The Securities and Exchange Commission (SEC) of Sri Lanka has introduced new entry requirements and broadened exemptions for its certification programmes, aiming to enhance professional standards and accessibility in the capital market industry. 

The directive, effective from August 1, 2024, aligns educational and professional criteria with industry best practices and emerging market trends.

As part of Sri Lanka’s capital market licensing framework, the SEC develops and administers professional education and Continuous Professional Development (CPD) programmes to maintain high standards of professionalism and trust in the financial advisory sector. The certification process is crucial for investor protection and market stability.

The SEC’s Certificate in Capital Markets (CCM) programme, the sole pathway to obtaining the Registered Investment Advisor (RIA) Qualification, now features relaxed entry requirements. Candidates previously needed three Advanced Level (A/L) passes, a degree, or a professional qualification in any discipline. The revised criteria now accept a broader range of academic and professional qualifications, expanding access to the programme.
The SEC has also expanded its exemption policy for the CCM programme. Candidates who are passed finalists of the Chartered Institute of Management Accountants (CIMA), the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants of Sri Lanka (CA), or those with finance-related Bachelor’s or Master’s degrees are now eligible for exemptions, in addition to those who passed Level 2 of the Chartered Financial Analyst (CFA) programme.

These updated entry requirements and exemptions also apply to single asset class certification programmes. The first batch under the revised standards will commence on August 31, 2024. Further details are available on the SEC website.

The revisions aim to raise industry standards while promoting inclusivity and supporting ongoing professional development initiatives.