Kampala. Starting October 2019, Capital Markets Authority (CMA) will require industry players to have a qualification from the Chartered Institute for Securities and Investment (CISI), before they are allowed to participate in the market.
Speaking during the signing of a Memorandum of Understanding (MoU) between Uganda Institute of Banking and Financial services (UIBFS) and CISI in Kampala on Tuesday, the chief executive officer CMA, said the Authority will in April this year, announce the mandatory requirement to hold a qualification from CISI, thereafter give a grace period of 18 months to industry players to acquire it.
“We shall launch in April this year and allow an 18-month grace period for industry players to get the qualification. We shall require at least two members of a firm to have that qualification,” CMA chief executive officer Keith Kalyegira said.
In a move triggered to boost further professionalism in the industry, he guaranteed that UIBFS is the best partner for CISI since it is the known service provider and a credible institution to dispatch financial services knowledge in Uganda.
The Institute of Banking board chairman, Mr Mathias Katamba, said the MoU means that investment professionals now have a chance to earn a global qualification, administered within the country and payments made in Uganda shillings.
CISI is a non-profit organisation with formal recognition in seven African countries, whose mission is to set standards for professional excellence and integrity for the securities and investment industry.
The director global business development at CISI, Mr Kevin Moore, said the industry plays an important role in the economy so it is vital for them to be qualified and garner respect.
Capital market financing
Mr Kalyegira also urged businesses to take up patient capital to promote further company growth.
This, he said, is a means of capital financing that will give entrepreneurs a breather to invest in growth. Capital markets is the key source of patient capital.
“With capital markets financing, patient capital does not require that you pay a debt every so often so it gives you a breather so your business can work as you grow to realise your revenues,” he said.