Regulatory Alerts2013-04-11
Added · Updated
General Decision of the Financial Markets Council No. 19 of April 11, 2013 on the List of Activities Requiring a Professional Card and the Conditions for Its Issuance and Withdrawal
The Financial Markets Council issued General Decision No. 19 of April 11, 2013, requiring natural persons managing securities portfolios for third parties or collective investment schemes to hold a professional card. The decision mandates passing a stockbrokers' association-administered aptitude exam for issuance, outlines automatic renewal upon employer changes, and specifies withdrawal grounds including regulatory sanctions, suspensions over one month, or inactivity exceeding three months. It further provides a three-month transitional window for existing practitioners to obtain specific cards based on experience or academic qualifications, while granting regulated entities twelve months to regularize staff lacking the required credentials.
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