Gb08_engl Umschlag:GB 2005 - DVFA

More documents

Recommendations

Info

28 activities of the committees Financial Market Regulation _ Regulatory Initiative Regulation of credit rating agencies Investment management amendment KWG and WpHG Panel on Financial Market Regulation The emphasis of the Panel in 2008 was on the discussion about a suitable regulatory framework for rating agencies. In this context, a total of three position papers were submitted to the International Organization of Securities Commissions (IOSCO), the Committee of European Securities Regulators (CESR) and the European Commission. The consultation processes related to the handling of conflicts of interest by rating agencies, the transparency of their activities and quality requirements for the rating process. In particular, the IOSCO consultation focused on an assessment of the impact from the financial crisis and the adaptation of the existing code of conduct to the present market realities. In the consultation processes of the CESR and European Commission, the role of rating agencies within the financial markets was examined in the context of the financial crisis, in particular with respect to the rating of structured financial instruments. DVFA involved its Committee Rating Standards in the preparation of the position papers. The papers themselves are available under: http://www.dvfa.de/cras An overview of the submitted position papers is provided on page 20. This report also contains a feature summarising the current proposals for regulation of rating agencies. DVFA/EFFAS position papers and participation in hearings DVFA-Activities 1 position paper (31.03.08) 1 position paper (25.04.08) 1 position paper (05.09.08) 1 position paper (03.09.08) Institution Committee of European Securities Regulators (CESR) International Organization of Securities Commissions (IOSCO) European Commission Federal Ministry of Finance (BMF)
activities of the committees Financial Market Regulation _ Committee Corporate Governance The Committee Corporate Governance, which works under the auspices of the DVFA Committee for Non-financials, was responsible for development of the Scorecard for German Corporate Governance © - a DVFA evaluation scheme based on the German Corporate Governance Code. As a result of the close substantive linkages between the two groups, members were significantly involved with the Committee Non-financials, given the important role of corporate governance in the context of ESG (environmental, social and governance) as a thematic focus of non-financial reporting. A detailed report on this work is available in the section on the Committee for Non-financials. In 2009, the Committees will focus on the significance of corporate governance for investment professionals, as well as the future informational requirements for companies in this context. Committee on Standards for Investment Research With implementation of the EU Markets in Financial Instruments Directive (MiFID) on 01 November 2007, new rules came into effect for those who prepare and communicate financial analysis. In this context, the German Federal Financial Supervisory Authority (BaFin) published an official interpretation of section 31 (2) sentence 4 and section 34b WpHG, which replaces the existing interpretations of section 34b WpHG dated 16 December 2003, 01 August 2005 and 08 February 2006. The Committee on Standards for Investment Research took this as an opportunity to present the information contained in the new official interpretation to members of DVFA e.V. in the form of a circular, and introduce the different types of financial analysis and the requirements to be fulfilled by those preparing and/or communicating financial analysis. 29
Page 1: Annual Report 2008 Society of Inves
Page 4 and 5: Imprint Publisher: DVFA e.V. Einste
Page 6 and 7: Dealing with the financial crisis w
Page 8 and 9: 06 the board Report of the Board_ a
Page 10 and 11: 08 the society Members of the Advis
Page 12 and 13: 10 the society u u u EQUITIES FIXED
Page 14 and 15: 12 activities of the committees Exp
Page 16 and 17: 14 featu DVFA Club +++ DVFA Club ++
Page 18 and 19: 16 activities of the committees Mee
Page 20 and 21: 18 featu The role of rating agencie
Page 22 and 23: 20 featu The role of rating agencie
Page 24 and 25: 22 activities of the committees Ass
Page 26 and 27: 24 featuPress reactions to the DVFA
Page 28 and 29: 26 featuPress reactions to the DVFA
Page 32 and 33: 30 featu DVFA Members’ Meeting an
Page 34 and 35: 32 EFFAS Since 2000, when Fritz H.
Page 36 and 37: 34 DVFA e.V. annual financial state
Page 38 and 39: 36 DVFA GmbH DVFA GmbH is a wholly-
Page 40 and 41: 38 featu Training and Qualification
Page 42 and 43: 40 featu Training and Qualification
Page 44 and 45: 42 DVFA GmbH annual financial state
Page 46: Society of Investment Professionals

Gb08_engl Umschlag:GB 2005 - DVFA

Create successful ePaper yourself

Delete template?

Save as template?