CIRCULAR
To: Capital Market Licensed/Approved Entities
Date: 6 August 2025
SUBJECT: MARKET CERTIFICATION AND COMPETENCY STANDARDS
Following the decision by the EAC Securities Regulators to adopt the CISI certification programme for the EAC Capital Markets, and in light of the renewed partnership between CISI and the CMA, as well as the Financial Sector Skills Council’s vision to enhance professionalism in Rwanda’s financial sector through internationally benchmarked qualifications, the following requirement is hereby issued.
All employees of licensed or approved entities that operate in the Capital Market Industry in Rwanda who have direct dealings with clients and trading activities on behalf of clients shall be required to undertake and successfully complete Module one on International Introduction to Securities and Investment (IISI) examination, and an approved technical examination under Module 3 to be administered by the Chartered Institute of Securities and Investment (CISI) United Kingdom, which has been endorsed by the Authority for this purpose.
Upon the publication of new legal instruments under development and re-launch of the Rwanda Market Practice and Regulations examination, all individuals who have not previously completed it will be required to do so within six (6) months from the effective date of its implementation.
Provided that the person who has undertaken a comparative program may apply to the Authority for exemption.
The certification of target employees shall be deemed to be a prerequisite for the issue of a license.
The transition period for compliance with this requirement is one (1) year from September 1st, 2025 (the Transition Period).
Upon certification of target employees of market intermediaries, they will be required to undertake annual Continuing Professional Development (CPD) as part of their ongoing training obligations. This will include CISI training programs and other programs submitted to and approved by the Authority.
All market intermediaries are expected to observe these requirements.