|
Abu Dhabi: Brokers and financial analysts must pass new qualifying tests for licensing from April, the stock markets regulator announced on Tuesday.
To that effect, the Emirates Securities and Commodities Authority (Esca) signed a memorandum of understanding with the Securities and Investment Institute (SII) of the UK, as a step towards implementing new criteria and qualification requirements.
"The UAE is committed to maintaining integrity, fairness, and adding greater international confidence in the Arab financial markets," said Shaikha Lubna Al Qasimi, the Minister of Economy and Chairman of Esca.
Key qualifications include introduction to investment, investment management, securities, and financial advice. Integrity and ethics will also be priorities.
"The UAE is well placed to become one of the world's global financial centres, given the geographic location, financial strength, reliable government, and respected regulator," said Sir David Howard, chairman of Charles Stanley Stockbrokers and former mayor of London.
"The implementation of the new licensing regime will raise the skills and competence of the local brokerage, and through individual membership promote ongoing learning and integrity," Abdullah Al Torreifi, Esca's chief executive officer, said.
Esca has recently established a qualification committee, comprising members from the authority, the Dubai Financial Market, Abu Dhabi Securities Market, and Dubai Gold and Commodities Exchange.
"The committee is the first step, the second step will take place in March when the committee and SII issue a public document detailing the relevant SII qualifications to be required for obtaining an individual's brokerage licence," said Al Torreifi.
The undertaking will include details for exemptions and a structure for mentoring in senior industry brokers.
|
