NSSMC: market participants should prepare for the start of a new certification system

Since 2022, a new modern system of certification of specialists will be launched on the capital markets, which introduces effective and transparent forms of knowledge testing taking into account the best world practice.

The NSSMC (National Securities and Stock Market Commission) reminds that from January 1, 2022, the certification of persons who carry out or intend to carry out professional activities in the capital markets and organized commodity markets is carried out in accordance with the new requirements of the Regulation on the certification of specialists in the stock market.

The new rules provide for a two-tier certification system, which allows a clear distinction between specialists who are receiving a qualification certificate for the first time from those who are planning to continue to carry out activities related to the direct performance of professional activities in the capital markets.

The certification system provides the functioning of such new structures as: Attestation centers that provide the organization and administration of testing the knowledge of specialists in the stock market, and the Methodical Center that provides technical and methodological support for the certification of specialists.

Please note that for the comfortable processing of applications from legal entities that intend to obtain the status of the Methodological Center, we recommend that you to submit the relevant documents to the NSSMC no later than the first half of November 2021. Determination of a legal entity by the Methodical Center is subject to the NSSMC’s Resolution to approve the submitted documents from the applicant.

For certified specialists and persons who intend to carry out professional activities in capital markets and organized commodity markets, the NSSMC introduces a transitional period. During the first quarter of 2022 to obtain the Certificate of Specialist, the applicant has the right to submit qualification certificates obtained before or after the new requirements come into force. However, from April, 01, 2022 the new rules will come into force, so persons who have received qualification certificates before December, 31, 2021 and want to receive a Certificate of Specialist, will have to re-certify.