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The Role
of EFFAS
Fritz Mostböck, CEFA
Member Executive Board EFFAS
Head of Group Research, Erste Group
AAFBR Conference
Bucharest, 11 November 2010
1. EFFAS Activities - Mission
Austria
Belgium
Bulgaria
Croatia
Finland
France
Germany
Great Britain
Greece
Hungary
Italy
Kazakhstan
Promoting Integration
Thriving on Diversity
Creating Wealth
Latvia
Lithuania
Luxemburg
Netherlands
Norway
Poland
Portugal
Romania
Russia
 Integrity
 Qualification
 Communication
Serbia
Spain
Sweden
Switzerland
Ukraine
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A standard setter for investment professionals’ requirements
 Set up in 1962 as umbrella
organisation
 26 member societies, representing
around 16,000 investment
professionals
 Head Office: Frankfurt am Main
 EFFAS executive bodies: AGM and
Executive Management Committee
(EMC)
Chairman:
Giampaolo Trasi (I)
Deputy Chairmen: Vincent Bazi (F),
Jesús López Zaballos (E)
Members:
Fritz Mostböck (A)
Marianne Flink (S)
Hans Buysse (B)
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1. EFFAS Activities - Background

EFFAS is the umbrella organisation of 26 national local societies of
investment professionals in Europe.

EFFAS represents more than 16,000 professionals in Equity-/Bond
Research, Asset-/Portfolio Management and Investment Advice.

Overall aim is to set standards for investment professionals in
communication, ethics and qualification; to bring influence on EU
guidelines and to recognise/respect regional market characteristics.

Europe needs a common financial market communication to
guarantee the competitiveness of its economy and human capital.

A functioning financial market and investor confidence are
preconditions for this to be achieved.
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1. EFFAS Activities - Model

EFFAS is a platform of independent members
 Exchanging ideas and experiences
 Providing information
 Providing joint actions where necessary (EU/ CESR)

Strategic issues

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


Common interest
Mostly non-for-profit
Examples: Ethics, Accounting, Regulation, etc.
Financed and controlled by EFFAS
Projects

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
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Not necessarily of common interest
Voluntary participation
A-la-carte financing
Examples: CIIA, GIPS, ISFA, conferences, company
presentations
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2. EFFAS Commissions
EFFAS Commission on Environmental, Social and Governance Issues (CESG)

Increasing transparency between a multitude of extra-financial and ESG activities

Instigating research on ESG in order to find the missing link between extra-financials and
financial performance

Promoting corporate reporting methods and models for CR, ESG and extra -financial
which serve the needs of investors and financial analysts
EFFAS Training and Qualification Commission (TQC)

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Standards on education and examination
Continuous development of syllabus
Benchmarking of national educational standards
Co-ordination of conferences and seminars
EFFAS Financial Accounting Commission (FAC)


Accounting standards, guidance on analytical methods
Member in several international financial and accounting bodies (EFRAG - European
Financial Reporting Advisory Group, etc.)
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2. EFFAS Commissions
EFFAS European Bond Commission (EBC)

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Fixed income and derivatives standards throughout Europe
Improving the efficiency of European bond markets
Provide authoritative information on European bond markets
Present projects: calculating Eurozone curve, fitting yield curves through missing data
points, etc.
EFFAS Market Structure and Commission (MSC)

Comments on regulatory proposals (EU Commission, CESR, IOSCO, etc.)

EFFAS position papers

Pro-active lobbying for the sake of investment professionals
EFFAS Commission on Intellectual Capital (CIC)

Topic is of world-wide interest, EFFAS is at the forefront

Raising the awareness of Intellectual Capital Reporting

Evaluation of qualitative elements from human capital

Representation at international conferences
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3. Training, conferences
Training Programmes
 CIIA (Certified International Investment Analyst) via global ACIIA network
 Manuals and other training materials
 Marketing and promotional support
 Other designations: CIWM (Certified International Wealth Manager), CEFA
(Certified European Financial Analyst)
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3. Training, Conferences
CEFA Certified European Financial Analyst
 First set up in 1990
 Is part of the EFFAS Governance Model
 Covers same 7 topics as CIIA + national specific
 Benchmarked to CIIA Foundation + national specific examination as threshold
 Quality control by EFFAS Review Panel
 CEFA provides another direct route to the CIIA
 Both CIIA & CEFA offer global designations covering investment and financial
issues of highly practical relevance
 Both CIIA & CEFA respect local market requirements, conditions and
characteristics and respect individual cultures
In European countries like United Kingdom, Greece, Poland, Portugal, etc.,
EFFAS designations are recognised by the regulators.
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3. Training, conferences - Dimension of ACIIA
Argentina
Global designation
Brazil
China
Chinese Taipei
Hong Kong
India
+
Iran
Japan
Kenya
Korea
Mexico
Morocco
Nigeria
Peru
Tunisia
www.aciia.org
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3. Training, Conferences
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3. Training, conferences
Conferences
 Local national conferences
 Conferences in association with EFFAS
 Conferences via another local association as a partner
 Stock market presentations or company presentations
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4. Status quo CEE - Potential EFFAS Members
The EFFAS Landscape
= EFFAS
Member
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Thank you for your attention!
EFFAS
The European Federation
of Financial Analysts Societies
Frankfurt am Main
www.effas.net
Mainzer Landstrasse 47a
60329 Frankfurt am Main
Germany
Tel.
+49 69 26 4848 300
Fax.
+49 69 26 4848 335
Email: [email protected]
Internet: www.effas.net
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