The Emirates Securities and Commodities Authority (SCA), the regulatory body for the securities and investment market in the UAE and the Securities & Investment Institute (SII) unveiled plans for a ground-breaking initiative at the inaugural UAE Integrity and Ethics Forum on 29 January 2008 in Abu Dhabi.
Chaired by Her Excellency Sheikha Lubna Al Qasimi, minister of economy and chairperson of SCA, the forum titled “A New Dawn for UAE Financial Markets” included speakers from the global finance industry.
The annual forum aims to facilitate the development of high standards of professionalism, integrity and ethics in the UAE securities and investment industries.
The forum announced the establishment of a new mandatory qualifications and licencing regime by SCA for the UAE brokerage community.
SCA will establish new criteria for entry onto the register for brokers, with exemption in exceptional cases for senior brokers. From 1 April 2008, SII’s globally recognised qualifications and membership will be required by brokers in certain job functions as part of the application for an individual licence.
“I am pleased to be present at this inaugural Integrity and Ethics Forum which is the embodiment of the strategic relationship between SCA and Securities & Investment Institute. It is a ground breaking event towards a new dawn in the Arab financial market where UAE is committed to maintain integrity, fairness and adding to the international confidence in the Arab financial market,” says Her Excellency Sheikha Lubna Al Qasimi.
“We are delighted to be involved in this initiative which will help the UAE brokerage community to demonstrate competence and trust, further enhancing confidence in UAE’s position as an international financial services centre. We are grateful to Sheikha Lubna, UAE Minister of Economy for her support in this project and we are delighted that Sir David Howard, a leading and prominent international statesman and broker, was able to join us at the Forum,” adds Simon Culhane, CEO, SII.
SII will also help to set up a local advisory committee to establish and guide a CPD programme.