Educational Requirements

Dealers

In applying for a Dealer's Licence, applicants must satisfy the following requirements before a license will be granted by the Commission:-

i. a. A Bachelor's or higher degree in Economics, Accounting or business related subjects; or

b. A professional qualification in Law or Accounting; or
c. A course in Securities approved by the Commission; and

ii. A minimum of two (2) years' experience working in the Securities Industry.

Notwithstanding the requirements at (i) & (ii) above, persons engaged in continuous practice in managing or carrying on a business of dealing in securities and giving investment advice in securities for at least five (5) years prior to the 15th May, 1996, being the date appointed by the Minister for enforcement of the licensing requirements under the Act and Regulations, shall be eligible for licensing.

Investment Advisers

Educational requirements are the same as for dealers.

Dealer's or Investment Adviser's Representatives

With respect to persons applying to be registered as Dealers' or Investment Advisers' Representatives, in order to be eligible for registration by the Financial Services Commission, they must possess either: -

a. the academic qualifications listed in Category (i) for Dealers or Investment Advisers; or

b. Diploma or Certificate in Economics, Accounting or business related subjects from a tertiary educational institution approved by the Commission.

Notwithstanding the requirements at (a) or (b) above, persons engaged in continuous practice in managing or carrying on a business of dealing in securities and giving investment advice in securities for at least two (2) years prior to the 15th May, 1996, shall be eligible for registration.

Legislation: -

· Financial Services Commission Act

· The Securities Act, 1993

· Amendment to the Securities Act, 2001

· The Unit Trust Act

· Amendment to the Unit Trust Act, 2001

Registration: -

· Licensing Requirements

· Fit and Proper Questionnaire

Information and Reports:-

· Collective Investment Scheme (CIS)

· CIS Recommendations