Compliance Corner: SCA, United Arab Emirates, CISI

Editorial Staff 17 November 2021

Compliance Corner: SCA, United Arab Emirates, CISI

The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

The Securities and Commodities Authority
The Securities and Commodities Authority in the United Arab Emirates has renewed the agreement signed with the UK-based Chartered Institute for Securities & Investment over launching the revised UAE Financial Rules and Regulations exam and renewing the cooperation regarding specialised professional qualifications.

The renewed agreement was signed on behalf of the SCA by its chief executive HE Dr Maryam Buti Al Suwaidi and on behalf of the CISI by its chief executive Simon Culhane.

The renewed agreement confirms the updating of the SCA/CISI Rules and Regulations exam as part of the SCA’s revised licensing regime and extends its coverage to a wider range of roles in the financial market.

According to the agreement, the CISI will prepare and review the study materials and professional exams for fifteen courses provided by the SCA’s PTEC, update the UAE Financial Rules and Regulations study material annually, oversee and review the Arabic translation of the course to ensure its compliance with the technical specifications required by the SCA, and review the performance of exam applicants.

The 15 exams in the agreement include, in addition to the UAE Financial Rules and Regulations, the following: Introduction to Securities and Investment (International), Securities, International Certificate in Wealth and Investment Management - (Level 3), Risk in Financial Services, Operational Risk, International Certificate in Advanced Wealth Management (Level 4 - Advanced), Global Financial Compliance, Corporate Finance Technical Foundations, Global Securities Operations, Combating Financial Crime, Derivatives, Fundamentals of Financial Services, IT in Investment Operations, and Wealth Management Practices.

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