The Capital Markets Authority has announced that it will be rolling out a new programme geared towards enhancing professionalism for customer-facing staff working for capital market intermediaries in Kenya. The new programme dubbed the Continuous Professional Development (CPD) Programme will require the employees of capital market intermediaries to maintain and develop their knowledge by undertaking at least 35 hours of CPD annually where a minimum of 24 hours must be structured.
The CMA Chief Executive, Paul Muthaura said in a statement that the Authority is providing a period of one year and five months for target employees to comply with CPD requirements as from 7th August, 2019; the annual CPD requirement will thereafter apply on an Annual CPD cycle from January 2021.
“All employees of capital market intermediaries who have direct dealings with clients or undertake trading activities on behalf of the clients as well as influence or advice clients either directly or indirectly, shall be required to satisfy annual CPD obligations as part of their training requirements, through programmes accredited by the Authority,” Mr Muthaura said.
He added that for Kenya to be competitive and attract local and international investments, developing a highly skilled talent pool for the capital markets is critical to ensure that engagement with investors is consistent and to the highest possible standards.
“This is aligned to the Capital Market Master Plan, the ten-year blue print for the Kenyan capital markets industry, and the ambition of the country to become a regional and International Financial Centre,” the CMA Chief Executive explained in a statement on the roll-out of the programme.
According to the programme guidelines as detailed on the CMA’s website, the CPD programme is aimed at maintaining and developing knowledge and skills particularly in three key areas of professional development that include changes to legislation and regulation, skills and expertise and addressing gaps linked to technical areas of specialism.
“CPD undertaken must be relevant to the target employee’s current job role, or any anticipated changes to that role,” the guidelines read in part.
The guidelines also point out that target employees who will fail to meet the CPD requirements will be suspended from any involvement in prescribed aspects of the business of the licenced firm they work for and that they will remain suspended from such functions until their CPD requirements have been met.
The CPD programme is a follow-up to introduction of securities industry certification programme in 2016 under an MOU between the Authority and the Chartered Institute for Securities & Investment (CISI).