The Chartered Institute for Securities and Investment (CISI) of the United Kingdom has entered into agreements with Chartered Institute of Stockbrokers (CIS) and the Nigerian Capital Market Institute (NCMI) to strengthen professional training and qualification of Nigerian capital market operators.
A computer-based renewable integrity test is one of the components of the Memorandum of Understanding (MoU) between CISI and CIS.
Speaking after the signing of the MoU, First Vice President, Chartered Institute of Stockbrokers (CIS), Mr Tunde Amolegbe, noted that the CIS may also adopt the current practice of writing integrity test by stockbrokers that aspire to join CISI.
According to him, the Council of CIS is considering introduction of integrity test and making such mandatory and renewable for its members.
He pointed out that integrity matters would always remain fundamental to the success of any profession.
By the renewed MOU, stockbrokers are eligible to become members of CISI, subject to compliance with some requirements, including participation in the global body’s Continuing Professional Development (CPD) and membership. This is in addition to CIS’s membership and CPD requirements.
CIS’s members will also be offered access to seven professional qualifications of CISI, all of which will be examined by Computer Based Testing (CBT) in Lagos. They are Securities (Capital Markets Programme), Derivatives (Capital Markets Programme), Certificate in Corporate Finance, Risk in Financial Services, Global Financial Compliance, Combating Financial Crime and Managing Cyber Security
In order to reinforce their technical and professional knowledge of securities markets, CIS members who join CISI can access the full range of CISI membership benefits such as over 100 e-learning modules or Professional Refreshers, the CISI TV video platform with recordings of key CISI CPD events and the CISI online magazine.
Chief Executive, Chartered Institute for Securities and Investment (CISI), Simon Culhane, said the institute was delighted to confirm its cooperation with the CIS in the important areas of global membership reciprocity, professional qualifications, continuing professional development and ethics and integrity.
According to him, in this era of emphasis on consumer protection, CISI looks forward to working with the CIS to further enhance Nigeria as a global capital market centre.
The first MoU between CIS and CISI was signed in November, 2015. It is renewable every three years. Only recently, CISI announced its Council members in Nigeria in order to strengthen the global association’s presence in the country.
CISI is also partnering with the NCMI, the educational and training arm of the Nigerian capital markets regulator, Securities and Exchange Commission (SEC).
At the signing ceremony in Lagos, Acting Director General, Securities and Exchange Commission (SEC), Ms. Mary Uduk, said SEC hopes to make NCMI a world-class training institute and the first amongst its peers.