ACI FMA Council Meeting - Presidents Review and Council Discussion v8. in Color - A5 Format - 1st Page One Side - From Page 2 Both Sides of The Paper (Bind As A Book)

ACI FMA
Council
Meeting
Jakarta World
Congress
28-30 April 2016
Information Pack &

Council Discussion
1
Table of Contents
1 Venue and details of the ACI Meetings ...................................................................... 5

2 Schedule ACI Meetings, Tuesday April 26th 2016 ..................................................... 6
2.1 Management Board & BOE joint Meeting ............................................................ 6
3 Schedule ACI Meetings, Wednesday April 27th 2016 ................................................ 7
3.1 Regulatory Working group ................................................................................... 7
3.2 Management Board Meeting................................................................................. 7
3.3 ACI BOE Meeting ................................................................................................... 7
3.4 ACI CFP Meeting ................................................................................................... 7
3.5 ACI BOE & Regulatory WG joint Meeting ............................................................ 7
3.6 ACI ACIFXC & CFP joint Meeting ......................................................................... 8
3.7 Regional Meetings................................................................................................. 8
3.7.1 ACI Europe ....................................................................................................... 8
3.7.2 ACI Asia ............................................................................................................ 8
3.7.3 ACI Middle East ................................................................................................ 8
3.7.4 ACI Africa.......................................................................................................... 8
3.8 ACI Evening Reception ......................................................................................... 8
4 ACI Council Meeting, Thursday April 28th, 2016 Jakarta ......................................... 9
4.1 Welcoming Opening Remarks Eddie Tan ...................................................... 10
4.2 Composition of the Council & Approval of voting rights as per March 30th . 11
4.2.1 ACI Asia: ......................................................................................................... 11
4.2.2 ACI Europe: .................................................................................................... 11
4.2.3 ACI Middle East: ............................................................................................. 12
4.2.4 ACI Africa:....................................................................................................... 12
4.2.5 MB Members: ................................................................................................. 12
4.2.6 Standing Committee: ...................................................................................... 13
4.2.7 Contributors: ................................................................................................... 13
4.2.8 Staff: ............................................................................................................... 13
4.2.9 Proxies ............................................................................................................ 14
4.2.10 National Associations not answered ............................................................... 15
4.2.11 3 National Associations Absent but no proxy given ........................................ 15
4.2.12 Voting Rights as per March 30th ..................................................................... 15
4.3 Council Meeting Minutes, Prague 2nd October 2015 ........................................ 16
4.3.1 Voted and Approved Proposals: ..................................................................... 16
4.3.2 Welcoming/Opening Remarks Eddie Tan .................................................... 16
4.3.3 Composition of the Council and approval of voting rights ............................... 17
4.3.4 Approval of Council Minutes Milan .................................................................. 17
4.3.5 ACI Chairmans Report ................................................................................... 17
4.3.6 Presidents Report ACIFMA Interaction, relevance and the ELAC Portal .... 18
4.3.7 ACI Financials................................................................................................. 20
ACI FMA 2016. All rights reserved.

4.3.8 Report from the Regions ................................................................................. 21
4.3.9 Membership withdrawal discussion Italy/ Luxembourg and Council ............... 22
4.3.10 Committee for Professionalism Report ........................................................... 24
4.3.11 Board of Education Report.............................................................................. 25
4.3.12 Report ACIFX Committee ............................................................................... 28
4.3.13 Regulatory WG Report ................................................................................... 29
4.3.14 Governance .................................................................................................... 29
4.3.15 International Congress .................................................................................... 29
4.3.16 Any Other Business ........................................................................................ 30
4.3.17 Closing remarks .............................................................................................. 30
4.4 ACI Chairmans Report ....................................................................................... 31
4.5 Presidents Report ACI FMA interactions, relevance and the ELAC Portal 32
4.5.1 Introduction ..................................................................................................... 32
4.5.2 ACI FMA Strategy Paper Update .................................................................... 36
4.5.3 ACI FMA Goals ............................................................................................... 38
4.5.4 The Model Code Learning & Testing Portal .................................................... 42
4.5.5 ACI Education ................................................................................................. 45
4.5.6 ACI Funding Needs ........................................................................................ 45
4.5.7 ACI History...................................................................................................... 48
4.5.8 ACI FMA Council Update on Education and ELAC ......................................... 51
4.5.9 Counsel Presentation Jakarta 2016 ............................................................. 52
4.6 ACI FMA Management Structure ........................................................................ 53
4.6.1 Chairmans mandate ....................................................................................... 53
4.6.2 Presidents mandate ....................................................................................... 53
4.7 ACI Financials by ACI Treasurer ........................................................................ 54
4.7.1 Financial Situation end of 2015....................................................................... 54
4.7.2 Audit Report .................................................................................................... 54
4.7.3 Confirmation of Honorary auditor .................................................................... 56
4.8 Report from the Regions .................................................................................... 57
4.8.1 ACI Africa Brigid Taylor................................................................................ 57
4.8.2 ACI Asia Eddie Tan ..................................................................................... 60
4.8.3 ACI Europe Bruno Langfritz ......................................................................... 61
4.8.4 ACI Middle East Mohammed Al Hashemi .................................................... 62
4.8.5 ACI USA - John Drohan .................................................................................. 63
4.9 Membership withdrawal discussion Italy/Luxembourg and Council ............ 68
4.9.1 Letter from Morgan ......................................................................................... 68
4.9.2 Response from ACI FMA Management Board................................................ 70
4.10 Committee for Professionalism Report.......................................................... 75
4.11 Board of Education Report ............................................................................. 76
4.11.1 Overview of ACI Examinations taken January December 2015................... 76
4.11.2 Dealing Certificate January December 2015 .................................................. 77
4.11.3 Operations Certificate - January December 2015 ........................................... 81
4.11.4 Diploma - January December 2015 ................................................................ 83

4.11.5 Model Code - January December 2015 .......................................................... 85
4.11.6 Total Exams taken in 2015 (no shows included) PER REGION ..................... 86
4.11.7 BOE Report .................................................................................................... 89
4.12 ACIFX Committee Report ................................................................................ 93
4.13 Regulatory WG Report..................................................................................... 94
4.14 Governance ...................................................................................................... 95
4.15 International Congresses ................................................................................ 96
4.16 ACI Autumn Meetings 2016 ............................................................................. 97
4.17 Any other business .......................................................................................... 98

1 Venue and details of the ACI Meetings
All meetings will be held at the Ritz Hotel:
The Ritz-Carlton Jakarta, Pacific Place
Sudirman Central Business District (SCBD)
Jl. Jend. Sudirman Kav. 52 53, Jakarta 12190
Tel. +62 21 2550 1888
Business attire highly recommended.
ACI FMA 2016. All rights reserved. 5

2 Schedule ACI Meetings, Tuesday April 26th 2016
2.1 Management Board & BOE joint Meeting
Time: 3.00 pm 6.00 pm
Venue: Pacific Place Meeting Room 1, 21st floor

3 Schedule ACI Meetings, Wednesday April 27th 2016
3.1 Regulatory Working group
Time: 8.30 am 2.30 pm (incl. BOE joint Meeting 11am-1pm)
Venue: Pacific Place Meeting Room 1, 8th floor
Lunch: 1pm 2.00 pm at dining area, 6th floor
3.2 Management Board Meeting
Time: 9.00 am 3.00 pm
Coffee Break: 10.30-11.00am Foyer
3.3 ACI BOE Meeting
Time: 9.00 am 3.45 pm (incl. Regulatory WG joint Meeting 11am-1pm)
Coffee Break: 10.30am -11.00 am
3.4 ACI CFP Meeting
Time: 9.00 am 11.00 am
Venue: Meeting held at the hotel coffee corner
3.5 ACI BOE & Regulatory WG joint Meeting
Time: 11.00 am 1 pm

3.6 ACI ACIFXC & CFP joint Meeting
Time: 11.00 am 3.45pm
3.7 Regional Meetings
Time: 3.30 pm 5.00 pm
3.7.1 ACI Europe

3.7.2 ACI Asia

3.7.3 ACI Middle East

3.7.4 ACI Africa

Venue: Meeting held at the hotel coffee corner
3.8 ACI Evening Reception
Time: 7.30 pm
Dress Code: Smart Casual
Venue: The Hermitage Menteng Jakarta (tbc)
Please gather at 7.00pm in the lobby of the Ritz

4 ACI Council Meeting, Thursday April 28th, 2016 Jakarta
Time: 09.00 am 5.00 pm
Venue: Meeting Room Level 8, Glass House
Coffee Break: 10.30am -11.00 am
Lunch: 1pm 2.00 pm at Glass House Meeting room Level 8

4.1 Welcoming Opening Remarks Eddie Tan

4.2 Composition of the Council & Approval of voting rights as
per April 13th
4.2.1 ACI Asia:

Country Name Title Voting rights
Australia Chris Howlett General Manager & COO 270
Indonesia Branko Windoe Board Member 70
Achmad Friscantono Board Member
Japan Hiromitsu Izawa Secretary 229
Korea Jeong woog Lee President 100
Malaysia Calbert Loh Board Member 42
New Zealand Paul Atmore CEO 25
Philippines Arlene Joan T. Agustin President 80
Singapore Mervyn Fong Managing Director 287
Sri Lanka H.R. Obeyesekere President 40
Shanaka Perera Secretary
4.2.2 ACI Europe:

Denmark Kim Winding Larsen President 403
Finland Antti Ranta President 207
Germany Christian Buschmann Non-Voting Member 0
Hungary Istvan Gondi President 137
Ireland Ger OBrien President 138
Luxembourg Vincenzo Giunta Secretary 10
The Netherlands Hans Daamen President 177
Serbia Branko Petrovic President 123
Switzerland Marcel Zimmermann Vice President 820
United Kingdom Morgan McDonnell President 508

4.2.3 ACI Middle East:
Egypt Omar Mohammed Khattab President 173
Karim Ghanem Secretary
Kuwait Aqeel Habeb President 100
Hussain Al-Aryan Vice-President
Lebanon Nakhl Khoneiser President 255
Faysal Dahbourah Secretary
UAE Nabil Al Rahma Vice President 119
4.2.4 ACI Africa:

Ghana Ama Biremba President 115
South Africa Darron Scourgie Vice President 315
Zambia Mwape Kambafwile President 160
Zondiwe Chenda Vice President
Zimbabwe Tawanda Moyana Secretary 61
Zviyedzo Chimwara Board Member
4.2.5 MB Members:
Eddie Tan Chairman
Bruno Langfritz Vice-Chairman
Marshall Bailey President Delegated
Alain Strapart Chief Financial Officer
Brigid Taylor Board Member
Mohammed Al Hashemi Board Member

4.2.6 Standing Committee:
Christian Buschmann Chair BOE
Perry Savundranayagam Vice-Chair BOE
David Woolcock Chair CFP and Vice Chair ACIFXC
Stephane Malrait Chair ACIFX Committee
Christine Habel Chair ACI Regulatory WG
Andreas Emser Director of Education
4.2.7 Contributors:
Otto Amberg ACI Auditor
Ralph Genang ACI Consultant
4.2.8 Staff:
Patricia Casal Iglesias Management Assistant

4.2.9 Proxies
22 Proxies, total: 4 655 Voting Rights
Country: Proxy to: Voting rights:
Austria ACI UK 340
Belgium ACI Switzerland 203
Bulgaria ACI Luxembourg 0
Croatia ACI Hungary 148
Czech Republic ACI Denmark 52
France ACI Switzerland 510
Germany ACI Sri Lanka 1190
Greece ACI Denmark 145
Hong Kong ACI Australia 330
Iceland ACI Denmark 97
Kenya ACI South Africa 104
Macedonia ACI Switzerland 48
Malta ACI Luxembourg 75
Mauritius ACI South Africa 40
Monaco ACI Switzerland 74
Norway ACI Denmark 199
Poland ACI Luxembourg 97
Portugal ACI Switzerland 115
Russia ACI Switzerland 215
Slovenia ACI Hungary 70
Spain ACI Denmark 195
Sweden ACI Denmark 363
Uganda ACI South Africa 45

4.2.10 National Associations not answered
13 NAs did not answer, total 307 Voting Rights
Asia: 4/14 NAs, 42 Voting Rights
India (0), Macau (20), Pakistan (0) and Thailand (22).
Europe: 4/32 NAs, 195 Voting Rights
Israel (100), Romania (95), Slovakia (0) and Ukraine (0)
Middle East: 3/7 NAs, 40 Voting Rights
Bahrain (0), Jordan (40) and Tunisia (0).
Africa: 2/9 NAs, 30 Voting Rights
Nigeria (0), Tanzania (30).
4.2.11 1 National Association Absent but no proxy given

Americas (0)
Voting Rights as per April 13th
28 National Associations represented (Germany represented with no-voting rights &

proxy given)
22 Proxies
14 National Associations absent (no Proxy)
TOTAL: 49 COUNTRIES
REPRESENTING 9 619 votes

4.3 Council Meeting Minutes, Prague 2nd October 2015
4.3.1 Voted and Approved Proposals:

a) Simplified meeting minutes will be produced while the audio recording of the
meeting will be stored at the HO for a period of 5 years and can be shared with the
Councilors upon request.
b) Alain Strapart, ACI Treasurer will present in Jakarta an amended treasury report
providing a clearer vision of the expenses occurred on IT, website maintenance,
website development, marketing and ELAC.
c) ACI Direct membership is fixed to 150. Except for a special ECB price of
50/member as they are an international body
d) ACI UK, accompanied by some other Councilors, will open discussions with ACI
Italy to understand how they wish to engage with ACI to see if we can reverse their
decision to resign from ACI after having taken full benefit from an ACI World
Congress.
e) ACI Luxembourg to discuss with their Board and submit a plan to the Councilors for
approval.
f) BOE will review ACI education partners (quality wise, financially wise, etc.) in order
to present some results on investigations in Jakarta.
g) The Council unanimously endorses the BOE strategy. The new ACI Diploma should
be launched by the 2016 first quarter. The BOE will revert to the councilors on the
training delivery.
h) ACI Russia will report by email on the membership issues encountered in Russia.
The issue will be discussed at the MB and the Steering Co. meetings. The MB will
revert to ACI Russia.
4.3.2 Welcoming/Opening Remarks Eddie Tan

Eddie Tan welcomes the attendees and thanks ACI Czech Rep for hosting this
years ACI autumn meetings.
ET reminds that ACI is actively promoting ethical conduct and best practices in the
financial industry in a time when professional standards are put into question.
Government and regulators around the world need new rules and new regulations
but above all a willingness to change in the financial markets.
ACI has taken the decision of changing in Istanbul but we are a volunteers
association and despite the hard work done ACI development requires a more
important investment of time than volunteers can provide. The Management Board
is thankful to Marshall Bailey (MaB) who does so much to interact with regulators,
representing ACI and developing a project that will benefit ACI and ACI National
Associations.
ET highlights the importance of empowering the MB to enable ACI to respond in

time and efficiently following the directions set by the Councilors.
16
4.3.3 Composition of the Council and approval of voting rights
There has been one last minute cancellation from ACI Netherlands (proxy given to
ACI Switzerland). No changes on the announced number of voting rights.
25 National Associations represented
23 Proxies
17 National Associations absent (no Proxy)
TOTAL: 48 COUNTRIES REPRESENTING 8 662 votes
4.3.4 Approval of Council Minutes Milan

The Council minutes are too long and detailed. They should be much more
simplified with action points and conclusions.
Outcome: The MB proposes to the Councillors providing summarized meeting

minutes while the audio recording would be available in the HO for a period of
5 years upon request.
The Council agrees.
Comment from ACI Germany on the submitted minutes from Milan: P13, end of
Point 2 we might be running a 500.000 negative budget and we must be careful
and keep an eye on the account and expenses. This paragraph is not precise
enough. We must mention a precise floor and when this figure will have be reached,
the MB will have to take actions in order to avoid any further losses.
After verification: it is mentioned on page 22 (of the distributed information pack in

Prague), that
on the worst case basis at the end of the two year period ACI will still have
a minimum of 700.000 in the reserves. As this is, from a councilors perspective
what is required for a minimum operating reserve before consulting the Councilors
again for approval (agreed in Singapore).
No amendments are required.
Minutes are approved.
4.3.5 ACI Chairmans Report

Eddie Tan (ET), ACI Chairman reports: The MB started their meetings one day
earlier in order to organize one Steering Co. meeting in the morning followed by a
BOE and MB joint meeting.

February 2015 Milan Council meeting minutes:
ET reminds that there are Terms of Reference for every Committee, only the BOE
TORs have not yet been agreed. Christian Buschmann (CB) having been recently
appointed as Chair of the BOE and following the joint MB and BOE meeting (held
the previous day) the BOE TOR document will be reviewed by CB and the final
version will be presented in Jakarta.
4.3.6 Presidents Report ACIFMA Interaction, relevance and the ELAC

Portal
MaB works in positioning ACI to one relevant place in the financial markets. The
goal is therefore delivering a tangible and sustainable solution for ACI which will
benefit all the NAs and fix the issues banks are facing nowadays.
The ELAC gives a solution to the industry and will show to the world that we do
something of value.
MaB comments on the ELAC Portal which is being positively received by the
institutions approached.
Appendix 1 Prague Counsel Presentation 2015
4.3.6.1 Investment
Six months ago ACI councilors voted to invest 200.000 on the creation of the ELAC
Portal. It is now ready and there are signed agreements which will involve the
issuing of invoices covering half of this investment
As agreed, the ELAC revenues will be split:
30% Rages
70% to ACI. As an incentive ACI Intl proposes 10% of every subscription (from
ACI revenues part) to those NAs having led to the signature of a contract.
MaB encourages the NAs to engage with him deploying the ELAC Portal to the
industry, in their country by approaching the main institutions but also abroad via
their contacts and their banks other branches. Councilors can be supported and
prepared to present the ELAC, marketing material can be provided (which can also
be translated by the NA if necessary), the National Association can actually arrange
a meeting with the main institutions and MaB would be pleased to join them on the
ground for a talk, a presentation, etc. ACI UAE arranged some meetings after
Prague and MaB will therefore be traveling to Dubai and Abu Dhabi (accompanied
by Ralph Genang.

The ELAC Portal can be proposed to all even to those sectors that cannot join ACI
at a National level (i.e. Buy side). The tool can even be deployed for members and
non-members and can become part of a CPD programme.
4.3.6.2 Legal
ACI Singapore says to be supportive and will be pleased to collaborate making this
a success as he thinks that it will also encourage membership.
Some concerns are raised: Are we protecting ourselves not only from a reputation
perspective but also against potential litigation. And who is the legal owner of the
ELAC Portal, what is the structure?
MaB explains that the ELAC contracts have been reviewed by UK and European
based lawyers and we are not making any representation that we cannot sustain.
The framework provides flexibility on the portal allowing the inclusion of any different
codes (not included in the price but the option can be added) and this also applies to
data protection. These have also been reviewed by Franck Heibesen from ACI
France to have an independent view.
The ELAC portal allows combination whatever the needs are.
There are two contracts reviewed by UK and European based lawyers:
ACI with Rages (Ralph Genangs company)

ACI with subscribers
All the ELAC revenues are split on the proportions agreed in Milan. There are
clauses in case one of the parties decided to break. i.e: Rages would have some
obligations for a period of time. ACI is the owner of the tool but the contract protects
both parties.
4.3.6.3 Development
The strategy is being developed to encourage people to become an ACI member and to
give value to it:
Modernization of the association.

Different prices proposed for members/non-members (giving a real value to being
an ACI member)
The ELAC is not only the online ACI MoC examination but an interactive tool
continuously updated with new market practice cases with easy access to the MoC with
scenarios that get more and more complicated. Specific market practice cases can
even be designed under request.

4.3.7 ACI Financials
4.3.7.1 Financial Situation end of July, forecast end of 2015 budget 2016
The financial situation is commented by Alain Strapart (AS), ACI CFO.
The IT, website and marketing expenses for 2015 have been forecasted to be over
the budgeted amounts.
4.3.7.2 ELAC
AS proposes working with Rages in order to present in Jakarta a clearer vision of

expenses related to IT, website, marketing, ELAC, (split at the moment in several
accounts). In order to do so he proposes amending the report to clearly mention the
expenses on: IT, website maintenance, website development, marketing and ELAC
portal.
Councilors approve the proposal of the presentation of an amended treasury

report in Jakarta clarifying some specific expenses.
4.3.7.3 2015 approval, 2016 comments and approval
ET comments the 2015 treasury year end forecast and 2016 budget.
On Regional activities: 13.000 budgeted in 2016 (already applied in the 2015

budget with the Councilors approval). It was agreed that some costs had to be cut in
order to limit the deficit as much as possible. This also included the regional
activities.
Hiring a paid president and investing on the ELAC Portal represent an important
investment but as a result of these two decisions there will be the possibility of
returning the regional activities support (10% from ELAC benefits).
The 2016 budget is unanimously approved.
4.3.7.4 BOE
ACI Denmark proposes to the BOE presenting a strategy in Jakarta to get an

increase on education revenues. ACI courses need to be developed as they have
been the same for many years and we need to attract more candidates.
CB says that the ACI suite of exams needs to be restructured. The BOE is working
closely with the MB and he already wrote an education paper on a business case to
increase revenues and always maintain high standards.

4.3.7.5 Membership fee 35
ACI direct membership should not be proposed at a lower price than affiliation to a
National Association. Direct membership price will apply to all those people willing to
join ACI and not having the possibility of doing it through a National Association.
Outcome: ACI Direct Membership is fixed to 150. Except for ECB

beneficiating from a special price of 50/member
4.3.7.6 New Auditor CV
Fabrice Belluot-Pallancas CV has been included in the information pack. There are
no comments. FBP is officially nominated as the new ACI auditor (together with Otto
Amberg, former ACI Switzerland Secretary).
4.3.8 Report from the Regions

ET welcomes Mr Bashir Said Abdullah Al Subhi (Bank Dhofar) from Oman who
attends the Council meeting as a guest.
Reports on the regions have been included in the information pack
4.3.8.1 ACI Africa
4.3.8.2 ACI Asia
4.3.8.3 ACI Europe
Bruno Langfritz (BL) reports on Europe and informs on his involvement on the ACI
Italy issue. Together with ACI Germany he tried to find a common ground to open
discussions.
BL comments on his trips and meetings. He has also called several European
Presidents in order to have a one to one call and intends to reach out all the
European NAs. By next Council meeting in Jakarta, BL will be able to give a clearer
vision on the European perspectives.
4.3.8.4 ACI Middle East
Mohammed Al Hashemi (MAH), ACI ME President, informs that he has been trying
to encourage new affiliations to ACI from countries that are not yet being
represented (Oman is one of them).
Events in the ME region: The ICA Congress will be held this year in Cairo, Egypt.

MAH is continuously working on increasing the ACI affiliations and exam
inscriptions.
4.3.8.5 USA
John Drohan comments his presentation:
Appendix 2 - ACI Americas Prague
He adds that in the USA there is a self-regulatory and compliance culture. The
ELAC portal could therefore be of great help to ACI USA development.
4.3.9 Membership withdrawal discussion Italy/ Luxembourg and

Council
4.3.9.1 ACI Italy
ET explains the situation and refers to the confidential email sent to the National
associations. The email was as factual as possible. The MB wishes to report the
facts as it is the Councilors role to make the appropriate decision. Councilors had to
be aware of the situation before opening any discussion in Prague.
The MB considers that the behavior of these NAs has not been appropriate and
there should be some consequences.
Appendix 3 ACI Italys letter to the Management Board
ET explains the facts:
ACI Italy informed the MB that they decided to suspend the membership payment
for the current year while they had organized an ACI World Congress in February
2015. ACI Italy has often expressed its disagreement with ACI plans and does not
feel supported on STEP Plus.
The MB wished to open discussions but ACI Italy took a decision before the ACI
Council meeting in Prague: They paid this years membership fees but decided to
withdraw from ACI Intl.
It is mentioned by a Councilor that if the decision has not been taken in accordance with
ACI Italys members, it cannot be validated as it would be illegal.
Furthermore, it is highlighted by the Council that ACI Intl and particularly ACI Europe
has largely supported STEP Plus, financially investing on this project, many European
Councilors (especially from France) participated to the meetings in Paris, Brussels, via
conference calls etc., there was a real dedication to this project and Banque de France
was also involved.

Councilors would like to keep ACI Italy among the ACI Intl affiliated associations and
ACI UK proposes to have a National Association mediating with ACI Italy on
behalf of ACI Intl.
ET approves and proposes to ACI UK to be in charge of this task accompanied by

other Councilors.
ACI UK accepts the mission.
ACI Councilors are concerned by the image that Banca dItalia may have of ACI if an
objective version of the facts has not been shared with them.
ACI Luxembourg does not agree as there is an ACI Banca dItalia representative in the
ACI Italy Board.
It is mentioned that this representative is not a voting member.
4.3.9.2 ACI Luxembourg
ACI Luxembourg says to be in a completely different situation than ACI Italy and is
against the confidential emails that circulated, not including them as recipients. ACI
Luxembourg has therefore decided not to express itself by email but making an
open statement at the Council meeting.
ACI Luxembourg President reads a statement from ACI Luxembourgs Board.
Appendix 4 ACI Luxembourgs Board letter to ACI Intl
Councilors open the discussions with ACI Luxembourg.
It is mentioned that:
a) if all ACI NAs would open this option ACI Intl would face a real issue and it would
weaken its structure and education programme. ACI Luxembourg is benefiting
from ACI intl education and brand giving a real value to the National Association.
b) They agree with ACI Luxembourg, ACI Intl needs to evolve and change and has
therefore taken the decision of hiring a paid President.
c) ACI Singapore, like all the present Councilors, would like ACI Italy and ACI
Luxembourg remaining within ACI but says to be very puzzled by the way
displeasure has been expressed rather than communicating with the MB.
Reducing numbers unilaterally (even if agreed with their National members) it is
considered as an ultimatum addressed to ACI Intl. ACI Luxembourg does not
consider this an ultimatum but as an open option to their members.
d) They would have appreciated the representatives of ACI Luxembourg and ACI
Italy coming to Prague, to fulfill their duty, paying their membership, expressing
themselves, exchanging at the council in order to make a decision for 2016. ACI
Luxembourg says that the situation cannot be changed but we need to find a
solution now. The ELAC Portal is interesting but is opened to all. It cannot be
considered as a new benefit for the ACI Intl members.

e) ACI Luxembourg has been invited but decided not to be involved with the
Steering Committee and has not attended many European meetings where there
would have been an open floor to exchange views. ACI Luxembourg mentions
that no one from ACI Luxembourg was interested by the Steering Committee and
having been one applicant to the ACI President position, Luc van Laarhoven did
not think it would have been appropriate for him to participate.
f) 35 do not go very far as ACI Intl needs money for the association, for education,
for the WG, for the MoC, for the organization of Council meetings, etc. the whole
association would be hurt if all NAs decided to interrupt the ACI membership fee
payment.
g) Councilors would like to know what is exactly being expected by ACI
Luxembourg. ACI Luxembourg explains that it has been growing in areas ACI Intl
has not covered yet and proposes to show their plans and structure by inviting
ACI Intl to Luxembourg. ACI Luxembourg is expecting ACI Intl to create some
value to its members by proposing an enlarged educational programme,
reviewing the membership structure proposal, etc.
h) Councilors say to be confused as ACI Luxembourg made the according
arrangements to get as many proxies (voting rights) as possible to have a voice
at the meeting although they only paid for 10 members (as if they would not want
to engage with ACI but then wish to have a voice). Councilors would like to
exactly know what ACI Luxembourg is expecting from ACI Intl. National
members do not travel. They can only rely on the Councilors report and it is the
Councilors responsibility to encourage support to ACI.
ACI Council fears that ACI Luxembourg sets a precedent. It is the Councilors role to
encourage ACI Intl membership and the use of ACI brand, ACI education, ACI
Committees, etc. has a cost of 35 per member. Councilors agree that it is not an
expensive charge (which has not even been increased for years).
For MaB ACI has been fragile in some areas for many years but has many assets.
The issue is that ACI offers too much to non-members rather than encouraging
membership by restricting access to some of those privileges making them exclusive
for members only (i.e. ACI MoC on the website), proposing a pricing structure that
would benefit ACI members (on education, ELAC portal, Congresses, etc.).
It is agreed that ACI will do its utmost to clear this issue for 2016 and come to an
agreement by the next Council meeting held in Jakarta.
Outcome: ACI Intl will be represented by Morgan McDonnell, ACI UK President

and some other European Councilors to have a discussion with ACI
Luxembourg Board members in order to submit to the Councilors a plan for
approval.
4.3.10 Committee for Professionalism Report

DW announced the sadness felt by the CFP of the tragic news of the death of
Robert Entenmann. DW reminded council that Alan Scott had joined the CFP as an

e-FX trading expert from 360t and that the CFP had welcomed Philippe Jeanne as a
new CFP member in Prague and that his general FICC experience will be invaluable
especially in the ALM arena. It was also agreed that Alan Scott would replace RE as
liaison to the ACIFXC.
DW explained that with the new Global Code for FX being announced by the BIS the
CFP needed to make some changes to the structure of TMC. What was proposed
was that we continue to have a FICC MC that covers all areas of wholesale markets
as present. This was to be updated with new content relating to Fixed Income that
had been ratified by the CFP. Then an exercise would be undertaken to split out an
FX only version MC that would of course be equal or greater than the Global Code.
At the same time an FI & ALM code would be split out so we would have three
versions of TMC FICC MC, FX MC & FI & ALM MC. The CFP had agreed to these
changes and an Intern would be sought so that work could commence.
DW confirmed that the CFP was supporting ELAC and stood ready to field scenarios
etc. as required.
4.3.11 Board of Education Report

Appendix 5 - ACI Educational Strategy
Christian Buschmann (CB), thanks the Councilors for his nomination as ACI BOE
Chairman.
He draws the attendees attention to the decreasing numbers of the ACI education
statistics (included in the information pack).
4.3.11.1 Strategy
As a broaden strategy, ACI BOE wishes accompanying individuals career from a

bachelor student to a Deputy of trading position in a bank. After providing basic
training, the new ACI Diploma proposes specialization with its modules structure. It
is also BOEs intention developing the Operations certificate proposing some linked
modules.
The BOE intends to rethink the whole education process as a two level structure is
not sufficient and proposes to the Councilors the idea of providing a sophistication
level called the CFMP (Certified Financial Markets Professional level) this could be
placed after the name on the business card (as CFA nowadays). To get the CFMP
accreditation the individual must pass three modules proving to have a great
knowledge of the financial markets and not only specialized on a certain area.
Education status quo: 4 Diploma modules developed so far ready to perform (and
already paid) and 3 additional modules must be developed in the next years. Some
preparation courses are under preparation by the trainers. At long term, ACI would
like to be able to provide education material for every module.

Concerning financials, ACI Switzerland highlights that a 3rd part of our
expenditures are education related and proposes to the BOE reviewing our
partners (quality wise, financially wise, etc.) in order to present some results
on investigations in Jakarta.
CB agrees. This is in the BOEs plans, reviewing the trainers and academic
partners. He reminds that last education related expenses were to develop the new
Diploma.
CB confirms that the BOE is already working on it and also considering to review
other potential partners.
4.3.11.2 Comments made
ACI Switzerland submits some questions on behalf of some African National Associations:
- Africa would like clarity on the continuing development of the DC and OC (as it
contributes to 92% of the ACI examinations), the translation of a syllabus in French
to accommodate francophone African countries, what is the BOE strategy regarding
continuous learning and testing centres creation in Africa, they are concerned about
the increasing exam cost, they would like to see more emphasis placed on gaining
accreditation for ACI education globally, clarity on the recognized levels achieved,
they see some room for improvement with regards to the set-up of the ACI
education globally.
CB says that he will provide an answer to those questions within the next weeks.
Other questions are raised from the councilors:
- There is a concern related the new ACI Diploma as there are very few candidates
for the ACI Diploma while we are working and investing on developing too many
modules. Trainers are not ready to propose the according courses. BOE is
encouraged to propose some e-learning options.
- The association structure is changing and we must adapt ourselves to be able to

propose something valuable to those members.
CB is confident, the new Diploma and its CFMP attached title proposes a new view than
the present Diploma. It is a new product. Trainers will prepare the material and the
courses as soon as there will be a launch date for the examination. There will be a TCG
meeting in November where the discussions can be opened.
ACI Germany underlines that the BOE made big efforts developing the modules. We
should see this as a premium product which might not match with all the NAs needs. ACI
Germany proposes organizing seminars among some countries from the same region. NAs
should get organized and maybe by spring we should already have some trainers.

The MB is happy with the strategy but encourages the BOE to think on a way of delivering
it.
CB agrees, there is at the moment a manual delivery structure but ACI will start making
money at one point.
BOE actually discussed on the delivery mechanism. Electronic delivery and e-learning
study guides have been considered but being an exclusive course, there are people ready
to travel and pay to attend a course.
ACI Austria informs that the German Language Group is ready to deliver.
It is mentioned that we must ensure that the investment made by ACI will be returned to
ACI. At the moment many people are earning revenues from ACI education but we should
ensure that ACI does benefit from it (allowing reinvestment in education for ACIs benefit).
It is also added by the BOE that there are plans of increasing exam prices as included in
the provided documentation.
Outcome: The Council unanimously endorses the ACI BOE strategy. The Diploma
should be launched by the 2016 first quarter.
The BOE will revert to the Councilors on the training delivery.
4.3.12 Report ACIFX Committee

The group continues to meet on a regular basis and work on the impact of regulatory and
market structure changes. A few items were highlighted as taking more importance in the
industry;
a) The increasing role of non-bank market makers in FX and the impact that it could
have on market conduct and market structure changes. This could be an issue in
the future and we need to continue to monitor those new market makers.
b) The management of client orders in FX is still a grey area for many banks. The issue
is due to the similar terms used by market participant for client orders executed on a
principal basis versus orders executed on an agency basis. We think further clarity
should be made available to market participant to make sure they know what service
they are getting from the banks.
c) The ESMA MIFID 2 technical standards have been published in September with
clarification on how FX will be regulated. FX derivative instruments (FX Forwards,
FX Options, FX Swaps, NDF) are classified by ESMA as illiquid instruments and
therefore will not have the same transparency requirement than other products. This
is an important outcome for the FX industry as the impact could have been global.
d) A new ACI committee as started to focus on Fixed Income. This new working group
has representatives from many ACI countries like Poland, Hungary, Belgium, UK,
Russia, Holland, Ireland, Austria, France, USA. The group will meet 4 times per year
and work like the ACI FXC in close collaboration with the CFP group.

4.3.13 Regulatory WG Report
Christine Habel, ACI Regulatory WG Chair, comments the Regulatory WG presentation.
Appendix 6 MiFIDII ACI 2015 Prague
4.3.14 Governance
Marcel Zimmermann (MZ), ACI Switzerland Vice-President in charge of the
Governance task informs that due to a lack of time, the Governance paper will be
presented in 2016, in Jakarta.
Luc van Laarhoven, ACI Luxembourg President, volunteered to join MZ for this
work. MZ encourages other volunteers to step forward.
4.3.15 International Congress
4.3.15.1 Use of blue print and return to ACI FMA
4.3.15.2 ACI Indonesia 2016 ACI World Congress
ACI Indonesia reports on the organization of the event which is almost ready: the
programme is being finalized, the website is already live, allowing online registrations and
hotel booking, some sponsors have already signed up, etc.
4.3.15.3 ACI Ireland 2017 ACI World Congress
ACI UK reports on behalf of ACI Ireland. The organization process is well underway:
venues and hotel accommodation have already been booked, the sponsorship and
partnership are being developed and hope to have the registration fee structure ready by
the end of this year.
4.3.15.4 ACI Switzerland 2018 ACI World Congress
ACI Switzerland has already started the preparation, visiting the possible venues, starting
discussions on the cost and legal documentation.

4.3.16 Any Other Business
4.3.16.1 2016 Autumn Meeting
The MB informs the Councilors that some National Associations are willing to host the next
ACI autumn meetings. Have expressed their wish:
ACI South Africa, ACI Sri Lanka, as well as the Balkan Region.
The decision will be taken in Jakarta.
4.3.16.2 Former ACI Managing Director
ET acknowledges Jean Pierre Ravis, ACI former Managing Director who retired from ACI
and is now Mayor of a French village.
4.3.16.3 Russian membership
ACI Russia reports that many traders in Russia from Intl banks have stepped out from ACI
Russia as they have been required by their compliance service not to be part of any
association unless going through a long compliance procedure. The procedure is so
discouraging that people do not wish to go through it.
This internal requirement has been established last year. ACI Russia would like the ACI
Board to interfere by addressing to the management of the banks.
Outcome: Sergey Romanchuk will send an email to the ACI Board. The issue will be
discussed at a MB and Steering Committee meeting and the MB will revert to ACI
Russia.
4.3.17 Closing remarks

ET thanks the attendees.
End of the meeting 5 pm

4.4 ACI Chairmans Report

4.5 Presidents Report ACI FMA interactions, relevance and
the ELAC Portal
4.5.1 Introduction
ACI FMA Jakarta Council
28-30 April 2016
Presidents Review and Council Discussion
Dear Fellow ACI FMA Members,
This Jakarta World Congress represents our 55th such event, and it shows the longevity
and value of our Association. As colleagues and as members of the ACI FMA, we have all
inherited the spirit of the original founding members. At the outset, the organisation wanted
to improve communication and raise the standards of the FX market, and to provide a
basis for solid growth. Over time, our Association has gone through various cycles in much
the same way that all industries and markets evolve. We have the honour of serving this
history and these ambitions. For more detail, please see the History section at the back of
this report. In it, we can see that our foundations were built on our unique position in the
markets: we provided something that nobody else was providing: membership in an
exciting and growing club, at the forefront of industry meetings and technology, as a great,
cooperative and interactive forum.
With our long legacy, we also have the duty to work together to bring the Association to the
highest possible standard. To do this, we need to define ourselves in a manner that
provides preferential value to our members, and provides service to the industry. This is
our chance, as Council, to deliver our future to the next generation.
We have heard that many members have been wonderfully busy over the past 6 months
with local activities of all sorts I have been pleased to be able to attend a small number of
them, and to witness first-hand the enthusiasm of the leadership. Congratulations to all of
you who have been actively pursuing your ACI FMA local agendas, and providing value to
your members.
At ACI FMA International we have been extremely excited by the future, as it is opening up
nicely for us. We are here to serve the needs of members in the wholesale financial
markets, and to do that, we have put all of our emphasis on building a stronger foundation.
Our work will lead to the resources to equip the ACI FMA for the future, and to impact the

industry in your communities. The Management Board is leading the effort to articulate our
core global strengths, and to position the ACI FMA for new growth. We aim to provide
value for members, through our education and membership opportunities, and to bring the
ELAC Portal on codes of conduct to the industry.
It is clear that there is a need for ACI FMA to play its role in the wholesale financial markets
community. What does ACI FMA do best?
We have long been the origin of much good work on ethical conduct via The Model Code,
and for networking amongst individuals, and for education in FICC-based financial markets,
through our Dealing Certificate, Operations Certificate, and Diploma. And while the ACI
FMA membership remained focussed on our individual accountabilities as members, and
we took codes of conduct seriously, it is clear that much of the rest of the market paid
insufficient attention to this.
The damage to our industry from a lack of oversight has been enormous. Not only have the
reputations of many major players been tarnished, but the financial cost to the industry and
to the global economy has been enormous. The ACI FMA should have been in a position
to help, but it wasnt.
But now we are. We are ready, and we are getting even better each month
The foundations of our new house need to be based upon three areas:
1) A Strong Vision we need to know what we want to achieve, and why we believe
it. Having the vision of certification for the wholesale financial markets puts us in a unique
place internationally, and at a time when this is being called for. Have we ever had a better
opportunity?
2) Good Governance we need to make better decisions, and be accountable for

them. We like to think of ourselves as a bottom-up organisation. That means that the
energy and good ideas that flow from our membership can be heard, and importantly, put
into practice in a visible, useful and sustainable way. When this works well, like it often
does in the FX Committee, the new Fixed Income Committee, or the CFP and Board of
Education, the power of our members is wonderful.
3) Funding we must have the ability to operate in a professional environment, and to

support the many activities of merit that take place with the support of our members.
All of these must act in concert, if we are to succeed.
From the time of your decision as Council to appoint me as President, the Management
Board have consistently directed me to focus on the vision: the inaugural speech made in
Berlin at the ACI World Congress, made our vision clear: ACI FMA is to be the Financial
Markets Association of choice for regulated wholesale market participants engaged with
financial instruments or in various activities conducted within their institutions
dealing/trading business or in a directly related markets area. This will be accomplished by
way of our globally recognised leadership on ethical conduct and best practice, and

education, and supported through our opportunities to connect to, and represent, the
industry in a non-partisan way.
I thanked you then, as I do now, for the opportunity to work with you to re-establish the
grandeur of the ACI FMA, and to have been chosen as your President. What strikes me is
how accurately we forecast the markets needs, and how we could reposition ACI FMA to
use our strengths to work closely with the industry. Indeed, this is what we are doing, and
what we will need to continue to do. There is a tremendous amount of rebuilding left for us
to accomplish together.
Let me bring you up to date on recent advances at ACI FMA, as examples of the
programmes we are working on.
Three Strategic Functions Driven by our Vision
We are repositioning the organisation internally to be more effective in advancing our

mission. Three strategic functions will now drive ACI FMA: The ELAC Portal will be central
to our work, bringing much needed revenue to the Association as well as a centrally
themed product of incredible value to our industry. While the investment in ELAC is only
one year old, we have substantially recovered the amount, and many are showing strong
interest.
For the ACI FMA to have such a themed purpose is natural, given our long held views of
the value of ethical conduct and our Model Code. Under the new leadership of Christian
Buschmann, our second theme of Education is getting stronger. The Board of Education
has worked hard to reposition and grow our capacity, and the future, with the merger of our
education suite with new technologies, will bring the ACI FMA education platform up to the
highest standards.
We have focussed our efforts, cut unnecessary expenses, and are forging agreements with
governing bodies that will broaden our distribution and value. All of this leads to member
certification via our network, which responds to the requirements of our regulators and the
needs of our members. To be a member of ACI FMA has value, and we must guard that
value.
Investing in Technology Improvements
To serve members better, we are investing in a core digital transformation project as part of
the ELAC Portal that will modernise our IT infrastructure and improve our technology
capabilities. We will also improve the technology that serves our National Associations via
our central website. We simply need to do a better job at relationship management with
institutions that will allow us to be more effective in managing our relationships worldwide.
Various other Activities
Our Board of Education has new-found commitment to excellence, and is working closely
with Brigid and others to deliver a result that we can all endorse. Among their initiatives will
be the provision of Continuous Professional Development, or CPD credits, for work

associated with the ACI FMA, either through Education or attendance at our events. This
allows us to respond to the growing market need for professional accreditations.
We have had to repair the finance/treasury work left behind by those previously involved,
and the Management Board has benefitted greatly from the personal dedication of our new
Treasurer, Alain Strapart and supported in Paris by Patricia and Deborah. We are thankful
for their commitment.
ACI FMA has articulated an ambitious, transformational agenda for the coming years. We
want to demonstrate to you the value you receive from us. It is a work in progress. Stay
tuned.
Marshall Bailey, CFA
President
ACI Financial Markets Association International

4.5.2 ACI FMA Strategy Paper Update
First delivered to ACI Management Board and Global Council Representatives
New York City Oct 1 2014
4.5.2.1 Vision :
To be recognised as THE Financial Markets Association of choice for regulated wholesale

market participants engaged with financial instruments or in various activities conducted
within their institutions dealing/trading business or in a directly related markets area.
The ACI has a long history with deep commitment and strength from its core membership,
and must retain its raison dtre while enhancing its financial viability as a not-for-profit
organisation. To remain relevant and expand its membership, utility to the FX and broader
financial markets community, it must modernise, expand its membership base, and engage
with strategic issues of the day.
This will be accomplished by way of our globally recognised leadership on ethical conduct
and best practise, and education, and supported through our opportunities to connect to,
and represent, the industry in a non-partisan way.
4.5.2.2 Goals to Accomplish:
1) Education & support for members (especially in emerging markets and during
contentious and developmental periods)
2) Improve professionalism and modernise through high calibre work to close the gap
through cooperation with other bodies
3) Improve financial position through new sources of revenue to the ACI
4) Respond to needs of the membership at global, regional, national and individual
levels
4.5.2.3 Concrete Actions:
Programme of engagement with important regulators about the benefits of the ACI
Model Code
Programme of engagement with important market participants about using ACI
individual as a global guide to ethical conduct
Programme of engagement with media to raise awareness
Functioning Guidance via Management Board and Steering Committee
Programme to seek larger funding support, with transparency of spend, making
membership more valuable, and sponsorship more visible
Programme to modernise communication
Programme to build membership and education
Programme to modernise governance and eliminate inconsistencies

The Management Board (elected) and Steering Committee (open to volunteers) have
provided excellent guidance and support, and acted to the best of their ability. The ACI
FMA has a potentially important role to play on the international scene, especially given the
strengths of the association.
Budgets for all projects have yet to be approved, as many of them have not been fully
scoped, and the limits to funding to date have made precise, large-scale actions
impossible.
We will seek the approval from the ACI FMA Council to build upon these concrete steps,
and modify any plans as appropriate.
All actions are governed by the ACIs management structure, and by the goodwill and
global spirit of ACI membership.
Phase 1: Scope the project and initiate momentum where possible. Year 1
Phase 2: Build Membership, relevance and funding support via endorsement. Years 1-3
Phase 3: Build global scale, leveraging off existing ACI member resources. Years 2-4
Phase 4: Aggregate gains and establish global professional ACI infrastructure. Year 3-5
Over the course of 2015 and 2016 we have visited a great number of institutions, many of
whom are considering how they might subscribe to ELAC and support our efforts in a
sustainable fashion.

Institution
ABSA South Africa Credit Suisse Nomura
ACI France CSOB Nordea
ACI Indonesia Czech National Bank Northern Trust
ACI Singapore Deutsche Bank NY Fed
AIB Digital Reasoning PGGM
Allianz Global Investors EBS / ICAP Rabobank
ANZ ECB - European Central Bank Raiffeisen Switzerland
Armstrong Wolfe FCA - Financial Conduct Authority RBA - Reserve Bank of Australia
Bank Muscat First Gulf Bank - UAE RBC
Bank of China UK Goldman Sachs RBS
Bank of England Handelsbanken Cap Mkts RZB Prague
Bank of England FEMR Team Hermes Fund Management Saudi IoF
Banque de France HSBC Saxo Bank
Barclays Individuals - Russia Scotia
BBA Invest UK - The Investment Association SEB
BBVA Investec AM Soc Gen
BIS Basel Jefferies Standard Chartered
Blackrock JP Morgan ITS State Street
Bloomberg JP Morgan Markets Sveriges Riksbank
BNP Paribas Julius Baer Swedbank
BNY Mellon Jyske Bank Swiss National Bank
C Hoare & Co Komercni Bank TD Securities
CB Costa Rica LCH Clearnet Thomson Reuters
CBA LGT Lichentstein Tullett PBI
CIBC Lloyds Tullett Prebon
Citi M&G UBS
CLS Bank Millenium Global Investors Unicredit London
CME Group Morgan Stanley Unicredit Prague
Commerzbank MUFG - MUSI Westpac
Credit Agricole NAB Group ZKB
National Bank of Belgium
The list above is representative only.
4.5.3 ACI FMA Goals

The goals that we have set are fundamental to the success of ACI FMA and are discussed
below:
1) Education & support for members (especially in emerging markets and during
contentious and developmental periods)
2) Improve professionalism and modernise through high calibre work to close the gap
through cooperation with other bodies
3) Improve financial position through new sources of revenue to the ACI

4) Respond to needs of the membership at global, regional, national and individual
levels
We will need to spend a considerable time enhancing our distribution capabilities of our
education product for us to propel it to globally recognised levels. This is attainable if we
restructure some of the work we have done, and focus on building on the work done
already by successive Boards of Education. Our Education platform is good by many
measures it has been developed over many years and has been a target for many
employees around the world. While we can make a list of the positives, there are four
areas that need to be considered for our future:
1) How can we ensure it is relevant in todays markets across all of our possible
members?
2) How can we ensure more revenue is earned and retained by ACI to fund our
activities?
3) How can we ensure that our education also drives our need for greater
membership?
4) How can we vastly increase the number of exams taken around the world.
Our Board of Education, has benefitted from the strong dedication of its Chair and its
diverse volunteers. With a change in leadership following Claudia Segres resignation, and
the addition of some additional members, we will be able to propel the Boards ability to
respond to these four areas in a more rapid fashion. Please join me in congratulating the
new Chair of the Board of Education, as well as the new members.
The Education suite of products is driven by the Board. To facilitate the growth and
modernisation of the education/distribution platform, ACI needs to invest in the modern
infrastructure that will allow us to capture these opportunities.
To do this most effectively, and to ensure that the ACI does not deplete our precious
financial resources unnecessarily, we would like to officially partner with the best on-line
educational advisor with expertise in education in financial services industry, Ralph
Genang. ACI Global Council, BOE and CFP and the CFP chair David Woolcock have
been source of inspiration for the creation of the new Model Code Learning & Testing
Portal and the new ACI FMA website, implemented under the Presidents and
Management Boards guidance to ensure that the platform we develop is ready for the
expansion of our services. Our partner Ralph Genang and his team have spent countless
hours studying to understand the ACI and the opportunity we have for deployment of our
unique skills. He has a wealth of experience in the development of education programmes
and international platforms, including ones with a federal structure like the ACI.
This structure will keep our Treasury outflow to a minimum, allow for growth to be
maximised, and for the ACI to substantially benefit from the expansion of our existing
resources. It is the least-risky, and most upside-producing combination of ACI Intellectual
Property with the opportunity presented to us by the financial markets need for the ACIs
platform.

To provide balance in decisions
To respect individual differences among members and styles of
local association
To provide long-term benefits to membership
To make progress despite the sometimes patchy support
available from our volunteer structure
To engage with regulators and the media and risk our own
reputations in the name of ACI FMA
To provide transparency on matters of governance in an
appropriate fashion
To kept individual member-funded spending to a minimum
To grow the funding to allow for the requirements of the modern
world
To allow for growth in difficult markets, and to encourage wide
participation across all areas
A Detailed Pledge

4.5.4 The Model Code Learning & Testing Portal
Ethical Behaviour in Financial Markets Industry -
Moving From Industry to Profession
4.5.4.1 What We Propose
To provide employers and individual market practitioners in the wholesale financial markets
with high-quality accredited continuous professional development, helping the industry
reclaim professional standards in a sustainable manner.
4.5.4.2 What we do
With the industry and support of ACI Network we implement a learning and testing portal
that empowers employers and individual market practitioners to demonstrate their ethical
conduct is up to standards with the latest market developments and best practices.
ACI - The Financial Markets Association (ACI FMA) implement sustainable long term
education programmes using innovative learning technologies and methodologies and
based on the ACI Model Code and many other industry codes that are required by our
members, such as the BIS Single FX Code.
4.5.4.3 Vision & Mission
Our vision is to be recognised as the Financial Markets Association of choice for regulated
wholesale market participants engaged with financial instruments or in various activities
conducted within their institutions dealing/trading business or in a directly related markets
area. This will be accomplished by way of our globally recognised leadership on ethical
conduct, best practise, education and testing, and supported through our opportunities to
connect to, and represent, the industry in a non-partisan way.
Our mission is to help ACI FMA to become the globally recognised non-profit organisation
to bring international self-regulation and professional certification in the industry to practice.

4.5.4.4 Key Facts
Create awareness and drive on Code of Conduct

Great visual appeal and facilitating the user with clear navigation
Can be customised for individual institutions (reporting / presentation / localization of
content)
Different levels, start basic and earn your way into more content and more control
Continuous professional development of the learners and the whole program
Market Participants create their own profile and show their expertise
Available when you need it and where you prefer it (choose your own device)
Interactive elements which entice to learn and found out more
Expert team creates all learning materials and modules based on input received
from market experts and ACI FMA network, working groups, BOE and CFP in
collaboration with ACI FMA
Marketing Sales and Back-office in collaboration with ACI FMA
Content deployment, technical support and maintenance included no cost to ACI
Linked to ACI Education Portal (2016-2017) with opportunity to cross-sell ACI FMA
certificates and new exam suite as well as deliver customised education
programmes to customers.

4.5.4.5 The win-win solution
1) ACI International manage revenue income from ACI Direct

Membership, ACI Education and ACI ELAC Portal or other
initiatives managed by ACI International.
2) Revenue income is 100% is to be used to sustain the operation,

and to invest in network, marketing, support to working groups, MB,
BOE, CFP and organisation of conferences. These activities
contribute to content creation and quality control that in turn can
result in updating or deployment of new learning and exam content
through the ELAC portal and ACI Education Portal.
3) There is an opportunity for NA to receive part from the revenue.

4.5.5 ACI Education
Build on Successes & Future Potential
Do we have insights on this part of the strategy, how does it integrate with the
overall strategy of modernisation of technology and education?
ACI Education & ELAC Portal should be aligned with co-operation on marketing and
sales as well as content creation and Quality Control supervised by MB.
4.5.6 ACI Funding Needs

As the ACI FMA has lost prominence through a declining membership and many
competitors assuming the roles traditionally taken by ACI (World Congress, Working
Groups, Education), our sources of central funding have declined. ACI funding
comes through two sources mainly; the membership dues for International activity
have been steady at a net 25 for an extended period (35 per individual member
less 10 transfer out to regional activity). The education revenue has not covered its
costs, and is not planning to cover its costs under the current budget until 2016 or
2017.
However, there has been a dramatic increase in the costs to ACI FMA; in addition to
the decision to hire a full time President, the communication requirements, demands
on ACI activity and general inflation have all contributed to the need for funding
increases.
The result is an urgent need to replenish the sources of funding for ACI
International, review the costs, and ensure that associated revenues are
appropriately captured. This must be accomplished against a backdrop of keeping
individual membership fees stable (or have Council volunteer to agree to a net
increase in membership contributions to ACI International) and not disrupting the
existing ACI national structures funding arrangements.
The possibility of generating institutional funding from large corporations and

financial institutions is being explored actively, and early stage discussions are
encouraging, but mixed. Many large organisations understand and support the
stated goals of the ACI FMA to assist the industry, and are willing to consider
providing further funding for ACI on a global scale, but some are asking to see how
the industry and environment develops over the next few quarters. Others are critical
of ACI and have decided to not assist us, believing that we are not relevant to their
future. In any case, we seek to explore these conversations in depth and purse
opportunities as they arise for ACIs global benefit.
To assist with the exploration of these discussions, we have agreed to incentivise an

individual in London of long ACI connection to assist in these conversations. To date
(2 January, 2015) there have been promising leads and progress, but no

deals/agreements have been reached, and no monies have been paid in any
direction. As a pilot, this has been a productive exercise, and we have learned a lot
about tailoring the messages to institutions, the value proposition as they see it, and
how we might further capture this opportunity for the benefit of the contributor as
well as to ACI globally.
To develop and extend this programme to the benefit of all, we propose rolling out a
fundraising agreement that can assist ACI.
A. Funds raised will be spent in the approximate proportions described on the Fundraising
document, and will both incentivise global participation in fundraising, as well as provide
incremental funding to NAs via this potential source.
B. Items requiring funding include:

1) Marketing and distribution of ACI FMA material and literature
2) Database construction and management for members (including Direct)
3) Conference planning resources (World Congress and industry standard)
4) Fund raising engagement benefits (WIIFM?)
5) Travel to conferences/speaking/liaison (reduces burden on employers)
6) Media Relations/publications enhances our reputation
7) Rent Paris is cheap, but not also having an office in London is suboptimal
8) Staff (including professional staff similar to National level, and more)
9) Technology to modernise our communications with members and the financial
markets, as well as articulate our value.
10) Technology to make our ACI Model Code exam more visible, and allow us to offer
this exam and e-learning proposition to a wide variety of individuals and institutions
11) Example of special projects to include:
CFP support
Board of Education expansion/support
FX Committee support and publication
Regional Working Groups support
New Committee creation and support
Current ACI FMA budget is derived from a low-cost individual membership fee structure,
where a certain capitation is dedicated to international activities. Also, institutional
sponsorship is funded for smaller, local projects, with reduced impact and effect.
Our aim is to encourage local enthusiasm and leadership as it currently exists, yet enhance
the effectiveness of ACI via reduced individual capitation, and greater global benefits to
members and their employers.
Agreement for Fund Raising for ACI International in Paris in tandem with the support of
National Associations
ACI International has a significant fund raising opportunity from major partners in the
wholesale financial services marketplace. The intent of this fundraising effort is to be able
to capture this good-will at a time when banks and clients are spending money on ethical

initiatives, and put any funds raised to good use, within strict guidelines, for the benefit of
ACI International and its global membership. Also, this agreement is intended to place
good governance around funding and financing decisions, so that the Management Board
(and the Council, if and when it is required/appropriate) can direct the funds from the
initiative toward important projects. It is intended that the Management Board, under the
recommendation of the President Delegated, provide oversight and govern the funds from
the initiative, as well as the spending decisions taken by the ACI in Paris.
ACI is to engage the support of volunteers within the National Associations with large,
national champion institutions to act as consultants (not as an employee of ACI) to help us
grow our funding resources and benefit from the commission-earning opportunity outlined
below. These national volunteers will support the President Delegated formally in global
fundraising efforts, under the governance structure and funding terms.

4.5.7 ACI History
From Social Network to Professional Network
A Brief History of the ACI The Financial Markets Association
60 years of evolution.
4.5.7.1 The Beginning
In 1954, 10 years after World War II ended, the European economy had started to recover.
In every country the local foreign exchange markets were reopening their doors, mostly
under administrative control and close central bank supervision. Technology was very
simple, with telex machines operating between banks, and direct lines were available with
brokers. But as the market grew, the need to meet among professionals belonging to the
same community, beyond national borders, pushed a few friends across the Channel to
officialise their friendly and social structure.
On the 29th of June 1955, representatives from nine countries met in Paris, and the Forex
movement started. One year later, eight local associations decided to gather under a
same umbrella: Association Cambiste Internationale. By the end of the 1950s, it had grown
to 15 National Associations.
4.5.7.2 Early Development
The 1960s were very hectic in FX markets, with revaluations and devaluations; FX market
issues start to appear in the newspaper headlines. FX markets remained conventional as
there were neither new products nor improvement in technology, but Euro dollar as a
treasury currency starts to be a new tool for FX traders. By the end of the 1960s, there
were now 25 National Associations.
In the 1970s, the FX market volumes, like other Euromarkets exploded. The oil crisis, the
erosion and collapse of the gold standard saw international banks open branches all over
the world. For the ACI, growth meant that what had been mainly European National
Associations, was now open all over the globe, including the Middle East and into Asia.
Concurrently, the Chicago futures markets, financial contracts were launched: this led to
new fields and new tools for traders: also, computers gave new speeds capable of
processing internal and external information. By the end of the 1970s there were 37
National Associations.
4.5.7.3 Expansion
In the 80s the trading rooms, mainly FX and Eurocurrency pushed the doors open to a
number of technological products, options, derivatives, off balance sheets, and negotiable
papers. Furthermore, a new population integrated the trading rooms: the sales teams, back

office staff arrived, bringing with them more and more sophistication, and middle offices
appeared in the organisation. Important new types of ACI members arrived, and while they
were not FX traders, their day to day work is involved in many aspects of trading other
instruments, such as fixed income and money markets, but also of critical risk management
tools, support staff and trade processing.
In this dynamic environment, the ACI created the Committee of Professionalism (CFP) in
order to define basic world markets rules. This was a major step forward in or relevance, as
together the ACI created a level playing field globally through participation in its association
of permitted market participants. By the end of the 1980s, there were 50 National
Associations.
The 1990s began some glorious years for ACI. Each country developed its own code of
conduct and education programs, but ACI took the lead creating the Board of Education
(BoE) in order to deliver worldwide certification to Over-the-Counter market operators in the
various products and in various professions. A global Model Code was launched. Also in
Europe, ACI was the project manager for EURIBOR. Total membership reached 24,000
professional individuals, representing a wide diversity of financial market instruments. A
decision was taken to adapt the ACI name to aggregate all diversity trading activities: ACI -
The Financial Markets Association, so by the beginning of the year 2000, there were 63
National Associations.
4.5.7.4 Financial Crisis
During the next 14 years, the banking industry suffered from significant volatility: firstly, with
the Asian region monetary challenges, then with the South American debt crisis, a number
of countries and systems defaulted. The dot-com/tech bubble burst, and later due to the
new global financial crisis in 2007-2008, the banking system, along with the global
economy, was hurt. Electronic trading systems were focused on efficient transformation of
risk, and brought fresh ideas and structure to the market. However, a reduced the number
of traditional OTC participants with an interest in the old ways of doing business and a
banking culture that had lost its sense of moral obligation, saw a decline in ACI
membership to around 10,000 dedicated people. Many of the bankers, who didnt care
about the values espoused by the ACI The Financial Markets Association, have since left
or have been forced out of the industry by a public who have demanded better.
4.5.7.5 Modern Era
To assist with finding a new direction for the financial industry and the global economy, the
ACI The Financial Markets Association provided a strategic response. The two important
pillars of the CFP and BoE were joined by the formation of ACI Foreign Exchange
Committee (ACIFXC) in 2010 helped provide a strategic response by bringing solutions to
an uncertain and moving environment from is membership. Our collective contributions to

the industry helped provide a cohesive voice, and offer forums to debate important
structural and regulatory issues with interested people. Almost as though they anticipated
the need, the CFP issued an updated Model Code in 2013 which was positively received
by all financial authorities and banking community around the world. Every ACI member
pledges to do abide by rules of ethical conduct described in it. Every year, the BoE certifies
1,300 new participants in front and back offices, and sales teams, with figures increasing.
CFP questions are included in all examinations.
Today, the ACI The Financial Markets Association is growing again, and resuming its
rightful place in assisting the professional standing of the industry. A broad array of market
participants from all sectors in financial services, from sell-side bankers and brokers to buy-
side clients and regulators, are again understanding the enormous role that the ACI can
play in the modern world. Many are seeking membership and the strong benefits that
membership brings. Large institutions are involved in our training and education
programmes, and the ACI is widely accepted as originators of the global standard of OTC
ethical codes of conduct available to the market. Our place was recognised by the industry
during our participation in the BIS Single FX Code working groups.
Being a member of ACI FMA is of tremendous importance in many countries, and our
fellowship among ACI FMA members can open opportunities the world over.

4.5.8 ACI FMA Council Update on Education and ELAC
4.5.8.1 Introduction
The following information can be provided to ACI FMA Council on a Confidential basis. It is
important that all Councillors understand the commercially sensitive nature of many of the
discussions, and the bi-lateral legal and financial discussions that are taking place as we
build our capability to fund our growth.
The Management Board of ACI FMA is working across a number of groups, institutions,
and jurisdictions to expand our membership potential, and increase or revenues.
4.5.8.2 With regard to the FSFM and Classic ACI Education
We have done a complete review of ACI FMA education platform to improve decision-
making and add more value to the ACI network. There are a number of areas where
change is required:
Deployment of ACI certificates onto the ACI FMA platform

Rebalancing of the revenue equation to favour our members
Modernising the framework with the use of technology
Evaluate some historical decisions and approaches to content and marketing
Provide opportunities for growth across all regions through new partnerships
At present we are continuing an arrangement where ACI FMA is not earning anything
concrete in return for all of its effort. When properly analysed, through the eyes of a
neutral party it is clear that we need to review a great number of our historic decisions.
Council will need to discuss and decide the hard choices
To be discussed with Council by Brigid, with further details provided at Council in Jakarta
4.5.8.3 With regard to the ELAC Portal
Current contracts agreed with over ten institutions, with revenue estimated at over
250,000, after less than 18 months of effort.
Current discussions are active with a further ten or more institutions for yet more
growth, and a sustainable upward path of ACI FMA support
Current marketing planned in tandem with a variety of ACI National Associations
Target subscriptions for 2016 of 2,500 or more

ELAC SUMMARY
Total Revenue ACI BALANCE ACI
ELAC Costs
FMA FMA
Q1 2015 0.00 0.00 193,600.00
Q2 2015 121,000.00 0.00 72,600.00
Q3 2015 36,300.00 0.00 36,300.00
Q4 2015 0.00 875.00 37,175.00
Q1 2016 36,300.00 3,780.00 4,655.00
Q2 2016 0.00 142,703.75 147,358.75
Q3 2016 0.00 0.00 147,358.75
Q4 2016 0.00 0.00 147,358.75
Q1 2017 0.00 4,812.50 152,171.25
Q2 2017 0.00 142,485.00 294,656.25
TOTAL 193,600.00 294,656.25 294,656.25
Examples of Institutions already using the ELAC Portal:
Zurcher Kantonal Bank, Bank Julius Baer, BBVA London, C Hoare & Co, Czech
National Bank, the European Central Bank, and others
Examples of Institutions or jurisdictions currently in discussions to install the ELAC Portal:
Swiss National Bank, la Banque de France, a large Australian bank, a global bank
based in the UK, a Scandinavian Bank, some smaller Swiss banks, Middle Eastern
country
Examples of our opportunity for serious discussion for the ELAC Portal:
Every wholesale financial market participation: To quote the BIS FX Code As a

guide, the following types of persons would generally be expected to engage in
foreign exchange activities as wholesale market participants: Financial institutions,
Central banks/quasi-sovereigns/supranationals, asset managers including sovereign
wealth funds, hedge funds, pension funds, insurance companies, Corporate treasury
centres or analogous professionals eg. family offices which run treasury
operations, Benchmark providers, administrators and their calculation agents, high
frequency traders, Brokers (including retail foreign exchange brokers), investment
advisers, aggregators and analogous intermediaries/agents, Electronic trading
platforms
4.5.9 Jakarta Counsel Presentation 2016

Appendix 1- Jakarta Counsel Presentation 2016

4.6 ACI FMA Management Structure
4.6.1 Chairmans mandate

As per the ACI statutes:
X.1 The Chairman is elected within the Management Board by his/her peers. The
Chairman will serve for a term of two (2) years and he cannot hold the office for more than
three (3) consecutive terms.
Manfred Wiebogen ended his term in March 2013 in Singapore (at that time Eddie Tan was
ACI Intl Vice-President and attended the Council meeting as such).
The President has not been replaced as we agreed on adopting the new structure (the
Councilors approved the new statutes in March 2013, in Singapore, including the new ACI
structure mentioned in the document).
Eddie took over as ACI Chairman from March 2013 (and followed the President delegated
selection process. Marcel was in charge of the President Selection Committee).
Therefore, based on these facts:
-1st mandate: March 2013-March2015
-2nd Mandate: March 2015-March 2017
-3rd Mandate: March 2017-March 2019
4.6.2Presidents mandate
Employment as per contract.

4.7 ACI Financials by ACI Treasurer
4.7.1 Financial Situation end of 2015

Appendix 2- 2015 End of Year Treasury Report
4.7.2 Audit Report

At the Council Meeting in Milan on February 5th, 2015, the Treasury Report for the calendar
Year 2014 should have been presented by the ACI Treasurer Luciano Turba. However, his
short notice resignation forced the President to give the Council a short summary of the
Financial Situation. The Audit Report 2014 has not been presented and therefore, in
conformity with the Statutes of ACI, The Financial Markets Association, the recommended
discharge to the Treasurer and the Board has not been given.
At the Council Meeting in Prague on October 2nd, 2015, the newly appointed Treasurer Alain
Strapart took over. Also officially nominated as new ACI Auditor was Fabrice Belluot-
Pallanca, Secretry General of ACI Monaco, together with former ACI Auditor Otto Amberg,
former Secretary of ACI Suisse and Honorary Member. The Auditors met in Paris on March
14th, 2016 in order to fulfill the audit 2015. Alain Strapart, ACI Chief Financial Officer and
Mme Patricia Casal participated at our work.
We have audited the financial statements (balance sheet, income statement, cash flow
statement and notes) for the calendar year 2015. Our audit was conducted in accordance
with the International Standards on Auditing (ISA), which require that an audit be planned
and performed to obtain reasonable assurance about whether the financial statements are
free of material mistreat. We have examined on a test basis the following items:
Overview of the balance sheet, the expenditure and revenue, the contributions of
the affiliated national associations and individual members, the expenditure by cost
center and budgetary results for 2015.
A summary of the movements in the current accounts and investment account in
2015.
The original bank statements showing all individual movements in the accounts.
Detailed movements of transactions relating to the various cost code.
We had at our disposal for the audit the following documents:
The original statements of the bank account of ACI with Socit Gnrale.
The payment requests issued by the staff of ACI that is sent to the treasurer for
payment execution. Attached to these payment requests are the original invoices of
the suppliers of the goods and services.

The payment documents relating to payments made by the Treasurer for expenses
relating to the functioning of the Executive Committee.
The reconciliation documents by user, cash and MasterCard.
Comments:
The expense reimbursements from the regions have this time been sufficiently
documented.
The IT system and ELAC Portal allowed the CFO and the auditors to have a clearer
vision of the money flow in general and of expenses in particular.
The Financial Guidelines of ACI The Financial Markets Association have in general been
applied.
Under the previously mentioned circumstances, the ACI Chief Financial Officer Alain Strapart
managed to bring the Financial Situation on the desired path.
In our opinion, the financial statements referred to above, present a true and fair view, in all
material respects, of the financial position of ACI as at December 31st, 2015, and the results
of its operations in conformity with the used accounting principles.
Therefore, and in conformity with the Statutes of ACI The Financial Markets Association,
we recommend that ACIs Council approves the account for 2015 and gives discharge to the
Treasurer.
Otto Amberg Fabrice Belluot-Pallanca
Honorary Member Secretary General
ACI Suisse ACI Monaco
Paris, March 15th, 2016

4.7.3 Confirmation of Honorary auditor
Short biography of Otto Amberg
Otto Amberg has been educated in Zurich, Switzerland, and is holding

a business degree of the Zurich Business School (Switzerland), the
Universit per Stragnieri in Milan (Italy), the University of Detroit (USA)
and the New York Institute of Finance (USA). He speaks German,
French, Italian and English.
He worked as FX Dealer at Swiss Bank Corporation in Zurich and New

York, then as Head Dealer at Swiss Bank Corporation in Hong Kong.
For the last 30 years, he was in charge of FX, MM, Treasury and
Derivatives at Schroder & Co Bank AG in Zurich.
He was on the Board of ACI Suisse, The Financial Market Association, for over 15 years
and is actually a Honorary Member. He was also auditing ACI International for many years

4.8 Report from the Regions
4.8.1 ACI Africa Brigid Taylor

The ACI Africa strategy began in 2013
ACI Africa strategy has cost ACI EUR34 859 from 2014 - 2015.
Net revenue generated from the region has increased 300% as a result of this initiative and
successful strategy.
ACI Africa now contributes double what it previously did annually to ACI as a result of
increased membership and exam appetite.
Education:
Education has been the primary driver of growth in the region. Africa education has
increased from 38% of global exams written in 2012 to 50% in 2015.
ACI EXAMS 2013 - 2015

Asia; 6%
Africa; 43%
Europe; 40%
ME; 13%
Since 2013 Africa has contributed a total of 43% of the global ACI Exams written

ACI EXAMS 2015
Asia; 4%
Europe; 35%
Africa; 50%
ME; 11%
In 2015 African delegates did 50% of all ACI exams written globally
Membership
All of the 10 African NA have received endorsement by their Central Banks and 4 of the 9
African NA have ACI DC as a regulatory requirement for front office staff.

1400
1200
1000
800
2013
600 2014
2015
400 2016
200
Africa National Associations increased from 5 to 10 since 2013
Membership numbers have increased 95% since 2013 from 640 to 1244
Events:

The first ACI Africa Congress held in Cape Town Sept 2015.
4.8.2 ACI Asia Eddie Tan

Global markets began 2016 with a bang, unfortunately it was in the wrong direction.
January saw the worst start for most global equity markets with the MSCI World Index
declining 6% during the month. Equities were not the only underperforming asset class,
with Currency markets volatile, most commodities with the exception of gold falling and
most Corporate and High yield bonds lagging. It was a most difficult start to the year that
we could envisage.
In Asia, China remains a major concern. The Japanese economy, which again fell into
negative growth in Q4 2015 and with low inflation which stayed barely positive, saw the
BOJ adopt negative interest rates. This added pressure on markets which perceived that
central banks are running out of options to stimulate their economies.
Not surprisingly, activity in most of the Asian National Associations of ACI has remained
muted, particularly in the first quarter of 2016. There was the usual slew of year end
functions and social activities in the last Quarter of 2015 with Hong Kong, Indonesia and
the Philippines all holding their year-end Christmas parties, Gala Dinners and Annual Balls.
Other associations like Singapore had whisky social events while Japan had their Annual
Board Dinners. ACI Indonesia, the host of the 2016 ACI World Congress also had its
Annual General Assembly in November, a useful precursor to the 2016 World Congress in
April.
The first Quarter of 2016 has seen ACI Singapore holding its Annual General Meeting
while ACI Philippines had its annual convention in March.
The focus of activity for the National associations has however remained on education with
numerous courses on Dealer Certification and foundational courses being conducted
across the region, particularly in Hong Kong, Indonesia and Singapore. Dealing simulations
continued to be organized by ACI Australia in Sydney and Malaysia. Topical seminars were
also conducted on Asset and Liability Management, Sukuk Issuance and Market Outlook.
Looking ahead, ACI Indonesia is preparing itself for the World Congress in April, and
registration figures have so far been most encouraging with over 600 registrations to date,
of which over 150 are foreign delegates.

4.8.3 ACI Europe Bruno Langfritz
European President Regional Report

Conference Calls
26.03.2015 ACI Europe sounding Board, Stockholm

15.05.2015 European President conference call
Main guest speakers & special topics
Marshall Bailey ELAC

Franck Hebeisen EURIBOR
Eddie Tan update MB
Jrgen Sklarczk ACI MMLWG
Frank Hebeisen Step+ & EURIBOR
Marcel Zimmermann Governance & White paper
Guido Ravoet (EMMI) EURIBOR & Step+
Christoph Niggli Findings *Think Tank* 3 days workshop GLG
Eddie Tan ACI Luxembourg & Assiom Forex Italy discussion
Christian Buschmann New ACI Diploma
Christine Habel Regulatory landscape
Marcel Zimmermann SNB Roundtable *Global code of Conduct for FX*
Morgan Mc Donnell update progress ACI Luxembourg & Assiom Forex Italy
Visits
GA ACI Sweden March

GA ACI Croatia May
EURIBOR Meeting Paris May
MMLWG Meeting Paris June
BIS Meeting Basel July
GA ACI Serbia Sep
ACI Russian Derivatives
Conference Moscow Nov
ACI Meeting with lawyers Feb 16
In Paris together Franck
AFME ELAC Stand London Feb 16
German Language Group
Meeting in Vienna Mar 16
ACIFMA Paris Mar 16

4.8.4 ACI Middle East Mohammed Al Hashemi

4.8.5 USA - John Drohan

CONFIDENTIAL VIA EMAIL
April 4, 2016
Eddie Tan
Chairman, Management Board
ACI The Financial Markets Association
eddie.tan@citi.com
Supplemental Comments to the ACI America Updates Previously Provided
Dear Eddie,
I hope you are well, my regards to all the Counsel. I apologize again for not being able to make it to Jakarta, and I just
wanted to add a little more narrative to the presentation sent by Mike Guarino.
While still in nascent stage, ACI America has made substantial steps toward increasing awareness, recognition and
membership value of the US national association. While challenges remain, our success to date has centered
principally around our ability to leverage the history, impact and prestige of ACI FMAs ex-US global presence.
Effectively, our life blood is our ability to plug in to ACI globally. The three most impactful aspects are:
1. The longevity and timely relevance of the Model Code and our participation in new industry codes.
2. The breadth and depth of global membership and sponsorship; and
3. The relevance of ACI certification and training.
Nearly all our 400% increase in membership and sponsorship has closed around public events with market leaders and
regulators. These would have been impossible for us to arrange had our own connections not been supplemented by
key arrangements and invitations extended to the BIS and central banks, including the New York Fed, by ACI UK,
European, and global leaders, notably our President Marshall Bailey and the present Global Committee. Our upcoming
May 26th event including Simon Potter, Guy Debelle, and Chris Salmon is a fine example of this cross-border synergy.
Our membership and US markets are keenly aware of the commentary of David Puth at our event in New York this past
October (http://www.risk.net/risk/feature/2436081/foreign-exchange-says-goodbye-to-self-regulation), confirmed in
public citations by Guy Debelle, that the ACI FMA Model Code is proving a cornerstone for the creation of the BIS FX
Single Code of conduct.
575 Madison Avenue, 23rd Floor, New York, NY, 10017

ACIs history in the New York money center has been lightly regarded at best, and almost no awareness existed among
the growing U.S. regional banking community, non-bank payments and settlements businesses, and wholesale LPs
when Michael and I began our efforts over a year ago. I am pleased to report that this is changing, but would be
impossible could we not point to ACIs illustrious 60-year history, and its active, consolidated global membership of
12,000 or more.
Newcomers though we know ourselves to be, please accept these comments as respectfully intended, but carefully
derived on-the-ground observations from our perspective:
1. We feel schism is dilution, and dilution might well be death. Certainly for efforts such as our own, to build upon the
global franchise in what amounts to new membership and sponsorship markets. While we presently have no vote, we
cannot plead more strongly for global unity among national associations under the historical ACI banner.
2. We have observed that the US is rife with wildcat dealing trainers, many solo enterprises which claim some degree
of historical affiliation with ACI, correctly or not. A number of these have overlapped into unsavory retail FX seminars.
No greater threat exists to our credibility in American markets. Conversely, banks, non-bank LPs, as well as the buy-
side have never been more open to creditable and efficient compliance training and adherence solutions. We urge
consolidation of training around the Model Code via the ELAC portal, and the traditional and extended suite of ACI
certification and diploma tracks. Simulated dealing and similar courses are a well received supplement, but it is
essential to maintain global accreditation at all levels if ACI is to have a competitive edge and minimize its reputational
risk.
On behalf of Michael and our entire executive committee, I thank the global membership for receiving our feedback,
and look forward to great things to come
Warm regards,
Jack
John P. Drohan III

President
ACI America
jdrohan@aciamerica.us
212-710-0019
cc: michael.guarino@aciamerica.com
575 Madison Avenue, 23rd Floor, New York, NY, 10017

4.9 Membership withdrawal discussion Italy/Luxembourg
and Council
4.9.1 Letter from Morgan

ACI Council Meeting Prague 2015,.
Directive Summary:
Toward the end of the Council Meeting in Prague, it was brought to the attention of
councillors that ACI Italy were leaving ACI International , and further that ACI Luxembourg
had now dropped to an International member base of 10 members. There was
considerable debate over the fate of Luxembourg, and to whether they should be allowed
to continue as International members. There also was an attempt to keep the Italian issue
at the European level and for it to be discussed at the European meeting only, but as it
meant that we had just lost 10% of our Global membership, some European Presidents felt
that it needed to be discussed at International level. Further the same approach was felt
appropriate for the Luxembourg drop in International members.
As the debate at council continued, The Board had accepted the departure of ACI Italy and
proposed exiting ACI Luxembourg for the organisation. ACI UK, proposed that another
attempt should be made to understand ACI Italys concerns, and to possibly bring them
back into the fold, and also to assist the Board of ACI Luxembourg in rebuilding faith in ACI
International and thus increasing their international membership. This was agreed by the
Board and Council. ACI UK, agreed to spearhead this Council directive, and given the
gravity of the task sought assistance. ACI Denmark and ACI Germany stepped up to the
plate, and have been in attendance at all meetings.
Meetings were held in Milan and Luxembourg and further by conference call.
In the course of the meetings the following points were made:
Italys requirement to re-join.
While they embrace the international component of our organisation, they felt that they was
too little focus on Europe, its issues, and its working groups. Thus they want a Euro focus.
They feel they education is too singular in its approach (ELAC), and that ACI as an
international organisation is losing its focus on being a provider of top class accreditation.
Thus more focus on the traditional ACI education model. The feel that ELACs focus is to
turn ACI into a profit driven organisation, and the Education focus is ELAC.
They have lost faith in the current management board, as they feel their concerns were
never aired, or investigated. Thus changes in the management board.

In the course of all discussions ACI Italy continually pointed out that they had a desire to
return to ACI International, but that, in its current state, ACI International did not align to the
ethos of ACI Italy.
Following our final meeting in Luxembourg, it was agreed amongst the group the ACI Italy
will not be returning, and their final request was to make sure that their votes are now null
and void, and to be removed from the tally. .
Luxembourg:
In line with Luxembourgs statement in Prague the executive of ACI Luxembourg have
worked with their members to push the positive attributes of International membership,
while understanding the concerns of their membership. As well as the ones highlighted
above by Italy there is a further concern on the arbitrary implementation of the Statutes of
the ACI. On our discussions with the local membership there is a palpable feeling that the
statutes are being either manipulated or ignored to suit final purpose. There is a strong
local organisation in Luxembourg where members benefit with mingling with both
government members and the regulator on a regular basis. Further there is a strong
connection with Chinese banking and the local feeling is that the Board exited the Chinese
strategy without attempting to leverage local organisations that could have enhanced the
situation. Also, I was questioned by local members as to how the Board, without
consultation/approval of council dropped the strategy.
All the above been said, the Luxembourg Executive have worked tirelessly to increase
international membership, and have been very successful. From an original 10 members in
Prague, they have now achieved in excess of 60.
As successful as the above is, it will be difficult to maintain if transparency is not only done,
but seen to be done.
View of the Directed team.
UK, Denmark, and Germany:
Firstly the UK would like to thank both Kim and Heiner for their huge efforts in this Council
directive. The passion to keep our organisation as international as possible was always at
the fore, as was the desire to do the right thing.
Headline success, is the increase in Luxembourgs numbers.
Headline fail, is that Italy have, for the moment, left ACI International.
Despite the great efforts we have not kept Italy in, which in itself tells you how strong that
Italy not only feel aggrieved, but concerned for the future.

As the group, under council directive, was asked to view and attempt to fix these issues, it
would be very remiss of us not to highlight the merits in the points raised by both Italy and
Luxembourg. Local and regional concerns cannot be railroad over, to suit some short term
goals.
Jakarta is an opportunity for some very frank conversations and changes that may help
move our organisation forward. If this opportunity is not embraced in full, this working
group, fears, that it may result in severe fractionalisation, and possible catastrophic
outcome for our International organisation.
Councillors, Board members, please feel free to contact me for clarification, or

conversation.
Morgan McDonnell
Working Group Lead,
President,
ACI UK
4.9.2 Response from ACI FMA Management Board
Management Board Response to Morgan McDonnells Summary

Dear Council
The ACI FMA Management Board is thankful to Morgan for his report, commissioned last
October, and for the effort that he, Kim and Heiner undertook to investigate on behalf of
Council. As with many aspects of ACI FMA, we are dependent on the voluntary work of a
few to carry our issues forward.
We on the Management Board ask ourselves: what concrete and actionable ideas
can we put in place to serve the broadest group of international members in ACI
FMA? What ideas do we have that can help finance our growth? What themes exist
in modern wholesale financial markets that the ACI FMA can support, bringing value
to membership? What mistakes can we correct to enable growth? Unfortunately, there
are no answers provided in the Summary report.
Much of the report establishes what we already know: ACI FMA has been losing members
and engagement for many years, and has found it challenging to define its central purpose;
countries have dropped away over the past decade, and membership has not kept pace
with the changes in the market. We no longer have the established endorsement top
leadership of the worlds largest institutions, making it even more critical that we reconnect.
Italy and Luxembourg are the latest examples of this.

What is troubling is that the attempt to investigate potential concerns yielded no concrete
proposal for change or any actionable steps, or any preferred strategic initiatives for you,
as Council, or for us, as Management Board, to consider. It asks for Council to spend more
time discussing these points, which we are willing to engage in if Council asks. We ask
you: when you read this report, or the previous letter from ACI Luxembourg, do you see
any clear path being offered? Do you believe that external parties, looking at ACI as a
possible option for them, will be attracted to this?
Perhaps you see, like us, that the clear strategy we have outlined to Council, with its
deliberate effort to raise the standard for all, and to benefit all of us, affording
stronger growth potential and connectedness to critical areas of the wholesale
markets, is in fact a promising and realistic way to strengthen our association. Our
suggested path is outlined at the end of this document.
Italy
Morgan summarises the Italian ASSIOM position well; they seek an organisation that
focuses on Italy and on Europe, and seeks to provide preference to Italian concerns, rather
than to provide support for ACI FMA internationally. It is right to summarise that ACI Italy
wanted the Council to continue to provide direct work and financial support toward Italian
projects like Step Plus, which was supported by ASSIOM Italy but not by the broader
majority of ACI FMA Council members. When we as a Management Board, with the
endorsement of Council, reflected on the nature of this project for ACI FMA as a whole, it
was then cancelled, with overwhelming support of ACI FMA Council. For further details
please speak with Franck Hebeisen, who devoted many hours to solve this problem.
Morgan also correctly summarises the focus that the Management Board has placed
in its strategy to revitalise ACI FMA: to be relevant in our markets, we need to be
relevant to our members and our potential members, and to produce something of
unique value. With so much of the wholesale financial markets located and head-
quartered in London, New York, Tokyo, Hong Kong, Frankfurt, (etc) it is detrimental
to our standing to have membership underperformance in these locations while
nursing much smaller markets. While it is true that we are an association with a long and
noble history of supporting individuals from a wide variety of countries, we cannot do this
from a position of weakness. Many of the decisions and influence was resulting in our
being largely ignored in major centres and by major institutions, and this must be reversed.
We must engage our core strengths, build credibly on our abilities and offer the best of our
association to the world. We are capable of achieving great things if we act professionally.
We must deliver quality, in a modern way.
Over the last two years, the Managing Board has put considerable efforts into ACI
FMA gaining strength through financial stability and growth. Why should ACI restrict
its own capacity for growth? ACI can succeed as a high-performance association and grow
actively and purposefully like many others around us. The MB is not proposing to turn ACI
FMA into a profit-making body; we are removing the artificial restraints that have prevented
us from producing something of higher value. For instance, the ACI FMA education suite

remained un-tapped as a resource, and has allowed many to have a profit far greater than
anything ACI itself was earning. This is a flawed business model that nobody, including the
Italians, should endorse. Each NA produces its own strategy to their specific membership.
ACI FMA International is focused on raising the opportunities for all of us.
While offering a number of complaints and accusations, ASSIOM Italy offers no clear
preferred direction. They offer no alternatives to explore, and no fact-base for their
accusations, as reported. This is similar to the approach we had seen during their
remaining years on Council; quick to criticise and thin-skinned when challenged, but
providing no leadership or guidance on how to solve the major issues ACI faces.
We on the Management Board are saddened to see that rational arguments and our
aim for transparency and accountability have failed to change ASSIOM Italys mind.
Now that ACI is focused on developing its product offering, of internationalising the
education platform, and providing genuine opportunities for future members, Italy
has chosen to depart.
Luxembourg
ACI Luxembourg has again produced a series of complaints without offering any
strategic or tactical ways to support us internationally. At the past ACI Council
meetings they have repeatedly aired complaints without merit, and take far more
time than is fair to the rest of Council, yet choose to offer no help or solutions. Take
their point regarding China, as summarised in Morgans report. If Luxembourg has
such a strong connection with Chinese banking, why cant they use this for the good
of ACI FMA as a whole? Where was ACI Luxembourg in helping Linda bring us exams
and membership? Might they help us now?
In the past two years, we on the Management Board have followed the instructions
as directed by Council our mandate is to serve you, and to move ACI FMA towards
a relevant, strong and important body that can attract the next generation of
members and the next generation of leadership. In two years, since following your
express desire to hire and support the new paid position of President, we have had a
number of successes: Together, Council and the Management Board have:
Built a central purpose to ACI in our messaging to the markets: an entirely new,
professional and interactive website now fully explains who we are, and links all of
the international associations together in our central purpose
Focused our efforts to our core strengths: we are a non-profit association providing
education on markets and on ethical conduct, and we aim to provide this to as many
people and members as possible over the coming years. Why should we be intent
on limiting ourselves only to watch us shrink, while so many others have become more
agile and have run past us? Why should ACI not be among the best in class? It is not the
only thing we do, of course: our working groups are increasing in number (although not yet
in output) and we have the opportunity to expand to new membership types. However,

Education remains a large element of the expense in our budget and it must generate a
more productive return.
Built, from scratch, an entire on-line ELAC Portal for the wholesale financial markets
on ethical conduct, and have positioned ACI FMA to be at the core of these critical
discussions. This portal is the product of Council agreement to invest in our future,
done by democratic vote, and with your blessing. Many of you have witnessed the
power of this Portal first hand, and have come to see the merits not only of the
Portal, but also of the strategy. At present, the Portal has sufficient subscription
funding to have repaid the sum of this specific investment in its entirety, and has the
potential for spectacular growth. Compared to the previous investments we have
made in various places, it has been tremendous value indeed.
We have connected ACI FMA with the most important debate in modern financial
markets: how to produce a more professional body of market participants each
major central bank in the world is working on this, together and in concert, and we
have a large role to play in this.
We are speaking directly with the worlds most powerful central bankers, and on
critical topics, offering support from ACI in a way that has not been possible for a
decade. This is the future of our success.
We are working closely with the Committee for Professionalism to expand the role
we play in the global Codes of Conduct, bringing our expertise to the market in a
visible way.
We have formed an additional members Fixed Income Committee to tackle fixed

income, and to offer this angle to any member interested in supporting it. This, plus
the ACI FX Committee, has the potential to blossom into something even bigger,
offering access to important issues.
We are working closely with the Board of Education to position them for rapid
international growth, and to bring about the benefits of our global connections and
modern technology to support the entire association. Our education platform,
whether for our Certificates, our new Diploma, or the ELAC Portal, are the central
defining historical force of the ACI, and we are reforming the decisions that have
been made that have limited our growth.
We have worked closely with the organising committees for Jakarta, Dublin and
Switzerland to ensure that all members benefit from ACI, and to avoid the mistakes
we have made in Milan. We are already beginning to work on the agendas for these
Congresses, and hope to never again suffer an underwhelming experience like in
Milan.
We are positioning ACI to be able to afford to grow for without a better funding
model and without better governance, ACI will not reach its potential. Together, our
material and our members are good enough to be as good as the best. We have a

long way to go to overcome our recent ten years or so of history, but we can achieve
this with the right partnerships and the rights investment decisions.
We as Management Board serve the Council and members of ACI FMA in an

executive capacity. Our primary focus is ensuring the global strategy and delivery of
ACI FMA core values. We are intent on producing an association that is globally relevant,
with a sound reputation, and meets the needs of our NAs and membership. Together with
Council, the MB pays close attention to our slim financial position to ensure tangible
results. As always, we are happy to talk with you about any constructive ideas you may
want to bring us, that can raise the ACI FMA, and produce an association of which we can
be proud.

4.10 Committee for Professionalism Report

4.11 Board of Education Report
4.11.1 Overview of ACI Examinations taken January

December 2015
Dealing Operations ACI Model Code Total:
Certificate Certificate Diploma Certificate
January Exams Taken 62 14 5 0 81

No Show 1 0 0 0 1
February Exams Taken 57 15 7 0 79
No Show 0 0 0 0 0
March Exams Taken 92 28 5 10 135
No Show 2 0 0 0 2
April Exams Taken 81 10 6 2 99
No Show 11 0 1 1 13
May Exams Taken 61 20 11 4 96
No Show 1 0 0 0 1
June Exams Taken 66 20 7 4 97
No Show 6 2 0 0 8
July Exams Taken 78 24 5 0 107
No Show 1 0 2 0 3
August Exams Taken 65 37 8 1 111
No Show 10 2 0 0 12
September Exams Taken 112 30 5 1 148
No Show 7 1 0 0 8
October Exams Taken 101 20 4 1 126
No Show 6 3 0 0 9
November Exams Taken 102 17 19 1 139
No Show 2 2 0 1 5
December Exams Taken 140 22 16 1 179
No Show 13 1 2 0 16
Total 2015: total Exams 1017 257 98 25 1397

Taken
Total No Show 60 11 5 2 78
TOTAL 2015 1077 268 103 27 1475

4.11.2 Dealing Certificate January December 2015
NO
EUROPE DISTINCTION MERIT PASS FAIL SHOW TOTAL
ARMENIA 8 0 0 1 0 9
AUSTRIA 10 8 0 8 0 26
BELGIUM 0 0 0 1 0 1
CROATIA 4 3 1 8 0 16
CYPRUS 2 3 0 5 1 11
CZECH REPUBLIC 1 1 0 1 0 3
DENMARK 10 3 1 3 0 17
FINLAND 1 0 0 3 0 4
FRANCE 1 3 0 7 2 13
GEORGIAN
REPUBLIC 0 0 0 1 0 1
GERMANY 11 9 0 15 0 35
GREAT BRITAIN 13 6 2 38 6 65
GREECE 2 2 0 4 0 8
HUNGARY 13 1 0 5 1 20
ICELAND 3 0 1 0 0 4
IRELAND 1 1 0 3 0 5
ISRAEL 7 0 0 3 0 10
ITALY 1 1 0 1 0 3
LIECHTENSTEIN 2 0 0 2 0 4
LITHUANIA 1 1 0 0 0 2
LUXEMBOURG 2 1 0 5 0 8
MACEDONIA 1 1 0 1 0 3
MALTA 1 0 0 3 0 4

NETHERLANDS 9 4 0 15 1 29
NORWAY 0 1 0 0 0 1
POLAND 4 0 0 1 3 8
ROMANIA 2 2 1 1 2 8
RUSSIA 1 0 0 3 0 4
SERBIA 1 0 0 0 0 1
SWEDEN 6 2 0 2 1 11
SWITZERLAND 6 4 0 3 1 14
UKRAINE 2 0 0 1 0 3
TOTAL EUROPE 126 57 6 144 18 351
NO
MIDDLE EAST DISTINCTION MERIT PASS FAIL SHOW TOTAL
BAHRAIN 4 3 0 5 1 13
EGYPT 6 1 0 5 0 12
JORDAN 0 0 1 0 0 1
KUWAIT 1 5 1 9 1 17
LEBANON 0 0 0 1 0 1
LIBYA 0 0 0 1 0 1
OMAN 0 1 0 1 0 2
QATAR 1 0 0 6 0 7
SAUDI ARABIA 9 3 2 13 1 28
UNITED ARAB
EMIRATES 12 4 0 24 8 48
TOTAL MIDDLE
EAST 33 17 4 65 11 130

NO
AFRICA DISTINCTION MERIT PASS FAIL SHOW TOTAL
ANGOLA 0 0 0 0 5 5
BOTSWANA 5 0 0 8 2 15
CAMEROON 0 0 0 1 0 1
CAPE VERDE 0 0 0 1 0 1
IVORY COAST 0 0 0 1 0 1
GAMBIA 0 0 0 1 0 1
GHANA 23 30 2 89 3 147
KENYA 11 9 0 23 3 46
MALAWI 1 3 0 2 0 6
MAURITIUS 6 1 0 1 1 9
NAMIBIA 1 0 1 7 1 10
NIGERIA 19 12 2 52 2 87
SOUTH AFRICA 18 21 0 68 8 115
SWAZILAND 1 0 0 1 0 2
TANZANIA 2 1 0 8 1 12
UGANDA 5 7 1 24 2 39
ZAMBIA 6 11 1 12 0 30
ZIMBABWE 0 2 1 0 0 3
TOTAL AFRICA 98 97 8 299 28 530

NO
ASIA PACIFIC DISTINCTION MERIT PASS FAIL SHOW TOTAL
CHINA 1 1 0 0 0 2
INDIA 2 1 0 3 0 6
KAZAKHSTAN 0 0 0 1 0 1
MACAU 0 1 0 0 1 2
PAKISTAN 2 5 0 4 1 12
SINGAPORE 0 0 0 2 0 2
SRI LANKA 0 1 0 6 0 7
VIETNAM 20 2 0 2 0 24
TOTAL ASIA
PACIFIC 25 11 0 18 2 56
NO
AMERICAS DISTINCTION MERIT PASS FAIL SHOW TOTAL
BAHAMAS 1 0 0 0 0 1
CANADA 2 0 0 0 1 3
USA 1 1 1 3 0 6
TOTAL AMERICAS 4 1 1 3 1 10
Overall Total
Exams for Regions 1077

4.11.3 Operations Certificate - January December 2015
NO
AUSTRIA 2 0 0 0 0 2
CROATIA 1 0 0 0 0 1
DENMARK 1 0 0 0 0 1
GERMANY 2 0 0 4 0 6
ICELAND 2 1 0 0 0 3
MALTA 1 0 0 0 0 1
SWEDEN 0 0 0 0 1 1
TOTAL EUROPE 28 7 2 26 2 65
NO
EGYPT 1 0 0 0 0 1
KUWAIT 1 0 0 1 0 2
LEBANON 1 0 0 0 0 1
OMAN 1 0 1 3 2 7
TUNISIA 1 2 0 2 0 5
UNITED ARAB
EMIRATES 2 0 0 0 0 2
TOTAL MIDDLE EAST 9 3 2 6 2 22

NO
ANGOLA 0 0 0 1 0 1
BOTSWANA 0 1 0 2 0 3
CAMEROON 1 0 0 1 0 2
GHANA 63 13 0 0 2 78
KENYA 5 1 0 4 0 10
MOZAMBIQUE 1 0 0 2 0 3
NIGERIA 8 1 0 0 0 9
SOUTH AFRICA 10 1 2 15 3 31
TANZANIA 3 0 0 1 0 4
UGANDA 2 1 0 2 0 5
ZAMBIA 15 5 0 5 2 27
TOTAL AFRICA 108 24 2 33 7 175
AMERICAS DISTINCTION MERIT PASS FAIL TOTAL
CANADA 1 0 0 0 0 1
USA 1 0 0 0 0 1
TOTAL AMERICAS 2 0 0 0 0 2

NO
INDIA 1 0 0 0 0 1
SINGAPORE 2 1 0 0 0 3
TOTAL ASIA PACIFIC 3 0 0 0 0 4
Overall Total Exams for

Regions 268
4.11.4 Diploma - January December 2015

NO
AUSTRIA 3 2 0 1 0 6
CROATIA 2 0 0 2 0 4
CZECH REPUBLIC 0 2 0 2 2 4
DENMARK 1 2 0 0 1 4
FRANCE 0 0 0 3 0 3
GERMANY 8 4 1 5 0 18
GERMANY 0 1 0 1 0 2
HUNGARY 6 2 0 2 0 10
LITHUANIA 2 0 0 2 0 4
ROMANIA 1 0 2 3 0 6
TOTAL EUROPE 24 16 4 28 4 74

NO
EGYPT 0 0 0 2 1 3
JORDAN 0 1 0 0 0 1
UNITED ARAB
EMIRATES 0 1 0 1 0 2
NO
GHANA 0 1 0 0 0 1
KENYA 0 0 0 5 0 5
SOUTH AFRICA 1 0 0 3 1 5
SWAZILAND 0 1 0 0 0 1
TOGO 0 0 0 1 0 1
ZAMBIA 0 1 0 0 0 1
TOTAL AFRICA 1 3 0 12 1 17
NO
INDIA 0 2 0 0 0 2
PAKISTAN 0 0 0 2 0 2
TOTAL ASIA PACIFIC 0 2 0 2 0 4

Regions 103

4.11.5 Model Code - January December 2015
NO
FINLAND 7 7 0 0 0 14
France 0 1 0 0 0 1
IRELAND 1 0 0 0 0 1
TOTAL EUROPE 13 9 1 0 1 24
NO
QATAR 0 0 0 1 0 1
NO
GHANA 0 1 0 0 0 1
ZAMBIA 0 0 0 0 1 1
TOTAL AFRICA 0 1 0 0 0 2

Regions 27

4.11.6 Total Exams taken in 2015 (no shows included) PER
REGION
EUROPE AFRICA
Non ACI Affiliated in Total Total Difference Total Total Difference

green
2014 2015 2014/2015 2014 2015 2014/2015
ARMENIA 44 9 -35 ANGOLA 2 6 4
AUSTRIA 28 34 6 BOTSWANA 19 18 -1
BELGIUM 7 1 -6 CAMEROON 6 3 -3
BOSNIA &
HERZEGOWINA 1 0 -1 CAPE VERDE 0 1 1
BULGARIA 2 0 -2 IVORY COAST 1 1 0
CROATIA 17 21 4 GAMBIA 1 1 0
CYPRUS 29 11 -18 GHANA 77 227 150
CZECH REPUBLIC 9 7 -2 KENYA 47 61 14
DENMARK 40 22 -18 LESOTHO 4 0 -4
ESTONIA 3 0 -3 MALAWI 8 6 -2
FINLAND 13 18 5 MAURITIUS 9 11 2
FRANCE 12 17 5 MOZAMBIQUE 22 3 -19
GEORGIAN REPUBLIC 1 1 0 NAMIBIA 2 10 8
GERMANY 66 61 -5 NIGERIA 97 96 -1
GREAT BRITAIN 110 93 -17 SOUTH AFRICA 86 151 65
GREECE 8 8 0 SWAZILAND 1 3 2
HUNGARY 10 30 20 TANZANIA 30 16 -14
ICELAND 14 7 -7 TOGO 1 1 0
IRELAND 1 6 5 UGANDA 28 44 16
ISRAEL 14 10 -4 ZAMBIA 59 59 0
ITALY 9 3 -6 ZIMBABWE 6 6 0
LIECHTENSTEIN 1 4 3 506 724 218
LITHUANIA 3 6 3

LUXEMBOURG 19 8 -11 MIDDLE EAST
MACEDONIA 8 3 -5 Total Total Difference
MALTA 11 5 -6 2014 2015 2014/2015
NETHERLANDS 46 64 18 BAHRAIN 20 13 -7
NORWAY 0 1 1 EGYPT 27 16 -11
POLAND 10 8 -2 JORDAN 3 2 -1
PORTUGAL 1 0 -1 KUWAIT 11 19 8
-
ROMANIA 31 14 -17 LEBANON 12 2 10
RUSSIA 15 4 -11 LIBYA 0 1 1
SERBIA 4 1 -3 MOROCCO 3 0 -3
SLOVENIA 4 0 -4 OMAN 1 9 8
SPAIN 1 0 -1 QATAR 9 8 -1
SWEDEN 15 12 -3 SAUDI ARABIA 30 34 4
SWITZERLAND 30 22 -8 SUDAN 1 0 -1
TURKEY 2 0 -2 TUNISIA 1 5 4
UNITED ARAB
UKRAINE 0 3 3 EMIRATES 24 52 28
639 514 -125 YEMEN 1 0 -1
143 161 18

ASIA PACIFIC AMERICAS
Non ACI Affiliated in Total Total Difference Total Total Difference

green
2014 2015 2014/2015 2014 2015 2014/2015
CHINA 1 2 1 BAHAMAS 0 1 1
INDIA 14 9 -5 CANADA 3 4 1
KAZAKHSTAN 0 1 1 USA 7 7 0
MACAU 2 2 0 10 12 2
MONGOLIA 2 0 -2
PAKISTAN 4 14 10
SINGAPORE 0 5 5
SRI LANKA 2 7 5
VIETNAM 46 24 -22
71 64 -7
Top 10 for 2015 :
GHANA 227
SOUTH AFRICA 151
NIGERIA 96
GREAT BRITAIN 93
NETHERLANDS 64
GERMANY 61
KENYA 61
ZAMBIA 59
UNITED ARAB
52
EMIRATES
UGANDA 44

4.11.7 BOE Report
4.11.7.1 ACI FMA Suite of Diplomas
ACI FMAs Suite of Diplomas was launched in March 2016 and published on ACIs
website. Trainers from the Trainers Contact Group and the Frankfurt School will offer
preparatory courses for the new Suite of Diplomas. Holders of the old Diploma who
successfully complete a third ACI FMA Diploma will be awarded the ACI FMAs
highest educational title - Certified Markets Professional (CMP). Hence, the old
Diploma is eligible to the two mandatory Diploma modules.
4.11.7.2 Certified Markets Professional (CMP)
ACI FMAs Board of Education has checked the working title CFMP which turned
out to be not applicable since the Hong Kong Banking Association already awards a
title with the same acronym. ACI FMAs Board of Education has decided to use the
title Certified Markets Professional and the acronym CMP. The CMP title
trademarking is currently pending with the ACI FMA Management Board.
4.11.7.3 Introduction of new requirements for the ACI FMA Suite of

Diplomas
For the Suite of Diplomas, the Board of Education replaced the eligibility requirements
based on the candidates market experience. Instead of this, in the future, candidates
should have successfully passed one certificate of the ACI FMA Suite of Certificates.
This originates from the fact that ACI FMA requires all candidates to be aware of and
to maintain the highest ethical standards (recognized through the knowledge of the
Model Code). Also, this requirement reflects the new three layer structure with basic
training, specialization and sophistication. Lastly, with the new requirements, ACI
FMA opens its Suite of Education to other professions, other than the financial
markets profession, e.g. accountants, financial market lawyers, auditors, and
academics. Since ACI FMAs Model Code will be replaced with the new BIS-Code of
Conduct in the near future, ACI FMA also ensures a quick diffusion of this code of
conduct among candidates.

4.11.7.4 Trainers Contact Group Meeting
In November 2015, trainers within the trainers contact group (TCG) met with the ACI
Director of Education and the Chair Board of Education. The TCG discussed the
Frankfurt Schools proposals for the revised syllabuses of the ACI Dealing Certificate
and the ACI Operations Certificate. This topic took most part of the meeting. Trainers
of the TCG and the Frankfurt School will offer preparatory courses for the new ACI
Suite of Diplomas. A list with the trainers and their offerings will be published on the
ACI website.
4.11.7.5 Study Materials
Based on various discussions made in Prague, ACI FMAs Board of Education is

about to develop study materials for the complete ACI FMA Suite of Education, the
Certificates as well as for the Diplomas. For both, the ACI Dealing Certificate as well
as the ACI Operations Certificate, up-to-date study guides already exist.
4.11.7.6 Strengthening Cooperation
Given the growing complexity of financial markets, banking and regulation, ACI FMAs
Board of Education decided to intensify cooperation between the Board of Education
and other committees of ACI FMA. In addition, to strengthening its expertise, the ACI
FMA Board of Education will intensify its collaboration with other associations, e.g.
London Bullion Association. Given the growing importance of financial regulation, the
first collaborative meeting will take place with the regulatory working group in Jakarta.
4.11.7.7 New ACI FMA Testing Portal
Under the lead of the vice chair BoE, the ACI FMAs Board of Education undertook a
tender proposal. Frankfurt School of Finance & Management as well as Rages
International / Bestpractise World contributed proposals for this tender. This process
itself was managed over a few months given the importance of the task, including
many discussions, meetings and feedback sessions. ACI FMAs Board of Education
decided in favour of Bestpractise World. This was a conditional decision. Currently,
the Management Board of ACI FMA is negotiating the contract between Bestpractise
World and ACI FMA, taking the feedback of the BoE into account.

4.11.7.8 Marketing
During a Frankfurt School visit to India and Sri Lanka in February 2016, ACI FMAs
Director of Education took advantage to promote ACI FMAs Suite of Education. He
met with central bankers and representatives from local banks. Business relating by
DoE on behalf of ACI is under the provisions of the contract between ACI FMA and
Frankfurt School of Finance & Management. The Bombay Stock Exchange has
indicated they would be happy to host the ACI exams in India, using the new testing
platform. The Central Bank of Sri Lanka is in favour of the new Suite of Diplomas and
will support the Sri Lanka Forex Association. The deputy governor of the central bank
of Sri Lanka invited members of the Board of Education to officially launch ACI FMA
Suite of Diplomas in Sri Lanka. The Sri Lanka Forex Association is currently working
on possible dates, training facilities etc.
4.11.7.9 Meeting German Language Group
In March 2016, the Chair Board of Education had a meeting with representatives of
the German Language Group, namely the presidents of ACI Austria, ACI Germany,
and ACI Switzerland. Among other topics, the Chair Board of Education explained the
ACI FMAs new educational strategy. The presidents from ACI Austria and ACI
Germany mentioned that their associations prioritize education first and the
collaboration between the Board of Education and working groups second. In his
double function as European president, the president of ACI Switzerland stated that
the Management Board of ACI FMA stands 200% behind the new Education
Strategy. The German Language Group is looking forward to the new Diplomas and
is willing to advertise the same.
4.11.7.10 Change within the Board of Education
Marc Burgheim, ACI Germany, Representative German Language Group, will leave
the Board of Education at the end of his term.

4.11.7.11 Current Projects
Extension of the ACI FMA Suite of Diplomas with the following four modules:
ACI Diploma in Precious Metals & Commodities, ACI Diploma in Operations,
ACI Diploma in Compliance & Regulation, ACI Diploma in Islamic Banking.
Revamp of the ACI Dealing Certificate, the ACI Operations Certificate and the
ACI Model Code Certificate.
The preparation for the launch of the new IT platform and the process around
marketing and management.

4.12 ACIFX Committee Report

4.13 Regulatory WG Report

4.14 Governance

4.15 International Congresses

4.16 ACI Autumn meetings 2016

4.17 Any other business

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ACI FMA

Information Pack &

1 Venue and details of the ACI Meetings ...................................................................... 5

ACI FMA 2016. All rights reserved.

ACI FMA 2016. All rights reserved.

ACI FMA 2016. All rights reserved.

All meetings will be held at the Ritz Hotel:

The Ritz-Carlton Jakarta, Pacific Place

Sudirman Central Business District (SCBD)

Jl. Jend. Sudirman Kav. 52 53, Jakarta 12190

Tel. +62 21 2550 1888

Business attire highly recommended.

ACI FMA 2016. All rights reserved. 5

2.1 Management Board & BOE joint Meeting

Time: 3.00 pm 6.00 pm

Venue: Pacific Place Meeting Room 1, 21st floor

ACI FMA 2016. All rights reserved. 6

3.1 Regulatory Working group

Time: 8.30 am 2.30 pm (incl. BOE joint Meeting 11am-1pm)

Venue: Pacific Place Meeting Room 1, 8th floor

Lunch: 1pm 2.00 pm at dining area, 6th floor

3.2 Management Board Meeting

Time: 9.00 am 3.00 pm

Venue: Pacific Place Meeting Room 3, 8th floor

Coffee Break: 10.30-11.00am Foyer

Lunch: 1pm 2.00 pm at dining area, 6th floor

3.3 ACI BOE Meeting

Time: 9.00 am 3.45 pm (incl. Regulatory WG joint Meeting 11am-1pm)

Venue: Pacific Place Meeting Room 2, 8th floor

Coffee Break: 10.30am -11.00 am

Lunch: 1pm 2.00 pm at dining area, 6th floor

3.4 ACI CFP Meeting

Time: 9.00 am 11.00 am

Venue: Meeting held at the hotel coffee corner

3.5 ACI BOE & Regulatory WG joint Meeting

ACI FMA 2016. All rights reserved. 7

3.6 ACI ACIFXC & CFP joint Meeting

Time: 11.00 am 3.45pm

Venue: Pacific Place Meeting Room 6, 8th floor

Lunch: 1pm 2.00 pm at dining area, 6th floor

3.7 Regional Meetings

Time: 3.30 pm 5.00 pm

3.7.1 ACI Europe

3.7.2 ACI Asia

3.7.3 ACI Middle East

3.7.4 ACI Africa

3.8 ACI Evening Reception

Dress Code: Smart Casual

Venue: The Hermitage Menteng Jakarta (tbc)

Please gather at 7.00pm in the lobby of the Ritz

ACI FMA 2016. All rights reserved. 8

Time: 09.00 am 5.00 pm

Venue: Meeting Room Level 8, Glass House

Coffee Break: 10.30am -11.00 am

Lunch: 1pm 2.00 pm at Glass House Meeting room Level 8

ACI FMA 2016. All rights reserved. 9

ACI FMA 2016. All rights reserved. 10

4.2.1 ACI Asia:

Australia Chris Howlett General Manager & COO 270

Indonesia Branko Windoe Board Member 70

Achmad Friscantono Board Member

Japan Hiromitsu Izawa Secretary 229

Korea Jeong woog Lee President 100