The chairman of EFFAS, Jesús López Zaballos, introduced the masterclass "European Legislation of the Capital Market", by the general director of FISMA-Financial Markets at European Commission, Ugo Bassi; together with the president of AIAF (Associazione Italiana degli Analisti e Consulenti Finanziari), Alberto Borgia.

The conference, organized by AIAF, took place on April 11 in a magnificent setting, such as Spazio Bigli, in Milan (Italy). The session was presented by Jesús López Zaballos, chairman of the European Federation of Financial Analysts Societies (EFFAS), who underlined the role of our Federation as a standard setter in the financial field.

In his speech, Ugo Bassi focused on the state of integration of the Capital Markets in Europe and, within it, the harmonization of the rules for the distribution of financial products and unique supervision.

Zaballos gave an interview to Aga Barberini, member of AIAF and CIIA Holders Italy. In it he underlined the importance of professional certifications (diplomas CEFA and CIIA) for financial analysts and portfolio managers, as it will soon become mandatory for them, at the same the way in which MiFIDII imposed greater professional requisites on financial advisors.

EFFAS is cooperating with ESMA, the European Securities and Markets Authority, in order to issue a specific regulation and in view of MiFIDIII. Zaballos also specified that advancing robots in finance should not scare anybody, because fintech represents a major upgrade for analysts and advisors and will never fully replace a professional, especially when we talk about High Net Worth.

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Upon kind invitation of the Portuguese Association of Finance Analysts APAF, the Executive Management Committee gathered together on Friday 23rd February 2018. A special mention for the excellent dinner hosted by Reuters and the Comissão de Mercado de Valores Mobiliários (CMVM) the night before and that was chaired by Dra. Gabriela Figueiredo Dias, President of the CMVM.

In the last EMC, the main topics were the programme for the 11^th Edition of the Summer School that includes relevant actual topics for the profession in its panels and conferences and will count with senior professionals and regulators. Also additional initiatives to the increasing cooperation with the regulators and the new training programs and new EFFAS qualifications to develop and enhance in 2018-2019 to continuously train investment professionals. The EMC additionally discussed the investment on further developing the current CEFA and CESGA, that will incorporate new training material by the end of 2018.

DVFA submitted to the EMC a proposal to co-opt their chair in the EFFAS EMC by Mr. Stefan Bielmaier, chairman of the DVFA, in substitution of Mr. Frank Klein. The EMC unanimously approved the co-opting of Mr. Bielmeier, which term of office expires in June 2020. We would like to thank Frank Klein, DVFA representative at the EFFAS EMC since June 2009 for his excellent contribution and dedication of during his term of office.

Thanks to the kind invitation of SFAF the next EMC meeting will be hosted in their facilities on the 3^rd and 4^th of May 2018.

The EMC unanimously approved the co-opting of Mr. Bielmeier, in substitution of Mr. Frank Klein and which term of office expires in June 2020.

Stefan Bielmeier is Head of Research and Economics and Chief Economist at DZ BANK and Chairman of the Executive Board of the German Association for Financial Analysis and Asset Management (DVFA - Deutsche Vereinigung für Finanzanalyse und Asset Management e.V.), the society of investment professionals in Germany.

The current composition of the EFFAS EMC:

• Chairman, Jesus López Zaballos (IEAF, Spain)
• Deputy Char, Friedrich Mostböck (ÖVFA, Austria)
• Treasurer, Hans Buysse (ABAF-BVFA, Belgium)
• Jean Baptiste Bellon (SFAF, France)
• Stefan Bielmeier (DVFA, Germany)
• Alberto Borgia (AIAF, Italy)
• Manuel Puerta da Costa (APAF, Portugal)

EFFAS EMC would like to thank Frank Klein, DVFA representative at the EFFAS EMC since June 2009 for his excellent contribution and dedication of during his term of office.

The EFFAS EMC unanimously approved the co-opting of SFAF chair in the EFAFS Board by Mr. Jean Baptiste Bellon upon proposal of SFAF Chairman Mr. Mr. Giami, after the resignation of Mr. de Charsonville that has been member of the EFFAS Board of directors since May 2017. Mr. Bellon, which new term of office expires in June 2020, was member of the EFFAS Board between June 2014 and September 2015.

We would like to thank Hubert de Charsonville, in the EFFAS EMC since May 2016 for his excellent contribution and dedication of during his term of office.

The current composition of the EFFAS EMC:

• Presidente, Jesus López Zaballos (IEAF, Spain)
• Vice-Presidente, Friedrich Mostböck (ÖVFA, Austria)
• Treasurer, Hans Buysse (ABAF-BVFA, Belgium)
• Jean Baptiste Bellon (SFAF, France)
• Frank Klein (DVFA, Germany)
• Alberto Borgia (AIAF, Italy)
• Manuel Puerta da Costa (APAF, Portugal)