SCA, CISI collaborate to enhance qualification regime in capital market sector
ABU DHABI, 15th November, 2021 – The Securities and Commodities Authority (SCA) has renewed the agreement signed with the UK-based Chartered Institute for Securities and Investment (CISI), UK, on launching the revised UAE Financial Rules and Regulations exam and renewing the cooperation regarding specialised professional qualifications.
The SCA’s CEO, Dr.
Maryam Buti Al Suwaidi, and CISI’s Chief Executive, Simon Culhane, signed the agreement.
The agreement confirms updating the SCA/CISI Rules and Regulations examination as part of the SCA’s revised licencing regime.
It extends its coverage to a broader range of roles in the financial market.
After signing the agreement, Dr.
Al Suwaidi stated, “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, “The agreement also contributes to updating and development of the Continuous Professional Development Programme in accordance with the SCA’s objectives to train and qualify professionals, towards the fulfilment of the national agenda and the fourth principle among the UAE’s ten principles for the next fifty years, which emphasise the importance of developing the human capital and 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 licencing 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, and update the UAE Financial Rules and Regulations study material annually.
It will 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 examination 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 licencing 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 licencing purposes.
The CISI is also responsible for receiving exam booking requests, providing the necessary technical support to ensure the readiness of electronic systems for exams, and providing the necessary maintenance.
The SCA’s PTEC is the first in the region that specialises in qualifying and training brokers and professionals in the financial services industry.
It awards specialised certificates that qualify one to work in the UAE financial markets in cooperation with the CISI.
The CISI and SCA have been working together since 2009.
More than 12,000 exams have been taken during this period, enabling qualified practitioners to work in the UAE financial services market.