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A key development in a unique UK/Egyptian financial services project is being raised as a prime example of excellent British-Egyptian collaboration.
In a speech today at the Four Seasons Hotel Cairo, the Regulator for the Egyptian capital markets industry, Dr Ahmed Saad (CMA Chairman) and SII Chief Executive, Simon Culhane outlined some major achievements in a joint project to introduce a Licensed Individual Regime in Egypt.
The SII (Securities & Investment Institute) signed a Memorandum of Understanding in January 2006 with the CMA to develop qualifications that would help raise the skill level for all those working in the Egyptian finance industry.
In the intervening two years, during the tenure of three City of London Lord Mayors, both organisations have refined and researched details prior to the CMA announcement in June last year of Degree 24, which outlined the legal framework for the introduction of the Licensed Individual Regime and the qualifications that would be required by employees so that they can demonstrate competence.
The new regime stipulates that individuals will need to take two examinations: a local paper focusing on the legal rules and regulations, the creation of which is led by the CMA, and a second paper which is the SII International Introduction to Securities & Investments qualification.
The CMA and SII agreed that the examinations and workbooks should be available both in Arabic and English: “Today a milestone has been reached with the completion of the Arabic version of the workbook, the translation of which is of such high quality that it will now be available not just in Egypt, but throughout the Arab speaking countries. SII and CMA will share the proceeds of every workbook purchased.
“This is a real, practical and tangible example of British-Egyptian joint working and collaboration and we very much look forward to the start of the authorisation regime in a few months’ time”, said Simon Culhane, SII CEO.
Dr Ahmed Saad (Chairman of the Capital Market Authority) said, “We are delighted to be working with the SII in pursuing this vision, especially given the CMA’s strategy to develop the capital market infrastructure and protect investors against non-commercial risks, and in continuation of the reform policies adopted by us in order to achieve one of our strategic priorities. The CMA’s Licensed Individual Regime will ensure that all brokers have achieved an international benchmark standard of competence and, through their membership of the Egyptian Securities & Investment Institute, have agreed to comply with its code of conduct.”
Those present during this momentous announcement included Lord Mayor Alderman David Lewis and Dr Ahmed Saad. Chairman of the Capital Market Authority, Arab Republic of Egypt.
