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The Emirates Securities and Commodities Authority (SCA), the regulatory body for the securities and investment market in the UAE and the Securities & Investment Institute (SII) announced a ground-breaking initiative at the inaugural UAE Integrity and Ethics Forum on 29th January 2008 in Abu Dhabi*.
Chaired by Her Excellency Sheikha Lubna Al Qasimi, Minister of Economy and Chairperson of SCA, the forum titled “A new Dawn for UAE Financial Markets” included speakers from the global finance industry. The annual forum aims to facilitate the development of high standards of professionalism, integrity and ethics in the UAE securities and investment industries.
The Forum announced the establishment of a new mandatory qualifications and licensing regime by SCA for the UAE brokerage community. Going forward, SCA will establish new criteria for entry onto the register for brokers, with exemption in exceptional cases for senior brokers. From 1st April 2008, SII’s globally recognised qualifications and membership will be required by brokers in certain job functions as part of the application for an individual license.
Her Excellency Sheikha Lubna Al Qasimi, said, “I am pleased to be present at this inaugural Integrity and Ethics Forum which is the embodiment of the strategic relationship between SCA and Securities & Investment Institute. It is a ground breaking event towards a new dawn in the Arab financial market where UAE is committed to maintain integrity, fairness and adding to the international confidence in the Arab financial market.”
Simon Culhane, CEO of SII, said “We are delighted to be involved in this initiative which will help the UAE brokerage community to demonstrate competence and trust, further enhancing confidence in UAE’s position as an international financial services centre. We are grateful to Sheikha Lubna, UAE Minister of Economy for her support in this project and we are delighted that Sir David Howard, a leading and prominent international statesman and broker, was able to join us at the Forum.
“We are pleased to act as an advisor in the implementation of the new licensing regime and look forward to accrediting local training providers to teach the relevant SII qualifications.”
SII will also help to set up a local advisory committee to establish and guide a CPD programme.
Background
*The inaugural UAE Integrity and Ethics “A new Dawn for UAE Financial Markets” Tuesday 29th January at the Emirates Palace, Abu Dhabi. Please contact Lora Benson, Press Officer at SII London for further information on Tel: +44 020 7645 0662/+44 07801 521034 or lora.benson@sii.org.uk , or Dr Emad Eddien Hussein, SCA on Tel +971 2 6277 888 or emad@sca.ae.
**Forum keynote speakers include Her Excellency Shekha Lubna, Sir David Howard, Chariman of Charles Stanley Stockbrokers and former Lord Mayor of the City of London, His Excellency Abdullah Al Turifi, CEO of ESCA and Secretary General of the Union of Arab Securities Authorities, Richard Stockdale, former Head of Lloyds TSB India and Simon Culhane, CEO of SII.
The Securities & Investment Institute (www.sii.org.uk) was formed in 1992 by members of the London Stock Exchange. Its mission is to set standards of professional excellence and integrity for the securities and investment industry, providing qualifications and promoting the highest level of competence to its members, firms and others.
The Securities & Investment Institute is now the pre-eminent professional body for those who work in the securities and investment industry in the UK. Over 40,000 members benefit from a programme of professional training and development. The Institute is the principal awarding body for industry qualifications and last year its examinations attracted 40,000 candidates.
The Securities & Investment Institute is a registered charity.
Charitable Objectives:- to promote for the public benefit, the advancement and dissemination of knowledge in the field of securities and investments
- to develop high ethical standards for practitioners in securities and investments and to promote such standards in the UK and overseas.
- to act as an authoritative body for the purpose of consultation and research in matters of education or public interest concerning investment in securities
