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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

Lise Estelle Brault

Lise Estelle Brault CFA


Lise Estelle Brault is Senior Director Digital Transformation, Fintech and Innovation at the Autorité des marchés financiers. She is responsible for anticipating and understanding the regulatory, economic and financial impacts resulting from the digital transformation of the financial sector, and to advise the AMF on this evolution and its impacts on the regulatory framework. Her team also provide support towards the development of Quebec's fintech ecosystem.
As part of her duties, Lise Estelle contributes to numerous national and international committees on digital transformation and innovation. She chairs the Canadian Securities Administrators' Financial Innovation Hub and she also participates in the Fintech Taskforce of the International Organization of Securities Commissions (IOSCO).
Lise Estelle is a CFA Charterholder and is a member of CFA Montreal Board of Directors. She chairs the CFA Institute’s Capital Market Policy Council.
Prior to joining the AMF, Lise Estelle gained ten years of experience in financial risk management at the Caisse de dépôt et placement du Québec and at PSP Investments.
Lise Estelle holds a Master’s degree from the London School of Economics and Political Science, where she studied finance and economics. She also studied mathematics and economics at the University of Montreal. In 2017, she won the Rising Star prize offered by the Association des femmes en finance du Québec.

Conrad Yan

Conrad Yan CFA

Vice Chair

Conrad Yan is Managing Partner of Albamen Capital Partners. Albamen Capital Partners is an industrial investment firm focusing on renewable energy and digital infrastructure in China. Conrad is a Mainland Opportunities Committee member of Hong Kong's Financial Services Development Council and was the immediate past Secretary of Pacific Pension & Investment Institute (PPI), an educational non-profit based in San Francisco that convenes pension and investment thought leaders for in-depth dialogue and knowledge sharing on the issues facing long-term institutional investors, representing more than $25 trillion in assets.

As a CFA charterholder, Conrad was founding chair of the Global Investment Performance Standard (GIPS) committee in Hong Kong, and he was recognized as an Outstanding Volunteer by CFA Society Hong Kong (formerly HKSFA) in 2005. Conrad was also a participant at the Capital Formation Workshop at the 71st CFA Institute Annual Conference in Hong Kong in 2018.


Patrick Armstrong CFA

Independent Consultant

Paris, France


Jean-Francois Bouilly CFA, CIPM

Chief Compliance Officer and General Secretary, Sanso Investment Solutions

Paris, France

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.

Cindy Tan

Cindy Tan CFA

CEO (Singapore), GMO

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.

Conrad Yan CFA

Managing Partner, Albamen Capital Partners, Hong Kong SAR

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

photo of Trideep Bhattacharya, CFA

Trideep Bhattacharya CFA

CMPC Observer

President and Chief Investment Officer – Equities, Edelweiss AMC, India

Trideep holds a degree in MBA (Finance) from SP Jain Institute of Management & Research, India and B.Tech in Electrical Engineering from IIT Kharagpur, India. He has over two decades of experience in Equity investing across both Indian and Global markets, encompassing public and private markets.

During his career, he has spent significant amount of time as Portfolio Manager at State Street Global Advisors and UBS Global Asset Management (London, UK). Prior to joining Edelweiss AMC, he was instrumental in building a market-leading Alternative Equities business at Axis Asset Management Company (a joint-venture with Schroders) in India, as Senior Portfolio Manager – Alternate Equities.

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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