Law And Regulation

Directives of Licensing Financial Services Companies and Certified Financial Professionals

Chapter 5 (Certified Financial Professionals)

  

 Article (46)

  1. Certified financial professionals shall mean the natural persons licensed by the Commission to carry out one or more of the following activities: 

    1. Investment trusteeship (whereby the person carry out this activity shall be known as a certified investment trustee). 

    2. Investment management (whereby the person carry out this activity shall be known as a certified investment manager). 

    3. Financial advisory (whereby the person carrying out this activity shall be known as a certified financial advisor). 

    4. Financial brokerage (whereby the person carrying out this activity shall be known as the certified financial broker). 

  2. A natural persons may not carry out any of the activities listed in Paragraph (a) of this Article without a prior license issued by the Commission and except through companies licensed to carry out such activity.

  3. A certified financial professional may carry out his licensed activities only through one company. 

 Article (47)

A License to practice any of the certified financial professionals activities is granted to a natural person subject to all of the following conditions: 

  1. The person has full capacity, is of good reputation and manners, and is not convicted with a crime or a misdemeanor affecting honor or public morals. 

  2. The person holds at least a first university degree. 

  3. The person has participated in the general training course accredited by the Commission for this purpose. 

  4. The person has participated in the specialized training course accredited by the Commission for the purposes of obtaining the required license.

  5. The person has passed the exams set by the Commission. 

  6. The person has paid the licensing fees and the annual licensing renewal fees in accordance with the issued regulations and instructions. 

  7. The person meets any other conditions stipulated by the Commission. 

 Article (48)

A natural person who has sufficient educational qualifications and practical experience shall be exempted from the requirements of Paragraphs (c, d, e) of Article (47) of these Instructions.

 Article (49)

  1. The license of a certified financial professional is deemed suspended if he is terminated by the company or if the company's license is suspended or revoked. 

  2. The certified financial professional referred to in Paragraph (a) of this Article may practice as a certified financial professional only if employed by a financial services company and subject to the Commission's approval. 

 Article (50)

A certified financial professional shall notify the Commission in writing within one week from the date of the occurrence of any of the following:

  1.  A change is his address or business address. 

  2. Employment or termination thereof by a financial services company, with a statement of the reasons for termination. 

 Article (51)

A certified financial professional who for any reason does not practice the licensed activity for three consecutive years shall be disqualified as certified financial professional, and may resume practice as a certified financial professional subject to the provisions of Article (47) of these Instructions.

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