ICIFA REGISTRATION COMMITTEE GUIDELINES

Transcription

1 P.O Box KASNEB TOWERS Hospital Road Upperhill Nairobi, Kenya, Mobile website : ICIFA REGISTRATION COMMITTEE GUIDELINES I. APPLICATION FOR REGISTRATION AS A CERTIFIED INVESTMENT AND FINANCIAL ANALYST GUIDANCE NOTES (NB: All documents required to be submitted with the Application Form shall be duly certified as true copies of the original by a Commissioner for Oaths/Notary Public or original documents submitted in person for copies to be certified at the ICIFA office. No original documents should be posted or left at the ICIFA office and ICIFA will not be held liable for lost or misplaced original documents) 1. A person wishing to be registered as a Certified Investment and Financial Analyst shall apply to the Registration Committee as prescribed in Sec 14 of the Investment and Financial Analysts Act (No.13 of 2015). 2. A person is qualified to be registered on meeting the requirements of Section 16 of the Investment and Financial Analysts Act as listed hereunder: a) has been awarded by the Examinations Board, a certificate or other documentary evidence confirming that he has passed the final Certified Investment and Financial Analysts examination or b) holds a qualification approved before the Commencement of this Act and was registered at the time of commencement of the Act under Subsection (2); c) has satisfied the requirements of Chapter Six of the Constitution The Registration Committee recommends that the Committee will determine whether theintegrity and professional conduct of the applicant satisfy Chapter 6 of the Constitution. The following will be required: Page 1 of 9

2 (i) A letter of recommendation from current or previous employer. (ii) Letters of recommendation from two referees, one of whom should be a member in good standing of a professional Institute and this may be verified by the Committee. (iii)a duly completed and signed Fit and Proper Form prescribed by the Institute Section 16 (2): The Council may in consultation with the Examinations Board from time to time, by notice in the Gazette, approve qualifications which it considers sufficient to allow a person to be registered, and may, in like manner, withdraw any such approval. Section 16 (3): Notwithstanding Subsection (1) or (2), the Council may require a person making an application for registration to satisfy the Registration Committee, in such a manner as it may direct, that the person hasa) adequate knowledge of Kenyan laws, including taxation law and law governing financial markets and; b) adequate experience in investment and financial analysis and c) acceptable professional conduct and general character which in the opinion of the Committee make such person a fit and proper person to be registered and unless the person so satisfies the Registration Committee he shall not be treated as being qualified to be registered. 3. If a Kenyan, a copy of both sides of Identification Card or Passport with copies of pages 1 to 5 and the last page. Non-Kenyan shall produce a Passport with copies of pages 1 to 5 and the last page. Non-Kenyan working or residing in Kenya will be required to further submit a copy of the Work Permit or such other documents allowing such applicant to be resident in Kenya. 4. Applicant should also provide two (2) recent coloured passport size photographs. 5. Fees structure: Fees are payable by cheque drawn in favour of the Institute of Certified Investment and Financial Analysts Fees payable are as tabulated below. 5.1 Fee Structure for Non-Practicing membership Full Membership Kshs Associate Membership- Kshs Kenyan Non-Kenyan Kenyan/ Non-Kenyans Application for Registration 10,000 15,000 3,000 Annual Subscription 10,000 15,000 3,000 Page 2 of 9

3 5.2 Fee structure for practicing membership Kenyan Non Kenyan Application for Grant of Practicing Certificate 15,000 20,000 Annual Licence 15,000 20,000 Notes: a) A member who applies for grant of a practicing certificate after having paid for annual subscription fee for that year shall be required to pay a top up fee of Kshs 5,000 for practicing membership certificate. b) A practicing member with a valid annual Licence fee will be exempted from paying annual subscription fee. c) Partners of Practicing firms shall be members of the Institute in good standing and therefore the firm will not be required to pay corporate fees. However, the firms will be issued with Annual Practicing licenses. Otherwise the partners who allow noncompliance of this requirement will be subject to disciplinary proceedings. 6. Copies of the following academic and professional certificates will be required: a) KCSE, O or A Level where applicable b) Degree - where applicable c) Relevant professional qualifications. Cases of Affidavits with regard to lost/misplaced certificates must be accompanied by evidence from institutions awarding the certificates. 7. (a) Applicants who hold KASNEB qualifications will be required to include a copy of CIFA Part I, CIFA Part II and CIFA final certificate (CIFA Part III) from KASNEB duly certified by a Commissioner for Oaths or at ICIFA Offices. (b) If granted exemption from any sections, stages or parts of any examination, this should be stated. (c) Holders of foreign investment and financial analysis qualifications will only be registered on provision of membership certificates from their respective Institutes. Page 3 of 9

4 8. Give full details of your professional experience and practical training record during the last three years starting from your present appointment. Each employment must be confirmed by a letter from the employer (including present employer), and/or professional body on official or business note paper specifying the following: a) Date of commencement and/or termination b) Nature and scope of duties c) Specify whether employment was full-time or part-time. 9. Applicants are required to note that application for registration will be considered by the Registration Committee upon meeting all the requirements outlined in these notes. 10. Under Section 4 (2) the members of the Institute shall be divided into the following classes, namely- a) Fellows, comprising members who become Fellows pursuant to an invitation under subsection (3) each of whom will be titled Fellow of the Institute of Certified Investment and Financial Analyst designatory letters FCIFA); b) Full members (Comprising those members registered under Section 20 but who are not Fellows) each of whom will be titled Member of the Institute of Certified Investment and Financial Analyst designatory letters CIFA) c) Associate members, comprising persons eligible to be registered under Section 20 but who do not meet all requirements prescribed under subsection (1) of that section, each of whom will be titled Associate Member of the Institute of Certified Investment and Financial Analyst (Designatory letters ACIFA) Note that under Section 4 (1) members registered under Section 16 of the Act shall be allowed to place the prefix term FA before a person s name and this includes the Full members of the Institute of Certified Investment and Financial Analysts. 11. Within the Transition period that commenced on 8 th December 2015 and ends 7 th June 2017 the, Institute of Certified Investment and Financial Analysts shall accept the following qualifications to be registered as full members of the Institute; Page 4 of 9

5 a) CIFA graduates including its earlier designations, CSIA/AFA/CFA East Africa. b) Chartered Financial Analysts (CFA) graduates. c) Certified International Investment Analyst (CIIA) graduates. d) Practitioners in the financial markets who have at least 10 years relevant experience at senior level recognized by the Institute. 12. The Registration Committee shall accept the following qualifications to become Associate members of the Institute eligible to be registered under Section 20 but who do not meet all requirements prescribed under subsection (1) of that section: a) CIFA including its earlier designations, that is, CSIA/AFA/ CFA East Africa graduates with less than three years experience in the Financial Markets b) Holders of Foreign Finance and Investment Professional Qualifications recognized by the Institute provided that they have passed the prescribed papers with the Examinations Board with less than three years experience in the financial markets. Note: The Maximum period of being an Associate member is three years within which the Associate member must fulfill all the prescribed requirements for full membership as set by the Institute. 13. Where the Council considers that a member of the Institute has fulfilled the requirements for admission into Fellowship as the Council may prescribe, the Council may invite such member to become a Fellow of the Institute. The Registration Committee shall develop and recommend to the council on the criteria for members to be considered for award of fellowship. 14. The Council may, in consultation with the Examinations Board from time to time, by notice in the Gazette, approve qualifications which it considers sufficient to allow a person to be registered, and may in like manner, withdrawal any such approval. 15. The Registration Committee may consider a combination of certain qualifications and experience on their own merits to determine the membership category they fall under subject to approval by the Council. 16. Where the Registration Committee requires experience and evidence of practice, a member should provide a recommendation letter from the employer. Page 5 of 9

6 17. The Registration Committee may at its discretion request documentary evidence from a member on their experience level in the financial market and demonstrate knowledge regarding regulations of financial markets and taxation law in Kenya. 18. Where necessary, the Registration Committee may request an interview with an applicant for registration purposes. 19. Successful applicants will be obligated to fully adhere to the membership rules published by the Institute. II. APPLICATIONS FOR PRACTICING CERTIFICATE AS A CERTIFIED INVESTMENT ANALYST GUIDANCE NOTES 1. A member wishing to apply for a Practising Certificate shall apply to the Registration Committee as prescribed in Section 22 of the Investment and Financial Analysts Act. 2. The applicant should provide: a) A certified copy of ICIFA Full Membership Certificate. The copy should be certified as being a true copy of the original by an Advocate of the High Court of Kenya who must also be a Commissioner for Oaths. Alternatively the copies may be certified at the Institute s offices on presentation of the original certificate by the applicant or his/her representative. b) Two (2) recent coloured passport size photographs. c) A copy of the National Identity Card or Passport 3. Application fees are payable by cheque drawn or cash deposit in favour of the Institute of Certified Investment and Financial Analysts at a prescribed fee of Kshs. 15, for Kenyans and Kshs. 20, for Non-Kenyans. 4. Authority to practice Section 20: (l) No person shall practice as a certified investment and financial analyst unless the person is registered as a certified investment and financial analyst and holds a practicing certificate or an annual license from the Registration Committee that is in force. Page 6 of 9

7 Section 20: (2) Any person who contravenes, subsection (1) commits an offence and is liable on conviction to a fine not exceeding five hundred thousand or to imprisonment for a period not exceeding two years or to both. 5. Definition of Practice Section 21 (1):A person practices as an investment and financial analyst for the purposes of this Act if, in consideration of remuneration or other benefits received or to be received and whether by himself or in partnership with any other person, such person; a) engages in the practice of investment and financial analysis or holds himself out to the public as a person entitled to do so; b) offers to perform or performs services involving investment advice or financial decisions, investment transactions, books, accounts, or records; c) offers to perform or performs services involving verification or certification of investments and related advice; or d) engages in practice or performs or offers to perform any services which may be prescribed. Section 21 (2) A salaried employee of the government or of any other person does not practice as an investment and financial analyst by reason only of doing, in his capacity as such employee, any of the acts referred to in subsection (1). Section 21 (3) An advocate, a professional secretary, a professional accountant or a person authorized to do so by or under any written law, may only undertake the work of an investment consultant or investment advisor or a financial consultant in the course of practicing their profession. 6. (a) The experience gained should be in at least one of the following areas of professional practice in the investment and finance fields: Financial and Investment Analyst Investment research Analysts and Advisors Fund and Pension Management Alternative Investment Analysts Page 7 of 9

8 Derivatives Investment Analysts Equity Investment Analysts Asset Management Portfolio Management Fixed Income Investment Analysts Private Equity Analysts Trainers in Finance and Investment Note: Due to the dynamic nature of the financial services industry, the Registration Committee will from time to time update the areas of Investment and Financial Practice. (b) The applicant must provide a letter from the employer detailing the length of service, position, nature of work and recommendations. (i) A member wishing to apply for a practising certificate must have been a member of the Institute of Certified Investment and Financial Analyst in good standing for at least two (2) years preceding the application. (ii) A member wishing to apply for Practising Certificate should have at least three (3) Years practical experience in financial markets. 7. The applicant must provide a letter from a practising firm, reputable organization, or government institution in confirmation of the applicant s experience gained in Section 4 above specifying the following: a. That the applicant has obtained the equivalent of at least three (3) years in investment and financial practice, either in full-time or part-time capacity in any of the areas specified in No 6 above. b. Details of clients handled by applicant and levels of responsibility on the assignments. c. Level of the applicant s responsibilities in investment and financial practice generally and the duration such responsibilities have been handled (e.g. manager, supervisor/senior, clerk/assistant and the period such position held). d. Names and contacts of the partners to whom the member was responsible for his work. Page 8 of 9

9 e. Other work experience gained by the applicant since registration as a certified investment and financial analyst. 8. The applicant must provide statements from two (2) referees detailing their knowledge of the applicant particularly as relates to attributes. The referees should be from senior level management in the respective areas of practice. ISSUE OF ANNUAL LICENSE 1. Under Section 24 (1) where the holder of a practicing certificate intends to practice as a firm, whether as a sole practioners or in a partnership, he shall apply to the Registration Committee for an annual Practicing license in the prescribed form, furnishing the Registration Committee with such details of the firm as it may require. 2. Where an application is made by a person under subsection (1), the Registration Committee shall issue him with an annual license if it is satisfied that the persona) Holds a practicing certificate; and b) Meets such other requirements as may be prescribed; and if not satisfied, shall refuse the application. 3. An annual license issued under this Act shall be valid from the date of issue to the thirtieth June of the year of issue and shall be renewed at the end thereof. Section 25: A practicing certificate or an annual license issued to any person shall remain the property of the Institute. 4. A member will pay an annual license as prescribed by the council payable by cheque drawn in favour of Institute of Certified Investment and Financial Analysts Page 9 of 9