Accreditation of ACI FMA Exams

The Education Programme from ACI FMA provides and develops globally acknowledged, portable, professional qualifications that enhance career prospects, improve job performance, and set benchmarks within the financial markets industry.

To support it, ACI FMA and the ACI National Associations work closely with regulatory bodies in several countries to ensure that our qualifications, market standards, and regulatory requirements all find common ground.

Our current suite of qualifications includes:

• ACI Dealing Certificate
• ACI Operations Certificate
• ACI Diploma
• ACI FX Global Code Certificate
• ACI Online FX Global Code Certificate

The status of each ACI FMA Exam can differ from country to country, as it can take various forms, such as Recognised, Accepted, Recommended and Required (amongst others).

When national competent authorities grant accreditation to the ACI FMA Exams, they can choose to disclose it publicly and/or they can refer it in specific communications sent to the entities performing financial markets activities in a country. Each authority is free to choose the most appropriate methodology for this purpose.

In addition, several financial institutions around the world require that their staff, involved in financial markets, obtain the ACI Dealing Certificate or the ACI Operations Certificate, as they believe these qualifications support their development of highly qualified people with wide-ranging market skills and knowledge.

Here are some examples of ACI FMA Exams’ accreditations which are publicly disclosed. Please note that the list below is not exhaustive, as there are other examples.

Armenia

- In the Financial System Regulatory Framework, developed by the Central Bank of Armenia, all bank dealers are required to have higher education and hold a professional qualification dealer certificate issued by the Central Bank of Armenia. Such qualification certificate is issued to the dealer based on successful passing of the ACI Dealing Certificate or of the CFA first level.

Bahrain

- According to the Rulebook of the Central Bank of Bahrain, a Head of Treasury must hold certifications required for a head of function. Those certifications must be issued by a recognised institution and include the ACI Diploma, ACI Dealing Certificate or the ACI Operations Certificate. In the same Rulebook, it is referred that the benchmark qualifications for a Financial Instruments Trader and for an Investment Consultant/Adviser include the ACI Diploma or the ACI Dealing Certificate.

Burundi

- The new foreign exchange regulations, established by the Bank of the Republic of Burundi, require that each bank must appoint within its ranks a foreign exchange dealer that has obtained the ACI Dealing Certificate as a minimum requirement for carrying out foreign exchange operations, as a way to improve the quality of services provided by the banks.

Ghana

- In the rules established by the Bank of Ghana, cited as Ghana Interbank Forex Market Conduct, all Licensed Foreign Exchange Dealers shall ensure that their dealing officers are adequately qualified to deal with foreign exchange transactions. For that purpose, they must possess the ACI Dealing Certificate and/or other equivalent/relevant qualification/certificate including but not limited to the CFA charter.

Mauritius

- Following the Bank of Mauritius’ Guideline on the Operational Framework for Primary Dealers, their staff members directly involved in market activity must comprise at least two dealers duly registered with the Bank of Mauritius, one with 3 or more years of relevant dealing experience and the other with a minimum of 1-year relevant dealing experience. Either the Treasurer or one of those two dealers should hold the ACI Dealing Certificate, or any treasury related qualification.

Netherlands

- As part of the agreement between the Stichting DSI (“DSI”) and the Netherlands Authority for the Financial Markets, the DSI Accreditation Committee approves qualifications of third parties in accordance with learning objectives. As such, holders of the ACI Dealing Certificate may obtain investment advice status and/or provision of information status as part of the accredited exams required by ESMA (European Securities and Markets Authority). Additionally, holders of the ACI Operations Certificate may also achieve provision of information status as part of the accredited exams required by ESMA.

Nigeria

- The Central Bank of Nigeria implemented a Supervisory Framework for Payment Service Banks. As part of those regulations, a Chief Treasurer for a Payment Service Bank is required to have a qualification that reflects a first degree or its equivalent in any discipline and relevant professional certification, such as the ACI Dealing Certificate or Treasury Dealership Certificate.

North Macedonia

- Banks that require a license for foreign exchange trading need to supply relevant documentation to the National Bank of the Republic of North Macedonia. As such, and with respect to the staff members that are looking to perform these roles, the banks need to confirm that they hold a certificate for operating on the financial markets, with the ACI Dealing Certificate being mentioned as a minimum requirement for staff members developing roles in the front office.

Palestine

- With the objective of enhancing and purifying the excellence in financial markets, the Palestine Monetary Authority has recognised that a Head of Treasury or CFO must hold the ACI Dealing Certificate and the ACI Diploma as accredited qualifications that support the performance of their roles. Additionally, the ACI Dealing Certificate has also been accredited for market participants with roles in treasury and investment departments, as well as for professionals with roles in audit departments supporting the treasury.

Rwanda

- The National Bank of Rwanda has published a Regulation for governing foreign exchange operations, aimed at the liberalization of capital account and the establishment of rules relating to the management of foreign exchange transactions by licensed banks, foreign exchange bureaus and any other licensed intermediaries. As part of that Regulation, banks shall appoint foreign exchange dealers that need to acquire professional certification (in the form of an ACI Dealing Certificate) as a minimum requirement.

South Africa

- The Financial Sector Conduct Authority (“FSCA”) has published a list of qualifications recognised for Financial Services Providers (“FSPs”), key individuals and representatives. In that list, the ACI Dealing Certificate is a qualification recognised for the following FSCA Categories: II & IIA (for Discretionary and Hedge Fund FSPs), III (for Administrative FSPs), IV (for Assistance Business FSPs) and I (for FSPs that render financial services other than the ones mentioned in Categories II, IIA, III and IV).

Sri Lanka

- The Banking Act Directions, established by the Monetary Board of the Central Bank of Sri Lanka, establish that an Authorised Person, engaged in transacting business in market dealer functions (such as front office, middle-office, and back-office functions of the treasury operations of licensed banks), should possess a professional qualification, with the ACI Dealing Certificate or the ACI Operations Certificate being mentioned as alternatives.

Tanzania

- The Interbank Foreign Exchange Market Code of Conduct (“Tanzania FX Code”), established by the Bank of Tanzania, draws from the FX Global Code and has been developed to address evolving market dynamics, setting standards to strengthen and promote the integrity and effective functioning of the wholesale foreign exchange market in the country. The Tanzania FX Code should be fully complied by market participants and, in its Principle 2 under Ethics, it is referred that firms shall ensure that their dealing officers are adequately qualified to deal with foreign exchange transactions and must possess the ACI Dealing Certificate as a minimum qualification.

Uganda

- Drawing from the FX Global Code, the Uganda Foreign Exchange Code (“Uganda FX Code”) applies to Market Participants (the banks licensed by the Bank of Uganda). With 52 principles included in it, each Market Participant is required to be in full compliance with the Uganda FX Code. The Principle 2, under Ethics, mentions that Market Participants should strive for the highest professional standards and that any dealer in the Uganda financial markets is required to have completed and passed the ACI Dealing Certificate within a period of six months of being appointed as a dealer.

United Kingdom

- The Financial Conduct Authority lists, in their Appropriate Qualifications Tables:

The ACI Dealing Certificate and the ACI Operations Certificate, when combined with two units from CISI (Chartered Institute of Securities and Investment), as qualifications that meet the requirements in relation to the following non-RDR (non-Retail Distribution Review) activities:

• Overseeing, on a day-to-day basis, the operations of a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme.
• Overseeing, on a day-to-day basis, administrative functions in relation to managing investments.

The ACI FX Global Code exams, as qualifications that meet the requirements in relation to the following non-RDR (non-Retail Distribution Review) activities:

• Managing investments and/or undertaking the activity of a broker fund adviser.
• Overseeing, on a day-to-day basis: a) the operations of a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme; b) the safeguarding and administration of investments of the holding of client money; c) the administrative functions in relation to managing investments; d) the administrative functions in relation to effecting or carrying out contracts of insurance which are life policies; and e) the administrative functions in relation to the operation of stakeholder pension schemes

The ACI Diploma, when accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation, as a qualification that meets the requirements in relation to the following RDR (Retail Distribution Review) activities:

• Giving personal recommendations on and dealing in securities which are not stakeholder pension schemes, personal pension schemes or broker funds.
• Giving personal recommendations on and dealing in securities.

Zambia

- The Interbank Foreign Exchange Market Framework, developed by the Bank of Zambia, establishes that staff members, current or new joiners, from Authorised Dealers and with roles in dealing rooms (front office and customer facing) and back-office (operations), should hold ACI qualifications (respectively, the ACI Dealing Certificate and the ACI Operations Certificate).