Mercado de Valores Mobiliários (CMVM) (Portuguese Securities Market Commission) officially recognizes a CFA Charter-holder as fully satisfying the qualifications to register as an investment adviser or financial analyst. Saudi Arabia The Capital Market Authority of Saudi Arabia (CMA) recognizes CFA charter-holders as sophisticated investors and they are exempted from CMA exam level I. Singapore The Monetary Authority of Singapore (MAS) recognizes CFA Charter-holders seeking to apply for a license as a Capital Markets Services (CMS) Representative to be exempt from modules 6 and 7 of the Capital Markets and Financial Advisory Services (CMFAS) Exam. South Africa The FAIS licensing process for Financial Service Providers (FSP) exempts CFA Charter-holders from category I, II, IIA, III, and IV of the FSP's entry level qualification for the Key Individuals and Representatives licensing process. Exemptions are available for various modules in the South African Institute of Financial Markets "Registered Persons Examination", depending on the candidate's level. No exemptions are available for the examination on local market regulations and compliance. The South African Qualifications Authority (SAQA) has bench-marked the CFA charter as comparable to its National Certificate in Financial Markets and Instruments. Exemptions are available to Charter-holders for two of the six qualifying exams of the South African Institute of Stockbrokers. Spain Candidates who have passed Level 1 of the CFA Program are able to apply for the Certified Advisor- CAd, a certification awarded by CFA Society Spain. CAd certification is recognized by Spain’s national securities regulator, the CNMV, as meeting the requirements of the European Union’s MiFID II directive for investment professionals who engage in any type of client advisory. Candidates must also pass the CAd test on Spanish and EU regulation, commit to the CFA Institute Code of Ethics and Standards of Professional Conduct, and be a local member of CFA Society Spain. CAd certification must be renewed every year by demonstrating 30 hours of Continual Professional Development (CPD) and reconfirming the observance of the Code and Standards. Sri Lanka The Securities and Exchange Commission of Sri Lanka authorizes that CFA Charter-holders automatically meet the requirement to practice as Investment Manager managing client funds. Taiwan The Securities Investment Trust & Consulting Association (SITCA) of Taiwan officially recognizes CFA Charter-holders to be qualified to practice as a securities investment analyst. CFA charter-holders are not required to sit the Securities Investment Trust Licensing Exam Thailand The Securities and Exchange Commission (SEC) of Thailand Passing CFA