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The Newsletter of the Asian Securities and Investments Federation

Quarterly Issue, January 2010

Secretariat News ASIF 2010 Conference to be held 21 October 2010 in Taipei It has been officially announced that the ASIF 2010 Conference will be held the afternoon of Thursday 21 October 2010 in Taipei, kindly hosted by SAA Chinese Taipei. Prior to the conference, ASIF Education Committee, Advocacy Committee, Communications Committee, and Executive Committee meetings will be held on Wednesday 20 October, and the AGM the morning of Thursday 21 October. A half-day tour of Taipei is planned for the morning of Friday 22 October.

Details such as venue and theme of the conference will be announced as soon as decided. We hope to welcome as many people as possible from the ASIF region.

Interim Executive Committee Meeting in Singapore An ASIF interim Executive Committee Meeting will be held on Saturday 10 April 2010 in Singapore. In addition to usual items, including report on half-yearly financial statements, discussion on how to increase the value of the federation to ASIF members (based on an Education Committee Survey conducted in January 2010) will be heard. We also hope to welcome observers from the Investment Managers Association of Singapore (IMAS) as a potential member. Taking the opportunity, ASIF Executive Committee Members plan to make a courtesy call on the Monetary Authority of Singapore (MAS), the market regulator, to exchange views regarding regulatory issues as well as education for investment analysts.

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Page : 2 | ASIF Newsletter Quarterly Issue | January, 2010

September 2009 ExaminationsThe successful completion of the CIIA examinations held on September 18th and 19th marked the eighteenth occasion in which the exams have been administered and more than 830 candidates from around the world endeavored to take on the CIIA challenge.Since ACIIA first held the CIIA examinations in 2001 more than 4,960 candidates have successfully passed the designation and the exams have been conducted by 26 ACIIA Societies. To date the examinations have been sat in the following countries and regions:Argentina, Austria, Belgium, China, Chinese Taipei, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Italy, Iran, Japan, Korea, Luxembourg, Morocco, Poland, Russia, Spain, Sweden, Switzerland, Tunisia and Ukraine.With the number of ACIIA Member Associations increasing yearly and the accessibility and availability of the CIIA qualification spreading, we are ever nearing the realisation of the CIIA diploma becoming a truly recognised worldwide designation.

ACIIA® NewsThe cultural city of Beijing hosts the ACIIA Interim Council MeetingOn November 27th 2009, the ACIIA Interim Council Meeting took place in the bustling and vibrant city of Beijing. Delegates from around the world travelled to China to attend the meetings held in the Westin Hotel, Beijing.

Key discussion topics included using national seminars as a way to continue to enhance the benefits of existing CIIA diploma holders, the allocation of specific topic area responsibility to individual members of the International Examination Committee IEC and a discussion on the potential benefits of using ACIIA UK as a chapter in the United Kingdom.

With 2010 marking the 10th anniversary of the CIIA, delegates of the member associations discussed ways in which to symbolise this occasion.

A small delegation including the Chairman and Vice Chairman of ACIIA and the Chairman of the IEC, together with representatives from the Securities Association of China SAC, took the opportunity to meet with the China Securities Regulatory Commission CSRC and further enhance relations between the parties.

The meetings also provided an ideal occasion for SAC to organise a CIIA promotional forum with the Vice Chairman of SAC Mr. Chen Ziqiang and Dr. Lin Yixiang as hosts. The forum was attended by the President of Tianxiang Investment Consulting Company and approximately 70 Chinese practitioners and analysts comprising senior managers, analysts of securities companies, fund management companies and commercial banks, CIIA holders and CIIA candidates. ACIIA Chairman, Mr. Fritz. H. Rau, Vice Chairman Mr. Kiyoto Hagiwara and IEC Chairman Prof. Michael Theobald gave short key note speeches to the attendees.

The hosts, Securities Association of China SAC, organised the events superbly and the meetings culminated in a gala dinner held at a traditional Chinese restaurant in a famous temple of Beijing.

The next Council Meeting and Annual General Meeting 2010 will be held in Geneva on 23rd and 24th June respectively.

10 April 2010 ASIF Interim Executive Committee Meeting

Singapore

23 June 2010 ACIIA ® Council Meeting

24 June 2010 ACIIA® Annual General Meeting

Geneva, Switzerland

20-21 October 2010 ASIF Education Committee Meeting ASIF Advocacy Committee Meeting

ASIF Communications Committee Meeting ASIF Executive Committee Meeting

ASIF Annual General Meeting ASIF Annual Conference

Chinese Taipei

10 November 2010 ACIIA ® Council Meeting

Tokyo, Japan

Calendar 2010

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Quarterly Issue | January, 2010 ASIF Newsletter | Page : 3

Member’s Regional News

HKSI –Hong KongHKEx Chief Executive Mr Paul Chow Receives the Honour of HKSI Honorary Fellowship

Keynote speaker Mr Ronnie Chan speaks on “Global Power Shifts After the Crisis”

Hong Kong Exchanges and Clearing Ltd (HKEx) Chief Executive Mr Paul Chow was made an Honorary Fellow of the Hong Kong Securities Institute (HKSI) during the induction ceremony held at the HKSI’s annual Autumn Dinner on 20 October 2009. The Institute was glad to have Mr Ronnie Chan, Chairman of Hang Lung Properties Ltd to present a keynote speech on “Global Power Shifts After the Crisis” during the occasion.

HKSI Honorary fellowships are awarded to individuals who have made distinguished contribution to the development of the Hong Kong’s financial services industry.

HKSI Chairman Ms Barbara Shiu said, “Mr Chow is one of the key figures that has helped shape the development of Hong Kong financial industry.” Mr Chow has worked in information technology, securities, banking and asset management businesses as well as the stock exchange. His commendable contribution to the industry, especially in supporting the development of HKEx, is well recognised.

“with his tremendous contribution to the Hong Kong financial industry, it is our honour and pleasure to have Mr Chow as HKSI Honorary Fellow for 2009,” said Ms. Shiu.

HKSI Fellows for 2009 inducted (From left) HKSI Chief Executive Mr SF Wong, Mr Desmond Chan Kwok Kit, Mr Henry Chan, Professor Lam Kin, HKSI Chairman Ms Barbara Shiu and Mr Timothy Wong.

In recognition of members’ significant contribution to the development of the industry and Institute, five HKSI ordinary members were also inducted as HKSI fellows during the same occasion. They are Mr Henry Chan, Mr Desmond Chan Kwok Kit, Mr Andrew Fung Hau Chung, Professor Lam Kin, and Mr Gerry Ng Joo Yeow.

Mr Paul Chow inducted as the HKSI Honorary Fellow for 2009. (From left) Mr Timothy Wong, HKSI Chairman Ms Barbara Shiu, HKSI Honorary Fellow Mr Paul Chow and HKSI Chief Executive Mr SF Wong.

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HKSI Chief Executive Mr SF Wong said, “Since its inception, the Institute has gained great support from the industry and the members. We hope that the newly inducted Honorary Fellow and Fellows continue to support our work in helping the industry to weather through the crisis and re-build the momentum for further development”.

The HKSI is a premier membership organisation in the financial services industry in the region. To date, there are about 20,000 individual members with 39 Honorary Fellows/ Fellows as the highest rank.

Hong Kong Securities Institute Appointed New Board Directors and Re-elected Ms Barbara SHIU as Chairman The 12th Annual General Meeting (AGM) of the Hong Kong Securities Institute was held on Thursday, 10 December 2009. During the meeting, the following seven new board directors were appointed. Ms Barbara SHIU was re-elected as Chairman at the inaugural meeting of the Board held immediately after the AGM.

1. Mr George HONGCHOY, Executive Director and Chief Financial Officer, The Link Management Ltd

2. Mr Roger LEE, Senior Vice President, Listing Division, Hong Kong Exchanges and Clearing Ltd

3. Mr Anthony MUH, Founder and Chief Executive Officer, Clearpool Capital Management Ltd

4. Mr Colin SHAFTESLEY, Partner, Financial Services Practice, PricewaterhouseCoopers, Hong Kong

5. Mr Ringo CHIU, Managing Director and Chief Operating Officer, CITIC Securities International

6. Miss Angelina KWAN, Chief Operating Officer, Asia Pacific Region, Cantor Fitzgerald

7. Ms Doris PAK, Director of Licensing, Securities and Futures Commission, Hong Kong

In addition, the following eight directors remain on the Board:

1. Ms Barbara SHIU, General Manager, Operational Risk and Compliance Department, Bank of China (Hong Kong) Ltd

2. Ms Samantha HO, Investment Director, Invesco Hong Kong Ltd

3. Prof Simon HO, Vice Rector (Academic Affairs), University of Macau

4. Dr Bill KWOK, JP, Managing Director, Wocom Holdings Ltd

5. Mr Craig LINDSAY, Chief Operating Officer, China Alpha Investment Management Ltd

HKSI Board Members with elites of the industry

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He made an observation that though the Indian insurance industry welcomed the private players in early 2000, the trend caught up quickly and so far there are 23 players operating in the Indian insurance sector. The current penetration level in terms of GDP share is above 4% against the global average of developed countries which is around 8-10%. Given the size of the Indian market, there is a huge untapped potential and therefore, the liberalization of the insurance sector saw some of the world’s biggest insurance players opening in India in partnership with strong Indian Promoters.

The seminar covered several aspects such as industry updates on the regulatory framework covering investments, sales, compliance, and corporate governance. The speaker dwelled in detail on treasury operations in Insurance Companies and related areas and also spoke on the business model of insurance companies in India and the concept of bancassurance.

The presentation was followed by an interactive session with the speaker.

SAAJ –JapanBank of Japan Governor’s historical first speech to CMA holders

6. Mr Philip TYE, Chief Operating Officer, DragonBack Capital Ltd

7. Mr Peter WONG, Managing Director and Chief Executive, Taifook Securities Group Ltd

8. Mr SF WONG, Chief Executive, Hong Kong Securities Institute.

CPMR –IndiaSeminar on Role of Treasury & Investments in Insurance Companies organized by CPMR, India at New Delhi.

Mr. Bharat Kalsi making his presentation

In New Delhi, the capital city of India, the Council for Portfolio Management & Research organized a seminar on 18 December, 2009 on the topic “Role of Treasury & Investments in Insurance Companies”. The speaker for this seminar was Mr. Bharat Kalsi, who is the Vice President-Treasury, Canara HSBC Oriental Bank of Commerce Life Insurance Company.

As a practitioner in this area with several years of experience behind him, he enlightened the audience with his thought provoking presentation on this subject.

Mr. Kalsi expressed his opinion that The Indian Insurance players are better placed compared to their global counterparts because of the stricter regulatory controls surrounding the industry in India, the conservative approach & the prudent practices adopted by the insurance players.

On 22 December 2009, Masaaki Shirakawa, Governor of the Bank of Japan (BOJ), gave a speech entitled “Macro-prudence and the Central Bank” at the Shouken-Kaikan Hall to some 340 CMA holders, the first time for a BOJ Governor to address CMA holders. At the beginning of the

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speech, the Governor highly evaluated SAAJ’s contribution to the development of Japan’s securities market and expressed high regard for all SAAJ’s many years of effort since its establishment in 1962.

Governor Shirakawa argued that the recent global financial crisis has shown that it is difficult to achieve financial system stability and to contribute to the sustainable growth of the economy, the ultimate aim of financial system stability, relying only on regulation and supervision based on micro-prudential principles. To ensure financial system stability, he asserted that micro-prudence, which secured the soundness of individual financial institutions, and macro-prudence, which paid attention to risks to the financial system as a whole, were both equally necessary.

He also explained the roles of the BOJ in ensuring the financial system stability and in this regard emphasized five points: (i) to attain not only price stability, but also financial system stability, (ii) to fulfill the bank’s “lender of last resort” function, (iii) to collect a variety of information from financial institutions to secure the objective of ensuring financial system stability, (iv) to conduct risk assessment of the financial system as a whole, and (v) to participate in international discussions on regulation and supervision and to engage in the review of such regulation and supervision.

Securities Analysts Journal Prizes for 2008 The Securities Analysts Journal is the official monthly journal of the SAAJ with a circulation of more than 25,000. Each year, the Editing Committee, consisting of SAAJ members and scholars, selects special topics and articles for publication. The journal has earned a well deserved reputation as a high-quality professional publication focusing on investment theories and practices, practitioner-relevant research, and other related topics and reports on SAAJ’s activities. Since 1989, distinguished articles appearing in the journal have been awarded Securities Analysts Journal Prizes; during the SAAJ Annual Conference held in October 2009,

two papers were awarded prizes for 2008. The papers were originally written in Japanese, but have been translated into English for the benefit of overseas readers. Please visit the following SAAJ home page:

http://www.saa.or.jp/english/publications/journal.html.

“The Explanatory Power of Policy Asset Allocation” by Tadaaki Komatsubara, CMA

“Ownership Structure and Equity Returns in Japan-Effectiveness of market-oriented corporate governance -” by Yosuke Mitsusada, CMA and Toyohiko Hachiya.

Recent Events/SeminarsVarious events and seminars were held successfully during Oct. – Dec. 2009:

The 3rd SAAJ Private Banking Seminar 10-11December:Following the great success in the first and second PB Seminar in 2007-2008, SAAJ held the third Private Banking Seminar in Tokyo. The seminar, featuring prominent practitioners, professionals as speakers, was well received by participants.

Program:Session 1

Challenges in wealth management business in Japan’

Takashi Yoneda President A for L Limited

A section of the audience.

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Session 2

‘Asset Allocation’ MotoyasuYukawa President Pictet Financial Management Consultants Co., Ltd.

Session 3

‘Active use of Trust in Private Banking’Masashi Funayama President Funayama Chartered Accountant office

Session 4

‘Tax knowledge for Private Banking’Takashi Hongo Representative Tax Accountant TACT Consulting

Case Study

‘Financial Structure for Survival- 70 year-old Company owner’s decision’Masaichi Kitayama, CMA President and CEO Capital Asset Planning, Inc.

15 October:

Outlook of Indian Economy after the Financial Crisis Arun Kumar Purwar Advisor on India Mizuho Securities Former Chairman of State Bank of India

11 November:

Best practice in operation analysisAsh Tahbazian Vice President State Street Investment Analytics

Andrew Turner Vice President State Street Investment Analytics

25 November:

Indonesian Economy and Capital MarketMiki Hamada Researcher Institute of Developing Economies, Japan External Trade Organization

Upcoming Events/SeminarsBelow are some of events and seminars scheduled to be held during Jan.- Mar. 2010:

13 January:

Domestic and Foreign Financial and Economic situation in 2010-Post Financial CrisisHideo Kumano Chief Economist DAI-ICHI Life Insurance Research Institute Inc.

21 January:

16th SAAJ Seminar

Study on New strategy for Asset Management

25 January:

IFRS and Corporate analysis and evaluationKen-ichi Akiba Professor Waseda Graduate School of Accountancy

18 -19 February:

SAAJ International SeminarStrategy for Asset Management and Financial Crisis (8 sessions)

For details of the seminar please visit the SAAJ website:

http:/ /www.saa.or.jp/english/education/international_seminar.html

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SAA, Thailand –ThailandSAA Forum

On 28 September, SAA provided the seminar on “Technical Analysis and Making Profit on Foreign Exchange” by Mr. Sa-Ard Theerarojanawong, Executive Vice President-Treasury Division, Investment Banking Group, Bangkok Bank Public Co., Ltd. The participants learned about currency trends, FX market movements, factors affecting FX rates, and how to trade FX for hedging purpose.

Almost 300 participants attended a seminar on “Consolidated Financial Statement” by Vorasak Toommanon, Ph.D., who is an Associate Professor from Department of Accountancy Faculty of Commerce and Accountancy, Chulalongkorn University and the Chairman of Accounting Standards Setting Committee, Federation of Accounting

Professions under the royal patronage of His Majesty The King on 28 December 2009. The participants learned the definition and key vocabulary for accounting in the consolidated financial statements, disclosure, accounting standards, the impact of fraud in the statements, etc.

SAA Survey

On 23 September 2009, Mr. Sombat Narawutthichai, our Secretary-General revealed the analyst’s comments on “Thailand: Investment for Strength 2012” after visiting Finance Minister, Mr. Korn Chatikavanij on 11 September 2009. 91% of analysts’ responded had moderate overall confidence in this scheme whereas 9% had high confidence.

The last survey in 2009 was released on 24 December by Secretary-general Sombat Narawutthichai. The 20 securities companies concluded that

- positive assumptions incorporated in analysts’ research included the government stimulus package and economic recovery;

- negative assumptions included the domestic political situation, the Map Ta Phut Industrial Estate problem and a slow economic recovery;

- the SET Index would peak at 845 points and bottom at 625 points.

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Guidelines on the standard of practice for Securities Analysts

SAA had a public hearing on “Draft guidelines on the standard of practice for Securities Analysts” on 9 October 2009. This draft after amendment (if any), will be proposed to the Securities and Exchange Commission for further consideration.

Furthermore, SAA organized a seminar on “In-depth knowledge on ethics, rules and case studies for Investment Contractors” on 18 December 2009. The speakers in this seminar were from the Office of the Securities and Exchange Commission (SEC).

On the same day the “Draft guidelines on the standard of practice for Securities Analysts” was submitted to Mr. Trakarn Nopmuang, Director-Licensing Dept., SEC for their consideration to include this guideline in the concerned regulations.

Awards

SAA had arranged a presentation of “Awards for the Listed companies’ Executives” on 21 October 2009. This was to honor the Chief Executive Officers, Chief Financial Officers, Investor Relations Directors and Listed Companies from 6 sectors - Petrochemicals & Chemicals, Banking, Information & Communication Technology, Agro & Food Industry, Property & Construction and Medium & Small Capitalization companies, for their capabilities and quality of information disclosure.

Analyst Fair

The 2nd Analyst Fair in this year took place at Siam Paragon Shopping Complex, Bangkok in the SET’s investment fair “SET

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Disclaimer: Not for distribution in North America. Members’ regional news

supplied by ASIF members and ASIF takes no responsibility for the accuracy of the

articles or views expressed therein.

Published by the ASIF Secretariat,

Contact: Kazumichi Karita,c/o 5F Tokyo Stock Exchange Building, 2-1 Nihonbashi-Kabutocho, Chuo-ku,

Tokyo 103-0026, JapanTel: 81 3 3666 1576 Fax: 81 3 3666 5843

E-mail: [email protected] Website: www.asif.org.au

in the City 2009” that occurred during November 12-13, 2009. Analysts Fair was co-hosted by SAA, The Stock Exchange of Thailand (SET) and Association of Securities Companies to provide an opportunity for more than 2,000 participants such as fund managers, institutional and individual investors to learn updated knowledge and investment views from leading securities analysts and experts on economics and stock market trends. Admission was free. SAA provided multiple seminars in this event, such as Outlook of the economy and stock market in 2010, Investment trend on Property & Construction and Petrochemicals & Chemicals industries, Economic in 2010: crisis or investment opportunities, Stock Investment Strategy in 2010, etc.

In addition, SAA sold out rapidly more than 1,000 investors’ guidebooks that compile research reports from local brokers and listed companies profile in the Analyst Fair.

Thank you Party Day

On 15 December, Media Thank you Party took place at BIG Echo Karaoke to strengthen the good relationship with the press and the media as well as to thank them for all the help and support during the year. Mr. Paiboon Nalinthrangkurn, CFA our Chairman and Mr. Sombat Narawutthichai Secretary-General had singing together with them.

The other party day was organized for analysts and members to thank their cooperation throughout the year. This is a yearly community celebration which provided free activities, games, entertainment and food for them. It was held on 17 December at Ballroom, Landmark Hotel.

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