The beautiful city of Dubrovnik hosts the ACIIA Annual ... · Rau, HUFA Chairman Silvije Orsag,...

gal became the latest society tojoin ACIIA, their membershipwas approved and ratified du-ring the meetings and Joao Ver-melho and Daniela Azeredo fromAPAF were in attendance. Guestattendees from potential new

Key discussion topics includedways to promote the CIIA andutilize the promotions budget,enhancing the benefits to exi-sting diploma holders and theamendments to the conditions ofACIIA membership. APAF Portu-

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ACIIANEWSNewsletter of the Association of Certified International Investment Analysts ACIIA

The beautiful city of Dubrovnik hoststhe ACIIA Annual General Meeting

In June, the ACIIA Annual Gene-ral Meeting took place in the be-autiful and vibrant city of Dubro-vnik. Delegates from around theworld attended the meetingsheld in the elegant Hotel Vala-mar Lacroma Dubrovnik.

No 31 / July 2011

CONTENTS1 The beautiful city of

Dubrovnik hosts the ACIIAAnnual General Meeting

3 APAF Portugal joins ACIIA

EFFAS Annual General meeting

4 First Successful CIIA ExamCandidates

CIIA Final Exams: Opinions ofSuccessful Candidates

5 Presentations on the Impact of the Earthquake andRecovery

6 Mindaugas Vaiciulis electedFAA President

7 The HKSI Launches PrivateWealth Management Initiative

8 Seminars open to CIIA holdersaround the world

Kenya Vision 2030

10 AgendaSAAJ’s Mr Toshihiko Ishida, ACIIA Deputy Chairman Mr Kiyoto Hagiwara, ACIIA Chairman Mr Fritz H. Rau, IEC Chairman Prof.Michael Theobald, ACIIA Secretary General Ms Fiona Tween

2ACIIANEWSNo 31 / July 2011

members included Nguyen ThiThanh Huong from Vietnam.SAAJ Japan gave a detailed ac-count on the CIIA March exami-nations following the disasterthat struck north eastern Japan.

The hosts, the Croatian Finan-cial Analysts Association HUFA,organised the events superblyand the meetings culminated ina Gala dinner, held at the Vala-mar Lacroma Dubrovnik hotel,set on the terrace overlookingthe sea. Over 70 people, ACIIAmembers and guests and HUFABoard members attended thedinner and key speeches weregiven by ACIIA Chairman Fritz H.Rau, HUFA Chairman SilvijeOrsag, EFFAS Chairman Giampa-olo Trasi and Member of the Exe-cutive Management Committeeof EFFAS Fritz Mostboeck.

The Annual General Meeting of2012 will be held on 28 June. ●

Attendees of the HUFA Gala dinner held at the Valamar Lacroma Dubrovnik Hotel

Continued from page 1

Delegates attending the ACIIA meetings held at the Valamar Lacroma Dubrovnik Hotel


cussion in the market on the Fi-nancial Analysis importance,having achieved the recogni-tion of our leadership in thearea by the market regulators(CMVM), mainly regarding allthe new regulations for this ac-tivity.

APAF and ACIIAAPAF is an EFFAS Member, pro-moting two successful CEFA pro-grammes in Portugal, in a jointventure with two prestigiousPortuguese Universities. JoiningACIIA was the next logical stepin continuing promotions of theFinancial Analyst qualificationsin Portugal.

In April 2010 the PortugueseStock Exchange Commissionpublished new regulations re-garding Financial Analyst and In-vestment Advisor requirementssuch as the registration and offi-cial recognition by CMVM, in-cluding the EFFAS and ACIIAcertification. These new regula-tions represent an outstandingopportunity for ACIIA promotionand acknowledgment.

It has not yet been decided whowill be eligible to apply for theCIIA in Portugal and we are cur-rently looking into how the CIIAtraining will be organised. Weexpect that the first Portuguese

APAF Portugal joins ACIIAcandidates will sit the CIIA ex-aminations in March 2012. Theprofessional background of thetarget Portuguese CIIA studentwill be Financial Analysts, Advi-sors and professionals fromAsset Management.

Future of CIIA in PortugalTo date 700 students have com-pleted a CEFA program, and theywill be the first potential candi-dates approached in the promo-tion of CIIA.

The new regulation is an out-standing opportunity as it willboost the need for internationaldiplomas. ●

Following the ACIIA meetings inDubrovnik last month, APAF Por-tugal has become an Associatemember of the ACIIA. APAF is anon profit organisation and wasfounded in 1984. Its main pur-pose is to connect Financial An-alysts in Portugal and to pro-mote their international networkby joining other countriesthrough the European Federa-tion. Currently APAF has 450members.

The main activities of APAFWe currently have a key role inthe reinforcement of the qualifi-cation requirements in Portu-gal, maintaining an open dis-

tative office in London. SMS(Society for Market Studies)from Bosnia-Herzegovina wasaccepted as a new associatemember. On this occasion the“EFFAS Principles of EthicalConduct” were presented andratified along with the manual ofthe “European Regulation of Fi-nancial and Capital Markets”.During the Annual Meeting ofEFFAS on 30th June 2011 in

Dubrovnik, DVFA Board MemberFrank Klein, was elected to theEFFAS Management Committee(EMC), the highest Council of theEuropean umbrella associationof Investment Professionals inEurope. On the EMC Frank Kleinwill be responsible for coopera-tion with international organisa-tions with a special focus onsustainability and ESG in the fu-ture. Following his election,

The Annual Meeting of ACIIAand EFFAS took place inDubrovnik on 29th and 30th Juneat the invitation of the Croatianassociation HUFA.

At the Annual General meeting,EFFAS was in a position to wel-come a new full member, CISIUK (Chartered Institute for Se-curities & Investment), and thusactivate the important represen-

P O R T U G A L

EFFAS Annual General meeting E F F A S

Frank Klein assured the EFFASGeneral Meeting that, quote “Ido consider myself the Euro-pean ambassador to Germany,and not the German ambassadorto Europe.”

Giampaolo Trasi was confirmedas Chairman for a further yearand will head the umbrella or-ganisation at its 50th anniver-sary in 2012. ●

APAF Board Member Mr. Joao Vermelho and Secretary General Ms. Daniela Azeredo,


First Successful CIIA Exam Candidates V I E T N A M

CIIA Final Exams: Opinions of Successful Candidates

J A P A N

with the aim for the capacity en-hancement of its staff.

“Our vision is to become a lead-ing securities training institutein Vietnam. Therefore, our strat-egy is not only to provide localhigh-quality training courses forlocal professionals, but also togive them the access to the in-ternational standards with suchcertificates as CIIA” comment-ed Mr. Nguyen Dzung, the Direc-tor of SRTC. He revealed that theSRTC is expected to finalise allrequired procedures to joinACIIA soon and will work hard topromote the CIIA brand in Viet-nam, in order to improve thequality of local securities practi-tioners. “Our staff, who suc-

cessfully passed the CIIA exam-inations, will be key lecturers toenhance the local training

courses as well as set up prepa-ration courses for potential can-didates of CIIA in Vietnam”. ●

For the first time, Vietnam hastwo candidates who successful-ly completed the CIIA final levelin September 2010 Exam andMarch 2011 Exam. Both candi-dates - Ms. Nguyen Thi ThanhHuong and Ms. Pham Thuy Lanare from the Securities Re-search and Training CenterSRTC, under State SecuritiesCommission of Vietnam.

The SRTC is the leading serviceprovider in training courses inthe securities industry in Viet-nam. The achievements of thecandidates are under the frame-work of a financial project fund-ed by Switzerland’s State Secre-tariat for Economic Affairs(SECO) to the SSC of Vietnam

According to 69% of respon-dents, the main reason for sit-ting the CIIA exams is becausethe CIIA program is seen ascontinuing education after ob-taining the CMA qualificationwhich qualifies one to sit for theCIIA exams in Japan; 41% alsosaid that the CIIA attractedthem because of its global na-ture; and 19% were interestedin the content of the CIIAexams, up from the previousyear’s 9%.

According to SAAJ rule, candi-dates have to pass CIIA finalexams within five years afterregistration, but the surveyshows that about 70% passedExam I on their first attempt andabout 80% Exam II.

In preparing for the CIIA exams,successful candidates highlyrecommended the DVDs offeredby SAAJ and past questions andanswers.

What ACIIA should take note ofis that a lot of them requestedthe Association’s continuing ef-forts to enhance the CIIA brandname further and also increasemember societies throughoutthe world. See the following forfurther details:www.saa.or.jp/english/educa-tion/20110721.pdf

SAAJ Announces Private Bank-ing Common Knowledge Base SAAJ launched Private BankingSeminars in 2007 to enhance theprofessional knowledge ofmainly CMA holders engaged inprivate banking/wealth man-agement activities in Japan. Inthe meantime, SAAJ has alsostudied the feasibility of intro-ducing a private banking educa-tional program by establishingthe Private Banking EducationWorking Group in May 2010.

Based on such continuing stud-ies and discussions, in May 2011

SAAJ produced and announcedits Private Banking CommonKnowledge Base (PB CKB) afterincorporating public commentsreceived. The PB CKB aims atproviding a comprehensive out-line of knowledge required forprivate bankers in Japan to en-able them to offer various highquality services to their clients.The PB CKB consists of sevensections: Relationship Manage-ment, Wealth Management,Real Estate, Tax, Other (Uses ofTrusts, etc), Mass Affluent Cus-tomers, and, most importantly,Professional Ethics.

SAAJ will continue to review thePB CKB for further improvementreflecting best practices andmake every effort to establish aprofessional education programby producing textbooks basedon the PB CKB and also encour-age participation from not onlyCMA holders but also otherswith a view to granting a qualifi-

Following the announcement ofthe CIIA Final Exam results forthe March 2011 session, the Se-curities Analysts Association ofJapan (SAAJ), as per usual,conducted an opinion survey ofsuccessful candidates. Whatwas not usual was the disas-trous earthquake that hit Japan.One successful candidate said,“On the day following the earth-quake, though much was stillchaotic even in Tokyo, I did notmiss the chance to test my half-a-year long preparation for theCIIA exams, thanks to SAAJ’sarrangements. Coming directlyfrom Fukuoka, where I had beenon a business trip the day beforeand could not get back to Tokyoas planned, I showed up at theexam venue without pen or cal-culator. I would like to thank allSAAJ staff for their efforts.”

The number of those sitting forthe exams was smaller, two-thirds of the usual number.

CIIA holders Ms. Nguyen Thi Thanh Huong and Ms. Pham Thuy Lan


cation in the future. For more de-tails (only in Japanese):www.saa.or.jp/seminar/news/pdf/pb_comment_3.pdf

SAAJ Efforts after the Earth-quake/TsunamiSince the disastrous earth-quake/tsunami that hit EasternJapan on 11 March 2011, SAAJhas taken various actions/measures.

Proposals for Post-EarthquakeRecoveryA paper entitled “Proposals forPost-Earthquake Recovery:From the Standpoint of FinancialAnalysts” was published bySAAJ in mid-June 2011, consist-ing of contributions from fivedistinguished financial analysts:

Overview: Toward Recoveryfrom the EarthquakeYukio Suzuki, CMA, formerChairman of SAAJ and CEOChief Analyst, Belle Invest-ment Research of Japan Inc

Macroeconomic Policy Man-agement for Recovery and Future Direction of EnergyPolicy

Masanobu Kaizu, CMA, ChiefResearch Officer, Financialand Economic Research Cen-ter of Nomura Securities Co.,Ltd.

Post-Earthquake Recovery: Rethinking the Shape ofJapanDaisuke Yamada, ExecutiveOfficer and General Manager,Industry Research Division,Mizuho Corporate Bank, Ltd

Deflation due to Strong Yen,Financial Crisis, and PoliticalInstability: Are These ThreeCommon Phenomena in theAftermath of the Previous Dis-astrous Earthquakes of 1923and 1995 Avoidable?Hajime Takata, CMA, Execu-tive Officer, Chief Strategist,Global Research Division,Mizuho Securities Co., Ltd

Establishing a Japanese Modelthrough Recovery for the WorldRyoji Musha, CMA, President,Musha Research Co., Ltd.

Some 30,000 copies were print-ed and distributed to SAAJ indi-vidual and corporate members,committee members, and asso-ciate members as well as toother related organizations in-

cluding the central and localgovernment offices. An Englishversion of the summary will bepublished shortly. The full text in

Japanese is available at:www.saa.or.jp/member/news/pdf/news_110617_shin-saiteigen.pdf ●


Presentations on the Impact of the Earthquake and Recovery

Eiji Hirano, Deputy President,Toyota Financial Services Cor-poration

Thursday 23 June: Life and Casualty Insurance In-dustry after the EarthquakeKeiko Mizuguchi, Chief Analyst,Japan Credit Rating Agency, Ltd

Wednesday 29 June: SAAJ Summer Seminar

Impact of the Earthquake onCorporate Bond InvestmentsHidetoshi Ohashi, CMA, Man-aging Director, Morgan Stan-

ley MUFG Securities Co., Ltd.Fund Raising for RecoveryRyutaro Kono, CMA, ChiefEconomist, BNP Paribas Se-curitiesGlobal Economic Outlook andFixed Income InvestmentStrategies after the EarthquakeTadashi Kakuchi, Senior VicePresident, PIMCO Japan Ltd.

Friday 1 July: Great Earthquake and JapaneseElectronics IndustryMasaya Yamazaki, CMA, SeniorResearch Officer, Financial and

Economic Research Center, No-mura Securities

Wednesday 20 July: Outlook for Japanese EquityMarket after the EarthquakeMasatoshi Kikuchi, CMA, ChiefEquity Strategist, Merrill LynchJapan Securities

Wednesday 27 July: Outlook for Japanese Economyafter the EarthquakeEiji Maeda, Director – General,Research and Statistics Depart-ment, Bank of Japan

SAAJ’s monthly journal and sev-eral presentations as well asseminars have covered varioustopics regarding the impact ofthe earthquake and recovery.

Wednesday 11 May: Great East Japan Earthquakeand Financial ReconstructionMitsuhiro Fukao, Professor,Graduate School of Businessand Commerce, Keio University

Monday 6 June: Great East Japan Earthquakeand Corporate Japan


L I T H U A N I A

Measures Taken for AffectedSAAJ Members and CandidatesVarious measures have beentaken by SAAJ for affectedmembers and candidates. Forinstance, textbooks have beenoffered free of charge to CIIAand CMA candidates who lostthem. For CIIA candidates whowere unable to sit for the March2011 CIIA final exams due to theearthquake, enrolment feeshave been refunded or appliedto the September exams. For af-fected members, exemptionfrom or postponement of mem-bership fee payment has beenoffered.

Donations for the Victims of theEarthquake and TsunamiSAAJ has invited donations fromoverseas and domestically forthe victims of the 11 March 2011East Japan Earthquake andTsunami, and has received withsincere gratitude generous do-nations from overseas financialanalyst associations as well asindividuals including SAAJmembers with CMA/CIIA desig-nations. The total amount hasreached almost 10 million yenand, together with the donationfrom SAAJ itself and its boardmembers and staff, is over 22million yen. These donationshave been allocated to the localgovernments of the most seri-

ously affected prefectures(Miyagi, Iwate, and Fukushima)and the Japanese Red Cross So-ciety. SAAJ is still accepting do-nations and continuing supportis greatly appreciated.Donor list: www.saa.or.jp/eng-lish/news/donation_for_japan_earthquake.html

Seminars for CIIA Holders fromAbroadSAAJ annually offers four semi-nars free of charge to CIIA hold-ers from abroad as below. Allseminars are held in Tokyo. Si-multaneous English translationis provided if CIIA holders fromabroad participate.• SAAJ Seminar (January) – a

half-day seminar focusing onequity analysis and invest-ments

• SAAJ International Seminar(February) – two-day seminarfocusing on the most criticalissues related to investmentmanagement and consistingof presentations and a casestudy

• SAAJ Summer Seminar (June/July) – a half-day seminar tar-geting analysis of macroeco-nomics, finance, and bond in-vestments

• SAAJ-Nippon Finance Associ-ation Joint Seminar (Septem-ber) – a half-day seminar joint-ly conducted with the NipponFinance Association focusingon interesting topics for aca-demics and practitioners ●

Mindaugas Vaiciulis elected FAA PresidentAt the 2011 Financial AnalystsAssociation (FAA) GeneralMeeting, new Managementwas elected for a 2 year term.Mindaugas Vaiciulis becamethe President of FAA in Lithua-nia, and the previous presidentDaiva Rakauskaite was electedas a Board Member. Also to jointhe Management Board were 3new members as follows; Jur-gis Rubazevicius, GintarasRutkauskas and Eladijus Kiri-janovas, while 2 current mem-

bers – Karolina Krisciukaityteand Darius Klimasauskas werere-elected.

“Today we have more than 100members and we are becomingan influential organisation of fi-nancial and investment profes-sionals in Lithuania”, said Min-daugas Vaiciulis, President ofFAA. “The first CIIA exams suc-cessfully took place in Lithua-nia in 2010, and now FAA’s ef-forts must focus on promoting

the CIIA designation among fi-nancial professionals and insti-tutions”.

Mindaugas Vaiciulis is current-ly Head of the Asset Manage-ment department within the MPBank Baltic Branch and has 15years experience as an invest-ment professional. He has beenon the Board of FAA since 2002and was President of FAA from2004 until 2007. ●


Managing Director, Morgan Stanley Mr Hidetoshi Ohashi

CIIA Holders from Abroad Invited to Attend

SAAJ-Nippon Finance Association Joint Seminar

29 September 2011 / 13:30-16:10 / Tokyo

“Commodity Investments and Strategies: Theories and Practices Amid Rising Commodity Prices”

Speakers: Kazuhiko Ohashi, Professor, Graduate School of

International Corporate Strategy, Hitotsubashi University

Naoto Furukawa, Managing Director, BlackRock Japan

Contact: [email protected]

FAA President Mr Mindaugas Vaiciulis

The HKSI Launches Private Wealth Management Initiative


H O N G K O N G

The Hong Kong Securities Insti-tute (HKSI) has launched abroad initiative that includes a“Competency Guidelines” pro-gramme and certification formarket practitioners in order toaddress the increasing need forprofessionals in the PrivateWealth Management (PWM) in-dustry.

The HKSI recently establishedan Ad-hoc Committee for theCompetency Guidelines forPWM Industry in Hong Kong(ACCGP) that includes seniorrepresentatives from almost allthe major global, regional, andlocal PWM firms.

The committee’s main objectiveis to develop a set of competen-cy guidelines for market practi-tioners who are engaged in thePWM industry.

The competency guidelines willbe based on global best prac-tices and local requirementsthat are relevant to the GreaterChina market. The HKSI plans tolaunch the competency guide-lines by the end of this year. Aset of competency standardswill then be developed to certifyPWM professionals.

As part of the PWM initiatives,the HKSI signed an agreementwith the Swiss-based Associa-tion of International WealthManagement (AIWM) that al-lows the HKSI to offer the Certi-fied International Wealth Man-ager (CIWM®) Programme inApril 2011. Professionals ofPWM and related fields havebeen enrolling with the CIWM

programme in Switzerland andfive other European countries,including the United Kingdom.

The HKSI will be the first organ-isation in Asia to offer the CIWMFinal Examination and itspreparatory courses for profes-sionals who are working in orare interested in joining thePWM industry.

Professor K C Chan, Secretaryfor Financial Services and theTreasury, said, “The develop-ment of competency guidelinesfor PWM professionals will helpstrengthen Hong Kong’s positionas a leading international finan-cial centre. We are pleased tosee the HKSI pressing aheadwith the initiatives to meet mar-ket needs.”

Mr Anthony Muh, Chairman ofHKSI, explained, “The HKSI isvery excited about the PWM ini-tiatives. They are an importantpart of our strategy to enhancethe professionalism of marketpractitioners in the GreaterChina region and to maintainHong Kong’s role as a worldclass financial hub. We are veryconfident these initiatives willserve industry professionalswell.”

Dr Bill Kwok, Chairman of theACCGP and a former Chairmanof the HKSI, said, “We are verypleased and proud to work withPWM leaders and experts in thedevelopment of industry-widequalifications and competencystandards. From this point on,PWM firms can use these quali-ty benchmarks in supporting and

meeting the career develop-ment needs of their staff. At thesame time, individual partici-pants will benefit from gettingworld-class recognition of theirknowledge and experience inthis well-regarded profession.”

Mr Chris Meares, CEO of GlobalPrivate Banking, HSBC, com-mented, "HSBC welcomes thePrivate Wealth Management ini-tiatives undertaken by HKSI toexpand the pool of skilled talentin the Greater China Region. Webelieve these steps are impor-tant in the continuing develop-ment of the private banking in-dustry but most importantly inthe full interests of customers."Mr Aamir Rahim, CEO, Citi Pri-vate Bank, Asia Pacific, said,“Today’s fast-developing PWMmarket requires trained profes-sionals who, in addition to un-derstanding global financialmarkets and the latest financialinstruments, must understandthe importance of clients’ port-folio management process andrisk control and how to bestserve their clients’ interestgiven the market volatilities.”

Mr James Hong, Managing Di-rector, Head of Private Banking,Hong Kong Location, Credit Su-isse AG Hong Kong Branch,added, “It is very timely for theHKSI to launch the PWM initia-tives in light of the current needsof the industry. We believe thathigher quality training providedto staff helps to ensure a betterquality of services provided toclients, strengthening the trustand confidence clients place inthe institution.”

Grooming Young Talents for theBanking and Financial Industry70 Top University Students Re-ceive HKSI Scholarship AwardHong Kong Securities Institute(HKSI) prides itself in helping togroom young talents for thebanking and financial industry.In recognition of their outstand-ing academic performance, atotal of 70 top students andgraduates from the businessand finance departments ofeight universities in Hong Kongreceive prizes under the HKSIScholarship Programme (Schol-arship Programme).

An award presentation ceremo-ny was held at the HKSI trainingcentre on 3 June, 2011. Morethan 70 guests, including theawardees, their family membersand friends, and representativesfrom the 8 participating universi-ties joined the ceremony. Theyall witnessed the memorableand joyful moments togetherwith the HKSI Board membersand senior management staff.Mr Anthony Muh, Chairman ofthe HKSI, commended theawardees’ achievements, "Weare pleased to provide scholar-ship awards to the top perform-ers from the business and fi-nance departments of HongKong's universities. This Schol-arship Programme will benefitthe students and graduates be-cause it provides them compli-mentary access to a variety ofprofessional events and trainingcourses. We strongly believelearning is an ongoing processwhich is essential to anyonewho is keen to build a success-ful career."

HKSI Board Members and FSTB Official with Senior Awardees HKSI Board Members and FSTB Official with Junior Awardees


Continued from page 7 reach out to university studentsand graduates as this group isthe talent pool that will facili-tate the industry's sustainablegrowth.” ●

age and support the new gener-ation of finance professionals.

Since the programme launchedin 2004, over 400 scholarship

holders were offered to joinvarious complimentary HKSItraining courses, professionalseminars and networking func-tions. We are dedicated to

HKSI Chief Executive Mr SFWong said, "The ScholarshipProgramme serves to encour-

initiative and service for CIIAtitle holders. To view the semi-nar details please visit the ACIIAwebsite www.aciia.org ●

inar events for 2011, open to allCIIA graduates, is available onthe ACIIA website. Included inthe calendar are registrationforms for the interested titleholders to complete and send tothe host society and an outlineand overview of the topics.

Seminars for 2011So far in 2011, SFAF France,DVFA Germany, SAAJ Japan,

IEAF Spain and SFAA Switzer-land have seminars open to CIIAholders worldwide.

In 2010 IEAF Argentina, SFAFFrance, SAAJ Japan, IEAF Spainand SFAA Switzerland offeredtheir seminars to CIIA holdersworldwide

It is hoped that more societieswill participate in this important

Global calendar of seminarevents, open to all CIIA gradu-atesIndividual ACIIA Associationsare opening their seminars toCIIA graduates worldwide inorder that diploma holders fromabroad may attend along withthe title holders registered withthe Association in question. Par-ticipation is free to CIIA holdersfrom abroad. A calendar of sem-

Seminars open to CIIA holders around the world

Kenya Vision 2030VisionThe Vision 2030 developmentprocess was launched by Presi-dent Mwai Kibaki in 2006. A con-sultative approach was under-taken through workshops withstakeholders from all levels ofthe public service, the privatesector, civil society, the mediaand NGOs while in rural areas,provincial consultative forumswere also held throughout thecountry.

The objective of all these con-sultations was to provide an in-depth understanding of thecountry’s development prob-lems and the necessary strate-gies to achieve the 2030 goals.

Economic PillarThis aims to improve the pros-perity of all Kenyans through aneconomic development pro-gramme, covering all the re-gions of Kenya. It aims toachieve an average Gross Do-mestic Product (GDP) growthrate of 10% per annum begin-ning in 2012. To achieve this tar-get, Kenya is continuing with thetradition of macro-economicstability that has been estab-lished since 2002. It is also ad-dressing other key constraints,notably, a low savings to GDP

ratio, which can be alleviated bydrawing in more remittancesfrom Kenyans abroad, as well asincreased foreign investmentand overseas development as-sistance (ODA).

Delivering the country’s ambi-tious growth aspirations re-quired a rise of national savingsfrom 17% in 2006 to about 30% in2012. It was also found neces-sary to deal with a significant in-formal economy employing 75%of the country’s workers.

Social PillarThrough this strategy, Kenyaaims to build a just and cohesivesociety with social equity in aclean and secure environment.This strategy makes special pro-visions for Kenyans with variousdisabilities (PWDs) and previ-ously marginalized communi-ties. These policies are equallyanchored on an all-round adop-tion of science, technology andinnovation (STI) as an imple-mentation tool.

Political PillarThis aims to realise a democrat-ic political system founded onissue-based politics. To meetobjectives Kenya’s national gov-ernance system is being trans-

formed and reformed to acquirehigh-level executive capabilityconsistent with a rapidly indus-trialising country. The country isadopting a democratic decen-tralization process with sub-stantial devolution in policy-making, public resourcemanagement and revenue shar-ing through devolved funds. Thishas been achieved through adelivery of a new constitutionaldispensation which came intoeffect in August 2010.

ImplementationA Semi Autonomous Govern-ment Agency (SAGA) with therequisite capacity has been es-tablished to oversee the imple-mentation of all the Vision 2030projects. The agency worksclosely in collaboration withgovernment ministries and de-partments as well as the privatesector, civil society and otherrelevant stakeholder groups.The strategies to deliver the 10%annual growth by 2012 is beingexecuted through concrete flag-ship projects across the prioritysectors in all the three pillars ofthe Vision. The projects are orig-inal large-scale initiatives thatlook beyond their immediate lo-cality and are capable of havingan impact on the entire nation. ●

Kenya is in the process of imple-menting a new constitution andhas also developed a vision 2030strategy which, if well imple-mented, will enable Kenya tojoin middle income countriesstatus by 2030. The vision 2030 isa key driver for Kenya's futureeconomic growth because of itsstrong economic, social and po-litical pillars. The Institute ofCertified Securities and Invest-ment Analysts (ICSIA) is poisedto play a key role coordinatinginvestment decisions in the re-gion. This report highlights in-vestment opportunities avail-able in Kenya and ICSIA iswilling to support potential in-vestors interested in investing inKenya

The following is a summary ofthe report:Developed through an all-inclu-sive and participatory stake-holder consultative process, theVision is based on three “pil-lars”: economic, social and po-litical. This Vision's adoptioncomes after the successful im-plementation of the EconomicRecovery Strategy for Wealthand Employment Creation (ERS),responsible for the country’sGDP growth from a low of 0.6%and gradual rise to 6.1% in 2006.

K E N Y A


CIIA – opening doors to an international careerCIIA is an internationally recognised, advanced professional qualification with a globally applicablecommon knowledge base in Finance and Investment.

Unique charateristics of the CIIA diploma• International examination content• Additional coverage of local regulation and market practices• Common standard of ethics• Examination available in 11 local languages• Officially recognised as professional qualification in many countries• Borne by 35 professional societies representing more than 60’000 investment professionals

CIIA is recognised by regulatory authoritiesworldwide such as FSSC (Financial ServicesSkills Council) in the United Kingdom.

www.aciia.org


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CIIA Final Examination Dates

September 2011Friday 16, in Europe, New York, South America and Africa

Saturday 17, in Asia

March 2012Friday 9, in Europe, New York, South America and Africa

Saturday 10, in Asia

AgendaEvents

9th DVFA Small Cap Conference29 – 31st August 2011, Frankfurt

SAAJ Annual Conference14th October, Tokyo

Meetings

EFFAS EMC Meeting30th September 2011, Madrid

ACIIA Council Meeting8th November 2011, Hanoi

Seminars

Successful Investing Methodologies in Private Banking2nd September 2011, SFAA, Zurich

Commodity Investments and Strategies 29th September 2011, SAAJ/Nippon FinanceAssociation Joint Seminar, Tokyo

SSC/SRTC – ACIIA/SAAJ Joint Seminar9th November 2011, Hanoi

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