19 сентября 2018 г.

By the end of this year, the Russian finance community will see significant changes in the work scope of investment advisors. Although the news has been around for some time now, a number of market participants are not exactly sure about possible outcomes of the new law.

On September 18, CFA Association Russia decided to bring clarity into this issue and held an evening seminar geared specifically toward financial market participants in partnership with the National Association of Securities Market Participants (NAUFOR).

To share her first-hand experience in crafting the new regulation, Ekaterina Andreeva, a vice-president of NAUFOR, was invited as the main speaker, while Alexey Khusnitdinov, CEO of the asset management firm Fourpicapital, focused on the details of having a successful business after the regulation will enter into force.

Above: Vladimir Tutkevich, CEO of CFA Russia, opens the seminar with welcoming words.

"By the end of this year, a new law will be adopted in Russia that will effectively establish a new profession that did not officially exist thus far - a financial advisor. At the moment, as there are no local certificates available in this profession, the CFA Charter along with the CFA Institute Investment Foundations may serve as the natural 'stamp of approval' for such professionals, while new programs are being developed," the CEO of CFA Russia, Vladimir Tutkevich, shared his thoughts during a brief welcome speech before giving the floor to the pair of guest speakers. 

The new law will make it mandatory for all financial consultants, who give their clients investment advice, to get certified and registered as investment advisors. Essentially, this means the emergence of a new profession in Russia – the certified investment advisor, Andreeva said, adding to what Vladimir said earlier.

One of the ways to get certified under the new regulation is to have both a CFA charter and a Central Bank of Russia certificate 1.0. According to Andreeva, this “would probably raise the demand for the CFA charter,” as CFA charterholders will have a significant advantage should they choose to pursue the career of an investment advisor.

During his part of the presentation, Khusnitdinov spoke about possible ways of setting up an investment advisory firm. As a starting point, one would need a certified advisor and a financial controller to get registered. This means investment advisory firms would likely start seeking more CFA charterholders starting next year.

For those who could not attend the seminar, but would like to know more about the upcoming changes in the investment profession, NAUFOR will hold a separate event on November 8.

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