA 

Fritz H. Rau, ACIIA, Chairman 

Kiyoto Hagiwara, SAAJ, President & CEO 

ACIIA, Deputy Chairman 

ACIIA_ 

ACIIA - The Association of Certified International Investment Analysts 

Since its foundation in the year 2000, the Association of Certified International 

Investment Analysts, ACIIA, has established itself as a valuable forum for the exchange 

of knowledge, ideas and education in the international investment field. Its main role 

is to provide a flexible, internationally-recognised qualification - Certified International 

Investment Analyst CIIA - which examines candidates at a high standard and in a practical 

fashion in the global areas that are necessary for pursuing a career in the investment 

profession, and also in the local topic of their respective home markets. 

As it is still unclear which changes the financial system must undergo in or after a global 

economic crisis, there can be no other option than to consistently apply ethical standards, 

as well as to continually educate and qualify our investment professionals. This is why 

all the partnering organisations of ACIIA see it as their duty to improve the public understanding 

of the capital market’s function and to restore confidence in it. The outstanding 

CIIA programme is consistently gaining in recognition. 

The Annual General Meeting, held on the 24 June 2010, re-elected Mr Fritz H. Rau, the 

chairman of the German Society DVFA, as ACIIA chairman. Mr Kiyoto Hagiwara, the 

chairman of the Japanese society SAAJ, was re-elected as deputy chairman. 

An important event for ACIIA during the year 2010 was its 10th anniversary. Since its 

inauguration, ACIIA membership has grown from nine to thirty-five associations worldwide, 

including the two founding federation members ASIF, the Asian umbrella organisation, 

and EFFAS, the European umbrella organisation. 

While some member associations have a long history of representing the investment 

profession and administering qualification programmes, others have only evolved over 

the last few years and are implementing a training programme at an international level 

for the first time. 

To celebrate the 10th ACIIA anniversary, several members organised local events. SAAJ, 

the Security Analysts Association of Japan, for example, held the 10th CIIA Anniversary 

in conjunction with the ACIIA Council meeting in Tokyo, on 11 November 2010. Other 

societies celebrated the event by organizing local seminars for the CIIA alumni. EFFAS 

invited the ACIIA chairman Fritz H. Rau to give a speech on the importance of professional 

qualifications and ethics to the Summer School in Madrid. 

35

36 

DVFA e.V. annual financial statements 

Balance Sheet_ 

Balance Sheet 

as at 31 December 2010 (in EUR) 

ASSETS 2010 2009 

EUR EUR 

Fixed Assets 

Participation DVFA GmbH 20,451.68 20,451.68 

Participation non-profit 

Gemeinnütziges DVFA 

Institut für Finanzstudien 

gGmbH 

25,000.00 0.00 

Current Assets 

Accounts Receivable 87,387.28 72,181.69 

Liquid Assets 325,988.00 417,334.81 

Total Assets 458,826.96 509,968.18 

The total assets of the Society were €51k lower in 2010, at €459k (2009: €510k). In 

2010, DVFA e.V. acquired a 100% stake in the non-profit Gemeinnütziges DVFA Institut für 

Finanzstudien gGmbH totalling €25k. Receivables in the amount of €87k (2009: €72k) 

include €31k due from members and sponsors (2009: €11k), receivables from affiliated 

companies of €56k (2009: payables of €14k) and other assets of €0k (2009: €62k). 

Cash and equivalents as well as other liquid securities total €326k (2009: €417k). 

Liabilities totalling €69k (2009: €40k) comprise €64k for VAT consolidation (2009: €0k) 

and other liabilities in the amount of €5k (2009: €26k). Equity declined by €81k to €382k. 

The equity ratio is 83%. 

LIABILITIES 2010 2009 

EUR EUR 

Equity Capital 

as at 01 Jan 463,291.50 422,160.03 

Net Income - 80,743.55 41,131.47 

as at 31 Dec 382,547.95 463,291.50 

Provisions 6,662.20 6,602.46 

External Funds 

Liabilities 69,116.81 40,074.22 

Accruals 500.00 0.00 

Total Assets 458,826.96 509,968.18

DVFA e.V. annual financial statements 

Profit & Loss Statement_ 

Profit & Loss Statement 


The profit and loss statement depicts net revenues (turnover) of €303k against total 

expenditures of €385k. Taking into account net interest income of €1k, this results in a 

net loss for the year of € -81k (2009: €41k net profit). In financial year 2010, membership 

dues, received sponsorship payments and other income totalled €303k (2009: €338k). 

Operating expenses comprise other expenses in the amount of €385k (2009: €300k). The 

other expenses include expenditures for public relations measures totalling €179k (2009: 

88k), travel and hospitality costs of €17k (2009: €23k), legal and consulting fees amounting 

to €6k (2009: €6k), the costs arising from the service agreement for administrative 

and organisational activities by DVFA GmbH totalling €157k (2009: €168k) and other 

expenditures in the amount of €26k (2009: €15k). The largest, non-recurring expense in 

the context of public relations for 2010 was for the 50-year anniversary celebration and 

commemorative publication (€123k). 

The 2010 annual financial statements were audited by Ebner Stolz Mönning Bachem 

GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft, Steuerberatungsgesellschaft, Frankfurt 

am Main, and received an unqualified opinion. 

P + L 2010 2009 

EUR EUR 

Member Dues 237,105.65 240,458.88 

Sponsor Dues 61,344.00 97,128.00 

Other Income 4,583.66 17.50 

Other Expenses 384,899.13 299,841.63 

Net Interest Income 1,122.27 3,368.72 

Annual Net Profit - 80,743.55 41,131.47 

37

38 


Financial Communication 

Report of the Management_ 

The work of DVFA in the area of financial communication helps listed companies and 

bond issuers achieve institutional reach. It primarily acts to support dialogue between 

corporates looking to raise capital and investors. 

In 2010, DVFA supported more than 200 companies with organisation and execution of 

their investor conferences. Five industry and topic specific forums were held as well: 

CeBIT (together with Equinet and Deutsche Börse AG), Small Cap Forum SCF_, Real Estate, 

Life Science, Small Cap Conference SCC_, 

Taking ESG into Account (together with 

PwC and WestLB). More than 100 companies 

made DVFA forums part of their investor 

communication agenda in 2010. 

Especially gratifying was the successful 

introduction of a special format for small 

cap bond issuers, presenting their companies 

to a DVFA audience with a focus 

on wealth management and family offices.


Finance Academy 

Report of the Management_ 

In 2010, the DVFA postgraduate programmes were expanded to include the designation 

CRM Certified Risk Manager, and the first course of this new programme for bank risk 

management was already fully booked. Overall, demand for training and qualification 

programmes in 2010 was once again higher than the previous year. Equally popular were 

the 4 th Wealth Management Symposium and the 1 st Risk Management Symposium, as 

well as the GIPS Day event and the 2 nd Investment Consultant Conference. 

Toward the end of the year, our Alumni Network was enlarged to include the graduates 

and tutors of all DVFA postgraduate programmes. Consequently, there are now more 

than 4,000 professionals qualified to join the Alumni Network. At this point, we would 

also like to thank our Academic directors and our instructors for their dedicated support 

of the DVFA training and qualification programmes. We would also like to warmly 

congratulate our 2010 graduates on their success, and wish them all the best in their 

future careers. 

39

40 

DVFA GmbH annual financial statements 

Balance Sheet_ 

Balance Sheet 


ASSETS 2010 2009 

EUR EUR 

Fixed Assets 136,082.51 161,395.51 

Current Assets 3,046,981.88 2,556,037.01 

Accruals 17,197.56 22,668.31 

Total Assets 3,200,261.95 2,740,100.83 

Total assets rose €460k year-on-year, to €3,200k. Fixed assets were reduced to EUR 

136k through scheduled depreciation totalling EUR 25k. Current assets increased by 

€491k, as the net result of a €301k decrease in receivables and other assets as well 

as a €792k rise in cash and securities. 

Equity increased on net profit of €74k to €1,914k, bringing the equity ratio to 60%. 

Provisions were €116k lower. Liabilities rose by €12k, and the amount recognized 

under accruals and deferred income was EUR 490k higher at EUR 718k, and results 

from training program fees received in 2010 for courses to be held in 2011. 

LIABILITIES 2010 2009 

EUR EUR 

Subscribed Capital 33,000.00 33,000.00 

Retained Earnings 1,806,869.12 1,860,160.12 

Net Profit 73,922.22 - 53,291.00 

Equity Capital 1,913,791.34 1,839,869.12 

Provisions 445,761.11 561,316.30 

Liabilities 122,398.13 110,831.41 

Deferred Income 718,311.37 228,084.00 

Total Assets 3,200,261.95 2,740,100.83

DVFA GmbH annual financial statements 

Profit & Loss Statement_ 

Profit & Loss Statement 


The profit and loss statement for financial year 2010 reflects net revenues (turnover) of 

€3,385k (2009: €3,023k), an increase of 12%, and other operating revenues totalling 

€29k (2009: €75k). Turnover was generated primarily by the Finance Academy and the 

area of financial communication. The company received its contractual 75% share of membership 

dues and joining fees received by DVFA e.V. as payment for its organisational and 

administrative services. Material expenditures were €70k higher at €1,038k. The majority 

of these costs are attributable to instructors’ fees, marketing and event costs. Personnel 

expenditures rose €34k, or 2%, to €1,521k. Depreciation costs were stable year-on-year, 

at €73k. Other operating expenditure was up €39k, or 6%, to €689k. Transitioning to measurement 

of pension provisions in accordance with the German Accounting Law 

Modernisation Act (BilMoG) resulted in interest expenditure totalling €16k and extraordinary 

expenses of 3k (2009: 0). After taxes, net profit totalled €74k (2009: €53k net loss). 

The 2010 annual financial statements were audited by Ebner Stolz Mönning Bachem 

GmbH & Co. KG, Wirtschaftsprüfungsgesellschaft, Steuerberatungsgesellschaft, Frankfurt 

am Main, and received an unqualified opinion. 

P + L 2010 2009 

EUR EUR 

Turnover 3,384,966.96 3,022,916.17 

Other Assets 29,671.56 75,239.37 

Material Expenditure 1,038,155.66 967,859.85 

Personnel Expenditure 1,520,680.20 1,486,249.77 

Depreciations 72,960.96 72,779.60 

Other Operating Expenditure 688,525.23 649,107.21 

Interest Income 19,604.37 29,730.17 

Interest Expenditure 15,562.00 0.00 

Operating income 98,358.84 - 48,110.72 

Extraordinary Expenses 2,615.00 0.00 

Taxes on Earnings 21,821.62 5,180.28 

Net profit 73,922.22 - 53,291.00 

41

42 

featu Training and Qualification_ Equities_ 

Graduation Ceremony at Deutsche Bundesbank and Villa Bonn 

At headquarters of Deutsche Bundesbank in Frankfurt on 23 January 2011, diplomas were 

awarded to participants in the DVFA postgraduate programme CIIA. Martin Kötter (WGZ- 

Bank AG), Johannes Wutz (Bayern LB), Kai Röttgers (WestLB AG) were the top recipients of 

the CIIA global qualification for investment professionals. 

Presentation of diplomas for the CeFM, CRM and CCrA programmes this year were held within 

the historical ambience of Villa Bonn in Frankfurt. For the postgraduate programme 

CeFM Certified Financial Manager: Jan Krüger (National-Bank AG), Marco Beyer (Michael 

Pintarelli Finanzdienstleistungen AG), Dennis Busse (Deutsche Bank AG) were recognised 

by Academic Head Prof. Dr. Markus Rudolf as the top of the class. 

For the first-ever group of participants in the postgraduate programme CRM Certified 

Risk Manager: Marica Draganic (Landesbank Baden-Württemberg), Christoph Kitz 

(Bundesanstalt für Finanzdienstleistungsaufsicht) and Jennifer Becherer (Westdeutsche 

ImmobilienBank AG) recieved the diplomas for top participants in the class. 

For the 16 class of the programme CCrA Certified Credit Analyst: Philip Hägele (L-Bank), 

Andreas Urich (L-Bank) and Alexander Seith (L-Bank) were recognised as the top recipients 

of this professional qualification for credit and capital market specialists. 

. 

Martin Kötter (centre), WGZ Bank AG, was the top graduate of the CIIA programme. Prof. Dr. Raimond Maurer (left), Ingo Mainert (right)

featu German Investment Consultant Conference_ Equities_ 

German Investment Consultant Conference 

‘No blind eyes! - ethics in the asset management industry’ was the topic of the 2010 

Investment Consultant Conference, which played host to more than 100 participants. 

Prof. Dr. Bernhard Emunds, Director of the Oswald von Nell-Breuning Institute, Hochschule 

St. Georgen, made an appeal in his profound opening address to the sense of social 

responsibility in the asset management industry from the perspective of Christian social 

ethics. Afterwards, three panels formed, where experts discussed the coming paradigm 

shift under the moderation of Andreas Krebs from Mandarine Gestion and Ulrich Koall 

from Quoniam Asset Management: 

� Volker Brandt | RMC Risk Management Consulting 

� Nigel Cresswell | Towers Watson Deutschland 

� Peter Hadasch | Nestlé Pensionskasse 

� Michael Himmelsbach | Bistum Freiburg 

� Herwig Kinzler | Mercer Deutschland 

� Dr. Torsten Köpke | Aon Jauch & Hübener 

� Dieter Lehmann | Volkswagen-Stiftung 

� Uwe Rieken | FAROS Consulting 

� Dr. Dirk Söhnholz | Feri Institutional Advisors 

� Christian Strenger | DWS Investment GmbH 

� Karl Olbert | Funds@Work 

� Reinhold Weger | Bayerische Versorgungskammer 

The next Investment Consultant Conference will take place in the autumn of 2011. 

Prof. Dr. Bernhard Emunds, Director of the Oswald von Nell-Breuning Institute, 

Hochschule St. Georgen 

Christian Strenger, 

DWS Investment GmbH 

43

44 


The founding of EFPA Deutschland e.V. 

Since the end of October, the newly founded EFPA Deutschland e.V. has been representing 

the European Financial Planning Association (EFPA) in Germany. Founding members 

of the new organisation are DVFA and the Frankfurt School of Finance & Management. 

Ingolf Jungmann (Vice-President of the Frankfurt School of Finance & Management) 

was appointed Chairman of the Board of EFPA Deutschland with Dr. Peter König (Managing 

Director of DVFA) as Deputy Chairman. 

The aim of EFPA Deutschland is establishment of the European qualification European 

Financial Advisor (EFA) and European Financial Planner (EFP) in Germany. Europe-wide, 

there are already more than 10,000 holders of these qualifications. Moreover, EFPA 

Deutschland will be responsible for implementing the interests of the European Financial 

Planning Association (EFPA) in Germany. EFPA is an European umbrella organisation 

working to establish high quality standards for financial advice and planning. 

EFPA has developed international norms relating to qualifications and ethics for professional 

financial planners and financial advisors in Europe, with the objective of protecting 

consumers in the financial advisory process. The heart of the EFPA concept is a 

two-level programme of qualification: 

European Financial Advisor 

(EFA) and European Financial 

Planner (EFP). 

Founding members (right to left): Ingolf Jungmann, Ulf Mayer, Bettina Moll (for DVFA), Evelyn Kotthoff, Christiane 

Wolff, Omid Saz (for Frankfurt School of Finance & Management), Jörg Reitz, Dr. Peter König 

The European Financial Advisor 

provides expert financial advice 

to high-level clients and supports 

them in implementation. 

The certification developed by 

EFPA is the first Europe-wide 

certification for financial advisors 

and planners. 

Further information is available 

on www.dvfa.de/efpa


4 th Wealth Management Symposium ‘Quality Management in 

Private Banking’ 

The 4 th Wealth Management Symposium was once again a great success, with more 

than 130 participants, who met and discussed possible quality assessment models in 

wealth management. A central topic was the question as to whether a balance can be 

found between individualisation and standardisation of private banking services in 

light of falling margins. Different success factors in private banking were also examined, 

as was the relationship between invest performance and customer service quality. 

The speakers and their topics were: 

� Dr. Thorsten Reitmeyer | Divisional Board - Wealth Management | Commerzbank AG 

Total Quality (Wealth) Management 

� Prof. Dr. Markus Rudolf | Dresdner Bank Endowment Chair for Finance 

WHU Otto Beisheim School of Management 

Private Banking Customer Satisfaction Rating 

� Frank Wieser | CEO | Bank Vontobel Europe AG 

The German Market as viewed by Switzerland’s Traditional Banks 

� Prof. Dr. Andreas Hackethal | Chair of Finance | J. W. Goethe-University 

Value-added Services in Asset Management and Investment Advisory Business 

� Dr. Martin Deckert | Member of the Management Board | UBS Deutschland AG 

Quality and Risk Management in Private Banking – Opportunity or Obstruction 

� Dr. Jörg Richter | Managing Partner | IQF - Institut für Qualitätssicherung und Prüfung von 

Finanzdienstleistungen 

Quality in Wealth Management – Theory and Practice 

� Peter Hannemann | Managing Partner | Stephan Unternehmens- und Personalberatung 

Compensation Structures in Private Banking 

� Dr. Sven Zeller | Partner | Clifford Chance 

Liability Issues in Wealth Management 

The fifth DVFA Wealth Management Symposium will take place in the autumn of 2011. 

45

46 


New postgraduate programme CRM Certified Risk Manager 

In partnership with the WHU – Otto Beisheim 

School of Management, DVFA launched a new 

qualification programme in spring 2010, CRM – 

Certified Risk Manager. It is aimed at specialists 

and managers from banks, savings and 

loans and credit unions, as well as auditors and 

risk consultants. 

The particular focus is on the strategic issues 

of holistic bank management, risk analysis and 

credit portfolio management, as well as regulatory and accounting rules. The practical 

relevance of the programme is ensured through intensive analysis of case studies. 

Demand for the new programme was extraordinary; a second course started in January 

2011, the third course will begin in September 2011. 

Partnership with FIRM - Frankfurter Institut für Risikomanagement 

und Regulierung and Goethe Business School 

DVFA GmbH offered the CRM programme in 

cooperation with the Frankfurter Institut für 

Risikomanagement und Regulierung (FIRM). 

FIRM is supported by the Gesellschaft für Risikomanagement 

und Regulierung e.V. – the members 

of which are from banks, services companies, 

professional associations and the State of 

Hesse. FIRM promotes relevant research projects 

and supports programmes with related certifications, 

such as the CRM postgraduate programme.


First DVFA Symposium Risk Management in November 2010 

The first DVFA Symposium Risk Management – ‘New Challenges in Risk Management’ 

played host to more than 120 participants at the DVFA Center in Frankfurt. In all, six 

talks by well-known guest speakers, along with a panel discussion, provided insight into 

the current progressions in risk management by banks and other service providers. The 

symposium called for a ‘new risk culture’ – consisting of regulatory rules and increased 

transparency, as well as tracking of risk through dynamic modelling. 

The speakers and their topics were: 

� Jörg Erlebach | Commerzbank AG | Divisional Board - Group Risk Controlling & Capital 

Management 

Risk-adequate Capitalisation of the Banking System under New Regulatory Regimes 

� Prof. Dr. Lutz Johanning | WHU Otto Beisheim School of Management 

Risk Management: between Regulation and Banking Practice 

� Rainer Rauleder | Deutsche Bank AG | Global Head of Capital Management & Treasurer 

Europe 

Treasury Management at a Global Bank 

� Dr. Andreas Peter | Dr. Peter & Company | CEO 

Stress Tests and Risk Concentrations at Banks 

� Bank Risk Governance 

Panel discussion moderated by: 

Wolfgang Hartmann | FIRM Frankfurter Institut für Risikomanagement und Regulierung e.V. 

Chairman of the Board of Managing Directors 

� Michael Arndt | BearingPoint GmbH | Partner Asset Based Finance (ABF) 

After the Crisis: Banks wedged between Liquidity Demands and Capital Relief 

� Prof. Dr. Edgar Löw | Ernst & Young AG | Partner | Head of Financial Accounting Advisory Services 

Current Changes in Bank Accounting 

47

48 

appendix 

Winfried Becker Fitch 

Ingbert Faust equinet Bank AG 

Guido Fladt PricewaterhouseCoopersAG 

Ralf Frank MBA DVFA GmbH 

Andreas Heinrichs Bank Vontobel Europe AG 

Guido Hoymann B. Metzler seel. Sohn & Co. KGaA 

Jochen Mathée BNP Paribas Investment Partners Belgium S.A. 

Gunnar Miller RCM/Allianz Global Investors KAG 

Uwe Otten Vontobel Securities AG 

Marion Scherzinger IRAS - Independent Research & Accounting 

Michael Schmidt Union Investment Privatfonds GmbH 

Dr. Peter-Noel Schömig Certified Financial Analyst 

Christian Krause Hauck & Aufhäuser Corporate Finance GmbH 

Members of DVFA Commissions & Expert Groups_ 

CRUF Expert Group Financial Reporting Banks 

Expert Group Financial Reporting Real Estate 

Michael Beck Bankhaus Ellwanger & Geiger 

Martin Beck BDO Deutsche Warentreuhand AG 

Dr. Wilhelm Breuer Dr. Breuer Capital Market Advisory 

Dr. Alan Cadmus POLIS Immobilien AG 

Dr. Bernhard Funk Universität HAWK Hildesheim 

Stefan Goronczy HSH Nordbank AG 

Thomas Gütle Cordea Savills GmbH 

Dr. Sven Helmer Jones Lang Lasalle GmbH 

Sven-Erik Hintz Berenberg Bank 

Dr. Georg Kanders WestLB AG 

Kai Malte Klose Berenberg Bank 

Dr. Ulrich Nack TMW Pramerica Property Investment GmbH 

Prof. Dr. em. Heinz Rehkugler Deutsche Immobilien Akademie an der 

Universität Freiburg (DIA) 

Matthias Roche 

Clemens Schäfer RREEF Spezial Invest GmbH 

Christian Schulz-Wulkow Ernst & Young Real Estate GmbH 

Prof. Dr. Ramon Sotelo Bauhaus-Universität Weimar 

Prof. Dr. Matthias Thomas INREV 

Dieter Thomaschowski Iricic GmbH Investment Research in Change 

Membership Committee 

Nikolaus Brandl 

Dr. Hans-Peter Rathjens Allianz Global Investors/RCM 

Alice Kytka KfW IPEX-Bank GmbH 

Sabine Bohn DZ BANK AG 

Prof. Dr. Anne d’Arcy HEC University of Lausanne 

Guido Hoymann B. Metzler seel. Sohn & Co. KGaA 

Dr. Georg Kanders WestLB Research GmbH Prof. 

Prof. Dr. Edgar Löw KPMG Deutsche Treuhand AG 

Manfred Piontke FPM AG 

Klaus-Dieter Schallmayer Commerzbank Bank AG 

Volker von Krüchten Standard & Poor's 

Wolfgang Weigel PwC Deutsche Revision AG 

Expert Group Corporate Transaction & Valuation 

Dr. Christian Aders Duff & Phelps GmbH 

Dr. Johannes Adolff Hengeler Mueller 

Sven Arnold Handelshochschule Leipzig 

Dr. Ulrike Binder Mayer, Brown, Rowe & Maw LLP 

Henryk Ciesielski American Appraisal Germany GmbH 

Andreas Creutzmann IVA VALUATION & ADVISORY AG 

Karan Dehghani DWS Investment GmbH 

Dr. Mark-Ken Erdmann Bertelsmann AG 


Dr. Thomas Gasteyer Clifford Chance 

Dr. Martin Hebertinger UniCredit S.p.A. 

Dr. Karsten Heider CMS Hasche Sigle 

Julia Kersjes White&Case LLP 

Dr. Gerhard Killat Lazard & Co. GmbH 

Christian Krause Hauck & Aufhäuser Corporate Finance GmbH 

Dr. Lars M. Laeger Clifford Chance 

Dr. Hanns Ostmeier Bundesverb. dt. Kapitalbeteiligungsgesell. e.V. 

Prof. Dr. B. Schwetzler Handelshochschule Leipzig 

Christian Strenger DWS Investment GmbH 

Dr. Robert Weber White & Case LLP

appendix 


Ralph Bieneck Heidelberger Beteiligungsholding AG 

Peter Thilo Hasler BLAETTCHEN & PARTNER AG 

Dr. Bodo Kesselmeyer anuboXBRL GmbH & Co.KG 

Lars Kuhnke GFEI Aktiengesellschaft 

Petra Oetken Lucia Mathée IRC 

Prof. Dr. Max Otte IFVE GmbH 

Roger Peeters Close Brothers Seydler Research AG 

Thomas J. Schießle EQUI.TS GmbH 

Michael Vara Vara Research GmbH 


Christian Albrecht DZ BANK AG 

Prof. Dr. Dr. h. c. J. Baetge Westfälische Wilhelms-Universität Münster 

Frank Cerveny DZ BANK AG 

Dr. Oliver Everling RATING EVIDENCE GmbH 

Martin Faßbender Deutsche Bundesbank 

Prof. Dr. Josef Fischer Georg-Simon-Ohm Hochschule Nürnberg 

Andreas Fischer Westfälische Wilhelms-Universität Münster 

Prof. Dr. Thomas Heidorn Frankfurt School of Finance & Management 

Christian Hesse Creditreform Rating AG 

Dr. Andreas Jerschensky ALTANA AG 

Christian Junk NRW.BANK 

Dr. Peter König DVFA GmbH 

Prof. Dr. Harald Krehl DATEV eG 

Prof. Dr. Jens Leker Westfälische Wilhelms-Universität Münster 

Dr. Michael Munsch Creditreform Rating AG 

Dieter Pape Pape & Co 

Jürgen Paskert KPMG AG Wirtschaftsprüfungsgesellschaft 

Inge Pawlik Commerzbank AG 

Dr. Karl Eugen Reis Dr. Reis und Kollegen GmbH & Co. KG 

Bodo Richardt Wirtschaftsprüfer & Steuerberater 

Dr. Eva-Maria Rid-Niebler BayBG Bayerische Beteiligungs GmbH 

Prof. Dr. H. Rommelfanger Johann Wolfgang Goethe-Universität 

Dr. Oliver Steinkamp 

Dr. Hans-Ulrich Templin Helaba Invest Kapitalanlagegesellschaft mbH 

Corinna Wolf Deutsche Bundesbank 

Karl-Heinz Wolf MORISON AG Wirtschaftsprüfungsgesellschaft 

Anna Yakimochkina Goethe-University Frankfurt 

Commission on Non Financials 

Prof. Dr. A. Bassen Universität Hamburg 


Dr. Hendrik Garz WestLB AG 

Frank Klein DB Advisors 

Thomas J. Schießle EQUI.TS GmbH 

Felix Schnella ÖKOWORLD LUX S.A. 

Florian Sommer Union Investment 

Christian Strenger DWS Investment GmbH 

Peter Walburg Green Investing 

Members of DVFA Commissions & Expert Groups_ 

Commission Investment Performance Standards 

Herbert Jobelius DPG GmbH 

Thomas Kieselstein Quoniam Asset Management GmbH 

Michaela Krahwinkel Union Asset Management Holding AG 

Dr. Carsten Lüders BVI e.V. 

Jochen Menßen MÜNCHENER VEREIN Versicherungsgruppe 

Hans G. Pieper DPG GmbH 

Martin Schliemann FFA Frankfurt Finance Audit GmbH 

Dr. A. Schmidt-von Rhein Oppenheim Kapitalanlagegesellschaft mbH 

Annke von Tiling Deloitte & Touche GmbH 

Dr. Norbert Tolksdorff Sal. Oppenheim jr. & Cie. AG & Co. KGaA 

Dr. Carsten Wittrock zeb/rolfes.schierenbeck.associates.gmbh 


Sascha Alilovic MorphoSys AG 

Dr. Christa Bähr DZ BANK AG 

Dr. Viola Bronsema BIO Deutschland e.V. 

Kai Brüning Sal. Oppenheim jr. & Cie. AG & Co. KGaA 

Ines-Regina Buth akampion 

Dr. Ralf Emmerich Capgemini Deutschland GmbH 

Andreas Heinrichs Bank Vontobel Europe AG 

Stefan Höfer Deutsche Börse AG 

Dr. Kai Gregor Klinger Asklepios Kliniken GmbH 

Dr. jur. Dr. med. A. Koyuncu Mayer Brown LLP 

Dr. Marie-Luise Lippert Deutsche Industrievereinigung Biotechnologie 

Dr. Solveigh Karola Mähler QIAGEN N.V. 

Dr. med. Markus Manns Union Investment Privatfonds GmbH 

Dr. Markus Metzger STADA Arzneimittel AG 

Dr. Martin Schnee Schnee Research 

Dr. Julia Schüler BioMedServices 

Prof. Dr. Jörg Vienken Fresenius Medical Care Deutschland GmbH 

Expert Group Bond Communication 

Prof. Dr. A. Bassen Universität Hamburg 

Prof. Dr. Wolfgang Blättchen BLÄTTCHEN FINANCIAL ADVISORY GmbH 

Uwe Burkert LBBW LB Baden-Württemberg 

Monica Fernandez DZ BANK AG 

Thomas Hövelmann Helaba - LB Hessen-Thüringen 

Frank Hussing Commerzbank AG 

Christoph Klein DB Advisors 

Michael Schiller Union Investment 

Dr. Markus Walchshofer Union Investment 

49

50 

appendix 

Successful graduates of the DVFA programmes in 2010_ 

Götz Alles CCrA 

Dietmar Arzner CeFM 

Holger Basler CEFA, CeFM 

Daniel Baum CIIA, CEFA 

Jennifer Becherer CRM 

Sebastian Becker CIIA, CEFA 

Clemens Berendt CIWM, CeFM 

Mario Berndt CIIA, CEFA 

Marco Beyer CeFM 

Ümit Bilgili CRM 

Sabrina Binder CIIA, CEFA 

Bernhard Birgmann CIIA, CEFA 

Lorenz Blume CIIA, CEFA 

Barbara Böckelmann CIIA, CEFA 

Ariane Bockhold CREA 

Stefanie Boesensell CEFA, CRM 

Heiko Bollenbac CEFA, CeFM, ISSP 

Ingo Boxleitner CeFM 

Alexander Bräuer CIIA 

Anna Roza Brodalka CIIA, CEFA 

Armin Brotz CCrA 

Christoph Bruder CIIA, CEFA 

Anke Buddenberg CRM 

Irg Bührer CIIA 

Dennis Busse CeFM 

Stefan Buyer CCrA 

Marc Cavatoni CIIA, CEFA 

Ioannis Chatzipantazis CIIA, CEFA 

Damir Ciganovic CCrA 

Barbara Claus CIIA, CEFA 

Andreas Cornelißen CREA 

Bogdan Covaciu CIIA, CEFA 

Savas Demirtas CIIA, CEFA 

Stefanie Denzer CREA 

Nadia Derar CCrA 

Oliver Diers CRM 

Sebastian Dittrich CeFM 

Matthias Döscher CIIA, CEFA 

Marica Draganic CRM 

Bernhard Eder CIIA, CEFA 

Joachim Eisele CIIA, CEFA 

Pia Engel CIIA, CEFA 

Christian Engelhardt CIIA 

Markus Engelmann CCrA 

Katharina Ehrhardt CREA 

Oliver Falk CIIA, CEFA 

Holger Fechner CIIA, CEFA 

Min Feng CIIA, CEFA 

Sonia Fernández Cervera CIIA, CEFA 

Sandra Freisleben CIIA, CEFA 

Michael Frenzel CIIA, CEFA 

Patrick Furtwängler CeFM 

Daniel Fust CRM 

Patrick Ganzbuhl CIIA, CEFA 

Bernhard Geyer CCrA, CRM 

Harry Gohil CCrA, CRM 

Jan Christian Göhmann CIIA, CEFA 

Yvonne Göhner CRM 

Frank Greisel CIIA, CEFA 

Dr. Andreas Grob CIIA, CEFA 

Robert Gronegger CIIA, CEFA 

Sven Gruler CIIA, CEFA 

Sylvia Haas CRM 

Jürgen Häcker CRM 

Andreas Hackmann CREA 

Philip Hägele CCrA 

Stefanie Hahn CIIA, CEFA 

Konrad Hallhuber CCrA, CRM 

Knud Hansen CeFM 

Sven Hansen CRM 

Jan Philip Hasenritter CIIA, CEFA 

Manuela Haug CRM 

Dirk Heinrichs CCrA 

Alexander Heinzel CRM 

Hans Henkel CIIA, CEFA 

Dominic Hereth CIIA, CEFA 

Kathrin Herschlein CCrA 

Kai Herzog CIIA, CEFA 

Patrick Holdinger CIIA, CEFA 

Britta Holling CeFM 

Peter Hopp CREA 

André Hüsemann CREA 

Christian Jäcker CeFM 

Matthias Philipp Jäger CIIA, CEFA 

Lars Jaschinski CCrA 

Dirk Kaiser CCrA 

Heidi Käspaizer CREA 

Seong-Beom Kim CIIA, CEFA 

Christoph Kitz CRM 

René Klasen CIIA, CEFA 

Alexander Klein CIIA, CEFA 

Dr. Alexander Klein CRM 

Nadine Klingert CRM 

Boris Klöckner CIIA, CEFA 

Christian-Hendrik Knappe CIIA, CEFA 

Thomas Knispel CCrA, CRM 

Herbert Knötgen CREA 

Nicolas Koch CIIA, CEFA 

Martin Kötter CIIA, CEFA 

Tobias Krinner CIIA, CEFA 

Mathias Krischke CCrA, CRM 

Jan Krüger CeFM 

Ina Kubenke CeFM 

Daniel Kuhnen CCrA, CRM 

Rüdiger Lang CIIA, CEFA 

Markus Lautenschlager CIIA, CEFA 

Steffen Leitsch CCrA, CRM 

Gregor Lenders CeFM 

Thomas Lermer CIIA, CEFA 

Patrick Lindner CIIA, CEFA 

Christian Lips CIIA, CEFA 

Zhi Liu CIIA, CEFA 

Sandra Lobert CRM 

Dirk Lübbe CCrA 

Dirk Maag CeFM 

Andreas Mailänder CCrA 

Fragias Makridakis CRM 

Michael Maneck CIIA, CEFA 

Glenn Marci CIIA, CEFA 

Oliver Marx CIIA, CEFA 

Karin Mayer CIIA, CEFA 

Harald Meichelbeck CRM 

Matthias Melms CIIA, CEFA, CCrA 

Wiebke Merbeth CIIA, CEFA 

Sven Meyrer CIIA, CEFA 

Ronny Miersch CIIA, CEFA 

Kerstin Milberg CIIA, CEFA 

Daniel Milkus CREA 

Markus Mittermeier CIIA, CEFA 

Martin Mohr CREA 

Tim Möhren CRM 

Thomas Möller CeFM 

Alexander Möst CCrA 

Thorsten Müller CIIA, CEFA 

Jens Nagel CCrA 

Jens Nattermann CIIA, CEFA 

Rita Nemeth CREA 

Frank Neumann CIIA, CEFA 

Vera Nieß CIIA, CEFA 

Benjamin Nuspl CIWM, CEFA, CeFM 

Dr. Borris Orlikowski CREA 

Martin Ostermeier CeFM 

Levent Özgelen CIIA, CEFA 

Filiz Öztemir CCrA 

Ullrich Paczkowski CIIA, CEFA 

Mirko Pasternak CIIA, CEFA 

Liane Pöhlking CRM 

Christoph Pott CIIA, CEFA 

Marc Pötter CIIA, CEFA 

Katja Priess CCrA, CRM 

Christian Probszt CREA 

Anna Pytel-Flörke CREA 

Marcel Queckenberg CIIA 

Andreas Rau CeFM 

Konrad Rauße CCrA 

Nadine Rech CCrA 

Jörg Reifenberg CIIA, CEFA 

Sebastian Ressin CeFM 

Miriam Reuter CIIA 

Pascal Ries CREA 

Jann Robert CREA 

Alexandra Romanowski CRM 

Kai Röttgers CIIA, CEFA 

Kerstin Rummler CIIA, CEFA 

Peter Satinsky CeFM 

Rolf Schäfer CIIA, CEFA 

Günther Schäfer CCrA, CRM 

Dr. Christine Schäfer CREA 

Reinhard Schaffland CIIA, CEFA 

Robert Schamber CIIA, CEFA 

Matthias Schiestl CIIA, CEFA 

Jan Schippmann CAsM, CeFM 

Dominik Schlarmann CCrA 

Markus Schmid CCrA 

Stephan Schmidt CIIA, CEFA 

Markus Schmidt CCrA 

Gordon Schönell CIIA, CEFA 

Nicola Schrenick CRM 

Nicole Schütz CIIA, CEFA, CCrA 

Stefanie Schütze CCrA 

Kathrin Schwidder CREA 

Robert Schwind CIIA, CEFA 

Christian Schwind CRM 

Guido Seifert CIIA, CEFA 

Alexander Seith CCrA 

Patrick Siegert CeFM 

Jan Sobotta CIIA, CEFA 

Susanne Sotzek CRM 

Anton Spitlbauer CIIA, CEFA 

Lars Sprenkelmann CeFM 

Philip Stegner CRM 

Dana Steinbach CIIA, CEFA 

Carmen Stephan CEFA, CeFM 

Iris Streit CCrA, CRM 

Kevin Domenico Struck CIIA 

David Sütterle CIIA, CEFA 

Michael-Günter Teichmann CIIA, CEFA 

Philip Teuchner CRM 

Matthias Tewes CeFM 

Patrick Traughber CIIA 

Martin Trilling CIIA, CEFA 

Andreas Urich CCrA 

Ulrike Viehl CeFM 

Ina Vollmann CIIA, CEFA 

Jan von Graffen CIIA, CEFA 

Timo Vorderer CREA 

Klaus Wagner CRM 

Frank Weber CIIA, CEFA 

Till Wenke CREA 

Jan-Patrick Weuthen CeFM 

Hiltrud Wick CREA 

Peter Wieser CIIA, CEFA 

Carsten Winter CCrA 

Robert Wolf CREA 

Daniel Wölk CREA 

Stefan Wolpert CIIA, CEFA 

Johannes Wutz CIIA, CEFA

appendix 

Joachim Alt CIIA, CEFA 

Martin Annighöfer CEFA 

Daniel Baum CIIA, CEFA 

Dr. Roger Becker CEFA 

Melanie Bischoff CIIA, CEFA 

Falko Block CIIA, CEFA 

Jörg Bohnenkamp CIIA, CEFA 

Anna Roza Brodalka CIIA, CEFA 

Michael Busch CIIA, CEFA 

Henryk Ciesielski CEFA 

Marius Gero Daheim CIIA, CEFA 

Andreas Deeng CIIA,CEFA 

Wolfgang Deschka CIIA, CEFA 

Nicole Deser CEFA, CFA 

Andreas Dimopoulos CIIA, CEFA 

Dr. Wolfram Eichner CEFA 

Uwe Eilers CEFA 

Christian Engelhardt CIIA 

Oliver Falk CIIA 

Min Feng CIIA, CEFA 

Isabel Fernandez-Ariza CEFA 

Dr. Hans-Jörg Frantzmann 

David Gaschik CIIA, CEFA 

Alexander Geschwindner CIIA, CEFA 

Florian Giesecke CIIA, CEFA 

Stefan Groeters CIIA, CEFA 

Sonja Hack CIIA, CEFA 

RA Veith A. Hamper CEFA 

Paul Hanau CEFA 

Kai Hastenrath CEFA 

Dirk Hedderich CIIA, CEFA 

Thomas Hens CIIA,CEFA 

Gerald Hespelt CEFA, CIWM, CeFM 

Anke Junge CIIA, CEFA 

René Klasen CIIA, CEFA 

Frank Klein 

Alexander Klein CIIA, CEFA 

Ursula Klein 

Stephan Klinke CIIA, CEFA 

Michael Knupfer CEFA 

Dr. Peter König 

Christian Krause CEFA 

Elke Kurlbaum-Stanzel 

Annette LeBaron CEFA 

Frank Leber CIIA,CEFA 

Robert Leisner CIIA,CEFA 

Rainer Lenz CIIA, CEFA 

Olaf Liebeskind CIIA, CEFA 

Jörn Ligges CIIA, CEFA 

Zhi Liu CIIA, CEFA 

Prof. Dr.Dr. h.c. Otto Loistl 

Peter Loll CEFA, CIIA 

Ingo Ralf Mainert 

Oliver Maslowski CIIA 

Karin Mayer CIIA, CEFA 

Mario Müller-Johansson CIIA, CEFA 

Jens Nattermann CIIA, CEFA 

Karl Olbert 

Marc Ospald CIIA, CEFA 

Karsten Piater CBA, CIIA 

Alexander Proppert CIIA, CEFA 

Ralf Raebel CIIA, CEFA 

Alumnis_ 

Sebastian Reuter CIIA, CEFA 

Hans Christoph Ries 

Thomas Ruf 

Andreas Russnak CIIA, CEFA, ISSP 

Michael Schickling 

Thomas J. Schießle 

Stephan Schrade CIIA, CEFA 

Christian Schreiner CIIA, CEFA 

Hans-Joerg Schreiweis 

Michael Schubert 

Robert Schwind CIIA, CEFA 

Guido Seifert CIIA, CEFA 

Selina Sezen ISSP, CEFA 

Wilfried Siegmund 

Eva Sonnenschein CEFA 

Jan Stehr CEFA 

Jana Stibale CEFA 

Dieter Thomaschowski CEFA 

Thomas W. Tilse 

Patrick Traughber CIIA 

Michael Vara CEFA 

Alexander Vollet 

Jan von Graffen CIIA, CEFA 

Stefan Watzka CIIA 

Christina Wettstein CIIA, CEFA 

Dr. Stefan F. Wilhelm 

Martin K. Wilhelm CEFA 

Tanja Zander CEFA 

Michael zu Salm-Salm 

51

Society of Investment Professionals in Germany

Equities - DVFA

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