FSFR the vice-president of Federal Agency of the financial markets (FSFR) Vladislav Streltsov toughens requirements to licensing of brokersYesterday has informed that the service prepares the project of new position on professional work licensing on a securities market. The document considerably toughens requirements to licensees that can complicate an exit on the market of the new companies.
yesterday FSFR has announced changes preparing by it in position about an order of licensing of professional participants of the market. As vice-president FSFR Vladislav Streltsov, soon founders of the licensee has declared yesterday - legal bodies should carry out the activity not less than three years with performance of obligations to budgets of various levels. Thus founders of investment company within a year cannot leave the capital of the licensed company.
“ earlier founders could not fulfil such requirements, as a result there were firms - a something ephemeral “ - mister Streltsov has explained. With the same purpose FSFR intend to request business - the plan of the company which applies for licence reception. “ thus we will understand, what company plans to enter the market “ - has noted zamrukovoditelja FSFR.
requirements to a management of investment companies Will become tougher also. In particular, it will be required, that heads had experience of a management by the company (or its division) or a power executive office on a securities market not less than one year. Also, under decision FSFR, the controller of the professional participant should be on a permanent job. Earlier the controller could work at once in the several organisations that, according to FSFR, prevented to supervise to it work of broker firm.
Besides, FSFR assumes to bring one more requirement to professional participants which was not included yet into the project of the new document. According to it the federal service will demand an audit report on the companies - to founders of the competitor of the licence. But this question still should be discussed with Ministry of Justice. It is supposed that it will be definitively solved in the first quarter 2005.
however, the project of new position on licensing is planned to discuss also and with participants of the market. On Monday FSFR intend to consider counter offers from National association of participants of stock market (NAUFOR). By the way, according to mister Streltsova, the project of the developed document assumes transfer of a part of functions on licensing from FSFR to the self-adjustable organisations.
NAUFOR has already expressed some concern in regulator initiatives. According to the chairman of the board of association of Elena Avakjan, actually position mentions only those who intends to obtain additional licences or only plans an exit for the market. “ In immediate prospects toughening of requirements will strongly complicate an exit on the market for the new companies, - Elena Avakjan marks. - control of current activity, instead of difficulty of an exit would be more useful To clarification of the market from unfair players on the market “.
However, not all participants of the market consider it as a minus. As the chief executive of IK OLMA Andrey Belinsky has noted, project FSFR will allow to close the most obvious blanks in standard base: “ Today in Russia really work 300 - 400 companies, licences have several times more. For the market it is additional risks. Increase of personal responsibility and requirements to heads of professional participants - one of the most effective tools of elimination of these risks “. According to the general director of investment company “ Antanta the Capital “ Evgenie Kogana, toughening of requirements - the natural and logical policy of any regulator. “ Try to take and open new auditor firm where - nibud in the USA! Or to obtain the licence for work in the American stock market. Anybody there will not start up beginners, - he speaks. - if you want to become the master and the liveryman of masters, be so kind as, work at first as a journeyman and to all learn “.
will watch succession of events.