The Institute of Capital Markets (ICM), the leading finance industry organization for licensing certification in Pakistan, has signed a Memorandum of Understanding (MOU) with CFA Institute, the global association of investment professionals, and its member society CFA Society Pakistan (CFAP) to jointly organize globally relevant, professional education and training, and promote ethical practices in the country.
The MOU identified six key areas of cooperation, i.e. 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 charterholders.
All three parties recognized that the initiative will 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, CEO of the ICM. “This is a significant step in talent creation and capacity development, producing market practitioners familiar with international investment instruments as well as global best practices. It will go a long way to meet the current and future needs of our country.”
“We are delighted to join our Pakistan member society and partner with ICM for the opportunity to promote globally relevant education programs, best practices and ethical standards. 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 Paul Smith, CFA, Managing Director of Asia Pacific at CFA Institute.
Muhammad Ali, the SECP Chairman who also heads the ICM Board of Directors, thanked CFA Institute for its wonderful support to the ICM. “I believe the MOU will 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.”
Muhammad Jawaid Iqbal, CFA, President of CFA Society Pakistan praised both SECP and ICM for the initiative. “This is in line with our 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 will 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.
Furthermore, the ICM will explore the possibility of waivers from the ICM analyst certification for successful CFA candidates and charterholders. The ICM will 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.