Certification of professional suitability
The current framework for certification of professional suitability of the capital market executives is regulated by the Decision 3/505/3.4.2009 of the BoD of the Hellenic Capital Market Commission (Government Gazette B' 873/11.5.2009) pursuant to article 4 of law 2836/2000 (Government Gazette A' 168) as amended by article 49 (2) law 3371/2005 (Government Gazette A' 178) and subsequently replaced by article 14 of law 3606/2007 (Government Gazette A' 175). This framework provides the obligation for Investment Services Firms, Investment Intermediation Firms, UCITS Management Companies and Portfolio Management Company that have received authorization and supervised by the Hellenic Capital Market Commission, to employ, for the provision of investment services, persons holding a Certificate of Professional Suitability, only. The Decision defines the maximum number of trainees that may engage each Company and the maximum time where companies may employ staff undergoing training, before they successfully participate to the Certification Exam or Seminar Certification (a1). Corresponding certification requirement has been provided for credit institutions executives with similar terms and conditions, which are defined by the Joint Decision 4/505/3.4.2009 of the BoD of the HCMC and the Governor of the Bank of Greece, the implementation of which shall rest with the Bank of Greece.
The Certificate of Professional Suitability refers to five specific categories of investment services as follows: (a1): Reception, transmission and execution of orders on behalf of third parties in securities, units in collective investment undertakings and money market instruments, (a2): Reception, transmission and execution of orders on behalf of third parties on derivatives, (b1): Investment advice in securities, units in collective investment undertakings and money market instruments, (b): Investment advice in securities, units in collective investment undertakings, money market instruments, derivatives and structured financial products, (c) Investment portfolio management and (d) Analysis on financial instruments or issuers.
Certificate issued by the Hellenic Capital Market Commission if the applicant has passed a certification exam or has attended the certificate course (a1) or holds an equivalent certification of professional suitability issued or recognized by the competent supervisory authorities of Member States in IOSCO and has been successfully taken the examination on "Institutional Framework of Capital Markets." The certification course is intended for candidates who wish to receive the certificate (a1) and work as interns in the service of reception and transmission of orders.
In addition to passing the examination or seminar or possession of equivalent certification, the license requires filling eligibility criteria for individuals, such as (a) minimum guarantees of personal credibility, and (b) where appropriate, minimal qualifications.