CE RT IF ICAT ION OF ST OCK MARKE T PROF E SSIONAL S: re - PowerPoint PPT Presentation

CE RT IF ICAT ION OF ST OCK MARKE T PROF E SSIONAL S: re fo rm pla n to e nsure e ffic ie nc y a nd tra nspa re nc y Pre pare d in c o o pe ratio n b e twe e n the NSSMC and CF A I nstitute Ukraine

1 F e b rua ry 2, 2017 - Me mo ra nd um b e twe e n the NCSSMF a nd CF A So c ie ty Ukra ine o n re fo rming the sto c k ma rke t c e rtific a tio n syste m July 14, 2017 - Pro fe ssio na l Asso c ia tio n o f PROJE CT 2 Ca pita l Ma rke ts a nd De riva tive s Pa rtic ip a nts jo ine d the Me mo ra ndum HIST ORY 3 Aug ust 2017 - Pro je c t sta rt (pre pa ring the White Pa pe r)

PROJE CT GOAL Cre a tio n o f a tra nspa re nt syste m o f tra ining a nd c e rtific a tio n o f sto c k ma rke t spe c ia lists, whic h will g ua ra nte e a n inde pe nde nt a sse ssme nt o f pro fe ssio na l c o mpe te nc ie s a nd pro fe ssio na l e thic s a nd will b e b a se d o n the b e st inte rna tio na l pra c tic e s.

1 PRE PARAT ION OF T HE F IRST DRAF T (AUGUST - SE PT E MBE R 2017): 7 inte rvie ws with re pre se nta tive s o f the NSSMC, the ma rke t a nd e duc a tio na l institutio ns; PRE PARAT ION study o f the inte rna tio na l e xpe rie nc e , b a se d o n o pe n so urc e s; OF T HE WHIT E a na lysis o f the re g ula tio ns o n c e rtific a tio n; PAPE R 2 DISCUSSION OF T HE F INAL DRAF T (OCT OBE R 2017) me e ting o f the re pre se nta tive s o f the NSSMC a nd CF A Pro je c t to disc uss ma in ide a s; pre pa ring fina l dra ft o f the do c ume nt.

NUMBE R OF PE OPL E T AKING QUAL IF ICAT ION E XAMS IN 2015- 2017. PASS RAT E NUMBE R OF PE OPL E YE AR % T AKING T HE E XAM NUMBE R 2015 1380 1358 98,4% 2016 1453 1434 98,7% 2017 (a s o f Se p 2017) 725 704 97,1%

66% F RANCE 70% F INL AND QUAL IF ICAT IONS E XAMS PASS RAT E : 86% USA INT E RNAT IONAL COMPARISONS CF A (I L E VE L ) 42% ACIIA (I L E VE L ) 46%

T RAINING T UIT ION AND E XAMINAT ION F E E S F ull pr ogr am tuition Spe c ialize d pr ogr am E xam fe e (UAH) E duc ational Institution (UAH) tuition (UAH) Ukr ainian Institute for Stoc k Mar ke t 5580 2940 ! De ve lopme nt of Kyiv National 1245 sity (KYIV) E c onomic Unive r 5580 2940 ADS "Ukr ainian Inte r national Cultur al ” (KYIV) Ce nte r 5340 - 5475 2460 - 2835 1350 Khar kiv Ce nte r for Sc ie ntific , T e c hnic al and E c onomic Infor mation (KHARKIV) Y AL F RE D NOBE L UNIVE RSIT 6500 3800 (DNIPRO) 1200 6500 4100 Odessa National Economic University 1200 (ODESSA) ! provide s me thodolog ic a l support to the NSSMC

MAIN PROBL E MS OF T HE E XIST ING SYST E M OF CE RT IF ICAT ION

Inte r national e xpe r ie nc e : the r e ar e diffe r e nt c e r tific ation mode ls in diffe r e nt c ountr ie s: re g ula to r (Po lish F ina nc ia l Supe rvisio n SROs ARE NOT Autho rity, K NF ); Pola nd INVOL VE D IN T HE re g ula to r (Ca pita l Ma rke ts Bo a rd o f CE RT IF ICAT ION T urke y, CMB); T urke y PROCE SS re g ula to r (Auto rité de s Ma rc hé s F ina nc ie rs, AMF ); F ra nc e So me ma rke t re pre se nta tive s b e lie ve tha t the c e rtific a tio n o f spe c ia lists sho uld do ne b y the SRO (F ina nc ia l I ndustry Re g ula to ry SROs; the y q ue stio n the USA Autho rity, F I NRA); e ffe c tive ne ss o f sta te re g ula tio n in this a re a . SRO (F innish F ina nc ia l Se rvic e s, F F I ). F inla nd

I nte rna tio na l e xpe rie nc e MANDAT ORY T RAINING IN CE RT AIN INST IT UT IONS DOE S NOT continuous professional development (CPD) of PROVIDE F OR PROF E SSIONAL professionals working in the stock market, regular improvement of their and skills; they have the right to DE VE L OPME NT OF PROF E SSIONAL S choose institutions, courses and programs; L e g a l re q uire me nt to ta ke ma nda to ry c o urse s in spe c ific SRO representatives, universities and training centers unive rsitie s, whic h o fte n do no t are involved in updating the training curricula and pro vide hig h-q ua lity tra ining , preparing test items for examinations; ma ke s pro fe ssio na l de ve lo pme nt a fo rma lity. At the sa me type , re pre se nta tive s o f the ma rke t a re ve ry little invo lve d in the monitoring and analysis of the results of the national de ve lo pme nt o f the tra ining exams, including those exams specific for different c urric ula . specializations, as well as the presentation of these analysis in open access.

I nte rna tio na l e xpe rie nc e L OW QUAL IT Y OF MANDAT ORY b e st pra c tic e s use d to e nsure hig h-q ua lity o f tra ining a nd T RAINING PROGRAMS AND OF c e rtific a tio n: T HE E XAMS spe c ific sta nda rds a nd re q uire me nts fo r diffe re nt pro fe ssio na l tra c ks; T he q ua lity o f the pro g ra ms a t the the rig ht to c ho o se e duc a tio na l institutio ns / b usine ss e duc a tio na l institutio ns tha t ha ve sc ho o ls / o n-line pro g ra ms to tra in fo r e xa mina tio n; the rig ht to c o nduc t ma nda to ry tra ining s is po o r. T he re is a g ro wing ne e d to update the pro g ra ms a nd the rig ht to use c e rtific a te s o f e sta b lishe d inte rna tio na l g ive the rig ht to study in diffe r e nt pro fe ssio na l o rg a niza tio ns a nd a sso c ia tio ns (CF A, CI I A, institutions and for mats. SF DR, a nd o the rs) a s sub stitute fo r na tio na l e xa mina tio n; pro fe ssio na l e thic s c o mpo ne nt is inc lude d in the q ua lific a tio ns e xa m.

nte rna tio na l b e st pra c tic e s I for te st de ve lopme nt and administr ation: NE E D T O IMPROVE T HE PROCE DURE S OF E XAMS PRE PARAT ION AND ADMINIST RAT ION e nsuring the inte g rity o f the e xa m b y fully se pa ra ting the pre pa ra tio n a nd a dministra tio n o f the e xa m; E xisting e xa mina tio n pro c e dure c re a te s c o nflic t o f inte re st (dire c t ma king sa mple e xa m q ue stio ns a va ila b le o nline ; c o nta c t with the NSSMC re pre se nta tive s in the pro c e ss o f a pe rso na l inte rvie w); no pro c e dure s fo r e nsuring q ua lity c o o pe ra tio n with inte rna tio na l pro fe ssio na l o rg a niza tio ns o f the te st ite ms. a nd a sso c ia tio ns (ACI I A, CF A, CI SI a nd o the rs) re g a rding the use o f tra ining pro g ra ms, the tra nsfe r o f kno wle dg e in o rg a nizing the e xa ms a nd a dding pra c tic a l q ue stio ns to the e xa ms.

se pa ra te tra ining pro g ra ms c o ve r the issue s o f ma rke t DE NMARK a b use , mo ne y la unde ring a nd a vo iding c o nflic ts o f inte re st. "E thic s a nd g o o d a dviso ry pra c tic e " c o mpo ne nt is ma nda to ry; imita tio na l e thic a l te st a ime d a t te st NO E T HICS COMPONE NT IN NORWAY c a ndida te ’ s unde rsta nding o f the b a sic no rms a nd QUAL IF ICAT ION E XAM princ iple s o f e thic a l b e ha vio r in the se c uritie s ma rke t. c o mpulso ry tra ining mo dule s inc lude E thic s a nd Busine ss Co nduc t; Co mpla ints a nd I nve stig a tio n; Pro hib ite d, a nd USA F ra udule nt Be ha vio r. At the mo me nt, during the c e rtific a tio n pro c e ss pro fe ssio na l pa rt o f the q ua lific a tio n e xa m is the issue o f pro fe ssio na l e thic s is no t te sts, tho ug h this is POL AND e thic a l sta nda rds. b e c o ming a n inc re a sing ly re le va nt issue fo r e nsuring the e ffe c tive a ll c a pita l ma rke t pro fe ssio na ls ha ve to study e thic a l rule s func tio ning o f the sto c k ma rke t. o f pro fe ssio na l c o nduc t. Ba sic re q uire me nt is kno wle dg e o f the rule s de ve lo pe d b y se lf-re g ula to ry o rg a niza tio n - T URKE Y Pre re q uisite fo r the inc lusio n o f issue s the Asso c ia tio n o f I nstitutio ns o f I nte rme dia ry Ac tivitie s in o f pro fe ssio na l e thic s in e xa m the Ca pita l Ma rke t o f T urke y. pro g ra ms is the fo rma tio n, disc ussio n a nd a do ptio n Co de o f E thic s b y the the mo dule "E thic s a nd re g ula tio n" is a c o mpulso ry pa rt o f the e xa m, a nd it c o ve rs a b o ut 15-25% o f the te st fo r inve stme nt ma rke t. BAL T IC c o nsulta nts a nd 20-30% fo r pro fe ssio na ls who pro vide ST AT E S info rma tio n o n inve stme nt se rvic e s. At the sa me time , if the q ue stio ns o n na tio na l re g ula tio n va ry a c c o rding to e a c h c o untry, the q ue stio n o f kno wle dg e a nd a pplic a tio n o f the E thic s Co de o f the Ba ltic F ina nc ia l Advise rs Asso c ia tio n is c o mmo n to a ll.