The Hong Kong Securities Institute (HKSI), as an associate member of the Association of Certified International Investment Analysts (ACIIA®) since October 2001, is delighted to share the encouraging news that the CIIA® examinations have been well received by candidates in Hong Kong. With a broad syllabus that combines international, regional and local knowledge covering 22 countries, more and more Hong Kong finance industry professionals recognise the CIIA® as an internationally transportable passport that will enable them to work in the majority of international financial centres. As of 10 November 2003, the cumulative number of registered candidates for the CIIA® examinations has climbed to 213, which represents 8.04% of the total 2,650 HKSI Ordinary Members, and signifies the successful launch of the examination amongst HKSI members. In the third CIIA® Final Examination held on 13 September 2003 at the Hong Kong Convention and Exhibition Centre in Wanchai, the number of candidates enrolled for Exam 1 and Exam 2 reached 46 and 45 respectively.

In addition to its growing familiarity amongst candidates in Hong Kong, the CIIA® is also recognised by the Securities and Futures Commission (SFC) as an international recognised professional qualification which meets the requirements for academic qualifications in the licensing applications of securities and futures intermediaries under the "Guidelines on Competence", promulgated by the SFC. In order to promote a closer mutual relationship between the ACIIA® and the HKSI, the HKSI has applied to the ACIIA® to become a contracting member*. In recognition of this relationship, it is the intention of the Institute to assist the Securities Analysts Association of China (SAAC) to offer the CIIA® examinations in the PRC** and, jointly with the SAAC, to translate the CIIA® examinations into Chinese. With the increasing awareness of its profile among both the general public and finance industry professionals in Hong Kong and the PRC, the HKSI is confident that this strategic move will be another success since reports show that there is a strong demand in the PRC for professional qualifications. In response to this demand, the HKSI will endeavour to promote the CIIA® as one of the best available opportunities to gain an advanced, professional and international qualification, allowing candidates to compete more effectively in the rapidly growing financial industry in the PRC.

* approved by the ACIIA® Council in Tokyo
** People's Republic of China

On the 15th of September the patrons of the Fundación de Estudios Financieros (a subsidiary of the IEAF Spain) held its AGM chaired by the Honorary Chairman, the President of Spain, Mr José María Aznar. The First Vice President of the Spanish Government, the Economics Minister and several other Ministers were also present. The Patrons of the Foundation are the chairmen and CEO's of the most important companies listed on the Spanish Stock Exchange.

The Chairman of the IEAF Spain and of the FEF, Mr Aldo Olcese delivered a speech in which he stressed the importance of the international designation CIIA® administered by the ACIIA® for financial analysts. He stressed the teamwork of the countries involved in the examinations and the continuous growth in the number of CIIA® holders throughout the world. At the conclusion of the AGM, a cocktail reception was held for all participants. The press and several television networks covered the event very generously.