Updated Requirements for Professional Suitability Verification for Capital Market Participants
The National Securities and Stock Market Commission (NSSMC) announced that it has updated the procedure for approving employees appointed to managerial and responsible positions in professional participants of capital markets and organized commodity markets (except banks). Now they will be required to undergo testing.
For this purpose, an independent Testing Center will operate based on the "Agency for the Development of the Stock Market Infrastructure of Ukraine."
The tests will consist of four sections: basic knowledge of economics and finance, ethical standards of activity in capital markets, special legislation, and practical skills and abilities.
The Commission may invite certain specialists who successfully pass the tests for an interview. During the interview, the person's practical experience, ability to identify risks and make decisions in non-standard situations, as well as circumstances relevant to assessing business reputation, will be evaluated.
The new rules apply to executives, members of management bodies, internal auditors, compliance and risk managers responsible for financial monitoring. Separate rules are specified for those temporarily performing duties.
The Commission also details the grounds for conducting selective control of approved employees. If doubts arise regarding a person's integrity or business reputation, the Commission may revoke its approval.
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