ACIIA规则制度.docx

ACIIA规则制度.docx

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ACIIA规则制度

______________________________________________

RULESANDREGULATIONS

OF

THEASSOCIATIONOFCERTIFIEDINTERNATIONAL

INVESTMENTANALYSTS

____________________________________________________

Amendedbyspecialresolutionpassedon27thJune2002and2ndFebruary2005

CONTENTS

IGENERALPROVISIONS3

Article1Objectives3

Article2EstablishmentoftheExaminations3

Article3Amendment3

Article4Definitions3

IISTRUCTUREANDCONTENTOFTHEEXAMINATIONS4

Article5OverallStructure4

Article6EligibilitytositfortheInternationalExaminations5

Article7TopicAreasandExaminationHours5

Article8Language6

Article9ExaminationGuide6

Article10ExaminationCalendarandVenues6

IIIADMINISTRATIVEORGANISATION7

Article11OverallStructure7

Article12RoleofACIIA®7

Article13TheInternationalExaminationsCommittee（IEC）8

Article14NationalAssociations9

Article15Security10

Article16Copyrights10

IVADMISSIONANDENROLMENTFORTHEEXAMINATIONS10

Article17Announcement10

Article18ConditionsforAdmission11

Article19EnrolmentProcedures11

Article20ExaminationFees11

VEXAMINATIONPROCEDURESANDRESULTS12

Article21ExaminationProcedures12

Article22MarkingProcedures12

Article23ExaminationResults12

VIPROFESSIONALQUALIFICATION13

Article24InternationalDesignation13

Article25Withdrawal13

VIISUPPLEMENTARYPROVISIONS14

Article26ComplaintsandAppeals14

Article27EffectiveDates14

IGENERALPROVISIONS

Article1Objectives

TheobjectivesoftheseRulesandRegulations（hereinafter“TheRules”）aretostipulatealldetailsoftheadministrativeorganisation,structureandproceduresoftheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst（CIIA®）establishedbytheMemorandumandArticlesofAssociationofTheAssociationofCertifiedInternationalInvestmentAnalysts（ACIIA®）.

Article2EstablishmentoftheExaminations

AdvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalystareorganisedbyACIIA®undertheresponsibilityoftheAsianSecuritiesAnalystsFederation,theEuropeanFederationofFinancialAnalystsSocieties,theBrazilianAssociationofInvestmentAnalystsandtheirnational/regionalassociationsorfederationsofsuchassociationsandotherassociationsthatmayjoinfromtimetotimetoconfirmthatcandidateshavetheknowledgeandskillsnecessarytoperformcompetentlyasinternationalinvestmentanalysts.

Article3Amendment

AnyamendmenttotheseRulesshallbeproposedbytheCouncilofACIIA®oraMemberofACIIA®andapprovedataGeneralMeetingbyasimplemajorityofvotesunlessotherwisespecified.

Article4Definitions

ForpurposesoftheseRules,thetermsbelowaredefinedasindicated.

investmentanalyst:

Aprofessionalwhoisprimarilyengagedin:

（a）theanalysisandevaluationofindividualsecuritiesandotherassets;and/or

（b）theapplicationofsuchanalysisandevaluationtoportfoliomanagementandinvestmentadvice.

Inthisregard,investmentanalystincludessecuritiesanalyst,financialanalyst,portfoliomanager,investmentadvisor,etc.

National/Regionalassociation:

MemberofACIIA®whichcontractswithittoprovidecandidatesfortheexaminations（ContractingMemberofACIIA®）.

CommonKnowledgeBase:

（CKB）Theoverallandcomprehensiveknowledgebasewhichisbrokendownintopre-candidate,candidate,andpost-candidatelevels,andwithwhichinvestmentanalystsshouldbefamiliarattheirparticularlevel.

ExaminationSyllabus:

Topicsandsub-topicstobestudiedfortheadvancedprofessionalexaminationsandwhichcoveralargeportionoftheCKBatthecandidatelevel.

IEC:

TheInternationalExaminationsCommittee.

CIE:

TheCentrefortheInternationalExaminations

IISTRUCTUREANDCONTENTOFTHEEXAMINATIONS

Article5OverallStructure

（1）TheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst（CIIA®）assetforthintheseRulescomprise:

（a）International（common）examinations（coveringcommoncomponents）centrallyadministeredbyACIIA®,and

（b）national（specific）examination（coveringnationalspecificcomponents）administeredbyeachnational/regionalassociation（thecontentofwhichwillbereviewedbytheIEC）.

（2）Theinternational（common）examinationsunder

（1）（a）abovecomprisetwolevels:

aFoundationExaminationandaFinalExamination.

TheFoundationExaminationwillexaminealltopicareasandwillcontainmultiplechoice,calculation,andessaytypequestionswhichassessthebasicknowledgeandanalyticalskillsofcandidates.

TheFinalExaminationwillsimilarlyexamineacrossalltopicareasandwillcontainfullandmini-casestudyquestions,togetherwithin-depthessayordiscursivequestionsandsomestructuredcomputationalquestionswhichassessthemoreadvancedknowledgeandsyntheticanalyticalskillsofcandidates.

Article6EligibilitytositfortheInternationalExaminations

TherearetwowaysofsittingfortheexaminationstoattainthedesignationCIIA®:

a）ThosecandidateswhodonotalreadyholdaqualificationfromanIECAccreditedexaminationprogrammeoftheirnational/regionalassociationmustsitandpasstheInternational（common）FoundationandFinalexaminationsaswellasthenational（specific）examination.

b）ThosecandidateswhohavetakenanIEC-accreditedexaminationprogrammeoftheirnational/regionalassociationandwhohavepassedatleast12hoursofexaminationsandbeenawardedtherelatedqualificationfromtheirnational/regionalassociationneedonlysitandpasstheFinalExamination.

Article7TopicAreasandExaminationHours

（1）Theinternational（common）examinationscompriseexaminationsinseventopicareasasindicatedinthetablebelow.

Totalexaminationhourswillbefifteen:

ninefortheFoundationExaminationandsixfortheFinalExamination.

TheFoundationExaminationwillconsistofthreepapersandtheFinalExaminationtwo,bothexamscoveringthefollowingtopicareaswithlengthofeachexaminationbeingasindicated.

FoundationExamination:

TopicAreas

ExaminationDuration（Minutes）

EquityValuationandAnalysis,FinancialStatementAnalysis,CorporateFinance

190

FixedIncomeValuationandAnalysis,Economics

160

DerivativeValuationandAnalysis,PortfolioManagement

190

Totaltime

540（i.e.9hours）

FinalExamination:

TopicAreas

ExaminationDuration（Minutes）

CorporateFinance,Economics,FinancialStatementAnalysis,EquityValuationandAnalysis

180

FixedIncomeValuationandAnalysis,DerivativeValuationandAnalysis,PortfolioManagement

180

Totaltime

360（i.e.6hours）

（2）Thenational（specific）examinationsetbyeachparticipatingnational/regionalassociationwillbeofatleastthreehoursduration.

Thetopicareastobeaddressedinthenational（specific）examinationarethoseareaswhicharespecifictotheparticularcountry/regionandwhichcannotbecoveredinacommonexaminationsuchas:

∙Regulations

∙Ethics

∙FinancialStatements

∙MarketStructureandInvestments

（3）Totalhoursoftheinternational（common）examinations（fifteen）andthenational（specific）examination（atleastthree）willbeatminimumeighteen.

（4）ThecoverageofeachtopicareawillbeinproportiontothestudyhoursspecifiedintheExaminationGuide.

Article8Language

Candidatesmaychoosetoparticipateintheinternational（common）examinationseitherinEnglishorotheravailablelanguagesasdeterminedbytheIEC.

Article9ExaminationGuide

TheIECwillpublishanExaminationsGuideforthereferenceofcandidates,whichcontainsanexplanationofthepurposeandstructureoftheexaminations,adetaileddescriptionofthetopicareascoveredbytheexaminations（examinationsyllabus）,andrecommendedreadings.

Article10ExaminationCalendarandVenues

（1）TheIECisresponsibleforrecommendingthescheduleofexaminationstotheCouncilofACIIA®whowilldecidethedates.

（2）Theexaminationswillbeheldatseverallocationsonone/twooccasionsayearforboththeFoundationExaminationandtheFinalExaminationasdeterminedbyACIIA®.（Intheinitialstage,onlytheFinalExaminationwillbeheld.）

（3）National/regionalassociationsareresponsiblefororganisingexaminationsintheirrespectivecountry/regioninaccordancewithguidelinesseparatelyadoptedbytheACIIA®aswellasarrangementsstipulatedbytheIEC.

（4）ACIIA®mayorganiseexaminationsincountries/regionswherethereisnonational/regionalassociationwithmembershipofACIIA®,pursuanttoguidelinesseparatelyadoptedbytheACIIA®

IIIADMINISTRATIVEORGANISATION

Article11OverallStructure

（1）TheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst（CIIA®）shallbecentrallyadministeredbyACIIA®andtheInternationalExaminationsCommittee,thelattertoundertaketheactualexaminationprocesswiththeapprovalofACIIA®.

（2）National/regionalassociationsshallberesponsibleforacertainportionoftheadministrationasstatedunderArticle14below.

（3）ACIIA®maycommissiontheCentrefortheInternationalExaminations（CIE）and/orotherappropriateorganisation（s）toundertakesomeoftheexaminationadministrationunderthetermsandconditionsspecifiedinthecontractswiththemandapprovedbyACIIA®.

Article12RoleofACIIA®

（1）ACIIA®’stermsofreferencewithregardtotheadvancedprofessionalexaminationsfortheCertifiedInternationalInvestmentAnalyst（CIIA®）areasfollows:

a）toappointmembersoftheInternationalExaminationsCommittee（IEC）anditsChairman;

b）toapproveandimplementamendmentstotheRulesandguidelinesstipulatedintheRules;

c）toapproveanadministrativeplanfor