Equities - DVFA

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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