SFC to upgrade industry practitioners' competency standards
The industry generally welcomed the proposals which included raising the minimum academic qualification requirements for individuals, broadening the scope of recognised academic qualifications, clarifying the management experience requirements for responsible officers (ROs) and enhancing the competence requirements for individuals advising on matters in relation to the Codes on Takeovers.
After considering the responses to the consultation, the SFC agreed to recognise post-graduate diplomas and certificates in designated fields and also clarified the management experience required of an RO applicant and the corporate finance experience of those who intend to advise on matters in relation to the Codes on Takeovers. The SFC will also include environmental, social and governance (ESG) as a relevant topic for continuous professional training purposes.
“Raising the professional standards of our industry practitioners is crucial to maintain quality markets, particularly in view of the rapidly evolving financial landscape,” said Mr Ashley Alder, the SFC’s Chief Executive Officer. “We are pleased that the industry shares this vision and overwhelmingly supports our proposals.”
The revised Guidelines on Competence, Guidelines on Continuous Professional Training and Fit and Proper Guidelines will be gazetted on 25 June 2021 and become effective on 1 January 2022.
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