The Hong Kong Association of Financial Advisors Ltd

 

Membership Proposal

 

For the year of 2021

THE HONG KONG ASSOCIATION OF FINANCIAL ADVISORS LIMITED

MEMBERSHIP

(1)       Introduction

The Hong Kong Association of Financial Advisors Limited (HKAFA) was established on 15 June 1995 as a professional body which aims to promote interactions among the specialized multi-disciplinary areas of finance, investment, banking, taxation and related areas. The Associations helps to enhance the continual development of the study and practice in the specialized financial areas and thereby improve the overall efficiency. The HKAFA also acts as a representative of its Members whether by way of negotiation, correspondence, petition or otherwise and to procure changes of relevant law or practice and thus prioritize interests of the Professionals.

(2)       Objectives

During the last 25 years, HKAFA has been working closely with the government, regulators, financial services industry-related organizations, industry influencers and our members to promote professional standards for the financial services industry. To support the Hong Kong Securities and Futures Commission (SFC) to a higher Continuous Professional Training (CPT) requirement. HKAFA proposes to provide high-quality training seminars for HKAFA’s members, as well as related participants. On 22 September 2020, the Academic and Accreditation Advisory Committee (AAAC) has approved HKAFA as a Recognized Institution for Providing Continuous Professional Training (CPT).

(3)       Keys to our success

Success factors are, in order of importance:

HKAFA is a nonprofit organization and an expert in the financial services industry for over 25 years.

During the years, HKAFA has offered many seminars which are related to regulated activities and relevant for CPT purposes.

Due to HKAFA processes a good pool of expertise, professional connections, and low operational overhead. Trainers are professionally qualified and with relevant industry experience.

HKAFA aims to set good standards of conduct and ethics for participants in the financial services industry.

HKAFA has an independent committee which is represented by industry participants, to develop, evaluate and ensure the quality of the training programmes.

The approval has been granted by AAAC of SFC on the basis that:

  1. HKAFA has a track record of providing training events to industry practitioners at least three years;

  2. HKAFA’s training programmes are related to regulated activities and relevant for CPT purposes;

  3. HKAFA has an independent committee, which is represented by industry participants, to develop, evaluate and ensure the quality of its training programmes;

  4. The trainers of HKAFA’s training programmes are professionally qualified and with relevant industry experience;

  5. HKAFA’s training programmes are interactive; and

  6. HKAFA has attendance control in place. It keeps records of attendance certificates issued and attendance records for at least three years.

 

 

(4)       Providing Continuous Professional Training (CPT) Services

To meet the SFC CPT requirements, it is expected that the scope of training and the contents of the seminars will be related to the SFC’s type of regulated activities. According to Cap. 571 Securities and Futures Ordinance – Schedule 5, part of the regulated activities are:

Type of regulated activities

1          Dealing in securities

4          Advising on securities

8          Securities margin financing

2          Dealing in futures contracts

5          Advising on futures contracts

3          Leveraged foreign exchange trading

6          Advising on corporate finance

9          Asset management

10        Providing credit rating services

 

The whole spirit of the CPT requirements is to ensure the industry participants satisfy the fit and proper criteria and competence requirements respectively.

Additionally, the topics of the seminars will be related to paragraphs 7.1 and 7.2 of SFC’s Guidelines on Continuous Professional Training. Each training session is highly interactive, and training notes, as well as practical examples, will be provided.

Our seminars are mainly targeted at those practitioners who would like to refresh their knowledge and to better understand the key issues relating to the above mentioned regulated activities.

(5)       Membership Class

Honorary Fellow (FHKAFA (Hon))

The HKAFA Honorary Fellowship is intended for individuals who have made a distinguished contribution to the financial community.  Honorary Fellow Membership is by nomination and approval of the Board.

Fellow (FHKAFA)

The HKAFA Fellowship is reserved for Members (MHKAFA) who hold recognised academic or professional qualification and/or have made a significant contribution to the development of the Institute and industry through their association with the Institute.  Fellow Membership is by nomination and approval of the Board.

Fee:    Annual Fee: HK$300 per year

Associate Member (MHKAFA)

Qualified Associate Member may be invited to apply to progress through at least one of the following 3 routes. All applications require the approval of the Membership Committee.

Route 1:         Veteran Route

5 years or above relevant experiences in two industries; and

Holds or has held a responsible position within the financial industry: and

Recommend by one of the Membership Committee members.

Route 2:         Qualification Route

At least one year of Affiliate Membership; or

At least 5 years of relevant industry experiences; and

holds or has held a responsible position within the financial industry; or

Completion of one of the HKAFA recognised or approved qualifications; or

Holds or has qualifications accepted by the HKAFA, for examples, Certified Management Accountant(CMA), Associate member of Chartered Certified Accountants(ACCA), Hong Kong Institute of Certified Public Accountants(HKICPA), Institute of Public Accountant(IPA) & Institue of Financial Accountant(IFA), The Hong Kong Institute of Bankers(CB), Lawyer, Registered Financial Planner(HKRFP), Chartered Financial Analyst (CFA), etc

Route 3:         Contribution Route

At least 5 years of relevant industry experience; or

Holds or has held a responsible position within the financial industry; and

has voluntarily contributed significantly to the development of HKAFA or financial industry.

Progression Application

Please fill in the Progression Application Form and send to HKAFA.org.

Fee(s):            Progression Application Fee: HK$1,000

Annual Fee: HK$200 per year

 

Affiliate Member (no voting rights)

No Experience Requirement: or

Less than one-year relevant industry experience; or

Completion of qualifications recognised by the HKAFA; or

Other qualifications accepted by the HKAFA

Application

Please fill in the Application Form and send to HKAFA.org.

Fee(s):            Progression Application Fee: HK$100

Annual Fee: HK$50 per year        

 

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