BIBF recently conducted its first Securities Market Regulation Certification Programme (based on Series 79) for a group of 15 candidates from various local banks, as part of a new Central Bank of Bahrain (CBB) mandate.
The qualification requirement was added to the CBB’s Rulebook in October, making it mandatory for individuals dealing in debt and equity offerings through public or private placement, mergers, acquisitions and financial restructuring, to undertake the Securities Market Regulation Certification qualification.
Prior to the new requirement, the more popular exam – the Series 7, was mandated by the CBB for brokers. The new certification is based on the Series 79 exam, administered by the Financial Regulatory Authority (FINRA) to provide investment bankers with adequate knowledge in the areas of mergers & acquisitions, buyouts, financial restructuring, public investment banking and refinancing.
“Some representatives found that they were only performing investment banking activities, which is a small portion of the Series 7 exam. BIBF worked closely with the banking industry to develop a certification programme to address this need. The new programme focuses on the specific skills required by investment bankers to effectively serve the industry”, said BIBF’s Head of the Centre for Banking Deen Jayah.
“Due to the unique relationship we have with the banking industry, we were able to identify and fulfill the CBB-mandated training requirement within a relatively short period of time. The programme is also beneficial to all capital market participants engaged in advisory and investment banking activities including advice on raising capital/debt, syndications, structured financing, private placement, mergers and acquisitions, offering of securities, listing and other related capital market activities”, he added.
The syllabus includes collection, analysis and evaluation of data; underwriting/new financing transactions, types of offerings and registration of securities; mergers and acquisitions, tender offers and financial restructuring transactions; and general securities industry regulations. The 5-day programme is followed by a multiple-choice examination.