CmaBoardReleases
Title: The Capital Markets Authority’s Professional Qualifications Program: Specialized Certificates that Qualifies for Development in the Career Path
Kuwait, May 4, 2021 - The Capital Markets Authority (CMA) launched on March 12, 2020 the “Kuwait CMA Laws and Regulations exam”, as the last stage of its Professional Qualifications Program, which is the result of its strategic Qualification Examinations Project for Registered Employment Positions, which came into force on September 30, 2019.
Due to the exceptional circumstances of the novel Corona Virus Pandemic (COVID-19) and the precautionary measures taken, the CMA issued a resolution regarding extending and postponing the end date of its “optional” preliminary implementation phase for a full calendar year. It ends on September 30, 2021 instead of September 30, 2020, . The resolution also includes postponing the Mandatory Implementation phase to October 1, 2021 instead of October 1, 2020
On the start of the countdown to the end of the implementation dates of the program, the CMA reminds all those concerned with securities activities and those interested in them in general, as well as those concerned with the registered employment positions at licensed persons in particular of its importance, especially since passing the Professional Qualifications Program exams will be a requirement for registration in those jobs, starting from the date of its mandatory implementation phase coming into force on the first of next October, The CMA urges everyone to join the program and take its exams due to its positive impacts on the personal and professional level, and its impact on the bodies where they work. It also contributes effectively to improving the efficiency of the entire capital market industry.
The Program is Development Oriented
The Professional Qualifications Program is considered mainly developmental, even though it is a legal entitlement for the CMA by virtue of the provisions of some articles of its legislation that granted it the authorities to take the necessary measures to verify the availability of technical and professional capabilities for candidates of registered employment positions, including setting the necessary controls and rules, and passing the qualification exams in preparation, due to several strategic objectives surrounding the program and gaining it more importance, as it is not only limited to securities activities, for several considerations. On one hand, the program clearly contributes to achieving compatibility with the applicable international standards, and on the other hand it helps in reaching an attractive investment environment with the required efficiency. It also enables it to possess the components of sustainable development and achieve the government developmental directions to achieve the vision of transformation into a regional financial center, especially since the program attaches the utmost importance to the human factor and its qualification, as it is considered it main goal and the basis for development. This is done through upgrading the level of professional competence, technical capacity and legal knowledge of members of the current parties in the capital market industry or the candidates for future employment, which enhances the efficiency of this industry and enables it to have the resources to face potential risks.
A Global Program by National Cadre
The Authority began the research and preparation stages of the program in December 2013 and completed it in September 2019, before it came into practical application in March 2020 with the CMA launching CMA Laws and Regulations exam, and as of 2016, the CMA intensified its efforts related to the program, and made sure that its cooperation to implement it is with a leading international body within the framework of these tasks, which is the Chartered Institute for Securities & Investment (CISI), which represents a global community that includes about 45,000 members in 111 countries, and last year the institute presented more than 40,000 exams in 81 countries.
In an effort to comply the program’s qualifications to the latest applicable international standards, international specialized qualifications have been adopted that took into account the specificity of the local investment environment and made some of the program’s other qualifications local for the CMA’s laws and legislations.The program has three qualifications, all of which are specialized in the financial sector; a general international technical qualification for the financial sector that is mandatory unless one of the exemption policy factors applies to the person, a local qualification for the laws and regulations of the Capital Markets Authority and its legislation that is mandatory to apply, and an international specialist qualification for the institute accredited on a global scale that varies according to the nature of each position and it is optional, non-binding.
Flexibility in Application
The CMA was keen to take into account the factor of flexibility and progression in implementing the program, with regards to the reality of the situation for those in registered employment positions, so it made its application in two phases (optional preliminary, and mandatory).It also worked to divide the categories concerned with its implementation into three different segments, the first including the segment of those registered before the application of the preliminary stage, and the second segment includes registering in between the two stages of the aforementioned phases, while the third and final segment includes those registered after the mandatory stage came into force. Each of the three segments has a special mechanism of fulfillment to the requirements whether to apply for the exams, or obligatory, or exemption from the exam requirements. The first segment of the program has been exempted from the exam and required to participate in training courses for technical and regulatory qualifications within a year of its application date, or their voluntary passing of these two tests, in addition to that, in the second segment have been exempted from registering in the program until their registration with the CMA is renewed, while passing the previous qualifications both (technical and regulatory) is mandatory after the mandatory implementation phase comes into force on the first of October of this year. Moreover, the second and third segments have been approved to fulfill the professional certificate or the years of experience required for exemption from the technical qualification, when renewing the job registration in case it is registered, in addition to the exemption policy from some of the aforementioned program requirements, and making some of its qualifications optional for some positions and persons, as well as making its training programs optional not mandatory.
Considering the difficulties faced by persons registered in registered employment positions with licensed companies due to the pandemic and its repercussions, which reduced their ability to fulfill the requirements of the program, especially those related to participation in training courses related to technical and regulatory qualifications, and to pass these two qualifications by applying for qualification tests at specialized testing centers, the CMA has issued its resolution to extend and postpone the dates for the implementation phases of the program for a period of one year, with which the preliminary implementation phase ends next September, to be followed by the mandatory implementation phase next October.
Advantages of Joining the Program
It should be noted, in addition to the international technical and specialized qualifications exams provided by CISI and included in the Professional Qualifications Program, on March 12, 2020, the CMA Laws and Regulations exam was issued in both Arabic and English on the CISI website within the list of international exams and qualifications it provides. As of the aforementioned date, anyone could access the institute's website to register for the exam and choose to submit it through the accredited centers located around the world.
Although enrollment in training programs before applying for the qualifying exams is optional and non-binding, as the preparation process for these exams is done through self-study and the scientific material for the tests is sent by e-mail to applicants upon registration, the CMA has been keen to provide accredited training programs for the exams, where several training centers and trainers accredited by CISI have been accredited to provide training according to the request and need of persons wishing to increase the chances of passing the required exams and to provide appropriate support to the persons subject to the qualifying examinations, and to direct the licensed persons to the training centers and trainers accredited by CISI . In line with the precautionary measures imposed by the state due to the Corona pandemic, the CMA has approved and accepted remote training to participate in training courses related to technical and regulatory qualifications in accordance with the requirements of the professional qualifications program through the training bodies approved by the CISI for each qualification separately.
Finally, the Capital Markets Authority, which is on the point of setting up the Qualification Examinations Project for Registered Employment Positions into mandatory implementation, urges all those concerned with the program, including those who are registered in the registered employment positions and are to be registered in the future, and the affiliates of the institutions of the capital market industry, and those dealing in securities activities and currently concerned with it, and the current stakeholders and young people wishing to enter the capital markets in the future, to join the program and take its exams, especially since passing those tests will be a condition for registering for those positions as of the date of the program’s entry into its mandatory implementation phase, in addition to the benefits it guarantees for them, which does not stop at the limits of acquiring new skills, increasing their cognitive abilities and raising the level of their performance , but goes beyond that to give them international specialized certificates accredited by the CMA and the international institute accredited for those exams that qualify them to work in similar jobs inside and outside the State of Kuwait given that they are professional qualifications approved on a wide global scale, in addition to the lack of a specific period for their expiration, they also provide more job opportunities and open aspiring career prospects.
-Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw