The Bank of Russia, the regulator to be responsible for the Forex industry in the country, will demand from all managers, dealers and accountants at Forex companies to obtain First-Category Certificates, showing they have sufficient knowledge of the securities market.
The news was announced after a meeting of representatives of the Bank of Russia and CRFIN, the country’s self-regulatory organization for the Forex industry, held on April 28, 2015.
The decision is just another step in implementing the Forex law, which president Vladimir Putin signed at the end of 2014. Many of its provisions demand further clarification, including the certification of so-called financial market experts that work at Forex companies. To obtain the necessary certificate, wannabe specialists will have to pass an exam.
Exam topics include:
- Definition of broker, dealer and securities management activities. Interactions with infrastructure institutions and all bodies responsible for trading.
- Licensing of the participants of the securities market.
- Rules for the operations of brokers, dealers and securities managers. Protection of investors.
- Margin trading. Repo.
- Back-office organization. Management of internal reports and accounting.
- Internal controls of securities firms.
- Anti-money laundering programs, programs for countering financing of terrorism.
- Basics of technical and fundamental analysis of securities. Assessment of profitability of securities trading. Basics of derivatives market. Principles of securities portfolio management.
- Methods of securities risk assessment.
- International securities companies policies.
The test exam gives a maximum of 100 points, with those who wish to obtain certificates required to obtain at least 80 points. The reviewers consider the questions regarding investor protection most important.
The program may be updated, as agreed at the meeting of representatives of the Bank of Russia and CRFIN on Tuesday.