CMA, CISI Introduce Mandatory Course for Market Practitioners

The Capital Markets Authority (CMA) Uganda has announced a strengthened partnership with the Chartered Institute for Securities & Investment (CISI) to enhance professionalism, ethical standards, and global competitiveness across Uganda’s capital markets.

The new phase of cooperation introduces mandatory Continuous Professional Development (CPD) for all market practitioners.

The CPD programme, effective 18 November 2025, will require every practitioner in the capital markets industry to complete a prescribed number of annual training hours, supported through CISI’s international learning platform. The platform provides live webinars, CPD tracking tools, professional forums, on-demand videos via CISI TV, and refresher e-learning modules.

CMA Chief Executive Officer Josephine Okui Ossiya said the initiative represents a major step toward elevating industry standards. “The introduction of CPD marks a significant milestone in our efforts to entrench professionalism and integrity within Uganda’s capital markets,” she said. “By providing our practitioners with access to CISI’s global learning resources, we are ensuring that they remain abreast of emerging trends and international best practices. Continuous learning is essential in today’s dynamic financial environment.”

Ossiya stressed that investor confidence depends on the competence and ethics of practitioners. “Investors must be able to trust you—no one will give you their money if they do not trust you,” she said. “Our focus is professionalism and integrity, because these are the foundations of strong investor confidence.”

CISI, a global professional body with 54,000 members in more than 100 countries, said the programme will align Uganda with international regulatory standards.

CISI Executive Director for Membership & Business Development, Kevin Moore, emphasised the importance of lifelong learning in modern financial markets. “We are committed to working with the CMA to support the rollout of this professionalism programme,” he said. “Raising standards, skills, and knowledge is vital to building a trusted and professional sector. Practitioners must be equipped for careers rooted in lifelong learning, enabling them to lead with integrity in a fast-evolving financial landscape.”

Phased Rollout of CPD Requirements

The CMA outlined a gradual, structured rollout of the new CPD obligations: 18 November 2025: Mandatory CPD officially takes effect; Calendar year 2026: Transitional period for practitioners already certified under the Securities Industry Certification Programme (SICP); 30 June 2027: Deadline for all market participants to meet CPD requirements for the 2026/27 year and 1 January 2028: CPD compliance becomes a condition for licence renewal.

CMA Director for Market Supervision Denis Kizito said the transitional period will ensure industry-wide clarity and readiness. “We are moving with clarity and decisiveness,” he said. “Compliance will begin, and starting 1st January 2028, CPD will form part of the representative licence renewal requirements.”

He added that current uptake of CISI qualifications demonstrates growing momentum toward professionalism, noting that: “Of the 250 practitioners who have attempted CISI qualifications, 110 have completed Level 1, and 60 have completed Level 2. About 80 people are now affiliates in the market—but we still have catching up to do.”

Industry Capacity Building

The enhanced collaboration builds on a 2018 agreement that introduced CISI certification for capital market professionals in Uganda. This next phase focuses on maintaining up-to-date knowledge, strengthening ethics, and preparing practitioners for future market developments such as digital finance and cross-border investment flows.

CISI Regional Representative for East Africa, Kimacia Gitau, said the programme is designed to uphold global standards. “We are not in the business of selling exams—we are in the business of building professionalism,” she said.

“Professionalism rests on three pillars: knowledge, skills through CPD, and integrity. This programme ensures Ugandan practitioners remain globally competitive.”

The CMA said it will issue further guidance detailing the CPD framework, exemptions, and transitional arrangements.

CMA Director for Research & Market Development Dickson Ssembuya urged practitioners to fully embrace the new learning modules, noting that the reforms would soon apply across the entire sector.

“Once a module has been reviewed, it will be cascaded across the entire market,” he said. “We look forward to the successful implementation of this module this year and in the future.”