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

PROJE CT HIST ORY

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 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 Aug ust 2017 - Pro je c t sta rt (pre pa ring the White Pa pe r)

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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

• n the b e st inte rna tio na l pra c tic e s.

PRE PARAT ION OF T HE WHIT E PAPE R

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; study o f the inte rna tio na l e xpe rie nc e , b a se d o n

• pe n so urc e s;

a na lysis o f the re g ula tio ns o n c e rtific a tio n;

PRE PARAT ION OF T HE F IRST DRAF T (AUGUST

• SE

PT E MBE R 2017):

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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.

1358 1434 704 1380 1453 725

NUMBE R OF PE OPL E T AKING QUAL IF ICAT ION E XAMS IN 2015- 2017.

2015 2016 2017 (a s o f Se p 2017)

YE AR NUMBE R OF PE OPL E T AKING T HE E XAM PASS RAT E

98,4% 98,7% 97,1%

NUMBE R

%

QUAL IF ICAT IONS E XAMS PASS RAT E : INT E RNAT IONAL COMPARISONS

F RANCE F INL AND USA CF A (I L E VE L ) ACIIA (I L E VE L )

66% 70% 86% 42% 46%

Ukr ainian Institute for Stoc k Mar ke t De ve lopme nt of Kyiv National E c onomic Unive r sity (KYIV) ADS "Ukr ainian Inte r national Cultur al Ce nte r ” (KYIV) Khar kiv Ce nte r for Sc ie ntific , T e c hnic al and E c onomic Infor mation (KHARKIV) AL F RE D NOBE L UNIVE RSIT Y (DNIPRO)

Odessa National Economic University (ODESSA)

T RAINING T UIT ION AND E XAMINAT ION F E E S

5580 5580 5340 - 5475 6500 6500

F ull pr

• gr

am tuition (UAH) Spe c ialize d pr

• gr

am tuition (UAH) E xam fe e (UAH)

2940 2940 2460 - 2835 3800 4100 1245 1350 1200 1200

E duc ational Institution

! ! 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

SROs ARE NOT INVOL VE D IN T HE CE RT IF ICAT ION PROCE SS

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:

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 SROs; the y q ue stio n the e ffe c tive ne ss o f sta te re g ula tio n in this a re a . SRO (F ina nc ia l I ndustry Re g ula to ry Autho rity, F I NRA);

Pola nd T urke y F ra nc e USA F inla nd

SRO (F innish F ina nc ia l Se rvic e s, F F I ). re g ula to r (Po lish F ina nc ia l Supe rvisio n Autho rity, K NF ); re g ula to r (Ca pita l Ma rke ts Bo a rd o f T urke y, CMB); re g ula to r (Auto rité de s Ma rc hé s F ina nc ie rs, AMF );

MANDAT ORY T RAINING IN CE RT AIN INST IT UT IONS DOE S NOT PROVIDE F OR PROF E SSIONAL DE VE L OPME NT OF PROF E SSIONAL S

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 unive rsitie s, whic h o fte n do no t pro vide hig h-q ua lity tra ining , 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 de ve lo pme nt o f the tra ining c urric ula . continuous professional development (CPD) of professionals working in the stock market, regular improvement of their and skills; they have the right to choose institutions, courses and programs; SRO representatives, universities and training centers are involved in updating the training curricula and preparing test items for examinations; monitoring and analysis of the results of the national exams, including those exams specific for different 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 T RAINING PROGRAMS AND OF T HE E XAMS T he q ua lity o f the pro g ra ms a t the e duc a tio na l institutio ns tha t ha ve 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 g ive the rig ht to study in diffe r

e nt institutions and for mats.

b e st pra c tic e s use d to e nsure hig h-q ua lity o f tra ining a nd c e rtific a tio n:

I nte rna tio na l e xpe rie nc e

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; the rig ht to c ho o se e duc a tio na l institutio ns / b usine ss 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 use c e rtific a te s o f e sta b lishe d inte rna tio na l pro fe ssio na l o rg a niza tio ns a nd a sso c ia tio ns (CF A, CI I A, 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.

NE E D T O IMPROVE T HE PROCE DURE S OF E XAMS PRE PARAT ION AND ADMINIST RAT ION

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 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

• f the te st ite ms.

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; ma king sa mple e xa m q ue stio ns a va ila b le o nline ; c o o pe ra tio n with inte rna tio na l pro fe ssio na l o rg a niza tio ns 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

• 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.

I nte rna tio na l b e st pra c tic e s

for te st de ve lopme nt and administr ation:

NO E T HICS COMPONE NT IN QUAL IF ICAT ION E XAM

At the mo me nt, during the c e rtific a tio n pro c e ss pro fe ssio na l e thic s is no t te sts, tho ug h this is 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 func tio ning o f the sto c k ma rke t. Pre re q uisite fo r the inc lusio n o f issue s

• f pro fe ssio na l e thic s in e xa m

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 ma rke t.

se pa ra te tra ining pro g ra ms c o ve r the issue s o f ma rke t 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 c a ndida te ’ s unde rsta nding o f the b a sic no rms a nd 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 F ra udule nt Be ha vio r. 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 a l sta nda rds.

DE NMARK NORWAY USA POL AND

a ll c a pita l ma rke t pro fe ssio na ls ha ve to study e thic a l rule s

• f pro fe ssio na l c o nduc t. Ba sic re q uire me nt is kno wle dg e
• f the rule s de ve lo pe d b y se lf-re g ula to ry o rg a niza tio n -

the Asso c ia tio n o f I nstitutio ns o f I nte rme dia ry Ac tivitie s in the Ca pita l Ma rke t o f T urke y.

T URKE Y

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 c o nsulta nts a nd 20-30% fo r pro fe ssio na ls who pro vide 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.

BAL T IC ST AT E S

CF A CODE OF E T HICS & PROF E SSIONAL ST ANDARDS

PROF E SSIONAL ISM, whic h inc lude s kno wle dg e o f the la w, inde pe nde nc e a nd o b je c tivity, misre pre se nta tio n (o ne must no t kno wing ly ma ke a ny misre pre se nta tio ns), misc o nduc t (o ne must no t e ng a g e in a ny pro fe ssio na l c o nduc t invo lving disho ne sty, fra ud, o r de c e it); INT E GRIT Y OF CAPIT AL MARKE T S, whic h c o ve rs issue s o f ma te ria l no npub lic info rma tio n a nd ma rke t ma nipula tio n; DUT IE S T O CL IE NT S, whic h inc lude lo ya lty, prude nc e a nd c a re ; fa ir de a ling ; suita b ility; pe rfo rma nc e pre se nta tio n; pre se rva tio n o f c o nfide ntia lity; DUT IE S T O E MPL OYE RS, whic h inc lude lo ya lty; a dditio na l c o mpe nsa tio n a rra ng e me nts; re spo nsib ilitie s o f supe rviso rs; INVE ST ME NT ANAL YSIS, RE COMME NDAT IONS, AND ACT IONS whic h inc lude dilig e nc e a nd re a so na b le b a sis; c o mmunic a tio n with c lie nts a nd pro spe c tive c lie nts; re c o rd re te ntio n; CONF L ICT OF INT E RE ST whic h inc lude disc lo sure o f c o nflic ts; prio rity o f tra nsa c tio ns; re fe rra l fe e s.

RE COMME NDAT IONS

INIT IAL CE RT IF ICAT ION RE

• CE

RT IF ICAT ION

F IRST L E VE L for those who want to obtain the c e r tific ate for the fir st time SE COND L E VE L , c onduc te d afte r 3 ye ar s (+3 months) afte r the initial (pr e vious) c e r tific ation; inc lude s c ontinuous pr

• fe ssional

de ve lopme nt

I II

no te sting o f b a sic e c o no mic s a nd fina nc e ,

• nly le g isla tio n, pra c tic a l c a se s,

pro fe ssio na l e thic s

if the pe rso n ha s inte rna tio na l pro fe ssio na l c e rtific a te , he / she ha s the rig ht no t to ta ke c e rta in c o mpo ne nts o f the te st, whic h a re c o ve re d b y the c e rtific a te ;

ma nda to ry tra ining o n suc h to pic s:

• le g isla tio n,
• e thic s;
• b a sic e c o no mic s a nd fina nc e (if no t

c o nfirme d b y unive rsity diplo ma ). T his c a n b e do ne in a ny institutio ns a nd fo rma ts (inc luding ONL I NE )

Pe rso n ha s to o b ta in minima l numb e r o f c o ntinuo us pro fe ssio na l de ve lo pme nt po ints, whic h c a n b e do ne in diffe re nt institutio ns a nd fo rma ts

4 c o mpo ne nts b a sic e c o no mic s a nd fina nc e ; le g isla tio n; pra c tic a l c a se s; pro fe ssio na l e thic s

During thre e ye a rs a fte r the initia l (pre vio us) c e rtific a tio n pe rso n ha s to

• CONST

ANT L Y IMPROVE HI/ HE R PROF E SSIONAL L E VE L

. T his c a n b e do ne in diffe re nt institutio ns a nd fo rma ts (INCL

UDING ONL INE ):

• e duc a tio na l pro g ra ms in unive rsitie s a nd o the r institutio ns;
• tra ining s;
• re se a rc h pub lic a tio ns;
• pa rtic ipa tio n in c o nfe re nc e s
• pa rtic ipa tio n in wo rking g ro ups o n the de ve lo pme nt o f re g ula tio ns

a nd le g isla tio n e tc .

RE

• CE

RT IF ICAT ION

II

Co mple te the tra ining c o urse

HOW DOE S T HIS WORK?

Sub mit info rma tio n a b o ut it into the o nline syste m (a dministe re d b y the SROs) whic h will a uto ma tic a lly c a lc ula te d ho w ma ny po ints yo u re c e ive .

1 2

SROs func tions

• a dministe ring the po ints syste m;
• disse mina tio n o f info rma tio n a b o ut a va ila b le o ppo rtunitie s fo r

pro fe ssio na l de ve lo pme nt

F IRMS, whe re c a ndida te s wo rk, ARE INT E RE ST E D IN HAVING CE RT IF IE D ST AF F a nd thus will suppo rt the ir pro fe ssio na l de ve lo pme nt:

• pa y tuitio ns fo r the tra ining s;
• o rg a nize the ir o wn tra ining s.

IMPORT ANT

T ho se who ha ve a c ting c e rtific a te b y the time o f the la unc h o f the ne w c e rtific a tio n syste m will ha ve to g o thro ug h initia l c e rtific a tio n

!

• Writte n o r c o mpute r-b a se d te st
• E

xa ms ta ke pla c e twic e a ye a r

• Only multiple -c ho ic e te st. Po te ntia lly the re c a n b e typic a l

te st ite m with se ve ra l o ptio ns (diffe re nt b a sic indic a to rs fo r the c a lc ula tio ns).

• I

n o rde r to pa ss the e xa m, c a ndida te ha s to o b ta in minima l sc o re in e a c h o f the te st c o mpo ne nts.

• Only a pe rso n who fa ile d the e xa m ha s the rig ht to a ppe a l

a g a inst the re sults.

QUAL IF ICAT ION E XAM: F ORMAT

INT E RNAT IONAL PROF E SSIONAL CE RT IF ICAT E S

• I

nte rna tio na l pro fe ssio na l c e rtific a te c a n c o ve r a c e rta in c o mpo ne nt o f the te st;

• NSSMC a nd SROs will de ve lo p g uide line s o n whic h

spe c ific te st c o mpo ne nts a re c o ve re d b y diffe re nt c e rtific a te s;

• te st c e ntre a dministe rs the pro c e ss o f re c o g nitio n o f

c e rtific a te s fo r individua l c a ndida te s.

Co nduc t PRACT

ICE ANAL YSIS in orde r to c o lle c t a nd

a na lyze c o mme nts fro m pra c titio ne rs o n the spe c ific s

• f the func tio ning o f the sto c k ma rke t in Ukra ine . T

his will se rve a s the b a sis fo r the de ve lo pme nt o f c a se - studie s fo r the tra ining s a nd pra c tic a l te st ite m fo r the e xa m. De ve lo pme nt o f the tra ining c urric ulum sho uld b e the re sult o f JOINT

WORK o f the re g ula to r, SROs / ma rke t

pa rtic ipa nts a nd e duc a tio na l institutio ns. T e st ite ms sho uld g o thro ug h pro pe r q ua lity a ssura nc e pro c e ss - e diting , re vie wing , pre -te sting e tc .

IMPROVING T HE QUAL IT Y OF T RAINING PROGRAMS AND T E ST IT E MS

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• Adding c o mpo ne nts o n pro fe ssio na l e thic s to

tra ining c urric ulum a nd q ua lific a tio n e xa ms;

• I

n o rde r to do this, it is impo rta nt tha t ma rke t pa rtic ipa nts, SROs, pro fe ssio na l a sso c ia tio ns

DE VE L OP CODE S OF E T HICS tha t will b e

re c o g nize d a nd unde rsta nda b le to the ma rke t.

PROF E SSIONAL E T HICS

INDE PE NDE NCE AND OBJE CT IVIT Y OF T HE ASSE SSME NT

• e nsuring the INT

E GRIT Y OF T HE E XAM b y fully se pa ra ting the e xa ms

pre pa ra tio n a nd a dministra tio n;

• ONL

Y PROCT ORS WHO ARE NOT SPE CIAL IST S IN ST OCK MARKE T OR RE L AT E D ISSUE D SHOUL D BE AL L OWE D T O ADMINIST E R T HE E XAMS

убезпечення to ensure un-a utho rize d he lp to the c a ndida te s;

• PE

RSON’S IDE NT IF ICAT ION in the te st c e ntre ; no c he a ting , use o f

a dditio na l ma te ria ls during the e xa m;

• NO MORE

INDIVIDUAL INT E RVIE WS

NE XT ST E PS

Disc ussio n a nd a do ptio n o f a ne w mo de l o f the c e rtific a tio n syste m Re g ula to ry fra me wo rk c ha ng e s Co nduc ting pra c tic e a na lysis De ve lo pme nt a nd a do ptio n o f no rms a nd princ iple s o f e thic a l b e ha vio r o f sto c k ma rke t pa rtic ipa nts a nd a sse t ma na g e rs

Nov- De c 2017

De ve lo ping the c o ntinuo us pro fe ssio na l de ve lo pme nt po ints syste m Pre pa ra tio n o f a tra ining pro g ra m de sc rib ing the e xpe c te d le a rning o utc o me s fo r the sto c k ma rke t pro fe ssio na ls Writing te st ite ms a c c o rding to the ne w sta nda rds E diting , re vie wing , pre te sting the te st ite ms Co nduc ting first e xa m a c c o rding to the ne w rule s a nd pro c e dure s

2018 Ja n- F e b 2018 Ma r- Apr 2018 Ma y- Jun 2018 Jul- Aug 2018 Se p- Oc t 2018 Nov- De c 2018 Ja n- F e b 2019

NSSMC, SROs, pro fe ssio na l a sso c ia tio ns NSSMC SROs, pro fe ssio na l a sso c ia tio ns NSSMC, SROs, pro fe ssio na l a sso c ia tio ns, individua l e xpe rts NSSMC, SROs, pro fe ssio na l a sso c ia tio ns, individua l e xpe rts NSSMC tra ining c e ntre , SROs, pro fe ssio na l a sso c ia tio ns, a c a de mic s NSSMC tra ining c e ntre NSSMC, SROs, pro fe ssio na l a sso c ia tio ns, individua l e xpe rts NSSMC tra ining c e ntre , SROs, pro fe ssio na l a sso c ia tio ns, a c a de mic s

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T HANK YOU F OR AT T E NT ION