The UAE's Securities and Commodities Authority (SCA) has renewed the agreement signed with the UK-based Chartered Institute for Securities & Investment (CISI) by launching the revised UAE Financial Rules and Regulations exam and renewing the cooperation regarding specialised professional qualifications.
The renewed agreement was signed on behalf of the SCA by its CEO H.E. Maryam Buti Al Suwaidi and on behalf of the CISI by its chief executive Simon Culhane.
The joint statement said the renewed agreement confirmed the updating of the SCA/CISI Rules and Regulations exam as part of the SCA's revised licensing regime and extends its coverage to a wider range of roles in the financial market.
Al Suwaidi said: "This agreement assists in enhancing the existing framework of the services provided by SCA's Professional Training and Examinations Centre (PTEC) aimed at training and qualifying professionals in the capital market sector and enhancing their knowledge in keeping pace with the developments and changes to the regulations and legislation in the sector."
She added that: "The agreement also contributes to updating and development of the Continuing Professional Development Program in accordance with SCA's objectives to train and qualify professionals, towards fulfilment of the national agenda and the fourth principle among the UAE's ten principles for the next fifty years, which emphasize the importance of developing the human capital and the continuous skill building."
Simon Culhane, Chartered FCSI and CISI chief executive, said: "We are delighted to renew our agreement with our long-standing partners, the SCA, who were pioneers in raising standards in the Middle East. We are honoured to be able to contribute to the SCA licensing regime. The CISI has qualified thousands of individuals during our partnership."
According to the agreement, the CISI will prepare and review the study materials and professional exams for fifteen courses provided by SCA's PTEC, update the UAE Financial Rules and Regulations study material on an annual basis, oversee and review the Arabic translation of the course to ensure its compliance with the technical specifications required by SCA, and review the performance of exam applicants.
The fifteen exams in the agreement include, in addition to the UAE Financial Rules and Regulations, the following: Introduction to Securities and Investment (International), Securities, International Certificate in Wealth and Investment Management—(Level 3), Risk in Financial Services, Operational Risk, International Certificate in Advanced Wealth Management (Level 4—Advanced), Global Financial Compliance, Corporate Finance Technical Foundations, Global Securities Operations, Combating Financial Crime, Derivatives, Fundamentals of Financial Services, IT in Investment Operations, and Wealth Management Practices.
The SCA licensing regime mandates specific CISI examinations, combined with the UAE Financial Rules and Regulations, for specific roles in the capital market sector. This provides a qualification pathway for licensing purposes.
The CISI is also responsible for receiving exam booking requests and providing the necessary technical support to ensure the readiness of electronic systems for exams and providing the necessary maintenance for them.
The two bodies added in the statement that SCA's PTEC is the first of its kind in the region that is specialized in qualifying and training brokers and professionals in the financial services industry.
It awards specialized certificates that qualify to work in the UAE financial markets, in cooperation with the CISI, which is one of the world's leading institutes in the field of professional qualifications in the financial services industry.
The CISI and SCA have been working together since 2009. During this period, over 12,000 exams have been taken, enabling qualified practitioners to work in the UAE financial services market.
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