The Rwanda Capital Markets Authority (CMA) issued a circular requiring employees of licensed or approved capital markets entities in Rwanda who deal directly with clients or trade on behalf of clients to obtain specified professional certifications administered by the Chartered Institute of Securities and Investment (CISI) in the United Kingdom. The CMA also stated that certification of these employees will be treated as a prerequisite for the issue of a licence. Target employees must successfully complete CISI Module 1 (International Introduction to Securities and Investment) and an Authority-endorsed technical examination under Module 3. Individuals who have undertaken a comparative programme may apply to the CMA for an exemption. Once certified, target employees of market intermediaries must complete annual continuing professional development (CPD), including CISI training programmes and other programmes submitted to and approved by the CMA. A one-year transition period for compliance applies from 1 September 2025. Separately, once new legal instruments under development are published and the Rwanda Market Practice and Regulations examination is re-launched, individuals who have not previously completed that exam will be required to do so within six months from its effective date.

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