PRESS RELEASES
Monday, 1 October 2007
CMSA promotes more value and better service by intermediaries
Persons dealing in securities must complete four ITI equity modules for licence renewal
The Securities Industry Development Corporation (SIDC) announced today that Capital Market & Services Representative Licence (CMSRL) holders dealing in securities must complete four mandatory equity modules offered under the SIDC Industry Transformation Initiative (ITI), for licence renewal.
The CMSRL is a new single licence introduced by the Securities Commission under the Capital Markets & Services Act 2007 (CMSA) that came into force on 28 September 2007.
John Zinkin, CEO of SIDC, explained that the four modules are made mandatory to facilitate the development of critical skills that will boost the quality of service and value intermediaries provide their clients.
“Intermediaries must hone their critical skills or run a real risk of being marginalised by the changing environment and increasing competition,” said Zinkin.
Existing CMSRL holders dealing in securities will need to complete the four mandatory equity modules by 2011. New CMSRL holders dealing in securities with licences obtained after the enactment of the CMSA must complete the four modules within two years from the first licence date.
The four mandatory equity modules are:
- Economics and Capital Markets I: Forces Shaping Global Capital Markets;
- Essentials of Fundamental Analytics I : Analysing Company Performance;
- Corporate Strategic Analytics I: Essentials of Corporate Proposal Analysis; and Corporate Governance and Ethics: Strengthening Professionalism through Ethics.
These four mandatory equity modules are part of 25 modules of which 12 are core and 13 are electives. All modules earn 10 CPE points. By attending at least one of the four mandatory core modules each year, intermediaries will earn 10 of the 20 CPE points required to keep their annual license.
The modules are developed to international standards. They are moderated by both the Securities Industry Institute (SII) in the UK and the Financial Services Institute of Australasia (FINSIA) in Australia, with a view to becoming part of a curriculum that leads to an internationally accredited certification.
Zinkin said, “What sets the ITI apart from previous programmes is that it is focused on outcomes as opposed to inputs and on enhancing not just their technical skills but also their inter-personal competencies. This competency-based approach is critical to their ability to continue to add value in the future.
“Merging the two sets of core skills – technical and interpersonal – in a seamless manner like this has not been done before in the UK, Australia or even in Canada.”
Stockbroking companies and investment banks can contact the SIDC now to register for courses for the period of October to December 2007 (public or in-house courses). For more information, contact SIDC at (60-3) 6204-8675.
ISSUED ON 1 OCTOBER 2007
SECURITIES INDUSTRY DEVELOPMENT CORPORATION
Background Information:
The Securities Industry Development Corporation (SIDC), incorporated in March 2007, is the leading capital markets education, training and information resource provider in ASEAN. Formerly the training and development arm of the Malaysian Securities Commission established in July 1994, it was known as the Securities Industry Development Centre. The SIDC’s objective remains to create investor awareness; raise professional standards; and enhance skills of Malaysian capital market participants as well as training and developing Malaysian and emerging market regulators. More information about the SIDC is available at www.sc.com.my