Charter Awards Ceremony and Christmas Party
19 New Charterholders in Finland
CFA Society Finland had a reason to celebrate as 19 finance professionals were awarded CFA designation this fall in Finland. Some 40 people were in attendance at Studio K, Klaus K hotel on the evening of 27th November where 11 Charterholders were present to receive their diploma. Big congratulations to all!
After welcoming drinks, Society chair Miia Hukari gave an introduction of the Society’s mission, strategies and goals. Miia’s presentation was followed by greetings from Katrin Laving from Society sponsor Refinitiv. Katrin was happy to announce that instead of material Christmas gifts Refinitiv had chosen this year to make a donation to charity on behalf of every attendee. As Refinitiv mentioned, especially this time of year it is important to remember children who are less fortunate. Hence, local Unicef chapter will be receiving 400 euros going to a good cause.
Katrin Laving (left) and Liisa Leivo from Refinitiv
Sviatoslav Rosov with Board Members Miia Hukari (right) and Jaana Kero (left)
Capital Formation
The event featured a highly interesting presentation on Capital Formation by Sviatoslav Rosov, PhD, CFA, from the CFA Institute.
Mr. Rosov talked about the broad trends in public market participation by corporations over the last two decades and most notably about the declining number of firms listed in the equity markets. He noted that the pressures on public corporations have grown, for example by increasing corporate disclosure requirements, listing standards, and governance practices.
Furthermore, new business models are often characterized by high intangible asset investment and tend to scale very rapidly and with relatively little capital. According to him, these companies also prefer to deal with fewer but larger investors to retain ownership and control. These factors may explain why avoiding public markets entirely has become feasible.
Policy Recommendations
While there is no obvious regulatory solution to making public markets more attractive to new businesses and entrepreneurs, in terms of policy recommendations, Mr. Rosov suggested the following measures:
encourage better disclosure and transparency standards in the private markets
improve access to private market investments through professional intermediaries
keep strict investor protections and limits in place
Finally, regulators should monitor the rise of private markets more closely for evidence of growing systemic risks
In his view, the policy priority should be to ensure social support for the corporate sector by better integrating the private markets into the existing “social compact.”
After the formal program, the guests enjoyed a buffet dinner providing some time for networking.