Russian Forex Dealers Will Require Broker Certification

The Coordination Council of the Bank of Russia has decided to extend certification requirements on forex dealers.

Representatives from the Russian self-regulatory nonprofit organization “Centre for Regulation in OTC Financial Instruments and Technologies,” commonly known as the CRFIN, yesterday took part in a meeting of the Coordination Council for certification of specialists in the financial market, which was held at the Central Bank of the Russian Federation. Following the meeting, it was decided to extend the requirement for a Series 1.0 broker certificate on forex dealers, as well as to update training programs and specialist certification.

Discussions focused on unifying the qualification requirements established by the legislation. The Certification Series 1.0 is required for Russian financial market professionals engaged in brokerage, dealer activities and securities management.

Preparation for the certification series 1.0 exam includes the compulsory theoretical chapter as well as practical skills taught by financial market experts. Moreover, the qualifying costs are quite high – the average price of a preparatory course is 20,000 rubles ($395), while the examination costs are 3,000 rubles ($60).

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