The Federal Financial Markets Service (FFMS) is a federal executive body, which controls and supervises activity in the financial markets, including the activity of exchanges, and issues relevant regulations. It also regulates the investment of pension savings. The FFMS's key objectives are to maintain stability in the financial markets, to make the markets more effective and attractive to investors, to increase market transparency and to reduce investment risks. It achieves these objectives by regulating the activities of financial market participants (excluding banks, insurance and audit companies) by setting out the conditions for securities issuance and trading.
According to the Federal law On Securities Market, the FFMS approves the qualification requirements for senior management and personnel of financial markets companies in the form of qualification exam and certification, defines the order of certification, the list of necessary documents to pass the certification, quantity and types of certificates, programs of qualification exams and passing order.
To get the related professional securities market certificate it is necessary to pass two exams – the basic one (“Securities Market” basic course for the securities market specialists) and the special exams in one of the following courses:
· Broker/dealer activity, securities trust (series1.0)
· Clearing and stock exchanges (series 2.0)
· Registrars (series 3.0)
· Depositories (series 4.0)
· Managing companies of investment funds, unit investment funds, private pension funds (series 5.0, comprises two exams)
· Special depositories of investment funds, unit investment funds, private pension funds (series 6.0)
· Financial consultant (series 7.0, comprises three exams)
ISMM has been accredited training institute under the Federal Commission for the Securities Market of Russia (the predecessor of the FFMS) since November 1997. It offers training for the FFMS, managing companies of investment funds, unit investment funds and private pension funds, and special depositories of investment funds, unit investment funds and private pension funds in order to pass the qualification exams.