SCA (now CMA) – CAT 5 EMPLOYEE REQUIREMENTS

Without the appropriate personnel in place—specifically individuals who meet the criteria established by the CMA, including successfully passing the required examinations and providing verifiable employment references—an application is likely to be delayed or remain pending.

While the CMA may, in certain instances, grant a one-time exemption allowing applicants additional time to fulfil personnel requirements, no regulated activities may be conducted until these individuals have been formally approved and appointed.

Therefore, the question is “is it really worth waiting until the very last moment to find the properly qualified candidates?”

Our advice to all applicants applying for a CMA license is to explore their candidate options as early as the initial submission stage to the CMA. In this way, the chosen candidate will have the time and opportunity to pass the relevant CMA exams, obtain the necessary employment reference letters and ensure that all requirements are met by the time the final application is to be submitted.

Finding the appropriate candidates is often the most time-consuming part of the process and can lead to unforeseen delays for all applicants. Even when a candidate’s CV appears strong and their qualifications meet CMA requirements, failure to provide satisfactory employment reference letters verifying relevant experience in the financial services sector may result in rejection. Thus, the entire application process may be delayed.

For this reason, applicants are highly urged to select their key personnel carefully and take a proactive approach from the beginning.

For more information regarding employee and key personnel requirements across all CMA categories, please feel free to contact us at a.ioannou@stefanilegal.ae & s.hadjitheodosiou@stefanilegal.ae.