Commission updates the requirements for assessing the professional suitability of employees of professional participants

The NSSMC is updating the procedure for approving employees appointed to management positions and positions of responsibility at professional participants in capital markets and organized commodity markets (excluding banks). From now on, they will be required to take a test.

To this end, an independent Testing Center will operate under the auspices of the Agency for the Development of the Ukrainian Stock Market Infrastructure.

The tests will consist of four sections: basic knowledge of economics and finance, ethical standards for capital market activities, specialized legislation, and practical skills and abilities.

The Commission may invite certain candidates having successfully completed the tests to an interview. During the interview, the candidate’s practical experience, ability to identify risks and make decisions in non-routine situations, as well as circumstances relevant to assessing their professional reputation, will be evaluated.

The new rules apply to executives, members of governing bodies, internal auditors, compliance and risk managers responsible for financial monitoring. Separate rules are specified for those who are temporarily performing these duties.

The Commission also specifies the grounds for conducting random checks on approved employees. If doubts arise regarding a person’s integrity or professional reputation, the Commission may cancel its approval.