Free Practice Questions for PNIIIMR Certification Russia

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Key Facts: PNIIIMR Certification Russia Exam

100

Exam Questions

pro-nfa.ru

180 min

Time Limit

pro-nfa.ru

30,000 RUB

Standard Exam Fee

pro-nfa.ru

Russian

Language of Official Materials

pro-nfa.ru

The ПНИИИМР certification is a professional exam for compliance and internal-control specialists working with Federal Law No. 224-FZ. It is organized by the National Financial Association and conducted by ANO DPO «NFA», and it does not replace regulatory requirements. Candidates answer 100 questions with answer options in one 3-hour remote-proctored session. The official weighting gives 50% to insider information, insiders and market manipulation and 21% to interaction with the Bank of Russia and exchanges.

Sample PNIIIMR Certification Russia Practice Questions

Try these sample questions to review concepts for the PNIIIMR Certification Russia exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1A compliance officer is mapping which instruments fall within Federal Law No. 224-FZ. Under Article 1(2), which set of instruments does the law cover?

A.Shares and bonds in a Russian exchange's first-level quotation list, whether or not an admission application is pending

B.Securities of every Russian joint-stock company, including privately held companies with no organized-market trading

C.Instruments, currency and commodities admitted to Russian organized trading or under an admission application, and instruments priced off them

D.Exchange-traded securities only, because foreign currency and commodity markets are governed by separate currency-control and commodity-exchange legislation

Explanation: Article 1(2) of Federal Law No. 224-FZ covers financial instruments, foreign currency and commodities admitted to organized trading in Russia or for which an admission application has been filed. It also covers financial instruments whose price depends on those admitted (or applied-for) instruments, which brings many derivatives into scope.

2Article 2(1)(2) of Federal Law No. 224-FZ defines 'operations' (операции) with financial instruments, foreign currency and commodities. Which action does that definition expressly include?

A.Placing an order (giving an instruction) or cancelling such an order

B.Only a completed trade that the clearing organization has already settled

C.Only transactions that transfer legal ownership, excluding orders that never execute

D.Publishing research or forecasts based on publicly available information

Explanation: Operations are transactions and other actions aimed at acquiring, alienating or otherwise changing rights to financial instruments, foreign currency or commodities. The definition also covers actions that create obligations to do so, including placing orders (giving instructions) or cancelling them. This is why withdrawing an order can itself be an operation.

3Which activity does Article 1(3) of Federal Law No. 224-FZ place outside the law's scope?

A.Trading by a state-owned company in its own exchange-listed bonds

B.Investment trading by a regional state unitary enterprise placing surplus cash

C.Foreign-exchange trades by commercial banks on the organized currency market

D.Operations by the Bank of Russia carrying out monetary policy and protecting the ruble

Explanation: Article 1(3) excludes three kinds of operation. These are Bank of Russia operations implementing monetary policy, protecting the ruble and maintaining financial-market stability; operations by the Government or regional executive bodies to manage state debt; and operations by municipal administrations to manage municipal debt. Ordinary trading by state-owned or commercial entities remains covered.

4A foreign company's securities were admitted to Russian organized trading without any contract between the trade organizer and the company. Under Article 1(5) of Federal Law No. 224-FZ, what follows for that company?

A.It must compile its own list of insider information but need not keep an insider list

B.It is exempt from compiling an insider-information list and from the duties in Articles 8–11

C.It must appoint a Russian-resident controller before its securities can keep trading

D.It becomes subject to every 224-FZ duty, because admission alone makes it a 'foreign issuer'

Explanation: Article 1(5) disapplies two sets of duties for issuers of foreign securities admitted to trading without a contract with the trade organizer. They do not have to compile an insider-information list, and Articles 8–11 do not apply (disclosure, insider lists, insiders' transaction information and preventive measures). This matches Article 2(1)(7), which defines a 'foreign issuer' as a foreign organization that has signed a contract with the trade organizer. Everyone trading such securities remains bound by the prohibitions on misuse and manipulation.

5Which combination of features makes information 'insider information' (инсайдерская информация) under Article 2(1)(1) of Federal Law No. 224-FZ?

A.It is confidential, has been approved by the board, and concerns a listed issuer

B.It is labelled a commercial secret and is known to fewer than ten people

C.It is precise and specific, has not been disseminated, and its dissemination could significantly affect prices

D.It concerns any non-public corporate plan or intention, however vague it is and whatever its likely effect on the share price

Explanation: Article 2(1)(1) requires information that is precise and specific (точная и конкретная), has not been disseminated, and whose dissemination could significantly affect the prices of financial instruments, foreign currency or commodities. It may include commercial, official or banking secrets, but such a label is neither necessary nor sufficient.

6A trader sees anonymous chat messages speculating that an oil producer 'might' announce a discovery. No source, figures or company documents are cited. How should this chatter generally be treated under Federal Law No. 224-FZ?

A.As insider information, because any unreleased story that could move the price qualifies

B.Not as insider information, because it is not precise and specific (точная и конкретная)

C.As insider information once the trader makes a profit by trading on it

D.As insider information only if it circulates in a private messenger rather than in public

Explanation: Insider information must be precise and specific. Unsourced speculation that something 'might' happen lacks that precision, so it generally is not insider information. The analysis changes if the 'rumour' is in fact a leak of precise facts from someone with access.

7Under Article 3(5) of Federal Law No. 224-FZ, which of the following is NOT insider information?

A.Information that has already become available to an unlimited circle of persons

B.An issuer's draft annual financial results before their publication

C.A board decision on a dividend recommendation that has not yet been disclosed

D.A broker's knowledge of a client's large pending order that has not been made public

Explanation: Article 3(5) excludes two categories from insider information. The first is information that has become available to an unlimited circle of persons, including through dissemination. The second is research, forecasts and assessments based on public information, together with recommendations or proposals to trade. The other items are non-public and potentially price-sensitive.

8A journalist's analytical article forecasts weaker quarterly profit for a metals producer, relying only on published customs statistics and commodity prices. Is the draft article insider information under Federal Law No. 224-FZ?

A.Yes, because the editorial team knows the publication date before the market does

B.Yes, if the share price falls by more than 5% after the article appears

C.No, but only if the article is first filed with the Bank of Russia

D.No, because research, forecasts and assessments based on public information are excluded

Explanation: Article 3(5)(2) excludes research, forecasts and assessments of financial instruments, currency or commodities made on the basis of publicly available information. Analysis built only on public data is not insider information, even if publication later moves the price.

9A person traded on information that later proved to be insider information. Under Article 7(2.1) of Federal Law No. 224-FZ, when is that person NOT liable for unlawful use of insider information?

A.When the trade produced a loss rather than a profit

B.When the person was not included in any insider list kept by the issuer or another obligated entity at the time of the trade

C.When the person did not know and should not have known that the information was insider information

D.When the information was received orally rather than in a document

Explanation: Article 7(2.1) says a person who used insider information is not liable if they did not know and should not have known it was insider information. The same part also protects issuers and their officers: they are not liable for omitting, from their own lists, items that are not in the Bank of Russia's list of issuer insider information.

10How does a commercial secret (коммерческая тайна) relate to insider information under Article 2(1)(1) of Federal Law No. 224-FZ?

A.Every commercial secret is automatically insider information

B.Information that is a commercial secret can be insider information if it also meets the statutory test

C.The two categories are mutually exclusive, so a document can never be both

D.Only information about state-owned enterprises can be both a commercial secret and insider information

Explanation: The statutory definition expressly includes information constituting commercial, official or banking secrets and other legally protected secrets. That information is insider information only if it is precise and specific, has not been disseminated, and could significantly affect prices. A confidential supplier list with no price significance is a commercial secret but not insider information.

About the PNIIIMR Certification Russia Exam

Independent practice for Russia's specialist certification in internal control over preventing the misuse of insider information and market manipulation (ПНИИИМР). The exam is organized by the National Financial Association (НФА) and conducted by ANO DPO «NFA», with the HSE Institute of Compliance and Business Ethics as certification partner. Its official sample tasks and exam instructions are published in Russian. This bank is an English-language MCQ study adaptation, not an official translation or a simulation of the Russian proctored exam.

Exam sponsor: ANO DPO «NFA» (Autonomous Non-Profit Organization of Additional Professional Education «NFA»), on behalf of the National Financial Association (НФА). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

One 3-hour remote-proctored online session, with identification counted in the 3 hours; questions may be answered in any order but cannot be revisited after submission; a calculator and a blank Excel sheet are permitted

Time Limit

3 hours (180 minutes)

Passing Score

Results are determined by the NFA certification council (Procedure §8.1); no numeric pass mark is published

Exam / Certification Fees

RUB 30,000 (standard fee; published discounts available)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Legal Foundations of PNIIIMR

Key provisions of Federal Law No. 224-FZ, Bank of Russia acts and requirements for professional market participants

50%

Insider Information, Insiders & Market Manipulation

Definition and criteria of insider information, insider categories and insider lists, prohibitions on use, manipulation actions and their exceptions, and handling of insider information

Internal Control Duties of Participants and Issuers

Internal-control obligations of professional securities market participants and issuers under Federal Law No. 224-FZ

12%

Internal Control & Compliance Systems

Internal control rules, the responsible unit or official, insider-information access procedures, information barriers and trading conditions for insiders

Abusive Schemes & Suspicious Transaction Detection

Typical insider-trading and manipulation schemes, signs of suspicious (non-standard) operations and detection practice

21%

Interaction with Bank of Russia & Market Infrastructure

Notifications to the Bank of Russia (Directive No. 6754-U), insider lists and documents provided on request, inspections and orders, Article 11.1 agreements, and work with exchanges and SROs

Liability and Legal Consequences

Administrative liability (KoAP RF Articles 15.21, 15.30, 15.35), criminal liability (Criminal Code Articles 185.3, 185.6), licensing and civil consequences

Preparing for the PNIIIMR Certification Russia Exam

What You Need to Know

Passing score: Results are determined by the NFA certification council (Procedure §8.1); no numeric pass mark is published
Assessment: One 3-hour remote-proctored online session, with identification counted in the 3 hours; questions may be answered in any order but cannot be revisited after submission; a calculator and a blank Excel sheet are permitted
Time limit: 3 hours (180 minutes)
Exam / certification fees: RUB 30,000 (standard fee; published discounts available) Official sources

Using Our Practice Resources

Work through all 100 available questions
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PNIIIMR Certification Russia: Suggested Study Strategy

1Learn the Article 4 insider categories by clause (for example clause 6 for 25% holders, clause 7 for boards and executives, clause 13 for employees) and which insider lists they belong on under Article 9

2Keep Article 5 (manipulation actions and the clause 3–5 exceptions) separate from Article 6 (prohibitions on using insider information)

3Memorize key deadlines: 7 working days for insider-list notices (Directive No. 5720-U) and 45 working days for suspicious-operation notices (Directive No. 6754-U)

4Compare administrative penalties under KoAP RF Articles 15.21, 15.30 and 15.35 with the criminal thresholds: over RUB 3.75 million for Article 185.3 and over RUB 5.5 million for Article 185.6

Frequently Asked Questions

What is the PNIIIMR certification?

ПНИИИМР stands for противодействие неправомерному использованию инсайдерской информации и манипулированию рынком (countering the misuse of insider information and market manipulation). The certification is organized by the National Financial Association (НФА), conducted by ANO DPO «NFA», and offered with the HSE Institute of Compliance and Business Ethics as partner. It confirms specialist knowledge of Federal Law No. 224-FZ and related Bank of Russia requirements, but it does not replace regulatory requirements.

What is the format and duration of the PNIIIMR exam?

Candidates answer 100 questions with answer options in a single 3-hour online session with remote proctoring, and identification time counts toward the 3 hours. The published sample tasks use four answer options, and a calculator and a blank Excel sheet are permitted.

Is the pass mark published as a fixed percentage?

No. Under Section 8.1 of the approved Certification Procedure, results are determined by the NFA certification council after each sitting, and candidates are informed within 25 working days.

Can I retake the exam, and does the certificate expire?

The Certification Procedure places no limit on the number of attempts (§7.8), and a 10% discount applies when paying for a repeat attempt. A certificate, once issued, is valid indefinitely (§8.8).

Is the exam available in English?

The provider's sample tasks and exam instructions are published in Russian, and no official English sitting has been announced. This question bank is an independent English-language study adaptation that keeps key Russian legal terms; it is not an official translation.

How does this question bank help candidates prepare?

This resource provides independent English-language MCQ practice across all seven official exam themes, including statutory definitions, insider categories, manipulation actions, internal control requirements, Bank of Russia notification deadlines and liability. It is a study adaptation, not an official translation or a simulation of the Russian proctored exam.