Growing Regulatory Requirements Drive Compliance onto the University Curriculum
25th January 2006, London, UK - NASD, the world's largest private sector regulator for securities firms and brokers, and The University of Reading announced today they are launching the first-ever Master's Degree in Capital Markets, Regulation and Compliance. The professional qualification has been developed to help fill an escalating demand for compliance professionals.
Recruitment in the compliance market is at an all time high as businesses face growing pressure to comply with new and existing European, US and international regulations. The number of newly created compliance positions in the London market alone during January to December 2006 is expected to increase by 30 per cent compared to the equivalent period in 20041.
The Master's Degree is being launched alongside two other new international professional qualifications - a Diploma and Certificate in Capital Markets, Regulation and Compliance. These are geared at capital market professionals who wish to maintain a full-time position whilst obtaining new credentials or gain specific product expertise.
Specifically, the three programmes are:
- An MSc Degree in Capital Markets, Regulation and Compliance, to be taught at the ICMA Centre in Reading, beginning in October 2006;
- A Diploma programme on capital markets, regulation and compliance, composed of a number of one-week, and one- and two-day courses held in London and Reading. Beginning in 2006, Diploma courses will be offered in stages to accommodate students who wish to obtain new credentials or gain specific product knowledge, whilst continuing to work full time; and
- A Certificate on capital markets, regulation and compliance aimed at all capital market professionals seeking an introduction to regulation and compliance to be presented in various regions around the world throughout the year, with the first one scheduled to be in the Middle East in the Spring of 2006.
The NASD and University of Reading education and training programmes have the strong support of the investment banking community, and the content for the new international qualifications will be developed in consultation with leading investment banks, including Deutsche, DrKW, HSBC, JPMorgan, Merrill Lynch and UBS. Their assistance in the development of the courses will help ensure they meet the institutions' own future compliance needs and those of the demanding global regulatory environment in which they operate.
The demand for a larger pool of qualified compliance professionals is being fuelled by a number of key international market drivers: notably the implementation of regulations including the Markets in Financial Instruments Directive (MiFID), the Sarbanes-Oxley Act and the Market Abuse Directive, which all require significant in-house compliance resources; the explosive growth in emerging capital markets in China, India, the Middle East and Latin America; the accession of the new states to the European Union and the increasing complexity of capital market instruments and financial services products.
Robert Glauber, Chairman and CEO of NASD, commented: "Securities firms are the front line of compliance when it comes to protecting investors. Compliance officials play a substantial role in the day-to-day operations at firms. And NASD is committed to do everything in its power to help firms and brokers meet their regulatory commitments.
"The creation of this new set of professional qualifications, which will be recognised on an international level, will raise the profile of the compliance function even further and help create a respected career path for compliance professionals across the world. This can only serve to reinforce the integrity of global markets and increase investor confidence."
Professor John Board, ICMA Centre Director, said: "We believe this new initiative with NASD underlines Reading's position as a leading centre for financial education. This degree will help create a worldwide group of compliance professionals who will possess the practical and theoretical skills necessary to work across international capital markets."
David Cooper, Head of Regulatory Risk and Development Corporate, Investment Banking and Markets HSBC Bank plc added: "We welcome this initiative which provides a structured post graduate education programme for individuals interested in pursuing or developing a career in compliance."
James Brown, Managing Director, Head of EMEA Investment Bank Compliance, JPMorgan commented: "We are happy to work with NASD on developing education and training programmes that meet the challenges of compliance in today's international capital markets."
The MSc Degree and the Diploma will comprise both practical and theoretical modules that cover all aspects of compliance. Enrolled students will receive tuition from expert lecturers who will include a range of academic, industry and regulatory leaders. The courses will cover a wide variety of European, US and international issues.
This is the most comprehensive package of education and training qualifications for regulatory and compliance professionals. It is designed to deliver the highest level of industry knowledge and to promote sound and consistent regulatory and compliance skills and practices worldwide.
1Source: Robert Walters - compliance recruitment specialists
NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the US securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our website at www.nasd.com.
About The ICMA Centre at the University of Reading
The ICMA Centre was founded at the University of Reading in 1991 to provide postgraduate degrees in Securities, Investment and Banking, and academic oversight of the International Capital Market Association (ICMA)'s professional education programmes. In 1998, the ICMA funded a new purpose-designed building to allow a major expansion in student numbers and to be the first to integrate a dealing room into its teaching and learning. It became the largest specialist provider of university-level securities market education in Europe. In 2005, ICMA donated £5 million to fund an expansion of the existing building and its facilities.
The ICMA Centre is part of the University's Business School, which was awarded a rating of 5 in the most recent Research Assessment Exercise (RAE), placing it in fourth equal position out of 100 UK universities in this field.
Citigate Dewe Rogerson
Sarah Rowan - +44 20 7282 1049 / +44 7811 111632
Deborah Saw - +44 20 7282 2959 / +44 7903 849 737
Nancy Condon - (202) 728-8379
For more information about these programmes, please visit www.nasd.com/reading.