ACIIA规则制度.doc

ACIIA规则制度 _RULES ANDREGULATIONS OF THE ASSOCIATIONOF CERTIFIEDINTERNATIONAL INVESTMENTANALYSTS_Amended byspecial resolutionpassed on27th Junexxand2nd FebruaryxxCONTENTS I GENERAL PROVISIONS3Article1Objectives3Article2Establishment of the Examinations3Article3Amendment3Article4Definitions3II STRUCTUREAND CONTENTOF THEEXAMINATIONS4Article5Overall Structure4Article6Eligibility tosit for the International Examinations5Article7Topic Areas and ExaminationHours5Article8Language6Article9Examination Guide6Article10Examination Calendarand Venues6III ADMINISTRATIVEORGANISATION7Article11Overall Structure7Article12Role of ACIIA?7Article13The International Examinations Committee(IEC)8Article14National Associations9Article15Security10Article16Copyrights10IV ADMISSIONAND ENROLMENTFOR THEEXAMINATIONS10Article17Announcement10Article18Conditions forAdmission11Article19Enrolment Procedures11Article20Examination Fees11V EXAMINATIONPROCEDURES ANDRESULTS12Article21Examination Procedures12Article22Marking Procedures12Article23Examination Results12VI PROFESSIONALQUALIFICATION13Article24International Designation13Article25Withdrawal13VII SUPPLEMENTARYPROVISIONS14Article26Complaints andAppeals14Article27Effective Dates14IGENERALPROVISIONS Article1Objectives Theobjectives of these Rulesand Regulations(hereinafter“The Rules”)are tostipulate alldetails of the administrativeorganisation,structure and procedures of the advanced professional examinations for the Certified International Investment Analyst(CIIA?)established by the Memorandumand Articlesof Association of TheAssociation ofCertified International Investment Analysts(ACIIA?).Article2Establishment of the ExaminationsAdvanced professional examinations for the Certified International Investment Analyst areorganised by ACIIA?under theresponsibility of the AsianSecurities AnalystsFederation,the EuropeanFederation ofFinancial AnalystsSocieties,the BrazilianAssociationofInvestment Analystsand their national/regional associationsor federationsof such associations andother associationsthat mayjoin from time to time toconfirm that candidates havethe knowledge and skillsnecessary toperform petentlyas internationalinvestment analysts.Article3Amendment Anyamendment to these Rulesshall beproposed by the Council of ACIIA?or aMember of ACIIA?and approvedat aGeneral Meetingby asimple majorityof votesunless otherwisespecified.Article4Definitions Forpurposes of these Rules,the termsbelow aredefined as indicated.investment analyst:A professionalwho isprimarily engagedin:(a)the analysis and evaluationof individualsecurities andother assets;and/or(b)the applicationof suchanalysis andevaluation toportfolio managementand investmentadvice.In thisregard,investment analystincludes securitiesanalyst,financial analyst,portfolio manager,investment advisor,etc.National/Regional association:Member of ACIIA?which contractswith it to provide candidates for the examinations(Contracting MemberofACIIA?).Common Knowledge Base:(CKB)The overalland prehensiveknowledge basewhich isbroken downinto pre-candidate,candidate,and post-candidate levels,and withwhich investmentanalysts shouldbe familiarat theirparticular level.Examination Syllabus:Topics andsub-topics to be studiedfor the advanced professional examinations and which covera largeportion of the CKBat the candidate level.IEC:The International Examinations Committee.CIE:The Centrefor the InternationalExaminationsII STRUCTUREAND CONTENTOFTHEEXAMINATIONS Article5Overall Structure (1)The advanced professional examinations for the Certified International Investment Analyst(CIIA?)as setforth in these Rulesprise:(a)International(mon)examinations(covering monponents)centrally administered by ACIIA?,and(b)national(specific)examination(covering national specific ponents)administeredby each national/regional association(the contentof whichwill bereviewed by the IEC). (2)The international(mon)examinations under (1)(a)above prisetwo levels:a Foundation Examination anda Final Examination.The Foundation Examination willexamine alltopic areas and willcontain multiplechoice,calculation,and essaytype questionswhich assessthe basicknowledgeandanalytical skillsof candidates.The Final Examination willsimilarly examineacross alltopic areasand willcontain fulland mini-case studyquestions,together within-depth essayor discursivequestions andsome structuredputational questionswhich assessthe moreadvanced knowledgeand syntheticanalytical skillsof candidates.Article6Eligibility tosit for the InternationalExaminations Thereare twoways ofsitting for the examinations to attain the designationCIIA?:a)Those candidates who donot alreadyhold aqualification from an IECAredited examinationprogramme of their national/regional associationmust sit and pass the International(mon)Foundation and Final examinations as well as the national(specific)examination.b)Those candidates who havetaken anIEC-aredited examinationprogramme of their national/regional association and who have passedat least12hours of examinations andbeen awardedthe relatedqualification from their national/regional associationneed onlysit andpassthe Final Examination.Article7Topic Areasand ExaminationHours (1)The international(mon)examinations priseexaminations inseven topic areas asindicated in the tablebelow.Total examinationhours will be fifteen:nine for the FoundationExamination andsix for the Final Examination.The FoundationExamination willconsist of three papersand the Final Examinationtwo,both examscovering the following topicareas withlength of each examinationbeing asindicated.FoundationExamination:Topic AreasEquity Valuation and Analysis,Financial StatementAnalysis,Corporate FinanceFixed IneValuation and Analysis,Economics Derivative Valuation and Analysis,Portfolio ManagementTotal timeExamination Duration(Minutes)190160190540(i.e.9hours)Final Examination:Topic AreasCorporate Finance,Economics,Financial StatementAnalysis,Equity ValuationandAnalysisFixed IneValuationandAnalysis,DerivativeValuationandAnalysis,Portfolio ManagementTotal timeExamination Duration(Minutes)180180360(i.e.6hours) (2)The national(specific)examination set byeachparticipating national/regional associationwill beof at least threehours duration.The topicareas tobe addressedin the national(specific)examination arethose areaswhich arespecific to the particularcountry/region andwhich cannotbe coveredin amon examinationsuch as:?Regulations?Ethics?Financial Statements?Market Structureand Investments (3)Total hoursof the international(mon)examinations(fifteen)and the national(specific)examination(atleastthree)will be at minimumeighteen. (4)The coverageofeachtopicareawill bein proportionto thestudy hoursspecified inthe Examination Guide.Article8Language Candidates may chooseto participateinthe international(mon)examinations eitherin Englishor otheravailable languagesas determined by the IEC.Article9ExaminationGuideThe IECwill publishan ExaminationsGuide for the referenceof candidates,which containsan explanationof thepurpose andstructure of the examinations,a detaileddescription of the topicareas coveredby the examinations(examination syllabus),and remendedreadings.Article10Examination Calendarand Venues (1)The IECis responsible for remendingthe scheduleof examinationsto theCouncilofACIIA?who willdecide the dates. (2)The examinationswill be held atseveral locationson one/two oasionsa yearfor boththe FoundationExamination and the Final Examination asdetermined by ACIIA?.(In theinitial stage,only the FinalExaminationwill be held.) (3)National/regional associationsare responsible for organisingexaminations in their respectivecountry/region in aordance withguidelines separately adopted by the ACIIA?as wellas arrangementsstipulated by the IEC. (4)ACIIA?may organiseexaminations incountries/regions where there isno national/regional associationwith membershipofACIIA?,pursuant to guidelines separatelyadopted bythe ACIIA?III ADMINISTRATIVEORGANISATION Article11Overall Structure (1)The advanced professional examinations for the CertifiedInternationalInvestmentAnalyst(CIIA?)shall becentrally administeredby ACIIA?and theInternationalExaminations Committee,the latterto undertakethe actualexamination processwith the approval ofACIIA?. (2)National/regional associationsshall be responsiblefor a certainportion of the administrationas statedunder Article14below. (3)ACIIA?may mission the Centrefor theInternationalExaminations(CIE)and/or otherappropriate organisation(s)to undertakesome of the examinationadministration underthe termsand conditionsspecified inthe contractswith themand approvedbyACIIA?.Article12Role ofACIIA? (1)ACIIA?s termsof referencewith regardto the advancedprofessionalexaminationsfor theCertifiedInternationalInvestmentAnalyst(CIIA?)are asfollows:a)to appoint members of theInternationalExaminations Committee(IEC)and itsChairman;b)to approveand implementamendments to the Rulesand guidelines stipulated inthe Rules;c)to approvean administrativeplan for the international(mon)examinations eachyear includingdates and locations setbythe IEC.d)to approvethe ExaminationsGuide prepared bythe IEC;e)to approvethe national(specific)examinations of national/regional associationssubmitted for areditation bythe IEC,and withdrawapproval from the same;f)to approvethe programmesof national/regional associations(which arearedited bythe IEC)whereby candidates whohave suessfully passed the related examinations may proceed directly to theFinalExamination;g)to ruleon theexclusion of candidates from a national/regional associationif the IEC remendssuch actionon thebasis that the IECbelieve the national/regional associationis notplying withIEC standards and conditions;h)to approvethe IECexamination resultsand confirmthe awardingof certificatesforthe CIIA?;and municatesuch decisionsto the national associations;i)to reviewthe CommonKnowledge Baseand ExaminationSyllabus for future improvement;and j)to reviewpast examinationsforfutureimprovement. (2)With respect to theadvanced examinationsfor investmentprofessionals,ACIIA?is responsiblefor internationalliaison anddiscussion withanalyst federationsworldwide,with individualnational societies,and withinternational orregional governmental/regulatory authorities. (3)ACIIA?may agreeto modificationsby nationalsocieties inthe applicationof these Rules only in caseswheretheRules areconstrained bynational legislationin regardto obtainingand usingthe CIIA?.Article13The InternationalExaminationsCommittee(IEC) (1)Organisation a)The IECis posedof sixto ninemembers.The memberswill preferablybe eitheruniversity professorsor expertpractitioners withrelevant skills.There will beamaximum ofthree membersfrom eachFederation.Members of the IECare appointed byACIIA?fora period ofthree years after which the appointment may be renewed.Professors and/or practitionerswith specialistskills orsituations notassociated with the federationsmay beappointed toIEC.b)The Chairmanof IECis independentof anyFederation inhis roleand isappointedbyACIIA?on theremendation ofIEC foraperiodofthreeyearsafterwhichtheappointmentmay berenewed.c)The IECmay formsub-mittee(s)to dealwith particularmatters andappointmembers.d)The IECshall meetfromtimetotimeface toface orby conferencecall orin writing. (2)Terms of reference forthe IEC:a)to correspondand/or meetas oftenas requiredto ensurethe efficientrunning of the examinations;b)to establishand updatethe CommonKnowledgeBaseand ExaminationSyllabus;c)to prepareand publishan ExaminationsGuide forthe referenceof candidates;d)to preparean administrativeplan forthe international(mon)examination eachyear includingexam dates and locations;e)to establishdetailed rulesand guidelinesconcerning the examination settingand markingprocess basedontheframework of the examinationsas setforth in theseRules,and to organise andmanage theoverall examinationprocess in aordance withsuch guidelines;f)to preparethe international(mon)examination papersin due time pursuant to the guidelinesstipulated under e)above.g)to overseethe markingof theinternational(mon)examination papersand makesure itis pleted in sucha manneras to ensure rigourand uniformityin aordance with thestandards/procedures inthe guidelinesstipulatedundere)above;h)to determihe languagesused inthe examination papers;i)to review and areditthefollowingexaminations/programmes inaordance withthe guidelinesandproceduressetbythe IEC,and toremend(or otherwise)theapprovalof theseexaminations/programmes to ACIIA?:?the content and organisation of national(specific)examinations?the content and organisation ofthe national/regional associationsprogrammes wherebycandidateswhohave suessfullypassed therelated examinationsmay proceeddirectly to theFinalExamination j)to reportto ACIIA?the results oftheinternational(mon)examination includingthe names of suessfulcandidates eligibleon thisbasis toreceive the CIIA?certificate,and toreceive reportsfrom national/regional associationsconcerning their national(specific)examinations which are tobe passed to ACIIA?;k)The IECmay remendto ACIIA?thatcandidatesfroma national associationbe excludedfrom the examinations if they believethat national/regional associationis notplying withthe IECstandardsandconditions.l)to examineappeals fromcandidates.Article14National/Regional Associations (1)National/regional associationswhicharemembers ofACIIA?andwhichcontract withittoprovidecandidates fortheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst(CIIA?)shall nominatethe person(s)representing themand responsiblefor liaisonwith ACIIA?/IEC andother ACIIA?members. (2)The termsofreferenceofthe national/regional associationswith regardtotheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst(CIIA?)are asfollows:a)to decideon admission/rejection of candidatesfortheadvancedprofessionalexaminations and toinform ACIIA?ofcandidatenames in duetime;b)to arrangea suitablevenue forsitting theinternational(mon)examinationsaswellasnational(specific)examination intheir owncountry/region;c)to establisha precisedescription ofnational topicstobeincluded inthe national(specific)examination;d)toorganisethe preparationofnationalspecific papersand theirmarking;e)to prepareand senda reportconcerning thecontentandorganisationofthe national(specific)examination tothe IECfor itsreview andareditation;f)to prepareand senda reportconcerning thecontentandorganisationofthe nationalprogrammes tothe IECfor itsreviewandareditation tothe effectthat theircandidateswhohavesuessfullypassedtherelatedexaminationsmayproceeddirectlytotheFinalExamination;g)to sendthe resultsofthenational(specific)examination tothe IECfor forwardingto ACIIA?;and h)to examihe plaintsofcandidates. (3)The national/regional associationsare requiredto aeptexperts fromtheIEC(or theirappointees)to examihenationalexamination arrangements,to makeall recordsfreely available,and toanswer allconnected questions.Article15Security Alladministrative organisationsstated in Article11and theirrepresentatives shall beresponsiblefor ensuringthe securityand strictconfidentiality ofthe examination papers priorto candidatessitting the examinations.Article16Copyrights andtreatment ofrelevant materialsCopyrights with respect tothe Foundationand Finalexaminationpapers,the ExaminationsGuide,and anyother publicationsshall belongtoACIIA?and shall be indicatedinthesepublication asappropriate.Treatment ofthese relevantmaterials shall be made pursuanttoguidelines separatelyadopted bythe ACIIA?IV ADMISSIONAND ENROLMENTFOR THEEXAMINATIONS Article17Announcement (1)ACIIA?shall announcethedatesandlocationsoftheexaminations and the deadlinesfor enrolmentafter consultationwiththeIEC atleast sixmonths beforetheexaminationdate. (2)ACIIA?shall dulyinform thenational/regional associationsabout thedetails oftheexaminationsheld ineach calendaryear andshall askthem toinform it induetime ofthe numberand namesofthecandidates enrolled. (3)ACIIA?shall distributethe ExaminationsGuide andother materialsrelated totheexaminationsto national/regional associationsat theirrequest.Article18Conditions forAdmission (1)The examinationsare opento anyoneworking inthe domain of financial analysis,portfolio management,and investmentin general,provided thatthe admissionconditions detailedin Section (2)or (3)(below)are fulfilled. (2)The national/regional associationsmay decidecandidacy requirementsaording to local conditions,which mayinclude thecandidate havinga localmembership statusin goodstanding,a universitydegree orequivalent inprofessional workexperience,and possessingcivil rights,etc. (3)A candidatefromacountry/region withouta national/regional associationaffiliated toACIIA?may enrol for such examinations providedhe/she isproposed forsuchexaminationsas maybe relevant(i.e.thenational(specific)examinations,the FoundationExamination and/ortheFinalExamination)by anational/regional associationin anycountry/region whichisa member ofACIIA?.Article19Enrolment Procedures (1)Candidates wishingto enrol fortheexaminations shallsubmit enrolmentforms,preparedbyACIIA?,tothe relevant national/regional association. (2)Candidates mayenrolforeither thefull courseofexaminations(nationalspecificand internationalmon FoundationandFinalexaminations)or justtheFinalExamination butonlyinaordance withthe provisionsof Article6above. (3)Candidatesmayenrolforeach paperoftheinternational(mon)examinationsandthenational(specific)examination respectivelyasindicatedinArticle7above.However,fortheinternational(mon)examination,candidates mayonly proceedtotheFinalExaminationiftheyhave passedall papersoftheFoundationExamination. (4)Certain credentials(e.g.a referenceora certificate attestingto previousprofessional experience)mayberequested atthe timeof enrolmenteither