Investment Advisors at the CPD Program conducted by the SEC recently.
The Securities and Exchange Commission (SEC) has introduced new entry requirements and exemptions for its certification programs to enhance professional standards and increase accessibility in the capital market industry.
The directive which came into effect from August 1 contains new entry requirements designed to better serve aspiring and current investment advisors by aligning educational and professional requirements with industry best practices and emerging market trends.
The SEC develops and administers professional education and Continuous Professional Development (CPD) programs as a part of Sri Lanka’s capital market licensing framework.
The licensing processes is crucial to uphold high standards of professionalism and trust in the financial advisory sector, thereby protecting investors’ interests and enhancing the stability of financial markets.
The SEC administers the Certificate in Capital Markets (CCM) program, which is the only pathway to obtaining the Registered Investment Advisor (RIA) Qualification and provides comprehensive education and training for professionals in Sri Lanka’s capital market. Relaxation of the entry requirements for CCM is expected to make it easier for a wider range of candidates to participate in this crucial program. Previously, candidates who wished to register for the CCM program were required to hold three passes in the Advanced Level (A/L), a completed degree or a completed professional qualification in any discipline. The new entry criteria now recognise a broader range of academic and professional qualifications permitting more people to pursue the certification program. To accommodate various professional backgrounds and prior learning experiences, the SEC has broadened the exemption policy for CCM. Previously, the SEC only granted exemptions for candidates who had passed Level 2 of Chartered Financial Analyst. However, at present, candidates who are passed finalists of Chartered Institute of Management Accountants (CIMA), Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants of Sri Lanka (CA) and candidates who have completed a Bachelor’s or a Master’s Degree in a finance related discipline can apply for exemptions as well.
The eased minimum entry requirements and updated exemption policy apply to single asset class certification programs as well. The first batch of the CCM program, featuring the revised entry requirements and exemptions, will begin on August 31. Comprehensive details are available on the SEC website sec.gov.lk. The revisions are designed to elevate the standards of the industry while making it more inclusive and supportive of ongoing professional growth.
