13 March 2008
Milestone in SII/CMA project a real example of British-Egyptian
collaboration, says SII CEO
A key development in a unique UK/Egyptian financial services
project is being raised as a prime example of excellent
British-Egyptian collaboration.
In a speech today at the Four Seasons Hotel Cairo, the Regulator
for the Egyptian capital markets industry, Dr Ahmed Saad (CMA
Chairman) and SII Chief Executive, Simon Culhane outlined some
major achievements in a joint project to introduce a Licensed
Individual Regime in Egypt.
The SII (Securities & Investment Institute) signed a
Memorandum of Understanding in January 2006 with the CMA to develop
qualifications that would help raise the skill level for all those
working in the Egyptian finance industry.
In the intervening two years, during the tenure of three City of
London Lord Mayors, both organisations have refined and researched
details prior to the CMA announcement in June last year of Degree
24, which outlined the legal framework for the introduction of the
Licensed Individual Regime and the qualifications that would be
required by employees so that they can demonstrate competence.
The new regime stipulates that individuals will need to take two
examinations: a local paper focusing on the legal rules and
regulations, the creation of which is led by the CMA, and a second
paper which is the SII International Introduction to Securities
& Investments qualification.
The CMA and SII agreed that the examinations and workbooks
should be available both in Arabic and English: “Today a milestone
has been reached with the completion of the Arabic version of the
workbook, the translation of which is of such high quality that it
will now be available not just in Egypt, but throughout the Arab
speaking countries. SII and CMA will share the proceeds of every
workbook purchased.
David Lewis, Lord Mayor of the City of London, said: "I warmly
welcome the launch of the Arabic workbook which will have real
benefits in raising skills levels, not only in Egypt but across the
Middle East. "This collaboration between the SII and CMA is an
excellent example of the strong partnerships which already exist
between business in UK and Egypt and which we are developing with
the visit of the City delegation to Cairo this week."
“This is a real, practical and tangible example of
British-Egyptian joint working and collaboration and we very much
look forward to the start of the authorisation regime in a few
months’ time”, said Simon Culhane, SII CEO.
Dr Ahmed Saad (Chairman of the Capital Market Authority) said,
“We are delighted to be working with the SII in pursuing this
vision, especially given the CMA’s strategy to develop the capital
market infrastructure and protect investors against non-commercial
risks, and in continuation of the reform policies adopted by us in
order to achieve one of our strategic priorities. The CMA’s
Licensed Individual Regime will ensure that all brokers have
achieved an international benchmark standard of competence and,
through their membership of the Egyptian Securities &
Investment Institute, have agreed to comply with its code of
conduct.”
Those present during this momentous announcement included Lord
Mayor Alderman David Lewis and Dr Ahmed Saad. Chairman of the
Capital Market Authority, Arab Republic of Egypt.
Ends
Notes to Editors
For further information
on Securities & Investment Institute contact
Lora Benson, Head of Media Tel: +44 020 7645 0662/+44 07801 521034
or
lora.benson@sii.org.uk
The Securities & Investment Institute
(www.sii.org.uk) was formed in 1992 by members
of the London Stock Exchange. Its mission is to set standards of
professional excellence and integrity for the securities and
investment industry, providing qualifications and promoting the
highest level of competence to its members, firms and others.
The Securities & Investment Institute is now the pre-eminent
professional body for those who work in the securities and
investment industry in the UK. Over 40,000 members benefit from a
programme of professional training and development. The Institute
is the principal awarding body for industry qualifications and last
year its examinations attracted 40,000 candidates.
The Securities & Investment Institute is a registered
charity.
Charitable Objectives:
- to promote for the public benefit, the advancement and
dissemination of knowledge in the field of securities and
investments
- to develop high ethical standards for practitioners in
securities and investments and to promote such standards in the UK
and overseas.
- to act as an authoritative body for the purpose of consultation
and research in matters of education or public interest concerning
investment in securities
Capital Market Authority of the Arab Republic of
Egypt (CMA)
For further information on the CMA, please contact Dr. Ashraf
ElSharkawy, Senior Advisor to the Chairman, CMA Egypt on
Ashraf.elsharkawy@cma.gov.eg
The Capital Market Authority
( www.cma.gov.eg/ )is the government agency
responsible for regulating Egypt's securities markets. The
Authority's primary mandates are to protect investors and to
encourage the development of efficient, orderly, and well-regulated
primary and secondary markets for securities.
CMA Mandates
- Enforces the Capital Market Law (95/1992), its Executive
Regulations, and related decisions, the Depository and Central
Registry Law (93/2000) and its Executive Regulations and listing
and delisting rules at CASE.
- Authorizes prospectuses of new securities issues.
- Reviews information memoranda of securities private
placements.
- Granting license for securities companies.
- Protects rights of minority shareholders.
- Applies disclosure requirements in accordance with Egyptian
Accounting Standards based on International Accounting
Standards.
- Conducts market surveillance to ensure transparent and fair
trading in securities and to deter fraud, including reviewing
disclosures from listed companies, monitoring securities trading,
and inspecting brokers and other intermediaries.
- Facilitates the growth and development of Egypt's capital
market, including improving the skills of capital market officials,
encouraging the introduction of new financial instruments,
facilitating the implementation of state-of-the-art technology, and
increasing investor awareness.