FSA in London registers ACI exams
Paris/Frankfurt/London, 3rd May 2011
ACI - The Financial Markets Association achieved recognition for its exam &
certification programme by the Financial Services Authority (FSA) in the UK. The
FSA has registered the ACI Dealing Certificate and the ACI Diploma for "Dealing
with Securities and Derivatives" as well as for "Advising on Securities and
Derivates". The ACI exams were listed on the FSA's "List of appropriate
Qualifications" which is published in the new FSA Policy Statement on Competence
& Ethics from 17 December 2010. As a result, Â they have become part of the FSA's
training & competence regime for the financial industry in the UK which is clear
evidence of the high quality and relevance of the ACI education programme. The
FSA only applies to UK-regulated financial entities, yet because of the
importance of the UK financial markets, the FSA decision is considered to be of
major importance for financial markets participants and regulators world-wide.
In 2010 the FSA began consultation on its Training & Competence (T&C) Sourcebook
which sets out the principles of the FSA's training & competence regime for
regulated firms where employees act on behalf of their retail clients. ACI
participated in the consultation process by its Director of Education, Andreas
Emser from the Frankfurt School of Finance & Management.
The proposals for review ranged from topics such as time limits for passing
qualifications and defining new activities to adding new exams to the list of
appropriate qualifications which is an implicit part of the training &
competence regime. The list of appropriate qualifications is based on FSA
educational standards for various activities in the financial industry. The ACI
exams were checked against these standards and the ACI Dealing Certificate and
the ACI Diploma were registered and recommended to the markets for "Dealing with
Securities and Derivatives" and for "Advising on Securities and Derivatives".
The ACI Operations Certificate is still in consultation and a decision is
expected in September.
Several consultation papers were published before the FSA issued a new Policy
Statement on Competence & Ethics including a list of appropriate qualifications
in December 2010, reporting on the main issues arising from the consultation
papers and publishing the final rules.
Following its Policy Statement on Competence & Ethics the FSA conducted a
Training and Competence Conference entitled "Why competence matters" on 24 March
2011 underlining the major importance which the FSA attaches to training &
competence. ACI's Director of Education attended the conference. Together with
the delegates, the FSA discussed the importance of training & competence for the
quality and the success of the financial industry in the UK. It should be noted
that the FSA's training & competence regime will be
incorporated in the new approach to financial regulation in the UK and the
establishment of the new Financial Conduct Authority (FCA) proposed by HMT.
For ACI, becoming part of the FSA's training & competence regime is clear
evidence of the high quality and relevance of the ACI examinations. The ACI
Boards highly appreciate the FSA decision which is considered as a confirmed
step forward for the ACI education programme. ACI also supports the efforts
which the FSA makes in promoting the idea that competence matters. Since the
biggest market particularly for foreign exchange is in London and since the FSA
is a benchmark for many regulators and market participants across the world, ACI
expects that the FSA decision will accelerate the recognition of the ACI exams &
certifications around the world.
"Certifying the financial markets according to international standards and
understanding is one of ACI's concerns. For more than 15 years we are offering
to Treasury market entrants but also to advanced traders, to back office and to
middle office staff or risk managers our programmes aiming to provide a common
and international understanding of the financial markets," Manfred Wiebogen,
President ACI. Â Christoph Niggli, Chair Board of Education, adds: "Our co-
operation with universities alike the FSFM (Frankfurt School of Finance and
Management) or the SMU (Singapore Management University) supervises and grants
the quality of the exams based on the daily market experience of our traders."
Both are satisfied, that the programme set up by ACI's working groups finally
became recognised by the FSA.
The T&C rules are only mandatory for financial market retail businesses in the
UK. However, the FSA considers competence issues as part of the risk management
process where all firms in the financial industry need to evidence and prove
their ability to manage risk and competently trained staff are the key to doing
so. Wholesale market participants, such as ACI members' firms, will be subject
to supervisory arrangements that will take account of the new FSA
recommendations in their risk assessments.
Risk management requirements as well as anticipated and demanding financial
markets regulation will impact the standards for competent organizations. To
this end, the ACI Boards recommend the recognition of ACI exams and
certifications to their members as well as to regulators and financial
institutions across the world.
ACI - The Financial Markets Association ( www.aciforex.org ) is a leading,
global association of wholesale financial market professionals with some 13,000
international members from 68 countries.Â There are 64 national associations
which are affiliated with ACI International. Supported by its huge network of
market experts ACI contributes to the market development through education &
certification, setting benchmarks for market practices (The Model Code),
offering technical advice as well as through various working groups like the ACI
Foreign Exchange Committee and the three ACI Euribor committees: Money Market &
Liquidity, Derivatives, European Commission Contact. ACI represents the
interests of its members working within financial institutions or financial
services providers. Its members are prÃmarily engaged in financial trading or in
sales within the global financial markets. In the area of education &
certification ACI offers three examinations, the ACI Dealing Certificate, the
ACI Operations Certificate and the ACI Diploma.
ACI - The Financial Markets Association
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Source: ACI - The Financial Markets Association via Thomson Reuters ONE