The Securities and Commodities Authority (SCA), the regulatory body for the securities and investment market in the UAE and the Securities & Investment Institute (SII), announced the implementation of the first mandatory qualifications and licensing regime.
The contract signed by His Excellency Abdulla Al Turifi, CEO SCA and Simon Culhane FSI, CEO SII, in London on 16th January 2009, was witnessed by the Lord Mayor of the City of London, Alderman Ian Luder and Chairman of the SII, Scott Dobbie CBE FSI(Hon), at the Mansion House.
The contract details the requirement for those regulated by SCA to successfully pass the foundation paper – The Introduction to Investment Award and a local regulatory paper developed by SII and SCA especially for the UAE market.
Both examinations will be available in Arabic and English.
As SII qualifications are sat in over 40 countries, this initiative by SCA will develop and raise the skills of the UAE staff to global standards, improving inward investor confidence in the local market, and enhancing the UAE’s position as an international financial services centre.
SII are currently working with six Middle East regulators and these programs will create and encourage portability within the region.
His Excellency Abdulla Al Turifi, CEO SCA said: “This reflects the keen interest of the Securities & Commodities Authority and the efforts exerted as per its platform aiming at development of the brokerage community in UAE financial markets. SCA spares no effort to qualify and equip practitioners in securities with the necessary skills.”
Simon Culhane FSI, Chief Executive, SII, said: “SII and SCA have developed a strong working partnership in the last three years, and I am particularly impressed with the commitment and speed that SCA has demonstrated in helping its citizens acquire the necessary skills to become a world class financial centre.”
