The Institute of Capital Markets (ICM) on Tuesday signed a Memorandum of Understanding (MOU) with CFA Institute and CFA Society Pakistan (CFAP) to jointly organize globally relevant, professional education and training, and promote ethical standards and practices in Pakistan.
CFA Institute is a global association of investment professionals and CFAP is its member society.
The MOU, signed here at a local hotel, identified six key areas of cooperation, including promotion of the CFA Institute code and standards, exchange of knowledge and educational resources, ethics training, financial literacy training, ICM examination and curriculum development and regulatory waivers for CFA candidate and charter-holders.
Under the Memorandum, the three parties recognized that the initiative would add immense value to building standards in capital market, as well as promote ethics in the capital and financial industry of Pakistan.
“This collaboration will enable us to launch a series of quality educational initiatives by leveraging the proven experience and expertise of CFA Institute and CFAP, particularly in the areas of ethics and professionals standards for finance industry,” said Syed Javed Hassan, Chief Executive Officer of the ICM.
The MoU, Hassan said, was a significant step in talent-creation and capacity development, producing market practitioners familiar with international investment instruments as well as global best practices.
“It would go a long way to meet the current and future needs of our country,” said CEO of the ICM, a leading finance industry organization for licensing certification in Pakistan.
In his video message screened at the signing ceremony, Paul Smith, the CFA’s Managing Director of Asia Pacific at CFA Institute, expressed his pleasure to join ICM as his Institute’s Pakistani member society.
Partnering with the ICM, he said, would provide his side with an opportunity to promote globally relevant education programs, best practices and ethical standards in the country.
“Building trust in the financial industry is critical for the greater good of society. We look forward to working closely with our partners to promote capital market integrity and support market development in Pakistan,” said Smith.
Muhammad Ali, Chairman Securities and Exchange Commission of Pakistan (SECP) who also heads the ICM board of directors, thanked the CFA Institute for its support to the ICM.
“I believe the MOU would enable the ICM to launch quality educational initiatives by utilizing the proven experience and expertise of CFA Institute. Our vision for the capital market is one of collaboration between the SECP, ICM, stock exchanges, market participants and the public—for a flourishing capital market, thriving economy and prosperous Pakistan,” Ali told the gathering.
Muhammad Jawaid Iqbal, CFA President of CFA Society Pakistan, said the initiative was in line with his society’s core objective to promote ethical and professional standards within the investment industry and encourage professional development through partnership with CFA Institute.
The MOU provides for ICM and SECP to distribute CFA Institute publications in Pakistan, including its internationally-renowned codes and standards, and asset managers code of professional conduct.
The ICM, CFA Institute, and CFAP would jointly develop and deliver ethics and market integrity workshops for various industry entities, including the SECP and stock exchanges.
The ICM, SECP and CFA Institute will consider collaborating on delivering financial literacy training to journalists who would benefit from a better understanding of investing and finance. In addition, the ICM and CFA Institute will exchange ideas and best practices in examination and curriculum development.
The ICM would explore the possibility of waivers from the ICM analyst certification for successful CFA candidates and charter-holders.
The ICM would also consider launching in Pakistan the Claritas Investment Certificate, a new education program developed by CFA Institute to educate investment industry participants who are not directly involved in the investment decision-making process the industry essentials.
