CFA Institute employs a team of uniquely qualified individuals to track, research and comment on issues in the areas of financial markets integrity, capital markets policy, securities regulation, financial reporting and audit, and investor protection. These experts collaborate with a global network of volunteers, councils and committees to advance our mission to promote ethical conduct, professional standards and integrity in financial markets around the world.
Senior Manager, Capital Markets Policy
Karina Karakulova is senior manager, capital markets policy, for the Americas and is based in Washington, DC. She leverages her prior experience in government affairs, public policy and investment management (Series 7, 66) to help formulate policy positions and research that advance market integrity, investor protection and industry professionalism. Karina holds a master’s degree in financial mathematics from the Johns Hopkins Whiting School of Engineering and bachelor’s degrees in economics and mathematics from St. Mary's College of Maryland.
Managing Director, Advocacy, CFA Institute
Kurt Schacht, JD, CFA, is managing director for policy and regulatory relations at CFA Institute. He oversees global advocacy efforts including regulatory consultations, policy research, standard setter engagement and serves on a range of stakeholder advisory groups engaged on investment management policy issues. His work is focused on advancing investor protection, financial market transparency and fairness, financial reporting and audit policy and industry professionalism. He is former Chairman of the Investor Advisory Committee to the U.S. Securities and Exchange Commission (SEC) and is currently serving a three-year term as a member of the Board of Trustees for the IFRS Foundation which oversees the IASB. He served as a member of the European Commission's Expert Group on Corporate Bond Market Liquidity based in Brussels in 2017. He is a member of the: Harvard Corporate Governance Forum Advisory Council; Board of Trustees - for the Greenwich Roundtable; Advisory Board - Columbia Law Millstein Center for Global Markets. He served two terms on the Public Company Accounting Oversight Board's standing advisory group. Previously, Schacht served as chief operating and legal officer for a retail mutual complex; general counsel and COO for a Manhattan-based hedge fund; and chief legal officer for the State of Wisconsin Investment Board in Madison, Wisconsin. Schacht holds a BS degree and a JD degree from the University of Wisconsin. He was awarded the CFA charter in 1998.
Head, Capital Markets Policy, Americas Capital Markets Policy
Jim Allen, CFA, is head, capital markets policy, Americas, at CFA Institute. The capital markets group develops and promotes capital markets positions, policies, and standards.
Head, Advocacy, EMEA Capital Markets Policy
Olivier Fines, CFA, leads CFA Institute advocacy and capital markets policy work in Europe, the Middle East and Africa, representing the organization to industry and regulators in the region. He contributes to regional strategic initiatives to advance the advocacy objectives of CFA Institute, which include promoting fair and transparent capital markets and investor protection.
Head, Regulatory Outreach, EMEA Capital Markets Policy
Josina Kamerling is head, regulatory outreach, for CFA Institute for the Europe, Middle East, and Africa (EMEA) region and is based in the Brussels office. She is responsible for supporting CFA Institute's EMEA policy development, advancing the impact of advocacy efforts, and promoting capital market integrity and investor protection issues.
Head, Advocacy, Asia Pacific Advocacy & Policy Outreach
Mary Leung, CFA, is the head, standards and advocacy, Asia Pacific, at CFA Institute. She is responsible for the development, maintenance, and promotion of capital markets policy perspectives in the APAC region. She also oversees the promotion and development of CFA Institute professional standards in the region. Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory, and fund management. Previously, she was with Coutts & Co, where she was director of Business Development and Management for North Asia. Prior to that she was executive director at UBS AG, where she led the Corporate Advisory Group in Hong Kong. With experience in both the buy- and sell-sides, Mary has a strong understanding of the drivers and dynamics of different investor groups, including institutional investors, corporates, family offices, asset owners, and high-net-worth individuals. Mary graduated from Peterhouse, Cambridge with a degree in Engineering. She is a CFA charterholder and speaks English, Putonghua, and Cantonese.
Head, Financial Reporting Policy Group, Financial Reporting Policy
Sandra J. Peters, CFA, is head of financial reporting policy and serves as spokesperson for CFA Institute to key financial reporting standard setters including the IASB, FASB, and the US Securities and Exchange Commission. She holds the Certified Public Accountant (CPA) designation.
Ms. Peters holds a BSBA in accounting from the University of Nebraska and an MBA in finance from Indiana University. She was awarded the CFA designation in 1998. Ms. Peters leads the Financial Reporting Policy team responsible for tracking all financial reporting issues, including coordinating the efforts of the Corporate Disclosure Policy Council, a key committee of CFA Institute volunteers that reviews and comments on financial reporting policy initiatives worldwide. She serves as spokesperson for CFA Institute to key financial reporting standard setters including the IASB, FASB, and the U.S. Securities and Exchange Commission, and conducts outreach to other professional organizations and the media to discuss and promote financial reporting policies.
Ms. Peters has an extensive and well-balanced background as a user advocate, preparer, and auditor. Most recently, Ms. Peters served as vice president and corporate controller at MetLife Inc., where she managed a staff of 60 individuals and was responsible for SEC Reporting, Technical Accounting, SOX Controls, and HR Controllers.
Prior to joining MetLife, she was a partner at KPMG LLP providing audit services primarily for insurance and financial services companies with an emphasis on clients in the financial guarantee, reinsurance, and property and casualty sectors of the insurance industry. While at KPMG she spent three years in London as a member of the U.S. Capital Market Group, where she assisted several European-based multinational clients with U.S. GAAP conversion projects, the SEC registration process, and technical assistance on U.S. GAAP accounting issues and SEC disclosure matters.
Ms. Peters is a CPA licensed in New York, Texas, and Nebraska and a member of the American Institute of Certified Public Accountants (AICPA) and the New York Society of Securities Analysts (NYSSA). She is also member of the AICPA's Insurance Expert Panel.
Senior Director, Legislative and Regulatory Outreach, Washington D.C. Office
Stephen Deane joined the CFA Institute in late March 2020 after more than nine years at the U.S. Securities and Exchange Commission. As Senior Director for Legislative and Regulatory Outreach in its recently opened Washington, D.C., office, Stephen is responsible for advocating policies to protect investors and ensure market integrity.
At the SEC, Stephen was the first employee to join the Office of the Investor Advocate when it was established in 2014. He helped build out the office and advised the SEC Investor Advocate on a range of policy issues, including accounting and auditing and protecting seniors. He served as the SEC staff liaison to its Investor Advisory Committee, and he received an Exceptional Service Award in 2019.
Stephen received a Bachelor’s in Liberal Arts (Great Books Program) from St. John’s College and a Master’s in Russian Studies from Harvard University. He holds the Chartered Financial Analyst (CFA) designation and speaks fluent Russian.
Director, Financial Reporting Policy Advocacy, EMEA Financial Reporting Policy
Kazim Razvi is director, financial reporting policy for the Europe, Middle East, and Africa (EMEA) region at CFA Institute. He is responsible for representing the interests of CFA Institute on financial reporting and on wider corporate reporting developments to major accounting standard setting bodies, enhanced reporting initiatives, and key stakeholders.
Prior to joining CFA Institute, Kazim was a global head of Accounting Research & Policy at Fitch Ratings and served as a member of the EFRAG Pension Plans Advisory Panel and the FRC Investor Advisory Group (IAG). Kazim also worked as a technical accounting advisor to Moody’s; helped set up a technical department for Augentius Private Equity Funds Administration; and qualified as a chartered accountant with Ernst & Young, working in its banking and capital markets division.
Director, Capital Markets Policy, Capital Markets Policy
Sviatoslav Rosov, PhD, CFA, is director, capital markets policy, EMEA, at CFA Institute. He is responsible for developing research projects, policy papers, articles, and regulatory consultations that advance CFA Institute policy positions, focusing on market structure and wider financial market integrity issues.
Director, Financial Reporting Standards, Financial Reporting Policy
Mohini Singh is director, financial reporting policy at CFA Institute. She represents membership interests regarding financial reporting and disclosure proposals issued by the FASB, the IASB, and others. Singh holds the Associate Chartered Accountant (ACA) designation.
Manager, Advocacy Research and Content, APAC Advocacy & Policy Outreach
Piotr Zembrowski, CFA, is manager, advocacy research and content, Asia Pacific Advocacy & Policy Outreach, at CFA Institute. He conducts research into financial regulation, to support the advocacy team's development and promotion of capital markets policy perspectives in Asia Pacific. He is also responsible for content management and editorial aspects of Asia-Pacific Research Exchange (ARX), an online research-publishing platform. Piotr has four years of experience as a financial journalist in Hong Kong, covering asset management, fintech and ESG, among other topics. Previously, he worked at TD Bank in Canada, where he was responsible for development of online and mobile banking and investing platforms. Piotr has a Master of Science degree in astronomy from University of Toronto and a Master of Journalism degree from the University of Hong Kong. He earned his CFA charter in 2006.
EU Policy Specialist
Roberto Silvestri is EU policy specialist for CFA Institute, and is based in the Brussels office. He supports CFA Institute capital markets policy activities and developments for the Europe, Middle East, and Africa (EMEA) region. Prior to joining CFA Institute, Roberto was a Robert Schuman trainee at the European Parliament in Brussels where he worked in the ECON Team of the Policy Department for Economic, Scientific and Quality of Life Policies. Previously, he had an internship at Assonime (Association of Italian joint stock companies) in Brussels.
Roberto holds a postgraduate master’s degree in European economic governance from the School of European Political Economy at LUISS Guido Carli in Rome, and a master’s degree in social and economic sciences from University of Rome Tor Vergata.