AKMV Independent Financial Agent – Obtaining a License
QUESTION
I am interested in obtaining a license to operate as an independent financial agent. One of the requirements is professional competence. I do not understand what I need to fulfill in order to prove my professional competence.
ANSWER:
The requirements for professional competence are regulated by Act No. 186/2009 Coll. on Financial Intermediation and Financial Advice and on Amendments and Supplements to Certain Acts as follows:
Section 21(7): “An independent financial agent who is a natural person, a statutory body, or at least one member of the statutory body of the independent financial agent, and the professional guarantor of the independent financial agent must meet the requirements at least for the higher level of professional competence.“
Section 21(3)(c): “The higher level of professional competence means completed at least secondary vocational education, at least three years of professional practice in the sector in which the person wishes to perform financial intermediation, successful completion of a professional exam, and completion of special financial training for each sector in which the person is authorized to perform financial intermediation.”
Section 21(12): “Professional competence is demonstrated by:
- An officially certified copy of the document proving the achieved education required for the respective levels of professional competence (e.g., secondary school leaving certificate or university diploma),
- Confirmation of the length of professional practice in the sector in which the person wishes to perform financial intermediation, as required for the respective levels of professional competence, and information about the work performed during this professional practice,
- Registration in the list of persons under Section 22(7) first sentence (referring to Act No. 186/2009 Coll.) confirming completion of special financial training,
- Registration in the list of persons under Section 22(7) second sentence confirming successful completion of the professional exam or successful completion of the professional exam with a certificate.”
The confirmation of professional practice means, for example, a confirmation from a (former) employer.
JUDr. Veronika Michalíková, MBA QUESTION
QUESTION
I have obtained the decision from the National Bank of Slovakia (NBS) for the sectors: capital market, reinsurance and insurance, and old-age pension savings. What is the next step?
ANSWER:
If you have received a positive decision for the activity of an independent financial agent from the NBS, the next step is to take out insurance for the relevant sectors, register the activity of the independent financial agent in the Commercial Register, and provide proof of these facts to the NBS. Besides the insurance contract, you must also submit confirmation of payment of the insurance. Subsequently, the NBS will register you in the list of independent financial agents.
Regarding the amount of insured coverage for insurance and reinsurance intermediaries, it is necessary to study the delegated regulation.
The capital market and old-age pension savings are regulated pursuant to Act No. 186/2009 Coll. on Financial Intermediation and Financial Advice and on Amendments and Supplements to Certain Acts.
JUDr. Veronika Michalíková, MBA