Presented in association with
School of Economics and Business in Sarajevo
Association of Internal Auditors in Bosnia
and Herzegovina
South Eastern Europe
Certificate in Capital
Markets, Regulation
and Compliance
SARAJEVO, BOSNIA AND HERZEGOVINA
9 – 13 JUNE, 2008
www.efsa.unsa.ba
|
www.interni-revizori.info
www.icmacentre.ac.uk/finra/certificate
www.icmacentre.ac.uk/finra/certificate
A Capital Markets Regulation
and Compliance Programme
for Bosnia and Herzegovina
and South Eastern Europe
Capital markets are changing rapidly, and professionals who work in the industry need a sound understanding
of market structures, instruments and the importance of regulation and compliance. Professionals with this
base of knowledge are critical to the operation of both the local and global economic system – such individuals
may work as brokers or professional traders, or they may be employed in the banking or insurance industries,
or as compliance professionals within financial firms.
To help financial industry professionals address compliance and regulatory issues
effectively, the Financial Industry Regulatory Authority (FINRA) and the ICMA Centre
at the University of Reading have joined forces to offer a certificate programme that
focuses on capital market products and structures, and related regulation and
compliance issues. In developing the programme, we worked closely with leading
global securities and investment companies to ensure that content is relevant to
market participants, providing industry knowledge and the core competencies
required to operate effectively in the capital markets.
FINRA and the ICMA Centre form a unique team. FINRA is the leading non-governmental regulator for all
securities firms doing business with the U.S. public. The ICMA Centre offers Europe’s largest range of
educational programmes on capital markets and finance, and has many years of experience in delivering
focused and pragmatic professional training. As partners, FINRA and the ICMA Centre, University of Reading
bring together global regulatory expertise with high-quality education in capital markets: a winning combination
for capital market professionals in Europe, the Middle East and around the world.
In addition, FINRA and the ICMA Centre are delighted to work with the School of Economics and Business
of the University of Sarajevo, the Association of Internal Auditors in Bosnia and Herzegovina, the Belgrade
Banking Authority (BBA) and the Sarajevo Stock Exchange (BSE) to ensure that the programme best meets
the needs of regional participants. FINRA and the ICMA Centre, University of Reading experts focus on
international capital market standards and best practices, while local programme partners deliver and
participate in specific segments of the programme to address local and regional issues. This approach ensures
that participants attain knowledge in both global and regional standards of practice in capital markets,
regulation and compliance, and allows an informed debate on developments within the South Eastern
European capital markets.
www.icmacentre.ac.uk/finra/certificate
Programme Overview
The Capital Markets, Regulation and Compliance Certificate programme provides a survey of capital market
issues – how capital markets function, products sold and terminology used, and the importance of regulation
and investor protection. The programme uses a variety of teaching methods, including lecture, panel
discussions, illustrative examples and participant interaction to help attendees quickly grasp and internalise
new knowledge.
Certificate coursework provides participants with:
• core capital market industry knowledge;
• product specific expertise; and
• an understanding of the regulatory environment.
The Certificate programme is ideal for all capital market participants who seek a
solid understanding of financial market concepts, the growing significance of
regulation and the need for compliance, including:
• brokers, dealers, banking and insurance professionals,
and professional traders;
• regulators and compliance professionals; and
• legal, audit, risk, operations and IT specialists.
Programme Details
Dates / Locations:
9 – 13 June 2008
Location: University of Sarajevo – School of Economics and Business
in Sarajevo EFSA, Bosnia and Herzegovina
Course Materials:
Faculty:
All course materials will be distributed on the first day of the programme.
The course will be taught by professionals from FINRA, the University
of Reading’s ICMA Centre, the University of Sarajevo – School of Economics
and Business in Sarajevo EFSA, the Sarajevo Stock Exchange, Securities
Commision of Federation B&H and Securities Commission of Republika
Srpska and the Belgrade Banking Academy.
Certification:
Participants who complete this programme will receive a Certificate
of Attendance. Participants who take and pass an online examination after
the programme will receive a Capital Markets Certificate issued by the
University of Sarajevo – School of Economics and Business in Sarajevo
and the Association of Internal Auditors in Bosnia and Herzegovina.
www.icmacentre.ac.uk/finra/certificate
Indicative Course Outline
DAY 1
International Capital Markets
9:00 – 9:30
Registration
9:30 – 10:00
Welcome and Introduction
Prof. John Board, Director of the ICMA Centre
Dr. Muris Čičić, Dean of the School of Economics and Business in Sarajevo
Mr. Myles Allison, Senior Director, FINRA
10:00 – 12:30
Financial Markets – Types, Structures and Importance
12:30 – 13:30
Lunch
13:30 – 15:30
Debt Markets – Credits, Securities and Trade
15:30 – 17:00
Panel Discussion
Capital Markets: International and Regional Perspective
Prof. John Board, Director of the ICMA Centre
Mr. Kemal Kozarić, Governor of Central Bank of B&H
Dr. Veljko Trivun, School of Economics and Business in Sarajevo
Mr. Almir Mirica, Executive Director of SASE Trade and Supervision Department
17:00 – 18:30
Cocktails
DAY 2
Stock Markets
9:30 – 11:15
11:15 – 12:45
12:45 – 13:45
13:45 – 15:45
15:45 – 17:00
Stock markets – Principles and Competition
Regulation Principles and Regulator Role
Lunch
Risk Management in stock markets: Concepts and Valuation
Panel Discussion
Pricing and asset valuation
Dr. Ismail Musabegović, Professor, Belgrade Banking Academy
Prof. John Board, Director of the ICMA Centre
Mr Myles Allison, Senior Director, Finra
www.icmacentre.ac.uk/finra/certificate
DAY 3
Market Risks and Funds
9:30 – 11:30
Investment and Mutual Funds: Global Aspect
11:00 – 13:00
Risk Management – Derivatives, Contracts, Futures and Options
11:00 – 12:45
Hedge Funds
12:45 – 13:45
Lunch
13:45 – 15:00
Panel Discussion: Investment and Mutual Funds
(Group 1 – Representatives from Banking Sector or Auditing Companies)
(Group 2 – Alternative)
Mr. John Hennessy, Senior Director of Education and Training, FINRA International
Dr. Ismail Musabegović, Professor, Belgrade Banking Academy
Dr. Muris Čičić, Dean of the School of Economics and Business in Sarajevo
15:00 – 17:00
Investment and Mutual Funds: Regional and Local Perspective
Dr. Muris Čičić, Dean of the School of Economics and Business in Sarajevo
DAY 4
Capital Markets and Trading
9:00 – 11:00
Trading at Capital Markets (including Market Making)
11:00 – 12:00
Trading Simulation – Introduction
12:00 – 12:45
Lunch
12:45 – 16:30
Live Trading Simulation
15:00 – 17:00
Panel Discussion: Domestic Capital Markets – Trading and Models
Dr. Michael Smith, Professor at the ICMA Centre
Mr. Almir Mirica, Executive Director of SASE Trade and Supervision Department
Mr. Džafer Alibegović, Comission of securities of Federation of Bosnia and
Herzegovina and Miodrag Jandrić, Comission of securities of Republika Srpska
www.icmacentre.ac.uk/finra/certificate
DAY 5
Capital Markets: Regulations and Compliance
9:30 – 11:00
Special Overview of Sarbanes-Oxley Act Application in USA
11:00 – 13:00
Markets in Financial Instruments Directive (MiFID)
13:00 – 14:00
Lunch
14:00 – 15:00
Markets in Financial Instruments Directive (MiFID) – Continued
15:00 – 16:00
Comments, Questions and Answers
16:00 – 17:00
Conclusion
17:00 – 19:00
Cocktails
Securities Commission of Federation of Bosnia and Herzegovina
Dr. Muris Čičić, Dean of the School of Economics and Business in Sarajevo
Other FINRA and University
of Reading Programmes
A Master of Science degree, the MSc, in Capital Markets, Regulation and Compliance, designed for those
who wish to acquire a deep understanding of capital markets, regulation and compliance, and who are likely to
move towards a career in the regulation and compliance sectors. It is available on a full-time, flexible and
distance learning basis.
A Diploma in Capital Markets, Regulation and Compliance, comprised of a series of two-day short courses
and one week-long capstone course. The programme explores recommended approaches for addressing
regulatory and compliance issues, with a strong emphasis on the pragmatic application of established practices
and day-to-day regulatory and compliance duties of staff in wholesale banks.
A three-day Programme in Compliance and Regulation aimed at capital markets professionals in developed
markets seeking a more in-depth examination of key compliance issues on both a global and local basis.
Successful completion of this programme exempts Diploma delegates from both the Markets, Instruments and
Financial Structures course and the Principles of Regulation and Compliance course.
For information about these programmes, visit www.icmacentre.ac.uk/finra
www.icmacentre.ac.uk/finra/certificate
Professor John Board, Director of the ICMA Centre
Mr. Board is Professor of Finance and the Director of the ICMA Centre. With a research specialty in the
application of finance theory to real world issues, he has been published widely in journals such as the
Journal of Accounting Research, Management Science and the Journal of Financial Services Research.
In pursuit of his recent studies, Professor Board has acted as consultant to the House of Commons, the
Financial Services Authority, the Corporation of London and a number of London’s financial markets.
Mr. John Hennessy, Senior Director of Education and Training, FINRA International
Mr. Hennessy has numerous years of experience in the financial services industry, most recently as
Director of Continuing Education for Bear Stearns in New York. In addition to marketing management
positions in major banks, investment firms and insurance companies, Mr. Hennessy has over 10 years
of experience in corporate and academic education programmes, including several years as an
Adjunct Faculty member at Harvard University. Mr. Hennessy holds a BA degree from the University
of Maryland, an MA degree from the University of Massachusetts, and an MBA from Boston College.
Professor Muris Čičić, Dean of Faculty of Economics, University of Sarajevo
Mr. Čičić is Dean of Faculty of Economics, University of Sarajevo. He completed his Master’s and PhD
studies at University of Sarajevo – Faculty of Economics. From 1991 to 1998, Mr. Čičić was a Lecturer
and Senior Lecturer at the Department of Management, University of Wollongong in Australia. He has
published over forty papers published at revered proceedings. He also has attended several
international scientific conferences.
Professor Veljko Trivun, Director of the Business Academy and Associate Professor at
Faculty of Economics, University of Sarajevo
Mr. Trivun is Associate Professor at Faculty of Economics and Director of Business Academy. He
completed his Master’s and PhD studies at University of Sarajevo – Faculty of Law. He has published
dozens of books and chapters, as well as over sixty international and domestic projects and research.
Mr. Kemal Kozarić, Governor of the Central Bank of Bosnia and Herzegovina
Mr. Kozarić completed his studies with the Faculty of Economics of the University of Sarajevo in 1981.
He successfully defended his M.A. thesis “Perspectives of the Monetary Policy Model of Bosnia and
Herzegovina on the Path Towards the European Union”. From 1996 until the beginning of 2000, he
was the Minister of Finance in Sarajevo Canton Government, and was later appointed Vice Governor
of the Central Bank of Bosnia and Herzegovina.
Professor Hasan Hanić, Dean of the Belgrade Banking Academy
Mr. Hanić is Dean of the Belgrade Banking Academy. He completed his Master’s and PhD studies at
the University of Belgrade – School of Economics. He has published over 150 scientific works and
participated in a strategic project for Ministry of Science of the Republic of Serbia, “Developing
Financial Markets in Purpose of Transition of Serbian Economy.” He is editor of the journals
Development of Financial Markets in Serbia and Privatization and Development of Financial Markets
in Serbia. He was a president of the Supervisory Board of Pireaus Bank and the insurance company
Kopaonik. He is a permanent member of the Economic Association of Serbia.
Dr. Michael Smith, Professor at the ICMA Centre
Dr. Smith has 10 years of teaching experience, both on the MSc programmes at the ICMA Centre and
on professional short courses for clients including JPMorgan Chase, Dresdner Kleinwort Wassertein,
Morgan Stanley and CSFB. He sits on the core faculty of the FAME programme in Lausanne and is a
visiting lecturer at the Doctoral School of Economics in Bucharest and The University of Stellenbosch
Business School in Cape Town.
www.icmacentre.ac.uk/finra/certificate
Mr. Myles Allison
Mr Allison is Senior Director for the Financial Industry Regulatory Authority (FINRA) in London and
is responsible for all European education provided by the FINRA joint venture with the ICMA Centre.
His undergraduate degrees are from Queen’s University in Canada and his business degree is from
London Business School. He has 20 years of financial services experience in Canada, the UK,
France, and the Netherlands.
Mr. Almir Mirica, Executive director of SASE Trade and supervision Department
Mr. Mirica completed his studies with the Faculty of Economics in Bonn, Germany. After graduation,
he came back to Bosnia and Herzegovina where he worked with the Sarajevo Stock Exchange.
Currently, he is Executive Director of SASE, Trade and Supervision Department. Tasks of the
Department include, among others, market development, indexes, market microstructure
development and new products.
Mrs. Alma Malinović, Director of the Association of Internal Auditors in B&H
Mrs. Alma Malinovic, BA Economics. She completed her studies at the University in Sarajevo,
School of Economics and Business. She is employed at Revsar d.o.o. Sarajevo, Auditing Company
as a director/partner. She has 23 years of professional experience. She gained Certificate of
Authorized Auditor, Certificate of Authorized Internal Auditor as well as the Certificate of Certified
Accountant. She is also Court expert for field of finance. She participated at many projects of audit
of financial statements, due diligence, legislation reform, etc.
Mr. Džafer Alibegović, Commission of secruties of Federation of B&H
Mr. Džafer Alibegović, BA in Economics. He is the member of the Comission of securities of
Federation of Bosnia and Herzegovina, as well as the Assistant at the Department of Finance
of School of Economics and Business in Sarajevo. He studied in Bosnia and Herzegovina. Since
the capital market in Bosnia and Herzegovina is formed, he has been engaged and participated at
many significant capital market development projects.
Mr. Miodrag Jandrić, Commission of secruties of Republika Srpska
Miodrag Jandrić graduated on the Faculty of Economics at Banja Luka in 1994. He began working
for the Faculty of Economics in 1996 as an Assistent lecturer on Statistical Analysis. He worked on
a USAID project on legal and regulatory reform of accounting and auditing (LRRP) in the capacity
of an expert associate. Jandrić has worked for the Republic of Srpska Securities Commission since
its founding in 2000. In the October 2005, he was appointed President of the RS Securities
Commission.
Dr. Ismail Musabegović, Professor, Belgrade Banking Academy
Dr. Ismail Musabegović is a professor of Investment Banking and Stock Market Operations at
Belgrade Banking Academy. He received a Bachelor’s degree from the University of Belgrade –
School of Economics, a Master’s degree from the London School of Economics, and a PhD from
the European University in Belgrade. He was Deputy Director General of Vojvođanska Bank a.d.
Novi Sad, which was the largest state owned bank in Serbia. Presently, he is director of a company
for strategic consulting, focused on implementation of investment funds in Serbia. Dr. Musabegović
has published several articles and participated in a number of research projects.
Professor Saša Popović, President of the Board of Directors of the NEX Montenegro
Professor Popović is Chief of the Department of Finance at the School of Economics, University of
Montenegro. Currently, Professor Popović teaches Portfolio Management, Financial Management
and Stock Market Analysis at the University of Montenegro. He is President of the Board of Directors
of the New Securities Exchange of Montenegro (NEX Montenegro). He also is a Fulbright alumni
(Columbia University, 2002).
www.icmacentre.ac.uk/finra/certificate
General Information
Prerequisites
All participants should have competence in English and a basic knowledge of financial markets, although no
formal training in finance or the markets is required. Simultaneous translation will be provided.
Teaching Times
The course will run for five consecutive days. Because of the intensive nature of the programme, we do not
recommend selective attendance. Appropriate breaks will be scheduled throughout each day.
Location
University of Sarajevo – School of Economics and Business in Sarajevo EFSA, Bosnia and Herzegovina.
Fees
The cost of the course is €1,250 (plus 17% VAT if residing in Bosnia and Herzegovina).
Registration
If you are a participant living in Bosnia and Herzegovina, to register, please visit the School of Economics
and Business or send an email to the Business Academy at [email protected] or to the
Association of Internal Auditors in Bosnia and Herzegovina at [email protected].
If you are a participant living outside of Bosnia and Herzegovina, to register, please visit the ICMA Centre Web
site at www.icmacentre.ac.uk/finra/certificate.
Full payment is due at the time of registration.
Language
The programme will be taught in English and local languages in Bosnia and Herzegovina with simultaneous
translation.
Reading
Participants should expect to undertake some self-study of the course materials if they wish to take the online
University of Sarajevo – School of Economics examination after the course is completed.
Cancellation Policy
Refunds for registration, less a 10% processing fee, will be granted to written requests received by the University
of Reading or the University of Sarajevo – School of Economics ten days prior to the start date of the programme.
No refunds will be granted after this date.
For more information
Amra Alagić
[email protected]
Lela Grubešić
[email protected]
Association of Internal Auditors B&H
School of Economics and Business
Tel: + 387 33 251 700
Skenderija 70, 71000 Sarajevo
Dolina 2, 71000 Sarajevo
www.icmacentre.ac.uk/finra/certificate
Business Academy
Tel: + 387 33 269 650
Offered by
FINRA and FINRA International
FINRA, the Financial Industry Regulatory Authority, is the leading non-governmental regulator for all securities
firms doing business with the U.S. public. Created through the consolidation of NASD (National Association of
Securities Dealers) and the member regulation, enforcement and arbitration functions of NYSE, FINRA
administers examinations for more than one-half million registered representatives in the U.S. through its Series
7, Series 17, Series 65 and more than 30 other exams, many of which are also approved in the U.K. as
Appropriate Exams by the Financial Services Skills Council (FSSC).
ICMA Centre, University of Reading
The ICMA Centre, University of Reading has an international reputation for being the premier institution in
Europe for undergraduate, postgraduate and executive education tailored to the capital markets industry. The
Centre is part of the University of Reading’s Business School, which was awarded a rating of 5 in the most
recent RAE, placing the group in 4th equal position out of 100 UK universities in this field of research.
Established in 1991 with funding provided by the International Capital Market Association (ICMA) in Zurich, the
Centre is housed in a purpose-built modernist building with state-of-the-art facilities including two dealing rooms
using software similar to those found in major investment banks. Due to the great success of the Centre and
growing demand for their programmes from a worldwide audience, ICMA has invested a further £5million
expansion to the building which will include an additional 50 seat dealing room, 170 seat lecture theatre as well
as new seminar rooms and dedicated research area.
In association with School of Economics
and Business in Sarajevo
The School of Economics and Business in Sarajevo has the longest tradition and is the largest of any
educational institution in the region. Its main goal is to adopt and apply all current trends in business, economics
and education to adapt to this rapidly changing, competitive environment. The School was established in 1952
as the School of Economics and Business. Its first class consisted of 105 full-time and 129 part-time students.
As of 2007, 13,921 students of the four-year programme, 541 students of the three-year programme and 3,112
students of the two-year programme have graduated from the School. The Master’s Degree was acquired by
478 applicants, while 178 doctoral dissertations have been defended. Of particular significance is the continuity
of School operations throughout the past 55 years. Even in the conditions of heaviest shelling and warfare
during the aggression against Bosnia and Herzegovina from 1992-1995, teaching activities did not cease, owing
to the enthusiasm and dedication of employees and students. The School managed to keep the majority of its
faculty members even during the most difficult periods of its history. Endeavoring to make the curriculum and
syllabus as modern as possible, as well as to intensify steps towards the internationalization and international
recognition of its degrees, the School was the first in Bosnia-Herzegovina to adopt and implement (during the
2001/2002 academic year) a curriculum based on the European Credits Transfer System – ECTS.
An appreciable level of cooperation has been achieved with elite schools of economics both in Europe and
around the world, providing students with a wider array of choices, and allowing their own independent influence
on the development of the programmes in which they participate, as well as their studies at partner institutions.
The second step in implementing the ECTS-based concept of study at the School started in 2005 with the
introduction of the “3+2” system.
www.icmacentre.ac.uk/finra/certificate
In association with the Association of Internal Auditors
in Bosnia and Herzegovina
The Association of Internal Auditors in Bosnia and Herzegovina was established in October 2005. Main
objectives and activities of the Association are, among others: connection and cooperation of experts who works
in the fields of internal audit, creation of internal auditing standards, education and exams organization for
acquiring of the Certificate of authorized internal auditor. The Association successfully organized three Schools
for internal auditors and many seminars, workshops and Symposiums for education of internal auditors. The
School of Internal Auditors is divided into two parts – General and Special in three modules – banks and financial
institutions, budget users and non-profit organizations, and economy/trade.
In association with Belgrade Banking Academy
The Belgrade Banking Academy provides a range of programmes designed to assist students in becoming
qualified, well-educated experts capable of excelling in modern banking, insurance and financial operations.
BBA offers its international array of students leading undergraduate, Master’s, and PhD programmes. Located
in a distinguished historic building in the very heart of downtown Belgrade, BBA is a member of the ORACLE
Academy and the IBM Academic Initiative and is also a registered ECDL testing centre. BBA is a member of the
Union University of Belgrade and is working on a number of fronts to raise corporate governance and capital
markets standards in Serbia and throughout South Eastern Europe, and to promote the economic integration
and rejuvenation of the region.
FINRA International
ICMA Centre
University of Sarajevo –
New Broad Street House
University of Reading
Faculty of Economics
35 New Broad Street
Whiteknights, PO Box 242
Trg oslobodenja - Alija, Izetbegovic 1
London EC2M 1NH
Reading RG6 6BA
71000 Sarajevo, Bosnia and Herzegovina
United Kingdom
United Kingdom
T: + 387 33 275 900
T: +44 (0)20 7194 8450
T: +44 (0)118 378 8239
F: ++387 33 275 994
www.finra.org/international
www.icmacentre.ac.uk
Email: [email protected]
www.efsa.unsa.ba
Association of Internal
Belgrade Banking Academy
Auditors in Bosnia and
Zmaj Jovina 12 St.
Herzegovina
11000 Belgrade
Dolina 2, 71000 Sarajevo
Serbia
T: + 387 33 251 700
T: +381 11 2621 730
F: + 387 33 251 701
www.bba.co.sr
Email: [email protected]
www.ien.bg.ac.yu/BBA/index.html
www.interni-revizori.info
www.icmacentre.ac.uk/finra/certificate