The United Arab Emirates ‘Securities and Commodities Authority (SCA) has renewed the agreement signed with the UK-based Chartered Institute for Securities & Investment (CISI) by launching the revised review of the United Arab Emirates’ financial rules and regulations and by renewing cooperation on specialized professional qualifications.
The renewed agreement was signed on behalf of the SCA by its CEO HE Maryam Buti Al Suwaidi and on behalf of the CISI by its Managing Director Simon Culhane.
The joint statement says the renewal of the agreement confirmed the updated review of SCA / CISI rules and regulations under the revised SCA licensing regime and extends its coverage to a wider range of roles in the financial market.
We are delighted to renew our agreement with our long-standing partners, SCA, who have been pioneers in raising standards in the Middle East. ”
Al Suwaidi said, “This agreement helps to improve the existing framework of services provided by SCA’s Professional Training and Examination Center (PTEC) aimed at training and qualifying professionals in the capital markets sector and improving their skills. knowledge to keep pace with developments and changes. to the regulations and legislation of the sector. “
She added that: “The agreement also contributes to the updating and development of the continuing professional development program in line with SCA’s objectives of training and qualifying professionals, with a view to achieving the national agenda and Fourth principle among the ten principles of the United Arab Emirates for the next fifty years., which emphasize the importance of developing human capital and continuous skill building. “
Simon Culhane, Managing Director of Chartered FCSI and CISI, said: “We are delighted to renew our agreement with our long-standing partners, SCA, who have been pioneers in improving standards in the Middle East. We are honored to be able to contribute to the SCA licensing regime. The CISI has qualified thousands of people during our partnership. “
According to the agreement, CISI will prepare and review study material and professional exams for fifteen courses delivered by SCA’s PTEC, update UAE financial rules and regulations study material on an annual basis , supervise and revise the Arabic translation of the course to ensure compliance with the technical specifications required by the SCA and review the performance of the exam candidates.
The fifteen reviews of the agreement include, in addition to the financial rules and regulations of the United Arab Emirates, the following: Introduction to Securities and Investing (International), Securities, International Certificate in Wealth Management and Investment – (Level 3), Risk in Financial Services, Operational Risk, International Certificate in Advanced Wealth Management (Level 4 – Advanced), Global Financial Compliance, Technical Fundamentals of Corporate Finance, Global Securities Transactions, Countervailing financial crime, derivatives, fundamentals of financial services, informatics in investment transactions and wealth management practices.
The SCA licensing regime requires specific CISI exams, combined with United Arab Emirates financial rules and regulations, for specific roles in the capital market industry. This provides a qualification path for licensing purposes.
The CISI is also responsible for receiving exam reservation requests and providing the necessary technical support to ensure the preparation of the electronic systems for the exams and to provide the necessary maintenance for them.
The two organizations added in the statement that SCA’s PTEC is the first of its kind in the region to specialize in the qualification and training of brokers and professionals in the financial services industry.
It awards specialized certificates for working in the financial markets of the United Arab Emirates, in cooperation with CISI, which is one of the world’s leading institutes in the field of professional qualifications in the financial services industry.
CISI and SCA have worked together since 2009. During this period, more than 12,000 exams were taken, enabling qualified practitioners to work in the UAE financial services market.
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