CFA Ukraine will increase the financial literacy of Ukrainians and the ethics of financial market professionals

The CFA Society Ukraine Investment Professionals Association received a grant from the USAID Financial Sector Transformation Project worth $ 98.5 thousand to improve the financial education of consumers of financial and investment services and enhance the professionalism of Ukrainian financial industry specialists.

“For the last 10 years, our professional activity has been the constant professional development, training and ethics of Ukrainian financial market specialists. We are very grateful to USAID’s Financial Sector Transformation Project for the opportunity to bring our expertise to the broader consumer of financial services. We will be able to increase consumer financial literacy and promote the ethical thinking and behavior of financial market participants. Education and ethics are at the heart of confidence in the financial market, including investment services, ”said Alexey Sobolev, President of the CFA Society Ukraine.

The grant funds will be aimed at three key objectives. First, it promotes the professional growth of financial market professionals. In particular, a series of educational events will be held on the topic of key trends in the development of the world financial market and Ukraine’s place in it, as well as several books by leading experts on the development of financial markets and work with investors.

Secondly, it is a professional ethics training event where both experienced and future professionals in the financial industry will be able to acquire ethical dilemma recognition and analysis skills and will learn to follow the highest ethical standards in their work.

Third, is the creation of an online video course based on an international renowned CFA Institute Investment Foundations. This training course will help consumers of investment services improve their knowledge and make the right decisions to save and increase their savings.

«Ринки капіталу в Україні перебувають лише на початковому етапі розвитку. Попереду ще довгий “The capital markets in Ukraine are only at an early stage of development. There is still a long way to go. But given the expected market, the law on new financial instruments and derivatives, raising the ethical standards of stock market professionals and public awareness are a timely and important step. New opportunities should come only with responsibilities and obligations, ”said Julia Vitka, Deputy Head of USAID Financial Sector Transformation Project.

“Ukrainians have lost hundreds of millions of hryvnias on dubious financial projects based on fraud in the gray areas of the capital markets, where there is no regulation. Such zones have arisen due to gaps in financial legislation and delays in improving it. The current financial legislation applies only to licensees and does not allow to stop fraudsters who are not licensed to offer investment services to citizens. Therefore, it is necessary not only to improve the laws in accordance with the time requirements, but also to systematically carry out educational work that will allow citizens to independently identify potentially fraudulent projects », – said Timur Khromaev, the Chairman of the National Securities and Stock Market Commission.