Steve Wellard
+44 (0) 20-7531-0755
steve.wellard@cfainstitute.org
Sarah-Jane Purvis
+44 (0) 20-7531-0766
sarahjane.purvis@cfainstitute.org
CFA Institute Launches European Investors Working Group with European Capital Markets Institute to Champion Professional Investor Interests
Brussels, London, June 30, 2009 – Today the European Investors Working Group (EIWG) meets for the first time in Brussels to set the agenda for the Group's active contribution towards creating an efficient, effective, and globally competitive European regulatory model. The EIWG has been established as an independent, non-political body to evaluate both the strengths and weaknesses of the existing regulatory model of the financial markets and proposed solutions to the current crisis. The primary objective is to represent the interests of professional investors, and through them the many thousands of investors they serve.
The co-sponsors of the EIWG are the CFA Institute Centre for Financial Market Integrity, the policy arm of CFA Institute, and the European Capital Markets Institute (ECMI), an independent research entity managed by the Centre for European Policy Studies (CEPS), one of the most experienced and authoritative think tanks operating in the European Union today.
The group is chaired by Fabrice Demarigny, head of capital markets activities at Mazars and former secretary general of the Committee of European Securities Regulators (CESR). Members of the Group are leading investor organizations, industry observers and investment practitioners with deep knowledge of the European framework for financial regulation and oversight. The EIWG's initial agenda will focus on MiFID; market abuse and the prospectus directives; the Lamfalussy and the de Larosière framework on the supervisory side; funds and investment products, including the Alternative Investment Fund Manager Directive (AIFM); and corporate governance and transparency issues.
Commenting on the launch of EIWG, Charles Cronin, head, CFA Institute Centre for Europe, Middle East, and Africa, said: "Policy making is now progressing at a pace rarely seen before. The scope for major regulatory reform has never been greater. In this context, it is important that the collective voice of investors and users of financial information is given the weight it merits. It is critical that the coming reforms be measured and modern in their design and application and that their framework must offer protection to investors that is both adequate and effective.
"The European Investors Working Group has been founded to ensure the proper involvement and perspective of professional investors in a process that will likely result in the most dynamic and significant regulatory reform in modern history. The Group will aim to serve as a constructive and reasoned voice in the proposal, discussion, and implementation of these expected regulatory changes which can have profound effect on all classes of investors."
Karel Lannoo, CEO, Centre for European Policy Studies (CEPS), said: “In the context of rapid regulatory reform, it is important to take stock of the existing regulatory and supervisory framework for investors in the EU, independently from what government bodies are doing, and make recommendations on what can be improved, and how. Although forgotten today, self-regulatory organizations should continue to play an important role in this framework, as it is an illusion to believe that governments can control everything. We are therefore happy to team up with CFA Institute in this endeavor.”
European Investors Working Group Members:
| Chair − Fabrice Demarigny | Head of Capital Markets Activities, Mazars − Former Secretary General, CESR |
| Carl Bang | Chairman & CEO, State Street Global Advisors France |
| Alan Brown | Group Chief Investment Officer, Schroders |
| Jean-Pierre Casey | Vice President, Product & Technical Compliance, Barclays Wealth |
| Charles Cronin | Head, CFA Institute Centre EMEA |
| Gerben Everts | Compliance Officer and Senior Counsel, APG |
| Karel Lannoo | CEO, Centre for European Policy Studies |
| Markus Miederhoff | General Counsel Europe, Allianz Global Investors Europe GmbH |
| David Pitt-Watson | Senior Adviser, Hermes |
| Ragnhild Wiborg | CEO Wiborg Kapitalförvaltning AB |
| Ignacio Gomez-Sancha | Securities lawyer − Alpha-Fund |
Observers:
| Carlos López Marqués | International Affairs, BME |
| Paola Fico | Listed Companies Regulation − R&PT, Borsa Italiana |
About CFA Institute
CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has nearly 100,000 members, who include the world’s 84,668 CFA charterholders, as well as 136 affiliated professional societies in 57 countries and territories. More information may be found at www.cfainstitute.org
About the CFA Institute Centre for Financial Market Integrity
The CFA Institute Centre develops timely, practical solutions to global capital market issues. Established in 2004, the CFA Institute Centre builds upon the CFA Institute mission to lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence. It carries forward the organization’s 60-year history of standards and advocacy work, especially its Code of Ethics and Standards of Professional Conduct for the investment profession. More information may be found at www.cfainstitute.org/centre
About the European Capital Markets Institute (ECMI)
The European Capital Markets Institute (ECMI) was established as an independent non-profit organization in October 1993, in a collaborative effort by the European Federation of Financial Analysts Societies (EFFAS), the Federation of European Securities Exchanges (FESE), and the International Securities Market Association (ISMA), now the International Capital Market Association (ICMA). ECMI’s membership base comprises financial services firms, stock exchanges, regulatory bodies, university institutes, and many leading institutions. Since January 2006, ECMI’s activities and research program have been managed and staffed by the Centre for European Policy Studies (CEPS), a highly reputed, independent think tank based in Brussels. The principal objective of ECMI is therefore to provide a forum in which market participants, investors, policymakers, and academics alike can exchange ideas and opinions concerning the efficiency, stability, liquidity, integrity, fairness, and competitiveness of European capital markets and discuss the latest market trends. In effect, ECMI regularly produces publications for its members: quarterly newsletters, annual reports, a statistical package, regular commentary and research papers, as well as occasional workshops and conferences. ECMI also advises European regulators on policy-related matters, acts as a focal point for interaction between academic research, market sentiment, and the policy-making process, and promotes a multidisciplinary and multidimensional approach to the subject. More information may be found at www.eurocapitalmarkets.org or www.ceps.eu.