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Capital Markets Policy Council

The Capital Markets Policy Council (CMPC) works with the Capital Markets Policy Group staff by providing guidance on financial market regulatory and policy issues, all from the perspective of what is best for markets, investors, and clients. The CMPC also assists staff with perspectives on research and advocacy positions developed in response to critical issues in the capital markets, including:

  • Analysis and practitioner expertise on issues such as regulatory systems
  • Perspectives on local research topics, including country comparisons of regulation of trading different types of securities and derivative instruments
  • Comment letters regarding proposed policies to the European Commission, U.S. SEC, and others


Patrick Armstrong CFA

Senior Advisor, European Securities and Markets Authority

Paris, France


Jean-Francois Bouilly CFA, CIPM

Chief Compliance Officer and General Secretary, Sanso Investment Solutions

Paris, France


Lise Estelle Brault CFA

Senior Director, Data, Fintech and Innovation at Autorité des marchés financiers (Québec)

Montreal, Canada

Ru Huey Fung CFA

General Manager, Securities Commission Malaysia

Kuala Lumpur, Malaysia

Member of CFA Society Malaysia


Pankaj K Jain CFA

Chair and Professor, Department of Finance, Insurance, and Real Estate, The University of Memphis

Memphis, Tennessee, United States of America


Rajendra Kalur CFA

Independent Consultant & Financial Educator

Member of CFA Society India

Rajendra Kalur, CFA, is an independent consultant and financial educator. Using his extensive experience in the financial services domain, he mentors first-time entrepreneurs and offers training on such subjects as leadership, entrepreneurship, and wealth management. Previously, Mr. Kalur was the founding director and CEO of TrustPlutus, a boutique wealth management firm. He also has worked in various capacities at RBS N.V., ABN AMRO N.V., Wealth Advisors India Pvt. Ltd., ICICI Prudential AMC, DSP Merrill Lynch, and General Insurance Corporation of India. Mr. Kalur serves on the boards of CFA Society India and Multi-Act Trade and Investments Pvt Ltd. He is also a certified Ethics Trainer. Mr. Kalur holds an MBA from Cranfield School of Management, United Kingdom, and a postgraduate diploma in marketing from the Chartered Institute of Marketing, United Kingdom. He is also a long-distance runner and cyclist.


Kaoru Kobu

Head of ESG, Japanese Equity Investment, Invesco Asset Management

Tokyo, Japan

Richard Mak CFA

Head of Product & Business Management - Asia, Pictet Wealth Management

Hong Kong SAR


Matthias Meitner CFA, Dr, Prof

Professor for Finance & Accounting, International School of Management (ISM), Germany, and Managing Partner, Valuesque

Munich Suburbs, Germany


Lee Reiners CFA

Lecturing Fellow, Duke Financial Economics Center and Duke Law, Duke University.

Durham, North Carolina, United States of America


Thomas M Selman CFA

Founder, Scopus Financial Group

Piotr Sieradzan CFA

Managing Director, Aforti Holding and Lecturer, Kozminski University, Warsaw

Member of CFA Society Poland

Vice President, CFA Society Poland

Isaac T. Tabner CFA

Senior Lecturer in Finance at the University of Stirling and Director of the MSc Finance

Stirling, U.K.

Conrad Yan

Managing Partner, Albamen Capital Partners, Hong Kong SAR

Founding Chair, Global Investment Performance Standard (GIPS) Committee, Hong Kong

Cindy Tan

Cindy Tan CFA, CA

CMPC Observer

Chief Executive Officer and Executive Director, GMO Singapore

Ms. Tan is Chief Executive Officer and Executive Director of GMO Singapore Pte. Limited and is responsible for operational, compliance and governance matters for GMO’s Singapore office. She is also involved in business development efforts for GMO’s Global Client Relations team in Asia. Prior to joining GMO in 2004, she worked at Ernst & Young in Singapore, where she was involved in advisory and assurance services for financial institutions in the local market. Ms. Tan currently sits on the Board of CFA Society Singapore, where she is also a member of the Investment Committee. Ms. Tan earned her Bachelor in Accounting from Nanyang Technological University in Singapore. She is a CFA Charterholder and a CFA ESG Investing certificate holder. Ms Tan is also a Chartered Accountant of Singapore.

Stephen Deane

Stephen Deane CFA

CMPC Executive Liaison

Senior Director, Legislative Outreach, Americas Capital Markets Policy

Stephen Deane, CFA, is Senior Director, Legislative Outreach and Capital Markets Policy for the Americas, at CFA Institute. Stephen also serves as Chair of the Markets Advisory Council of the Council of Institutional Investors. He joined CFA Institute in 2020 after more than nine years at the US Securities and Exchange Commission (SEC). He worked in the SEC Office of the Investor Advocate since its inception in 2014, where he helped to build out the office and served as principal liaison to the Investor Advisory Committee. He previously worked at MSCI, Institutional Shareholders Service (ISS), and in international development.


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