Armenia: Regulatory Waivers

The Regulator

The Central Bank of the Republic of Armenia (CBA) is an independent public authority that formulates, approves, and implements monetary policy programs.

Requirements to Practice

Candidates for certain managerial roles are required to have a qualification and meet the professional adequacy criteria in accordance with Chapter 19 of the CBA Board Resolution Number 190-N (PDF).

Additionally, passing at least CFA Level I is required as part of the process to obtain a qualification certificate as a bank dealer. Please see Chapter 22 in the document above for more information.

The Waiver

The Central Bank provides a qualification certificate to managers in certain positions who have a qualification, diploma or certificate adequate to the position.

Passing the CFA Level I exam qualifies Managers (Manager and Chief Accountant) of those branches of the bank, which, according to their Charter, perform only the financial operations, specified by sub-points ā€œeā€ and ā€œjā€ of Article 34 in the Republic of Armenia Law On Banks And Banking (PDF).

Those who have passed the CFA Level II exam are eligible for a qualification certificate for the following positions:

  • Executive director (Chairman of the executive board)
  • Deputy executive director (Deputy Chairman of the executive board)
  • Member of directorship (Member of the executive board)
  • Manager of a branch of the foreign bank
  • Manager of a branch of the bank
  • Chief accountant
  • Deputy chief accountant of the bank and the branch of the foreign bank
  • Chief accountant of the branch of a bank
  • Head of internal audit unit
  • Member of internal audit unit of the bank and the branch of the foreign bank