CPD units: How to get them and how many?Salvus Team
Continuing Professional Development (commonly referred to as CPD) is the process of perpetually learning, developing, reskilling and upskilling new competencies or any skills required to ensure best practice.
Professionals such as lawyers, accountants, Anti-Money Laundering (AML) compliance officers, heads of brokerage and dealing on own account are required to have the necessary professional qualifications. This is for them, to be able to comply with the regulations and to execute their responsibilities with competence.
Additionally, the Cyprus Securities and Exchange Commission (CySEC), and other professional associations such as the Cyprus Bar Association (CBA) and the Institute of Certified Public Accountants of Cyprus (ICPAC) require their members to undertake a certain amount of CPD units (hours) per annum to facilitate for their continuous development and ongoing learning.
In this commentary, the Education team at SALVUS goes through:
1. Why is CPD important?
Cyprus has been an attractive investment hub jurisdiction for some time now and continues to grow. You can read more about the growth of the Cypriot investment market here.
With growth comes new challenges. Due to the industry’s positive developments, apparent in the last few years, CySEC continue to enhance their regulatory and legislative regime to ensure compliance throughout the emerging entities. The enhancement of the regulatory and legislative regime along with fintech, regtech and traditional financial services firms, has created a snowball effect that adds to the prestige and appeal of Cyprus as a distinguished jurisdiction for investment firms and investment funds alike.
Furthermore, the ever-changing workplace environment has made it more significant than ever before to maintain a high level of competence among industry professionals. It is significant for all individuals involved within the investment services industry, as forex dealers (Reception and Transmission Officers ‘RTO’), risk managers or compliance officers, to remain up to date and competent with their duties and responsibilities in their respective positions. Maintaining a high level of competence as well as understanding the rigorous financial services legal framework instilled in directives such as the AIFMD, the PSD2 or the MiFID II plays a crucial role. A competent workforce can help drive better results hence, yield better returns.
2. Who is required to undertake CPD courses?
Education and training are significant for every professional aspiring to develop their skillset, enhance their career and deliver better results. Consequently, individuals looking to enter the financial services industry in a European jurisdiction under regulators such as CySEC, BaFIN or AMF, as well as professionals already employed in these industries are required by these regulators to undertake CPD courses. In turn, acquiring a certain number of CPD units keeps them both compliant and up to date with regulation.
However, not only do CPD courses ensure your knowledge is up to date, but also help in further establishing yourself as a valuable asset for your organisation, if already employed, or in the case of looking for employment, you may have the upper hand over other candidates.
In short, individuals or professionals who are directly or indirectly working for the investment and payment services ecosystem, such as lawyers registered with the CBA or auditors registered with the ICPAC are required to undertake CPD courses.
3. How the Education team at SALVUS helps
In partnership with the Institute for Professional Excellence (IforPE), we are committed to delivering high value through live, online and self-study courses. Our commitment derives from our passion for professionals in financial services and other complementary fields to become skilled and trained by qualified professionals. Thus IforPE’s motto, Professionals for Professionals, suits us perfectly.
Moreover, after successfully passing a CySEC Basic, Advanced or AML Legal Framework Examination, certification holders must fulfil a minimum number of CPD units per year in order to uphold their status of a CySEC certified member within the commission’s Public Register. It is important to note that it is the responsibility of the certification holder to keep records of their CPD units per year. With that said, CySEC is entitled to approach any individual within their Public Register and request evidence of annual CPD unit completion. Failure to comply with the commission can result in CySEC certification revocation.
We outline the necessary annual CPD units required for each certification below.
• CySEC Advanced Certification must complete 15 CPD units
• CySEC Basic Certification must complete 10 CPD units
• CySEC AML Certification must complete 10 CPD units (related to the AML financial services legal framework)
• CySEC Advanced and AML certifications must complete 10 CPD units to the relevant legislative framework and 10 CPD units related to the AML framework (20 CPD units total)
• CySEC Basic and AML certifications must complete 5 CPD units to the relevant legislative framework and 10 CPD units related to the AML framework (15 CPD units total)
Hence, our Education team at SALVUS has put together a diverse range of comprehensive and robust training courses to meet your needs. Our tailor-made seminars cater towards any individual wanting to complete their obligatory CPD units per year whilst simultaneously remaining competent with the CySEC’s legislative frameworks governing Cyprus Investment Firms (CIFs).
Our comprehensive CPD courses cover topics such as AML regulation, Internal Capital Adequacy Assessment Process (ICAAP) and Stress Testing, Best Execution requirements, material revolving Packaged Retail and Insurance-Based Investment Products (PRIIPs) and the European Securities and Markets Authority’s (ESMA) MiFID II/MiFIR legislative frameworks and many more.
You can check the full range of our certification and CPD courses at the Institute for Professional Excellence.