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Newsletter CFA Romania July 2014

CFA Romania Newsletter


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Dear members,
It's time to renew your CFA Institute and CFA Society memberships.

For those of you that want to invest in the future, there is still time.
We count on your support and involvement!



Good news!!!

CFA Institute decided that 2015 EMEA Regional Meeting will take place in
Bucharest. For the first time, a CEE county will host such an outstanding
event, which will bring together representatives of 40 CFA local societies of
EMEA and top representatives of CFA Institute from UK, US and Asia. This is
an important recognition of our commitment and involvement in supporting
CFA Institute.

Thanks to all off you that contributed to this!

News and Events



CFA Awards (ASE Aula Magna, June 17, 2014)
Members involved: Nicolaie Chidesciuc, Sorin Dumitrescu, Dragos Minjina, Adrian
Mitroi, Bogdan Bilaus, Mihail Ion, Adrian Codirlasu,
Guests: Prof.Univ.Dr. Ion Stancu, Dr. Lucian Croitoru Ph.D, Ionut Dumitru Ph.D,
Dan Bucsa Ph.D
Winners: Media Moise Guran (TVR), Claudia Medrega (ZF), Ovidiu Tempea
(Mediafax), Cristian Grosu (CursDeGuvernare.ro);
Finance: Prof. Univ. Dr. Ciprian NECULA, Prof. Univ. Dr. Gabriel
DRIMUS, Prof. Univ. Walter FARKAS, for the paper A General
Closed Form Option Pricing Formula
Macroeconomics : Dr. Mihai COPACIU, for the paper Estimation of an
open economy DSGE model with financial and employment
frictions for Romania


CFA EMEA Regional Conference (Athens)
Participants: Mihai Ion, Dorin Badea, Bogdan Bilaus, Florentina Almajanu
Details: The Conference was centered on CFA Institute strategy.
Dorin ran for the President Council Representative EMEA East (Congratulations
for the good performance! even if Dorin was not elected).
Florentinas proposal to organize a summer school for regulatory and supervisory
authorities was approved and is going to be implemented by CFAI.
Congratulation, Florentina!

Newsletter CFA Romania July 2014





Putting Investors First (May 22)
Members involved: Mihail Ion, Mugur Popescu, Dorin Badea, Razvan Szilagyi,
Romulus Mircea
Description: The event is the beginning of a common, long-term approach to
developing a credible and sustainable financial market, in the ultimate
benefit of the investors. Representatives of the regulators and of the
major player within the financial markets shared views on how the
market can become more transparent and how to increase investors
trust.
Guests: Daniel Daianu (ASF), Steven van Groningen (Raiffeisen Bank), Josina
Kamerling (CFA Institute), Lucian Anghel (BVB), Ludwik Sobolewski (BVB),
Dragos Neacsu (AAFR), Marius Popescu (APAPR), Adrian Marin (UNSAR),
Cristian Dutescu (OPPC), Luminita Runcan (ACI Romania)
Partner: Bucharest Stock Exchange




CFA Institute Research Challenge
Members involved: We had over 30 volunteers that contributed to the project.
Many thanks to each of them and to Mugur Popescu, sponsor and project
manager.
Description: Research Challenge is a competition that rewards the best research
papers done by some of the most prestigious regional universities. Six
universities were involved, including one from Republic of Moldova.
Winners: All papers were very good but the winner was Universitatea Alexandru
Ioan Cuza from Iasi.


DAFI Master Program (ASE) was included in the CFA University Recognition Program
Members involved: Adrian Mitroi - Congratulations!!!
Benefits: DAFI is the first Romanian Graduate Masters Program welcomed into
the CFA Institute University Recognition Program. This signals to potential
students, employers, and the marketplace that DAFI curriculum is closely
tied to professional practice and is well-suited to preparing students to sit
for the CFA examinations.


CFA Pub (March 7
th
, June 4
th
)
Members involved: Cristian Popa
Details: Members exchanged ideas and discussed about CFA Romania projects










Newsletter CFA Romania July 2014




Meeting with World Bank on Romanias Securities Markets
Participants: Razvan Szilagyi, Florentina Almajanu
Topics: Development of local equity and corporate bond markets, regulatory and
supervisory framework.

Adrian Mitroi was appointed as CFA Romania representative in the Bucharest Stock
Exchange Index Committee. Many thanks to Dragos Cabat who represented CFA
Romania until now.

Public presence

Risk Management Forum (March 12)
Adapting the risk management process to the new market ralities (Mihai ion)
Risk management in credit financial institutions (Mugur Popescu)
New (required) infrastructure for derivatives trading (Adrian Codirlasu)
Romanian Financial Forum - Saving-investing behavior of individuals (Mihai Ion)
Retail Investors Forum ( May, June) - (Adrian Codirlasu)
Money Management in Training FX market transactions (Adrian Codirlasu)
The International Insurance Reinsurance Forum 2014 (Florentina Almajanu, Adrian Codirlasu)
CFA Romania Macroeconomic Confidence (monthly) (Adrian Codirlasu)

Board activity

Summary of the Board Meeting held on May 22
nd

Analysis of Putting Investors First event;
CFA Romania advocacy on IPOs in general and Electrica IPO on particular;
Analysis of the current taxation of capital gain for private individuals;
Organization of CFA Research Challenge event;
Organization of EMEA Conference 2015 in Bucharest.

Advocacy


CFA Institute is actively involved in shaping public policy that strengthens
investor confidence and market integrity. Please do contact us for any idea or
suggestion that might contribute to the above.

Contact: Bogdan Bilaus - bogdanbilaus@gmail.com
Topics addressed by the members:
- Specific cases when the regulations were not followed and no sanctions were applied;
- Specific cases when the sanctions provided by the regulations are insignificant versus the
benefits of not applying the regulations;
Actions of CFA Romania:
- Written statement sent to the Romanian Ministry of Economy (Energy Department) on the
treatment of individual investors in the IPOs;
- Press release on CFA Romania supporting the 10 proposals of BSE to enhance the
participation of private individuals to the capital market (InvestingRomania program). Future
involvement of CFA Romania in the program development is envisaged.