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Training
For the purpose of achieving the Company's strategic targets, namely, to develop and raise the level of efficiency in the Egyptian Market, the MCDR moves in two directions; (updating the systems and training the employees). Given the fact that the MCDR plays a key and unique role in the Egyptian Capital Market, it is required to give special priority to its employees' training process and to qualify cadres and staffs capable of assuming their job duties. Therefore, the Training Department undertakes internal training activities for the Company's employees and renders other external training services to other capital market participants.
Regarding the internal training, MCDR undertakes the following activities:
• Developing, updating and allocating a budget for an annual training plan based on the employees’ training needs.
• Developing internal programs for employees, these programs are tested by a committee comprising of prime technical managers of the MCDR, such as the practical Rotation Program which covers all activities of the MCDR's departments. This is to allow employees to be fully aware of the nature of activities performed by the other departments and to achieve the best interest for any new employees duly introduced to the service.
• Electing a number of suitable external programs, in cooperation with competent external entities.
As regards the external training, the Training Department organizes and supervises a training course for custodians working in the Egyptian Capital Market, and further organizes training courses to the Egyptian universities’ students to be aware of the clearing and settlement activities that represent a branch study in the various universities. The Training Department further arranges for short-term symposiums and training courses to capital market participants when new systems are introduced to the service and the currently existing systems are modified. This is to allow capital market participants to be aware of all developments achieved and to properly train them in a manner realizing flexibility in capital market.
Securities Accounting Entries Program- Custodians Program
Introduction to the Program
This program is organized for the employees who work for banks performing custodianship activity. It is meant as an introduction for custodian activity, including securities depository/registry, trading and management, as well as processing the related accounting entries.
Term of the Program
Two consecutive weeks or ten days, to be divided as follows:
First Week: Theoretical Study.
Second Week: Practical Study.
The final test of the training course shall be on the last day of the program.
Custodianship Course Schedule
| Day |
Timing |
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Subject |
| Sunday |
3.00 :3.45 |
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Custodians’ Tasks |
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4.00:4.45 |
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Membership Rules |
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5.00 : 5.45 |
Dividends Payment System |
| Monday |
3.00 :4.00 |
4.30 : 5.30 |
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Custodian System (Theoretical Study) |
| Tuesday |
3.00 :4.00 |
4.30 : 5.30 |
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Custodian System (Theoretical Study) |
| Wednesday |
3.00 :4.00 |
4.30 : 5.30 |
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Custodian System (Theoretical Study) |
| Thursday |
3.00 :4.00 |
4.30 : 5.30 |
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Custodian System (Theoretical Study) |
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| Sunday |
3.00 :4.00 |
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Practical Study |
| Monday |
3.00 :4.00 |
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Practical Study |
| Tuesday |
3.00 :4.00 |
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Practical Study |
| Wednesday |
3.00 :4.00 |
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Day off |
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| Thursday |
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Assessment Test |
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Program Contents
Theoretical Study
• General idea on custodians' tasks, membership rules and dividends payment system.
• The main principles of the accounting system applied by custodians.
• The transactions made through custodians (deposit, purchase, sale, transfer of portfolios, freezing balances and GDR transactions).
• The transactions made through custodians (security pledge, bonus securities payment, reduction of nominal value (splitting process), joining issues, underwriting, dividends payment)
Practical Study
• Through the "Dummy System" prepared by the IT Department, attendees perform practical training on the custodian system. This practical training is arranged by a number of expert officials from the MCDR's Custodian Department.
Prerequisites
• Applicants should have obtained a suitable high education.
• Applicants should be employees at banks undertaking custodian activity.
Procedures for Attending the Custodianship Program
• The bank licensed or in the process of being licensed to act as custodian shall send a letter to the Training Department of the MCDR, regarding its nomination to a number of its custodian department’s employees to attend a custodian's course.
• The program will be held upon completion of the number of custodian banks’ nominees, provided that the total number of attendees shall not be less than 10 and no more than 15 attendees. Joining the program shall be subject to the priority of submission of the nomination letter.
• Upon scheduling a final date for the program, the Training Department shall send faxes to the nominees, notifying them of the date and the place of the program.
• When the participant successfully passes the final test of the course, the Training Department issues a certificate that the participant has successfully passed the test, noting that the minimum grade of passing this program is 60%.
Documents Required for Attending the Program
• A nomination letter stating the names of nominees is to be provided by the custodian bank to the MCDR’s Training Department.
• Copy of the educational qualifications of the nominee.
• Copy of the nominee’s I/D.
Attendance Fees
This program is provided by MCDR against a minimal cost of LE 250 per individual, payable either in cash or by banking cheque.
Target
• Describing the documentation process for transferring securities from their material to a book form, through accounting entries.
• Processing and managing clients’ accounts in their book form.
• Effectively and validly following up clients’ balances.
• Describing the dividends payment system.
• Training the attendees, though computer devices, on the means for managing clients accounts and practically solving their problems.
• Obtaining a custodian course certificate, as the Capital Market Authority requires that 6 employees of the bank’s custodian department should have such certificate, for the bank to be licensed to undertake the custodian's activity.
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