The Egyptian Capital Market Authority (CMA) with support from the Securities & Investment Institute (SII) in London is set to introduce a challenging new regime for individuals working in the Egyptian securities and investment industry.
On Tuesday 19 June, Dr Hani Sarie-Eldin, Chairman of the CMA, and Simon Culhane, CEO of SII, signed a collaboration agreement in Cairo to provide a set of examinations to support the CMA announcement of the introduction of a new Licensed Individual Regime.
The new licensing regime, due to take effect from 30 June 2008, will require over 3,500 staff working in the Egyptian capital markets to be qualified, reinforcing standards of competence and integrity in the industry. To maintain each individual’s competence, the CMA will introduce a mandatory Continuing Professional Development scheme.
The new regime will stipulate that individuals undertaking certain jobs within the Egyptian capital market will require a licence to operate. Generally this licence will be obtained by passing a designated qualification.
“We were honoured to have been approached by the CMA to partner with them in this important initiative,” says Simon Culhane, CEO of the SII. “The new regime and the associated qualifications, and CPD requirements will further raise the confidence of investors in Egyptian capital markets.”