Accrediting Share Brokerage Employee
72
Service Rating
Service Name Accrediting Share Brokerage Employee
Service Owner Securities & Commodities Authority
Section Brokers Licensing Section
Department Licensing Department
Service Audience

Brokerage companies

Available Forms
​Licensing of brokerage firms staff is a service provided to brokerage staff in order to work in a brokerage firms according to law and brokers regulations.

Conditions

The following shall be required for the General or Executive Manager, the Operations Manager, the Trading Manager, the Internal Auditor and the Broker's Representatives appointed by the Brokerage company:

A. He is a natural person.

B. He is of full legal capacity.

C. He is of good conduct and behavior, and has not been given a custodial sentence for an offence of dishonor or breach of trust without having been rehabilitated.

D. He is not in a state of cessation of payment of his commercial debts, even if such cessation has not been coupled with his being declared bankrupt, or has not previously been declared bankrupt without having been rehabilitated.

E. He is engaged in the Profession full-time.

F. To Pass the tests to be determined SCA.

G. To fully attest his university certificate if issued by a University outside the country.

Authority may add any other requirements or conditions as it deems appropriate.

 

Requirements

 

1- General Manager or Executive Manager: must hold a university degree and possess experience of not less than five years in the field of securities or fields related thereto.

2- Operations Manager: must hold a Bachelor’s degree (in the field of business management or accountancy) as a minimum, and has practical experience of not less than four years in the field of securities or experience of not less than two years if he holds a higher study qualification, and, for those who hold the nationality of the State, the requirement as to experience shall be at least two years in the field of securities or experience of not less than one year if he holds a higher study qualification.

3- Trading manager : must hold a Bachelor’s degree as a minimum and has practical experience of not less than four years in the field of securities or experience of not less than two years if he holds a higher study qualification, and, for those holding the nationality of the State, the requirement as to experience shall be two years at least in the field of securities or experience of not less than one year if he holds a higher study qualification.

4- Broker's Representative: must hold a Bachelor’s degree as a minimum and has practical experience of not less than three years in the field of securities or finance, or experience of not less than two years if he holds a higher education qualification, and those holding the nationality of the State shall be exempted from the requirement as to experience, and shall be required to only hold the general secondary certificate as a minimum.

5- Compliance officer: must hold a professional certificate in the field of accountancy (CPA or equivalent) as a minimum, and has practical experience of not less than three years in the field of securities or five years at least in the external audit field, of which at least three years are in the field of auditing financial institutions, or five years at least in the field of internal audit in a financial institution, and for those holding the nationality of the State the requirement as to experience shall be three years at least in the field of securities or the external audit field. If the Broker is unable to appoint an internal auditor, it shall be permissible, exceptionally, for it to appoint an external auditing office holding approval to do internal audit work, being an office other than the external audit office undertaking the audit of the Broker's accounts. The Authority shall be provided with the names of the representatives of the audit office undertaking the internal audit work, and any change in them.

  1.   Curriculum vitae.
  2.   Valid passport and residence visa copies. 
  3.   Family Book copy (for UAE nationals).
  4.   ID copy.
  5.   Academic degree (university degrees issued abroad should be equalized from the UAE Ministry of Higher Education and Scientific Research).
             (You may visit Ministry of Education's website through the following link to equalize High School Certificate issued from outside UAE, or visiting the following link to equalize holders of academic university degrees issued from outside the UAE, you could also visit the following link to follow-up with your request for certificate equivalency.)
  6. Work experience certificates (should confirm the completion of the required experience duration according to the system).
  7.   A letter of good standing from the candidate's bank (Inside or outside UAE)
  8.   Valid criminal record certificate.
  9.   Signed declaration form.
  10.   Professional certificates (if any).
  1. Company Submits the application with its attachments to SCA.
  2. SCA verifies the completion of required documents and procedures.
  3. SCA issues the letter for registering the brokerage company’s staff.
Service Fees ​No fees
Approximate time for completing service application The Authority shall issue approval within (5) days of submitting the application
Working Hours 7:30AM – 2:30 PM
Service Location SCA Headquarters, Abu Dhabi
Department /Section Licensing Department /Brokers Licensing Section
Phone 02-6120320
Fax 02-6274600
Email licensing@sca.ae
Service Administrator Licensing Department Manager
Other contact details
Delivery Method Online Delivery
Charter customer service Participate in the eservices thread in SCA forum
Total Number of requests 109
Is service available as M-Service? Yes - Apply Online
Requires Registration Yes
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