SCA celebrates 107 financial services industry specialists for passing the professional qualification program

“The PTEC succeeded in qualifying half of the personnel working in the financial services industry in the country”, Dr. Obaid Al Zaabi.

The Professional Training and Examinations Centre (PTEC) of the Securities and Commodities Authority (SCA) celebrated the graduation of 107 brokers, financial analysts, and financial services industry professionals for successfully passing the professional licensing examinations administered in collaboration with the Chartered Institute for Securities and Investment (CISI) in the UK.   

At the graduation ceremony held in Dubai, H.E. Dr. Obaid Al Zaabi, SCA’s CEO, awarded certificates of completion to the  graduates in the presence of a number of board members and the PTEC Board of Trustees, comprising H.E. Mohammed Khalifa Al Hadari, Deputy CEO for Supporting Services; Dr. Abdullah Mohammed Al Shamsi, Vice Chancellor of the British University in Dubai; Abdulla Salem Al Nuaimi, Head of Market Operations and Surveillance at the Abu Dhabi Securities Exchange; Hassan Al Serkal, Executive Vice President and Head of Operations Division at the Dubai Financial Market; and Matthew Cowan, Regional Director at the CISI Middle East, in addition to an elite of experts and specialists in financial markets from the country and abroad.

At the opening ceremony, Dr. Al Zaabi congratulated the graduates and thanked the CISI for their continued cooperation as an important strategic partner in the field of training. He said that SCA’s PTEC has made huge strides forward and succeeded in consolidating its status in the professional development industry at the local, regional, and international levels over the past nine years of its life.     

Dr. Al Zaabi explained that the professional qualification program receives major support from the board of directors, chaired by H.E. Eng. Sultan bin Saeed Al Mansoori, indicating that passing the program has become a mandatory requirement for accrediting broker representatives, financial analysists, trading managers, operation managers, internal controllers, etc. With the new batch of graduates, the number of qualified personnel operating in the country’s markets rose to around 595. Accordingly, the PTEC has qualified personnel working in 229 out of the total 470 professions in brokerage companies at approximately 50%.

Dr. Al Zaabi, also Vice Chair of the IOSCO Board, said that the new batch of qualified personnel in the financial services industry does not only represent an added value to the labor market workforce, but is also considered a valuable contribution in helping to promote the standards of professional excellence and ensuring the quality of the services offered to investors, thus attracting further local and foreign investment and providing more assurances to all market actors.

For his part, Cowan expressed his pleasure and pride in the graduates and congratulated those who received the completion certificates, saying that he expects that this will motivate their peers in the financial services field to do the same. 

The number of those who have successfully completed the program this year amounted to 107, as follows: 8 broker representatives; 16 trading managers, operation managers, and clearing officers; 12 financial analysists; 11 compliance officers, anti-money laundering officers, and internal controllers; 11 risk management officers; and 43 promotion managers. According to the program that was designed in line with the best international standards, the PTEC administers eight professional licensing examinations. It is targeted at the brokerage companies operating in the country and covers seven key professionsnamely, broker representatives, compliance officers/anti-money laundering officers/internal controllers, operation managers/trading managers/clearing officers, risk management officers, financial analysists, investment managers/investment heads, and promotion managers.

It is worth mentioning that the program was developed pursuant to an MoU signed with the CISI, a leading body in delivering professional training for the financial services industry professionals. Based in Dubai, the PTEC provides free-of-charge examinations to UAE nationals already working in brokerage companies or wish to join this field in the future.

Last year, the PTEC celebrated 56 qualified personnel for passing the program’s requirements. 

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