2019 Q3 Report En · Page 6

 
6  | 
Launch of the International Certificate in Wealth 
Management and Investment Provided by CISI 
 
In continuation of the Capital Market Authority’s (CMA) efforts 
to raise the level of knowledge of the personnel in the field of 
asset management and investment analysis and to enhance their 
technical capabilities, CMA announced that the Board of 
Commissioners (BoC) has approved the launch of the 
International Certificate in Wealth Management and Investment 
provided by the Chartered Institute for Securities & Investment 
(CISI). This certificate covers the fundamentals of investment 
and its analysis. It shall be required from persons to be registered 
under the management activity such as fund managers, 
investment portfolio managers and related investment analysts 
as of 30/06/2020. 
Financial Academy and CISI Sign Joint Strategic Partnership 
Agreement 
The Financial Academy has signed an agreement with The 
Chartered Institute for Securities & Investment (CISI) to develop 
and host their professional examinations. This comes as one of 
the Capital Market Authority's initiatives, to develop 
qualification examinations for registered persons. This will help 
raise the professionalism of all participants and therefore 
provide consumers and investors with greater confidence and 
protection, which in turn leads to development and growth of 
the sector. CISI is the largest professional institute in the UK's 
financial markets and investment sector and in a growing 
number of financial centers worldwide. CISI's examinations are 
recognized by over 50 jurisdictions, with over 40,000 CISI exams 
taken in over 80 countries.  The Academy is one of Financial 
Sector Development Program’s key initiatives aiming to 
enhance professional and technical capabilities in the 
financial sector.  
SAMA’s Statement Concerning Provisions Regulating a 
Natural and Legal Person Practice of Financing His/Her 
Institutions’ Products and Services, and SAMA’s Issue of 
New Regulatory Rules for Consumer Finance Companies 
SAMA issued controls and guidelines regulating a natural or 
legal person’s practice of financing his/her products and services 
through finance companies licensed by SAMA. The controls 
allow finance companies to assign their services or part of such 
services to the merchant or other entities in accordance with 
relevant rules. It should be noted that such controls do not 
include real estate finance. 
Pursuant to SAMA’s permanent keenness to regulate and 
develop the financial sector, increase competitiveness, and 
enhance the level of financial inclusion to cover all groups of 
society, SAMA has decided to reduce some of the requirements 
for obtaining a license to practice finance activities with the aim 
of enabling the foundation of new finance companies. 
Resilience of Saudi Arabia’s Credit Ratings Highlights the 
Kingdom’s Intrinsic Strengths 
The Ministry of Finance welcomed the reports issued by 
international credit rating agencies, including Moody's, which 
confirmed the Kingdom's credit rating at its previous levels, 
reflecting the strength of the economy, its resilience and its 
ability to face global economic challenges, and its launch 
towards achieving the goals of Vision 2030 and achieving 
economic and social development. The Ministry affirmed that 
the Kingdom of Saudi Arabia and the major Saudi companies 
maintained this high rating, proving the effectiveness of the 
efforts taken by the Kingdom towards promotin