SCA honors 50 brokers for passing Professional License ExamsApr 28, 2012 - 03:31 -
WAM Abu Dhabi, 28th April 2012 (WAM) -- The Training Center of the Securities and Commodities Authority (SCA) has held an award ceremony for 50 brokers and other workers of the financial services industry who have passed the professional license examinations to practice in the country's securities markets.
The training program is being run in collaboration with the UK-based Chartered Institute for Securities and Investment (CISI).
Abdullah Al-Turifi, SCA Chief Executive Officer, distributed certificate to the 50 graduates during the ceremony which was held in Dubai and attended by members of the Center's board of trustee and Mr. Kevin Moore, CISI Global Director for Business Development.
In an opening address, Al-Turifi congratulated the graduates for successful completion of the training program and thanked the CISI for its continuous cooperation as SCA's strategic partners in the area of training and orientation. "While expressing our great pride for this achievement, the SCA is also aware that the achievement is another value addition to the labor market of the UAE securities industry, in general and the financial brokerage sector, in particular," he said, adding "The SCA's introduction of the Brokers Professional License Program falls within the framework of the role it was assigned to help improve and develop the country's financial market industry. Therefore, the program seeks to provide high professional know-how that takes into serious consideration the UAE financial market legislations and the characteristics of the local investment environment, with the aim of providing the financial services industry with world-class professionals." He said this, in the end, serves the interest of the brokerage profession and improves its efficiency and performance. "It also contributes in entrenching professional excellence and ensuring good practices in business transactions in the securities sector. Furthermore, it is also, undoubtedly, a significant step on the way of improving performance and meeting any subsequent developments on the world markets," he added.
For his part, Mr. Kevin Moore, CISI Global Director for Business Development, expressed profound happiness and congratulated the graduates for the achievement which he said followed their passing of, at least, three examinations to deserve that certificate being awarded them. He expressed the hope that the certificate would encourage their colleagues and others working in the country's financial services sector.
The 50 graduates, who passed the professional license examinations, include 25 broker's representatives, while the remaining 25 consist of trading managers, operation managers, internal auditors and two financial analysts.
Based on the training program which was designed according to the best international practices, the Training Center will be conducting six exams in various course disciplines, including Introduction to Investment, Operational Risks, Financial Services Risks, International investment Management.
The program was designed as per SCA's requirements by virtue of a memorandum of understanding signed between the SCA and the CISI, arguably one of the world's best in professional training of workers in the financial services industry, with the first exams having been conducted in October 2009.
It's worth noting here that the Training Centre, located at the Dubai premise of the SCA, provides the exams for a fee for non-UAE nationals and free for UAE nationals working for brokerage firms or aspiring to work in that sector in the future, as well as for UAE nationals working for the SCA.
The SCA Training Center in May last year celebrated the graduation of 41 brokers working in the UAE securities sector.