When an interested person files a request for the recognition of a degree of a broker, investment adviser or a portfolio manager, the Securities Commission takes the matter into consideration.

Within 30 days from the day of submitting the complete request, the recognition board prepares a report analyzing the equivalence of the plan and the syllabus and the rights the obtained title imparts, and proposes to the Commissions the areas or parts of areas a candidate should pass in order for the certificate obtained abroad to be recognized as a certificate issued by the Commission for such titles.

The Commission adopts a report of the recognition board and notifies the candidate that the certificate will be recognized upon passing certain areas concerning the knowledge of the domestic regulations and other areas or parts of areas proposed by the recognition board.

Once the candidate successfully passes the required areas (the exams can be taken during examination periods the Commission organizes pursuant to the Rulebook on licensing brokers, investment advisers and portfolio managers) the Commission passes a decision on recognition of the degree in question.

After obtaining the decision on recognition the candidate wishing to  perform the activities of a broker, portfolio manger or investment adviser must file a request for a license for a broker, portfolio manger or investment adviser.