ICIA - INTERNATIONAL COUNCIL OF INVESTMENT ASSOCIATIONS

International Code of Ethics and Standards of Professional Conduct [pdf-format, 300 kb]

Globalization of capital markets has forever changed the landscape of the investment industry. Investors who once avoided the perceived high risk of international investment are now demanding global diversity within their portfolios. But, with the increased opportunities available to global investors come new challenges for the professionals who manage their assets. These investment professionals rely on the capable leadership of various investment organizations to define standards for ethical behavior, performance presentation, and financial accounting on the domestic level. In the absence of an authority with jurisdiction over global investing, and in a profession that prides itself on self-regulation, there is a clear need for an organization to address the specific challenges that face today's global investment professionals.

That organization is the International Council of Investment Associations (ICIA). ICIA is an affiliation of investment organizations that combines the collective expertise and resources of these organizations to develop a forum for discussing issues related to the management and analysis of global investments. From its discussions, ICIA recommends standards and initiatives to organizations and authorities that will allow for continued expansion of global investment strategies.

Formerly known as International Coordinating Committee of Financial Analysts Association (ICC), ICIA was established in 1974 as a partnership of representatives of global and regional investment organizations. ICIA's goals are to further define the profession of investment management, to bring uniformity and integrity to the investment decision-making process in all markets, and to work cooperatively with investment organizations, regulators, and governments around the world to bring positive changes to the investment process.

ICIA INITIATIVES

Development of an International Code of Ethics for use by investment professionals and institutions around the world
Promotion of the highest ethical and professional standards of practice
Promotion of the education and training of analysts, including the establishment of a common Body of Knowledge
Development of common methodologies and practices of financial analysis and portfolio management
Enhancement of global market efficiency, including allocation of capital, through appropriate generation and distribution of information regarding investment-related issues
Enhancement of the statutes and influence of the investment management profession in relationship to other international professional and political organizations. This include working to improve accounting standards worldwide by being an active member of the Board of the International Accounting Standards Board (IASB), and establishing a relationship with the International Organization of Securities Commissions (IOSCO) and other appropriate organizations.

DELEGATES TO ICIA

Delegates to the ICIA are elected from the following professional investment organizations:

Asian Securities Analyst Federation Inc. - ASAF
Association for Investment Management and Research - AIMR
European Federation of Financial Analysts Societies - EFFAS
Brazilian Association of Capital Market Analysts - APIMEC
Investment Analysts Society of Southern Africa - IASSA

ICIA consists of up to five delegates each from ASAF, EFFAS and AIMR, and one delegate each from ABAMEC and IASSA. Typically, ICIA meets twice annually, usually in conjunction with an ASAF, AIMR, or EFFAS conference. To ensure a proper global perspective within the organization, co-chairpersons are elected from Asia, Europe, and North America to share the responsibility of overseeing ICIA meetings and activities.

ICIA MEMBER ORGANIZATIONS

ASAF Asian Securities Analysts Federation Inc
AIMR Association for Investment Management and Research
EFFAS European Federation of Financial Analysts Societies
APIMEC Brazilian Association of Investment Analysts
IASSA Investment Analysts Society of Southern Africa