Thursday, December 12, 2002
Seminar: The Role of Financial Markets in Pension Reform
Bratislava, Slovak Republic
In cooperation with the Bratislava Stock Exchange and the Slovak Association of Securities Dealers, the Partners for Financial Stability (PFS) Program organized a capital markets seminar entitled, "The Role of Financial Markets in Pension Reform" in Bratislava on December 12, 2002. 140 participants from Slovak financial sector institutions, one Czech pensions expert and one Hungarian pensions expert attended the event. The PFS Program brought together experts in a panel that presented the role of financial markets in pension reform in Belgium, Croatia, the European Union, Hungary and Ireland.
To download the agenda and presentations, please click on the links below:
 | Agenda - Conference - December 12, 2002.doc - 37 KB |
| Presentation - Social Insurance Agency - December 12, 2002.ppt - 286 KB |
| Presentation - Ludovit Kanik - Ministry of Labour, Social Affairs and Family - December 12, 2002.ppt - 97 KB |
| Presentation - Ivan Svejna - Ministry of Labour, Social Affairs and Family - December 12, 2002.ppt - 68 KB |
| Presentation - Across Investment Services - December 12, 2002.ppt - 223 KB |
| Presentation - DG ECFIN European Commission - December 12, 2002.ppt - 52 KB |
| Presentation - The Pensions Board of Ireland - December 12, 2002.ppt - 139 KB |
| Presentation - East West Management Institute - PFS Program - INPRS - December 12, 2002.ppt - 183 KB |
| Presentation - Agency for Supervision of Pension Funds and Insurance of Croatia - December 12, 2002.ppt - 207 KB |
| Presentation - Pragma Consulting - Belgium - December 12, 2002.ppt - 114 KB |
| Presentation - Slovak Rating Agency - December 12, 2002.ppt - 62 KB |
Thursday, November 7, 2002 - Friday, November 8, 2002
Third CEE Regional INPRS Private Pension Seminar on Pension Fund Governance
Ljubljana, Slovenia
On November 7-8, 2002 the International Network of Pension Regulators and Supervisors (INPRS), the Organisation for Economic Co-operation and Development (OECD) and the PFS Program of the East-West Management Institute, Inc. (EWMI) organized an International Seminar on Pension Fund Governance. The seminar was hosted by the Securities Market Agency and The Insurance Supervision Agency of the Republic of Slovenia.
The objective of the seminar was to raise the visibility and awareness of the key role of pension fund governance in the successful development of private pension systems. More than 100 participants from 16 countries attended the seminar.
To download the agenda, presentations and list of participants, please click on the links below. You can also obtain information on the event by visiting the INPRS Central and Eastern European Regional Network, events section.
Friday, November 1, 2002
Investor Relations Online Revisited - Survey of Websites of Polish Listed Companies - 2002
In summer 2002, the PFS Program commissioned Digital Strategies Group, Inc. to conduct a second annual Survey of Online Investor Relations of Polish Companies Listed on the Warsaw Stock Exchange. This in-depth survey analyzes current Polish practices and compares this year’s data with the survey completed in 2001. Digital Strategies Group, Inc. will repeat the survey in 2003.
To download the survey, please click on the link below:
Wednesday, October 30, 2002
Regional Seminar: US and Foreign Banks' Compliance with the USA Patriot Act
Riga, Latvia
On October 30, 2002 the PFS Program, in cooperation with the Association of Latvian Commercial Banks, conducted a seminar on compliance with the USA Patriot Act. 72 participants from Latvia, 10 from Estonia and 10 from Lithuania attended the seminar. Prevention of money laundering specialists from the UK and the US shared with the audience their expertise and the experiences of UK and US banks in complying with this act and other prevention of money laundering legislation.
To download the agenda, presentations and list of participants, please click on the links below. For general information on money laundering and links to dedicated websites and documents, please read the updated paper on Prevention of Money Laundering of Dr. Peter Mihalyi, Director of Banking Programs, East-West Management Institute.
Friday, October 25, 2002
Database of Contacts in the Field of Socially Responsible Investment (SRI)
Over the past decade, socially responsible investment and sustainable development have moved from the periphery and towards the mainstream of capital markets, both in international financial centers and throughout emerging markets. A decade ago, these related yet separate issues were perceived to be the domain of specialized investment funds and companies with a particular mission. Today, although both terms continue to mean different things to different constituencies, a growing number of financial institutions and companies now take a proactive approach and report on their activities related to SRI. The establishment of the Dow Jones Sustainability Indexes is one clear sign of this trend; the California Public Employees Retirement System (CalPERS) announcement of a major portfolio reallocation on February 20, 2002 is another. (See below for a detailed description of the CalPERS announcement.)
In order to analyze the challenges of and prospects for SRI in Central and Eastern Europe, the PFS Program undertook an initial survey of the current status of online reporting about this topic in Central and Eastern Europe, the European Union (EU) and the United States.
In September/October 2002, PFS Program Intern Elisa Melkus surveyed press articles and Internet reporting about SRI during the time period January 1, 2000-September 30, 2002. Primary sources included reports published in Business Hungary, Financial Times, International Herald Tribune, Investor Relations magazine, Wall Street Journal Europe and Warsaw Business Journal. The survey resulted in the establishment of a database of more than 275 organizations engaged in SRI. The database divides the organizations into the following groups: Academia, Conferences, Financial Institutions, Governmental Organizations, International Development Organizations, Listed Companies, Media, and Non-Governmental Organizations.
The presentation of the database here represents an initial attempt by the PFS Program to collect information about SRI, with a particular focus on its relevance to capital market development in emerging markets. The PFS Program will continue to research this subject and update the database in regular intervals.
To download the database, please click on the link below:
Wednesday, October 9, 2002
Trend towards Consolidated Financial Supervisory Authorities (FSAs)
On April 1, 2000, Hungary merged four separate regulatory authorities into one institution - the Hungarian Financial Supervisory Authority - and thereby became the first CEE country to establish a consolidated financial supervisory authority. At that time, Dr. Laszlo Gyorgy Asztalos, President of the Hungarian State Supervisory Authority of Insurance between 1992-2000, drafted a paper entitled, "Independence of Financial Supervisory Authorities" for the publication series of Central European Banker Online.
(To download the report, please click on this hyperlink:
http://www.mkb.hu/english/download/ceb/2000/aszteng.pdf)
Ironically, although the Hungarian consolidated model was based on the British example, the UK Financial Services Authority began operations later than its Hungarian brainchild, namely on December 1, 2001. (The actual consolidation process in the UK took place between May 1997 and December 2001.) With over 10,000 companies, the UK has the largest financial market in Europe and the FSA some 2,000 employees to regulate it.
Denmark was the first EU country to embark on consolidated supervision: In 1988, Denmark established the Financial Supervisory Authority, merging several regulatory agencies supervising specific sectors such as banking and insurance. The Swedish Financial Supervisory Authority was established in 1991 and the Finnish Financial Supervisory Authority in 1993. As noted above, by 2000 the trend spread to CEE, with the establishment on April 1, 2000 of the Hungarian Financial Supervisory Authority.
While a number of European countries still have separate supervisory authorities for banking, capital markets, insurance and pension reform, the current trend among EU member states and candidate countries is towards consolidated supervision.
Consolidation of supervision mirrors the growth over the past decade of larger, horizontally-integrated financial institutions providing a wide range of services, including asset management, credit (business, consumer, institutional, mortgage and other), insurance and investment services. As the distinctions among financial institutions became blurred, a change in the regulatory regime became necessary. Proponents of consolidated supervision maintain that a consolidated authority can better supervise the many business segments of complex financial institutions. Furthermore, a consolidated authority also addresses issues such as acquisitions, mergers and takeovers; financial fraud; insider trading; and money laundering.
Please click on the hyperlink below to download the table which presents the situation in 15 countries as of September 1, 2002.
Thursday, September 26, 2002
Conference on Financing Small and Medium Size Enterprises (SMEs) in Central and Eastern Europe
Budapest, Hungary
On September 26, 2002, Bancraft Kft. organized a Conference on Financing SMEs in Central and Eastern Europe. The PFS Program contributed to this event by covering the costs of two speakers: Ewa Balcerowicz, Vice President, CASE Foundation, Poland; and Philip Bylund, Director of International Strategy and Special Initiatives, Community Development Venture Capital Alliance, New York, USA. Ms. Balcerowicz spoke on SME development policy in Poland and reported on the results of a recent survey of Polish SMEs. Mr. Bylund spoke about SME finance in the US, the role of the Federal and state governments, community funds and business angels.
The objectives of the conference were to identify opportunities for financing SMEs in Central Eastern Europe and find solutions for the issues of poor capitalization and financing, building on the experiences of the European Union and the United States.
To download the agenda and presentations, please visit the website of Bancraft Kft.
Thursday, September 26, 2002 - Friday, September 27, 2002
Regional Workshop on Prevention of Money Laundering and Seizure/Confiscation of Assets
Portoroz, Slovenia
On September 26-27, 2002 the PFS Program, in cooperation with the Office for Money Laundering Prevention of the Republic of Slovenia, the Ministry of Justice of the Republic of Slovenia, the State Prosecutor’s Office of the Republic of Slovenia and the Supreme Court of the Republic of Slovenia conducted a Regional Workshop on Prevention of Money Laundering and Seizure/Confiscation of Assets. The target audience consisted of financial police, judges and prosecutors from three Central European countries. Six participants from Hungary, five from Poland and 35 from Slovenia attended the workshop. On the first day, specialists from the UK, the US and Slovenia presented their experiences in combating money laundering. A range of strategies were discussed, among them seizure and confiscation of assets. On the second day, participants debated case studies presented by judges and prosecutors from Hungary, Poland and Slovenia. In-depth discussion of real life situations from the three jurisdictions, complemented by insights offered by UK and US practitioners, proved to be an extremely fruitful exercise, enabling the exchange of lessons learned and identification of best practices.
To download the agenda and presentations, please click on the links below:
| Agenda - Prevention of Money Laundering Workshop - September 26-27, 2002.rtf - 20 KB |
| Welcome - Zdenka Cerar, General State Prosecutor - September 26, 2002.doc - 28 KB |
| Opening Remarks - Ambassador Young - September 26, 2002.doc - 32 KB |
| Presentation - Office for Money Laundering Prevention of the Republic of Slovenia - September 26, 2002.ppt - 164 KB |
| Presentation - Andreja Lang - Ministry of Justice - September 26, 2002.doc - 29 KB |
| Presentation - Janko Marinko, Secretary General, Supreme Court- September 26, 2002.doc - 46 KB |
| Presentation - PricewaterhouseCoopers - September 26, 2002.ppt - 1,269 KB |
| Roger Stanley - CV.doc - 21 KB |
| Presentation - Furnival Chambers - September 26, 2002.ppt - 412 KB |
| Christopher Convey - CV.doc - 20 KB |
| Outline - Richard T. Preiss - September 26, 2002.doc - 62 KB |
| Richard T. Preiss - Financial Privacy Paper 1996.doc - 105 KB |
| Richard T. Preiss - Anonymous Access Paper 1997.doc - 42 KB |
| Richard T. Preiss - CV.doc - 31 KB |
| Outline - Richard N. Seaman - September 26, 2002.doc - 50 KB |
| Richard N. Seaman - CV.doc - 22 KB |
| Presentation - Judge Dennis E. Milton - September 26, 2002.doc - 62 KB |
| Judge Dennis E. Milton - CV.doc - 22 KB |
| John Howell - CV.doc - 22 KB |
| List of Participants - Portoroz, Slovenia - September 26-27, 2002.doc - 34 KB |
Friday, September 13, 2002
Survey of Websites of 42 Securities Commissions
In response to a request from the Lithuanian Securities Commission, the PFS Program commissioned Digital Strategies Group, Inc. to conduct a Survey of Websites of Securities Commissions in 42 Countries.
The purpose of the survey was fourfold: First, to survey what information the investing public can obtain in the English language via the websites of the securities commissions; Second, by analyzing the above, to survey how the securities commissions are informing, educating and thereby protecting the investing public; Third, to identify and survey best practices in investor education, information and protection via the websites of the securities commissions; and Fourth, to share the survey results with securities commissions in the eight PFS countries and thereby: (a) promote discussion of lessons learned and (b) implementation of best practices.
This groundbreaking research was presented for the first time at a Seminar on Issuer Disclosure and Corporate Governance, organized by the United States Securities and Exchange Commission, Lithuanian Securities Commission, USAID and the PFS Program. The presentation took place on Friday, September 13, 2002 in Vilnius, Lithuania.
To download the survey, please click on the link below.
Monday, September 9, 2002 - Friday, September 13, 2002
Issuer Disclosure and Corporate Governance Seminar
Vilnius, Lithuania
From Monday, September 9 through Friday, September 13, 2002 the United States Securities and Exchange Commission, Lithuanian Securities Commission, USAID and the PFS Program conducted a Seminar on Issuer Disclosure and Corporate Governance. The seminar took place in Vilnius, Lithuania. 54 participants representing securities commissions and stock exchanges from 20 countries in Central, Eastern and Southeastern Europe as well as the Newly-Independent States attended the seminar. Among the participants were representatives of securities commissions and/or stock exchanges from all eight PFS Program countries: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia.
To download the agenda, presentations and a list of participants, please click on the links below.
| Agenda - Issuer Disclosure and Corporate Governance Seminar - September 9-13,2002.doc - 54 KB |
| Presentation - Commissioner Simonis - Disclosure - September 9, 2002.ppt - 94 KB |
| Presentation - Introduction to Corporation Finance - September 9, 2002.ppt - 410 KB |
| Presentation - An Overview of EDGAR - September 9, 2002.ppt - 407 KB |
| Presentation - Allen & Overy - September 9, 2002.ppt - 61 KB |
| Presentation - Overview of the Public Offering Process in the United States - September 9, 2002.ppt - 52 KB |
| Presentation - Commissioner Surpliene - Disclosure - September 9, 2002.ppt - 105 KB |
| Presentation - Risk Factor Disclosure - September 10, 2002.ppt - 90 KB |
| Presentation - Management's Discussion and Analysis - September 10, 2002.ppt - 82 KB |
| Presentation - NASDR Corporate Financing Review - September 10, 2002.ppt - 42 KB |
| Presentation - Problems with Best Efforts Offerings - September 10, 2002.ppt - 55 KB |
| Presentation - Financial Fraud - September 10, 2002.ppt - 30 KB |
| Presentation - Licensed and Exempt Offerings in Emerging Markets - September 10, 2002.ppt - 17 KB |
| Presentation - Full Disclosure Provisions of the Securities Exchange Act - September 11, 2002.ppt - 59 KB |
| Presentation - Annual Meeting Disclosure Requirements - September 11, 2002.ppt - 39 KB |
| Presentation - Tender Offers and MA - September 12, 2002.ppt - 136 KB |
| Presentation - Timely Disclosure and Insider Trading - September 12, 2002.ppt - 54 KB |
| Presentation - National Stock Exchange of Lithuania - September 12,2002.ppt - 207 KB |
| Presentation - Geoffrey Mazullo, Director PFS Program - September 12, 2002.ppt - 218 KB |
| Presentation - Lideika, Petrauskas, Valiunas and Partner - September 12, 2002.ppt - 179 KB |
| Presentation - Corporate Governance Practices - September 12, 2002.ppt - 110 KB |
| Survey - Websites of 42 Securities Commissions - Conducted by Digital Strategies, Inc. - September 12, 2002.ppt - 5,585 KB |
| List of participants - Vilnius.doc - 99 KB |
Friday, August 30, 2002
Implementation of International Accounting Standards (IAS) in Central and Eastern Europe
Beginning in 2005, the European Union (EU) will require all EU listed companies to produce consolidated financial statements in accordance with International Accounting Standards (IAS).
This presents a challenge to listed companies in both current EU member states and candidate countries, since at present a wide range of accounting standards are employed across Europe.
In order to better understand the impact of the EU requirement in the candidate countries, the PFS Program has conducted a survey of accounting requirements for listed companies in eight Central and Eastern European (CEE) countries: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia.
In each country, the accounting standards are determined by the listing rules of the respective stock exchange. Seven of the eight stock exchanges in question (Bratislava, Budapest, Ljubljana, Prague, Riga, Tallinn, Vilnius and Warsaw) have more than one market segment; the Tallinn Stock Exchange has only one market segment.
The table below presents the listing requirements at each of the eight stock exchanges.
Implementation of IAS in these eight markets may be summarized as follows:
- IAS-compliant financial statements are obligatory for listed companies in the main market in five countries: Czech Republic, Estonia, Latvia, Lithuania and Slovakia.
- In Hungary, companies may produce financial statements according to national law, IAS or US GAAP.
- In Poland, the home country of the issuer determines whether Polish Accounting Standards, IAS or US GAAP may be applied.
- In Slovenia, companies produce financial statements according to Slovene Accounting Principles, which at present are not completely IAS-compliant.
The PFS Program is cooperating with accounting and auditing self-regulatory organizations (SROs) in several CEE countries to conduct training on IAS. This training is designed to assist listed companies meet the 2005 deadline for producing IAS-compliant consolidated financial statements.
| Countries | Market Segments | Accounting Requirements for Listed Companies | Source | Date of Requirement |
| Czech Republic | Main Market | IAS | Fact Book Prague Stock Exchange | 2001 |
| Secondary Market | Either National Accounting Standards or IAS | Fact Book Prague Stock Exchange | 2001 |
| New Market | Not prescribed | Fact Book Prague Stock Exchange | 2001 |
| Estonia | | IAS; if contradiction with accounting in Estonia, IAS is stronger; Exception can be allowed by Listing Committee of the Exchange | Requirements for Issuers - Tallinn Stock Exchange; Listing Rules - Tallinn Stock Exchange |
|
| Hungary | Foreign & Domestic Issuers | Domestic Law, IAS or US GAAP | Regulations for listing, continued trading and disclosure | January 14, 2002 |
| Annual Report for securities listed in Category "A" | IAS or US GAAP | Regulations for listing, continued trading and disclosure | January 14, 2002 |
| Latvia | Official List | IAS and National Accounting Standards of the issuer's country of registration at least for last year of last 3 years for annual report, exception can be made by Riga SE Management Board | Enforcement Note on Securities Lists | January 18, 2002 |
| Secondary List | National Accounting Standards of the issuer's country of registration for 2 previous years for annual report, exception can be made by Riga SE Management Board | Enforcement Note on Securities Lists | January 18, 2002 |
| Lithuania | Official List | IAS, auditor's opinion on GAAP, both for 3 preceding years | Trading Rules | February 1, 1999 |
| Current List | Accounting Standards of the Republic of Lithuania with auditor's opinion also on GAAP | Trading Rules | February 1, 1999 |
| Unlisted Securities | Trading Rules | February 1, 1999 |
| Poland | Main market-annual financial report for 3 years | Polish companies - Polish Accounting Standards. Foreign companies - IAS or US GAAP.
Polish leasing companies - Polish Accounting Standards and IAS or US GAAP. | Decree of the Council of Ministers on current and periodical information provided by issuers of securities | October 16, 2001 |
| Parallel market-annual financial report for 2 years |
| Free market - annual financial report for 1 year |
| Slovak Republic | Listed Main Market (Shares, Bonds, Certificates) | IAS and National Accounting Standards.
Foreign issuer's prospectus: IAS | Stock Exchange Regulations | July 2, 2001 |
| Listed Parallel Market (Shares, Bonds, Certificates) | Slovak companies - either National Accounting Standards or IAS
Foreign issuer's prospectus: IAS | Stock Exchange Regulations | July 2, 2001 |
| Listed New Market - Shares | Slovak companies - either National Accounting Standards or IAS
Foreign issuer's prospectus: IAS | Stock Exchange Regulations | July 2, 2001 |
| Slovenia | Official Market | Slovene Accounting Principles | Rules of the Ljubljana Stock Exchange | June 2000 |
| Free Market | Slovene Accounting Principles | Rules of the Ljubljana Stock Exchange | June 2000 |
| Co-operation of Baltic Stock Exchanges (Tallinn, Riga, Vilnius) | Baltic List (15 largest and most liquid companies of the region) | IAS | Baltic List | January 3, 2000 |
Thursday, August 1, 2002
Investor Relations Online: Survey of Websites of the Largest Listed Companies in CEE
Bence Lanyi, Research Associate, PFS Program has conducted a third survey of online investor relations of the 10 largest listed companies (by market capitalization) in each of the following Central and Eastern European countries: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia. The research follows two previous surveys completed in August 2001 and February 2002, and was designed to be presented at the series of investor relations seminars the PFS Program will conduct in cooperation with the stock exchanges in the above-mentioned eight Central and Eastern European countries. (Please see the Capital Markets Seminars page for the agendas and presentations from those seminars.)
The survey provides current data and a comparison with data from the two previous surveys. The survey suggests that companies are slowly beginning to provide more information online about their management and supervisory boards.
To download the survey and the background database, please click on the links below:
Tuesday, June 25, 2002
“Prevention of Money Laundering: A Key Component of the Partners for Financial Stability (PFS) Program”
Budapest, Hungary
Dr. Peter Mihalyi, Director, Banking Programs, PFS Program has updated a background paper on prevention of money laundering entitled, “Prevention of Money Laundering: A Key Component of the Partners for Financial Stability (PFS) Program.” The original version of the paper was presented at the October 30, 2001 Regional Seminar on Prevention of Money Laundering organized by the Association of Latvian Commercial Banks and the PFS Program in Riga, Latvia. The revised paper presents up-to-date information on country specific, regional and international efforts to combat money laundering.
To download the paper, please click on the link below:
Wednesday, June 12, 2002
International Seminar on Slovak Pension System Reform
Bratislava, Slovak Republic
The U.S.-EU-Slovakia Action Commission organized an international seminar on pension reform in Slovakia on June 12, 2002. The U.S.-EU-Slovakia Action Commission is a cooperative effort of Slovak business and government leaders with the purpose of developing practical recommendations with a near-term impact on Slovakia’s economic development, security and foreign policy, and thus contributing to Slovakia’s integration in the EU and NATO. This comprehensive seminar built upon the discussions and agreements of the previous two meetings held in Bratislava in March and April 2002, which focused on the World Bank experience with pension reform in Central and Eastern Europe and on the private sector review of the draft Capitalization Pillar 2 for pension insurance in Slovakia.
The international seminar on June 12 was chaired by Mr. Vladimir Kesjar, Deputy General Manager of AMSLICO. Its purpose was to assist the Slovak government in developing and implementing a reformed pension system by reviewing the best practices for pension reform available worldwide based on the experience of the private sector, foreign governments, and non-governmental organizations.
The seminar was attended by more than 30 representatives of Slovak and foreign governments, private sector leaders and experts, and specialists representing the third sector.
Foreign speakers included:
-Ms. Michele Breton, Director of DCP Advisory Services, who presented the Quebec pension system;
-Ms. Polly Kossoras, CEE Assistant Vice President – Pensions of AIG, who spoke on the experience of Greece and Poland with pension reform;
-Mr. Geoffrey Mazullo, Director, PFS Program, who addressed progress in Central and Eastern European countries with pension reform.
Principal Slovak speakers included:
-Mr. Michal Szabo, General Director of the Social Affairs Section at the Slovak Ministry of Labor, who spoke on the progress of the Slovak government with pension reform;
-Mr. Dusan Lukasik, Chairman of the Board of Honors, who presented selected elements of pension systems abroad and their applicability within the Slovak system;
-Mr. Michal Horvath, former General Director of Financial Markets Section of the Ministry of Finance of the Slovak Republic and manager of HHH Consulting, who discussed one of the proposed pension systems for Slovakia;
-Mr. Ivan Svejna, Director of the F.A. Hayek Foundation, who spoke on barriers for speedy development and introduction of a reformed pension system in Slovakia.
This seminar identified significant lessons learned by foreign governments and global businesses operating in Europe. These lessons, despite the differences in pension reforms in other countries, are valuable to Slovak government in choosing among the wide array of proven options and practices in forming the new pension system for Slovakia. The seminar provided costs and benefits of each of the discussed systems in sufficient detail to permit easy evaluation of this information and its possible usefulness to Slovakia, and other countries in the CEE region.
To download the agenda, list of participants, and presentations, please click on the links below.
| Agenda - International Seminar on Pension Reform in Slovakia - June 12, 2002.doc - 26 KB |
| List of Attendees.doc - 34 KB |
| Presentation - AIG - Pension Reform Experience - June 12, 2002.ppt - 1,476 KB |
| Presentation - AIG - Polish Pension Reform Experience - June 12, 2002.ppt - 70 KB |
| Presentation - Ministry of Labor, Social Policy and Family - June 12, 2002.doc - 242 KB |
| Presentation - CDP - June 12, 2002.ppt - 1,109 KB |
| Presentation - Geoffrey Mazullo, Director PFS Program - June 12, 2002.ppt - 399 KB |
Monday, June 10, 2002 - Tuesday, June 11, 2002
International Audit Conference: The Theory and Practice of Auditing in Central Europe
Tatranska Lomnica, Slovak Republic
On June 10-11, 2002 the Chamber of Auditors of the Slovak Republic and the Economic University in Bratislava held a two-day International Audit Seminar: The Theory and Practice of Auditing in Central Europe.
To download the conference agenda and related materials (in Slovak and English), please visit the website of the Chamber of Auditors of the Slovak Republic.
Over 100 participants from the Czech and Slovak Republics attended the seminar. Representatives of the Chamber of Auditors of the Czech Republic, the Chamber of Hungarian Auditors; the National Chamber of Statutory Auditors of Poland; the international professional organization FEE; the French National Organization of Statutory Auditors; and International Business and Technical Consultants, Inc. gave presentations on a variety of issues related to the audit profession.
Geoffrey Mazullo, Director, PFS Program, also gave a presentation at the conference.
To download the presentation, please click on the link below:
Tuesday, June 4, 2002
Regional Symposium on Registered Pledge Systems in Six Transition Economies
Gdansk, Poland
On Tuesday, June 4, 2002 the PFS Program,
in cooperation with The Gdansk
Institute for Market Economics conducted a Regional Symposium on
Registered Pledge Systems in Six Transition Economies. The symposium took place in Gdansk,
Poland.
29 participants from 10 countries attended the symposium.
To download the agenda and presentations, please click on the links below:
| Agenda - The Economic Impact of Registered Pledge Systems - June 4, 2002.rtf - 15 KB |
| Presentation - EBRD - June 4, 2002.ppt - 197 KB |
| Presentation - Albania - ACER - June 4, 2002.ppt - 225 KB |
| Presentation - Bulgaria - CED - June 4, 2002.ppt - 88 KB |
| Presentation - Booz, Allen Hamilton - June 4, 2002.ppt - 89 KB |
| Presentation - Hungary - TCgroup - June 4, 2002.ppt - 73 KB |
| Presentation - Hungary - ICEGEC - June 4, 2002.ppt - 164 KB |
| Presentation - Lithuania - LFMI - June 4, 2002.ppt - 95 KB |
| Presentation - Poland - IBnGR - June 4, 2002.ppt - 166 KB |
| Presentation - Czech Republic - June 4, 2002.ppt - 48 KB |
| List of Participants - June 4, 2002.doc - 34 KB |
Saturday, June 1, 2002
Country Studies: The Economic Impact of Registered Pledge Systems in Albania, Bulgaria, Hungary, Lithuania and Poland
In 2001/2002, the PFS Program co-financed five country studies: Each
study analyzed the economic impact of the registered pledge system in the
respective country. The Albanian study
was co-financed by the Albanian Economic
Research Center; the Bulgarian study was co-financed by the Center for Economic Development; the Hungarian
study was co-financed by the International
Center for Economic Growth European Center; the Lithuanian study was
co-financed by the Lithuanian Free Market
Institute; and the Polish study was co-financed by The Gdansk Institute for Market Economics
To download the studies, please click on the appropriate link below:
Tuesday, May 28, 2002
Forum on Corporate Governance
Sarajevo, Bosnia and Herzegovina
On Tuesday, May 28, 2002 the first working session of the Forum on Corporate Governance was held in Sarajevo, Bosnia and Herzegovina. The working session was dedicated to the topic: “The Law on Business Companies of the Federation of Bosnia and Herzegovina - Three Years Later: What, Why and How to Change?” Participants represented academic institutions; business associations; State Ministries; entity-level Ministries and other government agencies; private sector firms; the Securities Commission of the Federation of Bosnia and Herzegovina; and the Securities Commission of Republika Srpska.
The Comparative Analysis of Corporate Governance and Shareholders’ Rights in Central and Eastern Europe (CEE) drafted by the PFS Program - translated into Bosnian - was one of the materials presented for discussion. Geoffrey Mazullo, Director, PFS Program, gave a presentation about the analysis and other corporate governance issues in CEE countries, the European Union and the US.
To download the presentation in English and in Bosnian, please click on the respective link below:
The entire set of documents from the working session may be found on the website of the Forum on Corporate Governance.
Friday, May 17, 2002
Investor Relations Seminar
Portoroz, Slovenia
On Friday, May 17, 2002 the PFS Program, in cooperation with the Ljubljana Stock Exchange organized a seminar entitled, "Best Practices for Investor Relations Professionals" in Portoroz, Slovenia. 25 participants representing Slovene listed companies, the investment community and regulatory authorities attended the seminar, which was held in conjunction with the Ljubljana Stock Exchange’s 19th Annual Capital Markets Conference.
This seminar was the ninth in a series of investor relations seminars the PFS Program is conducting in cooperation with eight Central and Eastern European Stock Exchanges throughout 2001 and 2002. A total of 424 participants attended the following seminars: Tallinn (June 19, 2001); Riga (October 3, 2001); Budapest (October 10, 2001); Vilnius (November 14, 2001); Prague (December 5, 2001); Warsaw (February 27, 2002); Bratislava (March 26, 2002); Budapest (May 8, 2002); and Portoroz (May 17, 2002).
To download the agenda and presentations, please click on the links below:
Wednesday, May 8, 2002
Investor Relations Seminar
Budapest, Hungary
On Wednesday, May 8, 2002 the PFS Program, in cooperation with the Budapest Stock Exchange, organized a seminar entitled, "Best Practices for Investor Relations Professionals" in Budapest, Hungary. 40 participants representing Hungarian companies, the investment community and regulatory authorities, as well as representatives of the Bratislava Stock Exchange, the Slovak Association of Securities Dealers and the Varazdin OTC Market, Inc. attended the seminar. In October 2001, the Budapest Stock Exchange and the PFS Program held a seminar entitled, “Investor Relations: A Prerequisite for Raising Capital”, in Budapest. This seminar was a follow-up to that event, and covered topics including: International Accounting Standards (IAS); corporate governance; disclosure requirements; online investor relations; and public relations. This event is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
| Agenda - Best Practices for Investor Relations Professionals (English).rtf - 14 KB |
| Agenda - Best Practices for Investor Relations Professionals (Hungarian).rtf - 6,885 KB |
| Presentation - David Cairns - May 8, 2002.ppt - 68 KB |
| Presentation - Standard & Poor's - Budapest, Hungary - May 8, 2002.ppt - 189 KB |
| Presentation - ECC Kohtes Klewes GmbH - May 8, 2002.ppt - 2,652 KB |
| Presentation - HFSA - May 8, 2002 (English).ppt - 98 KB |
| Presentation - HFSA - May 8, 2002 (Hungarian).ppt - 81 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - May 8, 2002.ppt - 171 KB |
| Presentation - Investor Relations Magazine - May 8, 2002 .ppt - 489 KB |
Thursday, April 11, 2002 - Friday, April 12, 2002
The CEE Regional INPRS Seminar on Investment of Private Pension Funds
Budapest, Hungary
On April 11-12, 2002 the Partners for Financial Stability (PFS) Program of the East-West Management Institute, Inc. (EWMI), the International Network of Pension Regulators and Supervisors (INPRS), and the Organisation of Economic Co-operation and Development (OECD) held the Second CEE Regional INPRS Seminar on Investment of Private Pension Funds in Budapest, Hungary. The host of the Seminar was the Hungarian Financial Supervisory Authority (HFSA).
Objective of the Seminar was to provide forum for information exchange on private pension fund investment. The key distinction of funded and pay-as-you-go pension systems is the way of financing. The assets of complimentary private pension funds should be invested so that to achieve the objectives, which distinguish this arrangement: namely the different risks and solidarity involved, as well as effectiveness and redistribution strategies. In the 1990s investment and risk management techniques have improved significantly. The recent, and recurring stock market crises have affected pension assets, as well investment strategies, therefore the time of decay became shorter. The reformed pension systems of the Central and Eastern European Countries (CEE) are even more exposed to the consequences, as all of them in the implementation and accumulation phase of defined contribution funded systems.
More than 70 participants, such as regional pension regulators and supervisors, international organizations of interest in private pensions, federations and associations of asset managers and pension funds attended the Seminar from 20 countries.
To download the agenda and presentations, please click on the links below:
Tuesday, April 9, 2002 - Wednesday, April 10, 2002
International Accounting Standards (IAS) Seminar
Prague, Czech Republic
On April 9-10, 2002 the PFS Program, in cooperation with the Union of Accountants of Czech Republic, Chamber of Auditors of Czech Republic, Union of Accountants of Slovak Republic and Chamber of Auditors of Slovak Republic, held a seminar on IAS for Czech, Polish and Slovak accountants and auditors. 34 Czech accountants/auditors; 14 Slovak accountants/auditors and four Polish accountants/auditors attended the seminar.
The Union of Accountants of Czech Republic translated the presentations into Czech.
To download the agenda and presentations, please click on the links below:
Tuesday, March 26, 2002
Investor Relations Seminar
Bratislava, Slovak Republic
On Tuesday, March 26, 2002 the PFS Program, in cooperation with the Bratislava Stock Exchange, organized an Investor Relations seminar in Bratislava, Slovak Republic. Over 40 participants representing Slovak listed companies and the Slovak investment community, as well as participants from Hungary and Poland attended the seminar. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
| Agenda - Investor Relations Seminar - Bratislava, Slovak Republic - March 26, 2002.rtf - 17 KB |
| Presentation - Geoffrey Mazullo, Director PFS Program - March 26, 2002.ppt - 323 KB |
| Presentation - ISS - March 26, 2002.ppt - 29 KB |
| Presentation - DSW - March 26, 2002.ppt - 60 KB |
| Presentation - Digital Strategies Group - March 26, 2002.ppt - 175 KB |
| Presentation - Investor Relations magazine - March 26, 2002.ppt - 1,049 KB |
| Presentation - Professor Okruhlica - Ekonomicka univerzita (Slovak) - March 26, 2002.ppt - 113 KB |
| Presentation - Barbora Lazarova - Deputy Secretary General - BSSE (Slovak) - March 26, 2002.ppt - 65 KB |
Thursday, March 21, 2002 - Friday, March 22, 2002
Workshop on Financial Analysis and Portfolio Management
Vilnius, Lithuania
On Thursday and Friday, March 21-22, 2002 the PFS Program, in cooperation with the National Association of Financial Brokers of Lithuania and the Polish Association of Brokers and Investment Advisers organized a Workshop on Financial Analysis and Portfolio Management in Vilnius, Lithuania. Seven Latvian, 45 Lithuanian and five Polish participants - representing brokerage firms, investment banks, stock exchanges and capital markets regulatory authorities - attended the workshop. Speakers from Austria and the US shared their expertise and presented case studies for discussion.
A press release about the workshop was published on the website: The Handbook of World Stock, Derivative and Commodity Exchanges. The press release dated March 22, 2002 can be found in the website’s Press Archive.
To download the agenda and presentations, please click on the links below:
| Agenda - Workshop - Vilnius, Lithuania - March 21-22, 2002.doc - 25 KB |
| Presentation - Roderick H. Rumreich - Vilnius, Lithuania - March 21-22, 2002.ppt - 106 KB |
| Presentation - Michael P. Golden - Vilnius, Lithuania - March 21-22, 2002.ppt - 177 KB |
| Presentation - Guenter Faschang, Vontobel Asset Management - Vilnius, Lithuania - March 22, 2002.ppt - 1,525 KB |
| Appendix I - Internet Resources and Recommended Reading.rtf - 12 KB |
Thursday, March 14, 2002 - Friday, March 15, 2002
Seminar: Procedures of Asset and Liability Management of the Insurance Company
Warsaw, Poland
On Thursday and Friday, March 14-15, 2002 the then Polish State Office for Insurance Supervision (as of April 1, 2002 the Polish Insurance and Pension Funds Supervisory Commission), in cooperation with the International Insurance Foundation, the International Association of Insurance Supervisors and the PFS Program organized a Seminar: Procedures of Asset and Liability Management of the Insurance Company at the office of the then Polish State Office for Insurance Supervision in Warsaw, Poland. Participants from the Insurance Supervisory Agencies of several countries (Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Lithuania, Norway, Poland, Russia, Slovak Republic, Slovenia and Ukraine) attended the seminar. Speakers from these countries as well as the sponsoring institutions shared their expertise and presented case studies for discussion.
To download the agenda and presentations, please click on the links below:
Wednesday, March 6, 2002
International Accounting Standards (IAS) Seminar
Riga, Latvia
On March 6, 2002 the PFS Program, in cooperation with the Riga Stock Exchange and the National Stock Exchange of Lithuania, conducted a seminar on International Accounting Standards (IAS). More than 90 accountants, auditors, bankers, financial staff of listed companies and representatives of capital markets institutions from Latvia and Lithuania attended the seminar.
The Riga Stock Exchange translated the agenda and presentations into Latvian (latviskais) and the National Stock Exchange of Lithuania translated the agenda and presentations into Lithuanian (lietuviskai).
To download the agenda and presentations, please click on the links below:
| Agenda - IAS Seminar - March 6, 2002.doc - 23 KB |
| Agenda - IAS Seminar - March 6, 2002 - lietuviskai.doc - 25 KB |
| Presentation - Rita Ilisson - March 6, 2002.ppt - 5,488 KB |
| Presentation - Rita Ilisson - March 6, 2002 - latviskais.ppt - 5,501 KB |
| Presentation - Rita Ilisson - March 6, 2002 - lietuviskai.ppt - 5,492 KB |
| Presentation - David Cairns - Enforcement - March 6, 2002.ppt - 78 KB |
| Presentation - David Cairns - Enforcement - March 6, 2002 - latviskais.ppt - 67 KB |
| Presentation - David Cairns - Enforcement - March 6, 2002 - lietuviskai.ppt - 67 KB |
| Presentation - David Cairns - Compliance - March 6, 2002.ppt - 110 KB |
| Presentation - David Cairns - Compliance - March 6, 2002 - latviskais.ppt - 165 KB |
| Presentation - David Cairns - Compliance - March 6, 2002 - lietuviskai.ppt - 208 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - March 6, 2002.ppt - 204 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - March 6, 2002 - latviskais.ppt - 220 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - March 6, 2002 - lietuviskai.ppt - 202 KB |
| Closing Remarks from US Embassy - March 6, 2002.doc - 21 KB |
Wednesday, February 27, 2002
Investor Relations Seminar
Warsaw, Poland
On Wednesday, February 27, 2002 the PFS Program, in cooperation with the Warsaw Stock Exchange, organized an Investor Relations seminar in Warsaw, Poland. The seminar took place on the premises of the Warsaw Stock Exchange. Some 50 participants representing Polish listed companies and the Polish investment community, as well as representatives of the Hungarian Financial Supervisory Authority, the Lithuanian Securities Commission and the National Stock Exchange of Lithuania attended the seminar. The seminar is part of a series of investor relations seminars the PFS Program is conducting in cooperation with Central and Eastern European Stock Exchanges throughout 2001 and 2002.
To download the agenda and presentations, please click on the links below:
|
