6.1:Develop and retain professional talent

Measurement
Tangible course content in place.
Working Group
Implementation Progress

The Authority has partnered with the Law Society of Kenya to take up seminars as part of their CPD program where members will be awarded credit hours. The topics include:

  1. Legal and Compliance Audits for Issuers of Securities to the Public- New Practice Opportunities for Lawyers.
  2. Implementation of the Stewardship Code for Institutional Investors: Who's Responsibility.
  3. Financial Derivatives and Spot Commodities: Policy Law and Operation.
  4. Capital Markets Compliance Framework and Transaction Advisory: Practice Opportunities.
  5. New Capital Markets Products and Services.
  6. Islamic Finance: Principles Products and Progress of Introduction in Kenya
  7. Capital Markets Financing Investment & Intermediation

Status
In Progress
Measurement
SITI 5 year strategic plan implemented
SITI’s curriculum is recognised by the CMA
A licensing framework for capital market participants established
Working Group
WG1
Implementation Progress

The certification programme in Kenya is currently at its optimal implementation with Stage One, the Introduction to International Securities and Investments (IISI) Kenya module having been launched in April 2016 and thereafter Stage Two, the Regulations and Market Practice Module coming into operation in August 2016.   In 2018, Kenya emerged as one of the highest pass rates for the Introduction to International Securities and Investments (IISI Kenya) at 75% against a global average of 58%.  This has greatly contributed to the increased professionalism, knowledge and skillset of capital markets practitioners.

As a demonstration of progress, in 2015 there were only 35 candidates that had sat for the exams in Kenya. The number grew to 559 in 2016 and 1,241 as of 31 December 2017.  Outside the UK, in 2017 Kenya was 6th in the CISI’s top exam taking countries after UAE, India, Cyprus, Spain and South Africa. As of 31 December 2018, 2,876 candidates have sat the CISI exams in Kenya which is a testament to the continued growth and the ever-increasing potential of the capital markets.

Currently, the initiative towards the implementation of a Continuous Professional Development program for industry professionals is close to being implemented.  The CPD Modules have been developed by the service provider and a CPD Policy also completed.  The Authority is finalizing discussions with ICIFA and CISI with a view to agree on reciprocity and membership modalities for practitioners which will also inform an MoU. The stakeholder engagement on the role out of CPD is tentatively scheduled for the end of April/ beginning of May 2019 once ICIFA and CISI also finalize the membership modalities currently being documented for review.

Status
In Progress

Key

No Progress
Behind Schedule
Ahead of Schedule