7/29/2019 PenzugyiTervezesAzEuropaiUnioban

1/4

Nzpontunk a pnzgyi tervezs legjobb gyakorlatai s a fogyasztvdelem az (j) eurpai szablyozs tkrben.Hogyan segt a Planplus-Planit software s megoldsok?

BEFEKTETSEK Tervezsea MiFID/IMD II., PRIPs, KIID s a nemzetkzi legjobb gyakorlatok tkrben

Az Eurpai rtkpaprfelgyelet jelentse s MiFID alkalmazsi elvrsainak hatsa a befektetsi tancsadsra s vagyonkezelsre.

European Securities and Markets Authority http://www.esma.europa.eu/ MiFID GuidelinesRossz krdvekkel, rossz adatokra tmaszkodva, rossz eredmnyre jutnak s mindig rossz befektetst javasolnak. - 2007 ta.

Az eredeti tjkoztat magyaruls angolul, Gyakori krdsek.

Mit hoz az j eurpai szablyozsi hullm, aminek az elfogadsa ppen zajlik?

MiFID IIMarkets in Financial Instruments Directive II, IMD II Insurance Intermediation Directive IIA kzponti elvrsok s krdsek mg a MiFiD I. 19. szakaszban: Tisztessg, gyfl legjobb rdeke, Egyrtelm, Nem flrevezet. Dilemmk:- Jutalktilalom versus Transzparencia?

- Megfelelsg vagy fiducilis??? Egyeslt llamok: FPA Standard of Care,Fiducilis Intzet, Valdi Pnzgyi Tervezs, Texas Tech University study, FiduciaryPractice Guide. SEC tanulmny.PRIPs Packaged Retail Investment Products: egy platforma kerlnek a befektetsi termkek. Az UL nem biztosts. Kapcsolat UCITS-szel.

KID Key (Investor) Information Document: Tteles elrsok a tjkoztat tartalmra. Nevestett szankcik.

Milyen szoftverfunkcik tmogatjk ezt s milyen legjobb tancsadi gyakorlatokhoz alkalmazhatk? Mit kell kzlni az gyfllel s hogyan, az

eurpai brsgi gyakorlat tkrben?Befektetsi Politika - Kockzati profil - A befektetsi termkek egysges keretbe foglalsa - A befektetsek kockzat-kltsg-hozam profilja -Transzparencia gomb - Szcenrielemzs (Szemlyi pnzgyek Stressz teszt) - Model Portflik - Credit Suisse trtneti hozamok-

trendezs(Rebalancing) - Multiportfli.

www.planipedia.org/index.php/Befektetsi_Politika_-_Kockzati_profil,_Eszkzallokci_s_a_Modellportflik_hozzrendelseA pnzgyi tervezs lpsei - Aktv vs.passzvbefektets - Terveziszerzdsminta - Befektets vagy kereskeds (kaszin)? - KltsgekMo-on.

2012 Planplus Inc., Zoltan Luttenberger 2012.07.20 1 of 3

http://www.google.com/url?q=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fpersonalfinance%2Finvesting%2F7923367%2FMore-than-meets-the-eye-to-fund-charges.html&sa=D&sntz=1&usg=AFQjCNFF-4lft1AzAfX-Tqr0sLvQbdGxjghttp://www.google.com/url?q=http%3A%2F%2Fwww.esma.europa.eu%2F&sa=D&sntz=1&usg=AFQjCNEtU7CDkXvhCuvUhHnPk9qM3B0g0Ahttp://www.google.com/url?q=http%3A%2F%2Fwww.esma.europa.eu%2F&sa=D&sntz=1&usg=AFQjCNEtU7CDkXvhCuvUhHnPk9qM3B0g0Ahttp://www.google.com/url?q=http%3A%2F%2Fwww.esma.europa.eu%2F&sa=D&sntz=1&usg=AFQjCNEtU7CDkXvhCuvUhHnPk9qM3B0g0Ahttp://www.google.com/url?q=http%3A%2F%2Fwww.bbj.hu%2Fbusiness%2Fexchange-traded-funds-save-on-fees_61599&sa=D&sntz=1&usg=AFQjCNFOMfQvBDkDE1Ft1qhyPzyLPC3OJQhttp://www.google.com/url?q=http%3A%2F%2Fwww.scribd.com%2Fdoc%2F87182271%2FKeretmegallapodas-sablon-v201107&sa=D&sntz=1&usg=AFQjCNErJqO5kR48tVCZ05cPpm9fHMS_fQhttp://www.google.com/url?q=http%3A%2F%2Fwww.portfoliosolutions.com%2Fbenefits-to-you-2%2Four-philosophy%2Fwhat-is-index-investing%2Factive-versus-passive-investing%2F&sa=D&sntz=1&usg=AFQjCNHQa9lMA-Mk1x4Rla4EQGGyO9oU5Qhttp://www.google.com/url?q=http%3A%2F%2Fwww.planipedia.org%2Findex.php%2FBefektet%25C3%25A9si_Politika_-_Kock%25C3%25A1zati_profil%2C_Eszk%25C3%25B6zallok%25C3%25A1ci%25C3%25B3_%25C3%25A9s_a_Modellportf%25C3%25B3li%25C3%25B3k_felm%25C3%25A9r%25C3%25A9se&sa=D&sntz=1&usg=AFQjCNFH8Obxsik9rM5uky8VnNMk2CcWPghttp://www.google.hu/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&ved=0CF8QFjAC&url=http%3A%2F%2Fwww.credit-suisse.com%2Finvestment_banking%2Fdoc%2Fcs_global_investment_returns_yearbook.pdf&ei=djwSULWcEsX4sgbkqIDQBQ&usg=AFQjCNHJNdAjYlKCKrZDNiIgtjTrE-Zgoghttp://www.google.com/url?q=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fpersonalfinance%2Finvesting%2F7923367%2FMore-than-meets-the-eye-to-fund-charges.html&sa=D&sntz=1&usg=AFQjCNFF-4lft1AzAfX-Tqr0sLvQbdGxjghttp://www.google.com/url?q=http%3A%2F%2Fwww.luttenberger.info%2Fplanning%2Fbefektetesi-politika---ip&sa=D&sntz=1&usg=AFQjCNGQoMW4LuK-TvYiN0BSvJAM_pR2wwhttp://www.google.com/url?q=http%3A%2F%2Fec.europa.eu%2Finternal_market%2Ffinservices-retail%2Finvestment_products_en.htm&sa=D&sntz=1&usg=AFQjCNFgYI4Diqv9xiOsqCw0x1L55kfzZQhttp://www.google.com/url?q=http%3A%2F%2Fwww.sec.gov%2Fnews%2Fstudies%2F2011%2F913studyfinal.pdf&sa=D&sntz=1&usg=AFQjCNHVLheOB7IRHq2Rwc6JMTsEkotEkAhttp://www.google.com/url?q=http%3A%2F%2Fwww.scribd.com%2Fdoc%2F80642457%2FGuide-of-Fiduciary-Financial-Planning-Practice-A-Fiducialis-Penzugyi-Tervezes-Szabalyai&sa=D&sntz=1&usg=AFQjCNGWZUAZEIOexTETcGddZahyjLhWcAhttp://www.google.com/url?q=http%3A%2F%2Fwww.scribd.com%2Fdoc%2F80642457%2FGuide-of-Fiduciary-Financial-Planning-Practice-A-Fiducialis-Penzugyi-Tervezes-Szabalyai&sa=D&sntz=1&usg=AFQjCNGWZUAZEIOexTETcGddZahyjLhWcAhttp://www.google.com/url?q=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2019090&sa=D&sntz=1&usg=AFQjCNEJx4e0P9Gpe5LZmgIMwnmAK0jVdghttp://www.google.com/url?q=http%3A%2F%2Fwww.napfa.org%2FThreeElementsofREALFinancialPlanning.asp&sa=D&sntz=1&usg=AFQjCNF1QCN4Q8lLVadsfbT_Oos9MRrNHghttp://www.google.com/url?q=http%3A%2F%2Fwww.thefiduciaryinstitute.org%2F&sa=D&sntz=1&usg=AFQjCNHbjBWrkCAax43OOLIUEr0vbmz9YAhttp://www.google.com/url?q=https%3A%2F%2Fwww.fpanet.org%2FAboutFPA%2FStandardofCare%2F&sa=D&sntz=1&usg=AFQjCNECZixLZsgLvisM93gx72i0q0cbDghttp://www.google.com/url?q=http%3A%2F%2Fec.europa.eu%2Finternal_market%2Fsecurities%2Fisd%2Fmifid_en.htm&sa=D&sntz=1&usg=AFQjCNHRDIliX0ACcq2BsRArsjnjuMbtGAhttp://www.google.com/url?q=http%3A%2F%2Fec.europa.eu%2Finternal_market%2Fsecurities%2Fdocs%2Fisd%2Fquestions%2Fquestions_en.pdf&sa=D&sntz=1&usg=AFQjCNHWUybL048hIGkRiGRp_1Lu2ovDewhttp://www.google.com/url?q=http%3A%2F%2Fwww.esma.europa.eu%2Fnode%2F48704&sa=D&sntz=1&usg=AFQjCNHNnrLgrJGAeAktGnx-4KHh5udXmQhttp://www.google.com/url?q=http%3A%2F%2Fwww.esma.europa.eu%2Fsystem%2Ffiles%2F08_003___Hungarian.pdf&sa=D&sntz=1&usg=AFQjCNF3qgSBuKR8mRwXEs_IzDD4l5lxaghttp://www.google.com/url?q=http%3A%2F%2Fwww.esma.europa.eu%2Fnews%2FESMA-publishes-MiFID-guidelines-enhance-investor-protection%3Ft%3D326%26o%3Dhome&sa=D&sntz=1&usg=AFQjCNGVm6N9KS_20m-RRKN3kh67sByumAhttp://www.google.com/url?q=http%3A%2F%2Fwww.esma.europa.eu%2F&sa=D&sntz=1&usg=AFQjCNEtU7CDkXvhCuvUhHnPk9qM3B0g0A

7/29/2019 PenzugyiTervezesAzEuropaiUnioban

2/4

A pszichometrikai kockzati profil s a befektetsi tancsads megfelelsgi kritriumai.

Felgyelet szablyozsi gyakorlat Nemzetkzi legjobb gyakorlatok

UK: RDR Suitability Guide. A befektetsi tancsads megfelelsgi kvetelmnyei s az elkerlend Gyakori Hibk.

Finametrica : Az arany standard Rossz gyakorlatok, hiedelmek. Mi az oka? Hogyan lehet megoldani?

Hollandia,AFM: Transzparencia s Tisztessg Passzv benchmarking

Portfoliosolutions.com A Story Your Banker Will Never Tell You

Ausztria LB (OGH): MiFID jogalkalmazsok. US exkursion: Plain English rule Pool-partner

A befektetsi tancsads kritikus pontjai a holland s osztrk joggyakorlatban (egy-egy brsgi eset bemutatsa a kzelmltbl). Hogyan

kszljek fel erre?Hollandia, 2012 janur, jogers tlet: a termk megfelelsget nem lehet a teljes portflitl fggetlenl felmrni.

Ausztria, LB 2011: a kockzat - hozam informcit a kpi megjelensnek is tkrznie kell. A termkgazda s a tancsad kzsen felelnek.

Nmeto, 2012: a biztostsi brkernek nem lehet sajtmrks termke.

A PMPT Postmodern Portfolio Theory, CMH Cost Matters Hypothesis s az EF Efficient Frontier alkalmazsa a befektetsek tervezsben. Mirej ez? Mi a kapcsolata a transzparencia-szablyokkal?

Passzv, aktv s vegyes befektetsi stratgik.Mik ezek, kinek val s mit jelentenek a tancsadi s vagyonkezelsi gyakorlatban? Amit (mg) nem tantanak az egyetemen.

Befektetsi Politika ksztse gyflakvizcis cllal.Tbbdevizs, hatron tnyl, UL-Befalap-ETF-Ingatlan s ms befektetsi formk a BefPol-ban.

A BefPol kivitelezse az angolszsz s nyugat-eurpai befektetsi szolgltati gyakorlatban.Mintaportfli sszelltsa kereskedsi platformon.

Kivlaszts: platform s paprok.

Adtervezsi alapok hatron tnyl befektetsek esetben.

Befektetsi Politika ksztse a Planplus-Planit szoftverrel: a folyamat.

2012 Planplus Inc., Zoltan Luttenberger 2012.07.20 2 of 3

https://picasaweb.google.com/117591131821515119163/BefektetesiPolitika_Kepernyokhttp://www.google.com/url?q=http%3A%2F%2Fwww.scribd.com%2Fdoc%2F47969333%2FBefektetesiPolitika-2011minta-IPS-Investment-Policy-Statement-2011-sample-Hungarian&sa=D&sntz=1&usg=AFQjCNHpSpa7YdyPgM8r4IJ9m3wXDeHSDwhttp://www.google.com/url?q=http%3A%2F%2Fwww.scribd.com%2Fdoc%2F62471080%2FETF-Valasztas-Alapveto-Szempontok-Draft-201108&sa=D&sntz=1&usg=AFQjCNEPk_SMZo1GHHKMeA7_sQ_BKDAshwhttp://www.google.com/url?q=http%3A%2F%2Fwww.vanguard.com%2Fbogle_site%2Fsp2004AIMRefficientMrkts.html&sa=D&sntz=1&usg=AFQjCNFzbm-HBuRiBU5l16EV-Nqt6PLydAhttp://www.google.com/url?q=http%3A%2F%2Fzoeken.rechtspraak.nl%2Fdetailpage.aspx%3Fljn%3DBV0422&sa=D&sntz=1&usg=AFQjCNEFjQA5p-rEPkomBllQDFa5u88W1whttp://www.google.com/url?q=http%3A%2F%2Fwww.sec.gov%2Frules%2Ffinal%2F33-7497.txt&sa=D&sntz=1&usg=AFQjCNHSPfjKL8L6e7rqSlD78vQEoITBhAhttp://www.google.com/url?q=http%3A%2F%2Fwww.healyourinvestments.com%2Fp%2Fpropos-du-livre.html&sa=D&sntz=1&usg=AFQjCNGcRPPbUxdPr8bs4-rpIL6eIw8J1whttp://www.google.com/url?q=http%3A%2F%2Fwww.portfoliosolutions.com%2Fbenefits-to-you-2%2Four-philosophy%2Fwhat-is-index-investing%2Factive-versus-passive-investing%2F&sa=D&sntz=1&usg=AFQjCNHQa9lMA-Mk1x4Rla4EQGGyO9oU5Qhttp://www.google.com/url?q=http%3A%2F%2Fwww.afm.nl%2Fen.aspx&sa=D&sntz=1&usg=AFQjCNGkjOSYzRKoot_FvLxSbGq6LLSk2whttp://www.google.com/url?q=http%3A%2F%2Fwww.equinox.co.za%2Farticle_2771.html&sa=D&sntz=1&usg=AFQjCNEkyaflfzR9BUlM_yQatZIdQtR8rQhttp://www.google.com/url?q=http%3A%2F%2Fwww.ifaonline.co.uk%2Fifaonline%2Ffeature%2F2201445%2Ffifteen-common-risk-profiling-mistakes-and-how-to-avoid-them&sa=D&sntz=1&usg=AFQjCNEwwy4TtR8NXjyRBdV3GGSRq_kyjwhttp://www.google.com/url?q=http%3A%2F%2Friskprofiling.com%2FDownloads%2FRisk_Profiling_-_Art_and_Science_UK.pdf&sa=D&sntz=1&usg=AFQjCNHffFnnMw0XaqIb24jxOJviZ1qYSAhttp://www.google.com/url?q=http%3A%2F%2Fwww.fsa.gov.uk%2Fpubs%2Fguidance%2Ffg11_05.pdf&sa=D&sntz=1&usg=AFQjCNHxk3iqOOouLV-v_EVuJgknqBF2eQ

7/29/2019 PenzugyiTervezesAzEuropaiUnioban

3/4

LETCLOK tervezse - Szemlyi Pnzgyi Terv

letclok felmrse s rszportflik hozzrendelse. Comprehensive - Restricted - Simplified advice.

Szemlybiztostsok tervezse: az egyes termktpusok sszer s szablyos alkalmazsa az (j) eurpai szablyozs tkrben.

Modern Nyugdjtervezs: mirt ms az amerikai gyakorlat mint Rmusz bcsi mesi?

Kpzsi ignyek tervezse klfldi tandjak s sztndjak figyelembevtelvel. Az alapkoncepcik ismerete.

Hitelkonszolidci.

Vszforgatknyvek. Emergency Planning. Amikor a "Fekete Hatty" beszik a kpbe. Maradk kockzat.

Az egyes clok, portflik s pnzramok integrcija. Optimalizci s forgatknyvek ksztse. Automodelling.

SzPT Szemlyi Pnzgyi Terv ksztse a Planit szoftverrel: folyamat.

Az SzPT megvalstsa a gyakorlatban. Milyen opcik vannak?

2012 Planplus Inc., Zoltan Luttenberger 2012.07.20 3 of 3

https://picasaweb.google.com/117591131821515119163/SzemelyiPenzugyiTerv_Kepernyokhttp://www.google.com/url?q=http%3A%2F%2Fwww.scribd.com%2Fdoc%2F78557204%2FSzemelyiPenzugyiTerv-minta20120117&sa=D&sntz=1&usg=AFQjCNFN1CSYIEEaw8n95l7_u-qzV8lyJwhttp://www.google.com/url?q=http%3A%2F%2Fwww.fpanet.org%2Fdocs%2Fassets%2FD252E21C-1D09-67A1-7AA004BEC4641A29%2FFPAJournalMarch2009-AFlockofBlackSwans.pdf&sa=D&sntz=1&usg=AFQjCNG-z6n2ZKGtiw_QUawebQe3thaFWghttp://www.google.com/url?q=http%3A%2F%2Fwww.fpanet.org%2Fjournal%2FBetweentheIssues%2FLastMonth%2FArticles%2FIncorporatingEmergencyPlanning&sa=D&sntz=1&usg=AFQjCNE7FaKoRiJ7xfN37rz2FyODXqs5Kghttp://www.google.com/url?q=http%3A%2F%2Fwww.fpanet.org%2Fdocs%2Fassets%2F12DF5C10-1D09-67A1-ACF16C03722738D5%2F2009Retirement.pdf&sa=D&sntz=1&usg=AFQjCNEJhY-u30hN5m5piyLoYG-d54RcUAhttp://www.google.com/url?q=http%3A%2F%2Fwww.peterkatt.com%2Farticles%2FAAII_may2009.html&sa=D&sntz=1&usg=AFQjCNEo-qUBJB9HXrpYFQl_EiA8OEbxGQ

7/29/2019 PenzugyiTervezesAzEuropaiUnioban

4/4