The State Duma in the first reading approved clarification of qualification requirements for heads of financial organizations

The State Duma adopted in the first reading a bill that clarifies the qualification requirements for the management and employees of non-credit financial organizations. Authors bill became a group of State Duma deputies and senators.

The document was submitted to parliament in October 2023. If passed, the law will take effect years after its publication.

Since the summer of 2019, qualification certificates cannot be used to confirm the qualifications of employees of non-credit financial organizations. The Bank of Russia has since moved to an independent assessment of the qualifications of specialists. In this regard, the authors of the bill proposed to exclude from the legislation the norm on qualification certificates and the powers of the Central Bank to accredit organizations that conduct qualification exams in the financial market.

At the same time, new requirements are being introduced for the qualifications of the general director, his deputies and members of the board of directors of non-state pension funds, management companies, trade organizers, clearing organizations and specialized depositories. They must have work experience: the general director, his deputies and members of the board of directors – at least three years, the head of the branch – at least two years. Their qualifications must be confirmed by a certificate issued under the law on independent assessment. Requirements are also being introduced for the presence of at least one of the international certificates (the list is established by the Central Bank).

Leonid Uvarchev