The CMA, which is the regulator for the Ugandan capital markets sector, launched the “certification and competency” announcement to the market at the Sheraton Hotel, Kampala where a memorandum of understanding was signed between the CMA and the CISI.
The initiative was aimed at CMA licensed representatives including dealers/traders, executive directors, analysts and compliance officers.
If practitioners wish to continue to practice in the Ugandan market they are now required to study for and successfully complete the Uganda Capital Markets Programme.
The CISI has been working with local training partners providing formal training, including Abacus Business School, ExamReady, Uganda Institute of Banking and Financial Services and Africa Risk Institute.
More than 1,500 CISI exams have been sat in East Africa this year and other countries which have run similar certification initiatives to Uganda include Kenya, Rwanda and Tanzania.
Helena Green, assistant director and CISI head of new and emerging markets, said: “This excellent initiative is ultimately aimed at promoting confidence and building honesty and transparency in the market.
“Ensuring practitioners are competent and qualified to a high standard is a critical element in building trust and integrity for all stakeholders.”
Keith Kalyegira, CMA chief executive, said: “The introduction of the market certification programme developed in collaboration with the CISI will enhance professionalism in Uganda’s capital market.
“The knowledge, skills and ethics learned in the market certification courses will ensure that investors and issuers in Uganda’s capital markets continue to receive excellent quality of service from market intermediaries.”