Commission ensures proper control over the professional suitability of persons in management positions and the internal control system

The NSSMC approved its Regulation “On Certain Issues of Controlling the Professional Suitability of Persons Appointed to the Position of Head of a Professional Participant in Capital Markets and Organized Commodity Markets, Officials of the Internal Control System, and Persons Responsible for Financial Monitoring.”

The document aims to standardize the work of the Commission on Professional Suitability Control, which evaluates individuals appointed to positions of managers of professional participants in capital markets and organized commodity markets (except banks), as well as officials of the internal control system.

The Controle Commission’s role is to verify whether such persons meet professional standards and legal requirements.

The Regulation approves the Commission’s Rules of Procedure, which include, in particular, the schedule for holding interviews: every Monday and Wednesday from 14:00 to 17:00, on Friday from 14:00 to 16:45, and also determines the persons who will be interviewed: some — by the NSSMC Commissioners, and others — by members of the Control Commission.
Interviews with candidates for management positions are conducted by at least two NSSMC Commissioners sitting on the Control Commission. Interviews with other candidates for positions in professional market participants (non-management positions) are conducted by at least two members of the Control Commission, appointed by the Control Commission Chair, with mandatory recording in the minutes.

The Regulation also approves a tentative list of questions that will be used to determine the level of professional competence of managers and officials in the internal control system, which is available at this link.

The adopted amendments not only strengthen control over the professional training of managers, but also standardize assessment procedures and enhance the institutional capacity of the NSSMC in professional suitability supervision. This will contribute to more transparent, responsible, and stable operation of companies in capital markets and organized commodity markets.