Central Bank of Russia updates tests for Forex market experts certification


Central Bank of Russia updates tests for Forex market experts certification as a part of its reforms in the Forex market. Will brokers' employees pass them?

22 February, AtoZForex - Since the time the Central Bank of Russia took over the supervision of the Russian Forex market, some new requirements have been coming in. One of the latest ones - new questions for the examinations for acquisition of the certificate of financial market expert.

New questions for Forex market experts certification

Just today, the Bank of Russia has informed the public that it has amended the question for the examinations for acquiring a financial market experts certificate. The reforms will influence the test for some of the Forex dealer employees.

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The latter will have to pass the test in order to prove that they can be called 'financial market specialists'.

Additionally, the news questions have various structure, where some require practical thinking. This type of questions is presented as a case, where the testees will have to find the most appropriate solution. Moreover, the new questions demand some mathematical knowledge.

What kind of questions can be expected?

The updated questions will be used in examinations starting from April 1, 2017. The successful completion of test provides employees with the right to be promoted to higher positions in financial firms across Russia. This includes employees of Russian Forex brokers.

Some of the new questions require the knowledge about Forex law and Forex industry peculiarities. In addition, updates questions will test the level of knowledge of fundamental and technical analyses in Forex market. Also, new questions from Bank of Russia cover global regulatory matters.

New Rules for Overseas Russian Forex Brokers websites

Vladimir Chistyukhin, the Deputy Governor of the Bank of Russia quoted that the objective of the Bank of Russia is to shield the Russian Forex clients from non-exposure of data and deceitful activities of Forex organizations. However, with respect to foreign organizations, the regulator has less power. Therefore, Mr. Chistyukhin believes that the Bank of Russia needs the support of foreign financial regulators.

Reportedly, the Russian regulator is currently considering establishing requirements for the overseas Forex companies’ websites targeting Russian clients. Also, Vladimir Chistyukhin said that they can only block websites in case their page content does not follow the law.

Hence, the Forex companies within Russia continue to fight with the administrative burden of unsuited rules and regulations. Therefore, the final goal is to clear is designing and executing the common standards for Forex dealers.

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