Upgrading course for investment intermediary under Regulation 38 FSC

The Financial Supervision Commission ("FSC") adopted Regulation No. 38 of 21 May 2020 on the requirements to the activities of investment intermediaries ("the Regulation"), which achieves clearer and more detailed regulation of the requirements to the activities of investment intermediaries. The rules for the provision of investment services and the requirements for brokers of financial instruments and investment advisers are regulated in detail.

Under the provisions of Art. 70 of Regulation 38 on the requirements for the activity of investment firms

"(1) The investment firm shall provide training of at least 20 hours within each calendar year to the persons referred to in Art. 65, par. (1)(1)-(3) in order to maintain appropriate qualifications for the performance of their functions and duties. The training shall be conducted taking into account the specific functions of the trainees. A sample thematic scope of the training is set out in Annex 3.

(2) The investment firm shall conduct training as necessary on the occasion of any material change in the regulatory requirements, the internal rules of the investment firm, as well as on the occasion of the introduction of new financial instruments, investment or additional services. The training referred to in the first sentence may be within the framework of the training referred to in par. 1.

(3) The investment firm shall assess the persons referred to in Art. 65, par. (1)(1)-(3) after the training referred to in par. 1, respectively paragraph 2.

(4) The investment firm shall maintain documentation certifying the fulfilment of the obligations under par. 1 - 3."

Thematic scope of training for investment firms according to Annex 3 to Regulation 38 of the FSC 

I. Regulatory requirements and internal rules of the investment firm.
II. Microeconomics and macroeconomics:
1. Economic cycles, employment, unemployment, inflation, real and nominal GDP and supply and demand;
2. Money, interest rates, financial system, role of the Central Bank, money supply and demand;
3. Fiscal and monetary policy;
4. Exchange rates.
III. Financial markets and financial instruments:
1. Financial markets - nature, types and functions;
2. Participants in financial markets;
3. Regulation of the financial market in the Republic of Bulgaria;
4. Infrastructure of financial markets - trading systems, supply and demand of securities, trading rules, margin buying and short selling, closing of transactions;
5. Financial instruments - nature, types and valuation;
6. Return and risk.
IV. Analysis of financial statements:
1. Principles of financial statement preparation;
2. Basic components of financial statements;
3. Key financial ratios - efficiency, liquidity, profitability and financial autonomy.
V. Corporate Finance:
1. Principles of capital budgeting;
2. Capital structure of a company - basic financial indicators, capital structure;
VI. Basics of marketing and marketing strategies:
1. Principles of marketing;
2. Marketing strategies.

We offer a refresher course for financial instrument marketers, which is conducted in our virtual academy.

The course contains lectures that cover topics in each of the subject areas in Schedule 3 to Regulation 38.

The upgrade course is taken independently by any agent or employee of an investment firm by accessing the e-learning lectures.

After each topic there is a short test to check the learners' interim progress.

The training ends with a final test.

For those who successfully pass the final test, a training certificate is issued.

Duration of the training - 20 hours.

For more information you can contact us on 02 8505364 or email us on the contact form below. 

Email us using the form below, remembering to leave your contact number, the name of your organisation and the number of trainees.