The Emirates Securities and Commodities Authority (SCA) has announced the extension of the deadline by which 50% of staff of all brokerage companies operating in the country must have passed a special professional orientation program examinations. The new extension, which ends on October 31, 2011, followed a meeting of the SCA Training Centre's executive committee, presided over by H.E. Abdullah Al-Turifi, SCA Chief Executive Officer, during which the committee addressed the popular demand of brokerage companies for extension of the deadline.
According to H.E. Ibrahim Al-Za'abi, Deputy Chief Executive Officer for Supervision, Licensing and Enforcement Affairs, the SCA, in collaboration with the UK-based Chartered Institute of Securities and Investment (CISI), has committed itself to improving brokerage profession in the country by putting in place a special professional orientation program for brokers operating in the country to boost their efficiency and competence, adding that the move aims at enhancing professional excellence and ensuring sound practices in all transactions in the country's securities industry sector.
Al-Za'abi pointed out that the passing of the program's examinations is now a prerequisite for annual renewal of license for every broker, who must first produce a passing-out certificate of the program. "Everybody who wishes to work as a trading manager, or operation manager, or internal supervisor must first have to pass the four examinations of the orientation program, but a broker representative must pass three examinations only," he said, adding that a pass mark has been pegged at 70% of the total score.
Explaining further, he said by going through the orientation program, the candidate would have acquired, in the field of financial services, internationally-approved professional orientation experience, recognized by many advanced countries of the world, including Europe and other continents.
He pointed out that many brokerage companies have actually achieved the required percentage by the end of the first deadline as their staffs were able to pass all the exams after going through the orientation program, while others have passed two exams out of the minimum requirement of three exams.
It's worth noting here that the brokers orientation program is the fruit of the relentless efforts of the SCA and the CISI to provide scientific materials and high professional know-how that match with the securities market legislations of the UAE, while taking into serious consideration the peculiarity of the local investment environment without compromising the international professional standards adopted by the most advanced international markets of the world. The program has now become a major requirement for all those who want to work in a brokerage company operating in the UAE to firstly go through the program and pass its exams before obtaining a work permit.
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