Client: United States Agency for International Development

CARANA provided technical assistance to the Russian Federal Commission on the Securities Market (FCSM) in developing the legal and organizational basis for implementing, at the regional office level, a system for:

1. licensing of professional market participants (broker/dealers and registrars)
2. registration of share issues
3. certification of trading specialists

In addition, the project provided hands-on assistance in the development of procedures and workflow and rapid creation of customized application software to support the processes. To date, all 15 regional offices are fully staffed and functioning with trained staffs and a complete set of equipment. FCSM has tested, certified, and licensed over 2,000 new broker/dealers and independent registrars, and registered over 10,000 new share issues.