Published On: Tue, Oct 28th, 2014

SCA, SIDC sign MoU on training, research and sharing of experience

Securities and Commodities Authority (SCA) and the Securities Industry Development Corporation

SCA, SIDC sign MoU on training, research and sharing of experience

The Securities and Commodities Authority (SCA) and the Securities Industry Development Corporation (SIDC) of Malaysia, have signed a Memorandum of Understanding (MoU) to boost joint cooperation between them by means of mutual benefit from orientation and training programmes with the aim of developing financial markets and financial services industry, in general and to help uplift the professional performance standards of those working in this area, in particular.

Exchange of the MoU documents was made on the margin of the World Islamic Economic Forum.

Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al-Maktoum and nine heads of states, including the Prime Minister of Malaysia, Najib Razak, attended the Forum, which opened Tuesday in Dubai, under the auspices of Sheikh Mohammed.

Abdullah Al-Turifi, SCA Chief Executive Officer and Ranjit Ajit Singh, Chairman of Malaysia Securities Commission (SC), exchanged the MoU documents in the presence of the Malaysian Prime Minister. Also present were Azman Hisham Che Doi, SIDC Chief Executive Officer and Dr. Obaid Al Za’abi, SCA’s Deputy CEO for Legal Affairs and Issuance.

Al-Turifi said, “The signing of the agreement is within the framework of SCA’s sustained efforts to provide appropriate investment environment for investors to protect their investments, boost the growth and diversity of national economy, sustain the stability, fairness and transparency of transactions on the local markets and to develop the level of skills and knowledge of persons and workers in those markets, in a way that would contribute to sustainable uplifting of the level of financial services on our markets.” He added, “These efforts have made positive impacts, manifested in the recognition by international financial institutions and organisations of the strength of UAE securities market’s infrastructure, in terms of regulation and supervision, having become a major destination for corporate investors and financial service providers in the region, especially after the elevation of U.A.E. market to the “emerging market” status by international rating agencies”.

Al-Turifi praised the Securities Commission of Malaysia and its affiliates for their expertise and successful experience, citing the need to benefit from those experiences in view of the common factors and similarities between the two countries’ emerging markets.

He said the MoU signed by the two sides is in support of SCA’s strategic plan which seeks to boost his outfit’s organisational capacity, develop its regulatory structure, achieve organizational excellence and update its electronic infrastructure, in addition to spreading the concept of excellence and quality, through the organizing of workshops, forums and training programs in areas related to SCA’s operations, which would reflect positively on performance and services, thus underscoring the SCA’s vision of being a role model of government institutional excellence in business administration.

For his side Ranjit Ajit Singh, who is also the Chairman of SIDC, said, “The MoU demonstrates the strong commitment of the SC and SCA to strengthening our existing relationship and deepen mutual co-operation in developing capacity in the capital markets, including the Islamic capital market. This collaboration is also part of the SC’s broader efforts to foster greater strategic linkages with our counterparts in the Gulf Cooperation Council (GCC) countries to further the internationalisation of the Islamic capital market and facilitate more cross-border opportunities within the markets.” The agreement underlines areas of cooperation and mechanisms in achieving common objectives as the two parties, in order to improve the professional skills both sides, agreed to exchange experiences, studies and reports and co-operate in multiple areas, particularly in training and professional development for those working in the securities sector in the UAE, through various means, including: – Proposing training programmes for professionals in financial services sector in order to develop and improve their levels of professionalism by enhancing knowledge of the financial products and instruments traded in the capital markets; – Cooperation in the field of awareness, professional consulting, support, development, and organisation of specialised conferences, workshops and seminars within the scope of their respective authority and in areas related to financial, economic and development, in addition to contributing to raising the efficiency of all employees and those interested in these areas.

The MoU also states that SIDC shall provide training to SCA staff and others through contractual programmes. These programmes are contracted programmes which will be implemented upon SCA’s request and in accordance to its need for a training programme. It will be designed for its employees and others as may be determined by the SCA and held at a date and venue, which will be agreed upon and subject to the terms and conditions agreed by both parties.

Furthermore, SIDC shall allow SCA staff and stakeholders designated by SCA the opportunity to benefit from and participate in activities, events, courses and conferences organised by SIDC.

On the other hand, SCA shall provide for SIDC staff the opportunity to benefit from its library, information and statistics available.

Both parties will participate in meetings, consultations and mutual visits and conduct joint programmes and projects that support and activate the trends and goals of the parties. They shall also exchange studies, research and publications carried out by each party, which are consistent with the regulations and policies of each party.

Source : WAM News Agency for United Arab Emirates

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