NSSMC, USAID and CFA Society Ukraine develop new qualification exam programs for stock market professionals

NSSMC, with the support of the USAID Financial Sector Transformation Project, CFA Society Ukraine, Universal Examination Network Specialists and representatives of self-regulatory organizations, completed the first phase of the stock market and asset management system certification process and presented a jointly drafted qualification and new Project.

Recall that during 2018 – 2019 a number of steps were taken to implement the reform of the certification system, in particular, an analysis of market practice, which included a representative survey of specialists, and a multi-stage expert discussion of qualification requirements in the process of certification of specialists.

“The active participation of companies in the surveys testifies of the interest of the professional community in the analysis of the practice and in the success of an attempt to reasonably establish the regulator’s qualification requirements. The results of the survey recorded the current state of the market and showed what the market is doing, what functions it prioritizes. At the same time, the survey highlighted the immature state of the market and helped identify areas that need development and outreach”, – said Robert Bond, USAID Financial Sector Transformation Project Leader.

Based on the results of the practice analysis, a reasonable list of qualification requirements for stock market specialists and asset managers was formed, which became the basis of the new Qualification Exam Program.

“The draft of this Program is in line with the approved NSSMC qualification examination scheme, takes into account the opinion of the market and the goals of state regulation. We are pleased that so many stakeholders have joined the new program. Our ultimate goal is to create a transparent system of certification based on independent evaluation of candidates according to the best international practices”, – said Timur Khromaev, the Chairman of the National Securities and Stock Market Commission.

Based on a study of demand from companies,it is identified priority areas for training. The information provided may be useful for training organizers who will prepare candidates for the qualification examination and those who will prepare independently on the basis of this Program.

At the same time as conducting a market practice analysis, CFA Society Ukraine specialists conducted a thorough study of how the market treats professional ethics; some public events were held on this occasion, including Financial Market Professional Ethics Days.

“The results of the professional ethics survey demonstrate the urgent need for education among stock market professionals regarding the application of ethical standards in professional activity, and the importance of involving the professional community in the process of implementing the Code of Professional Ethics for Stock Market Participants. Because ethics and honest conduct in securities transactions will help to increase investor confidence in this market, which will contribute to its sustainable development”, – says Alexey Sobolev, President of the Association of Investment Professionals of CFA Society Ukraine.

The report “Analysis of the Practice of Stock Market Specialists of Ukraine 2018-2019” can be found at: https://www.nssmc.gov.ua/document/?id=10686789