How to complete your annual CPD requirements for 2023
Every year, professional bodies such as the Cyprus Securities and Exchange Commission (CySEC), the Institute of Certified Public Accountants of Cyprus (ICPAC), and the Cyprus Bar Association (CBA) require their certified members to complete a minimum number of Continuous Professional Development (CPD) units to maintain the validity of their accreditations and positions.
What is CPD?
Professional bodies such as CySEC, ICPAC, and the CBA describe CPD as the process of continuous learning and development. Furthermore, the regulatory landscape in the financial industry is a fast-paced and ever-changing environment. Due to the continuous changes, CPD plays a crucial role as it ensures professionals remain up-to-date and competent with the latest regulatory developments.
Who is required to complete CPD units every year?
Professionals involved in the financial industry, specifically with investment services, are required to complete a minimum number of CPD units annually. This requirement in Cyprus is enforced by CySEC, ICAPC, and CBA, as part of their duties as professional bodies to ensure the smooth operation of the market, maintain a high level of competence across its members, and provide the best possible service to stakeholders.
Hence, professionals as the below, are required to complete specific CPD requirements annually.
- Professionals working at CySEC regulated entities such as:
- ICPAC certified accountants
- CBA accredited lawyers
To provide more context for professionals working at CySEC regulated entities: professionals employed as risk managers, compliance officers, forex dealers (Reception and Transmission Officers “RTO”), and other key positioned professionals, play a critical role in the smooth functioning of a regulated CySEC entity. Thus, professionals employed in such positions must ensure they have the knowledge and skills necessary to execute their duties and responsibilities with competence. This is ultimately important as competence is a key factor in achieving regulatory compliance with a CySEC regulated entity.
What are the annual CPD requirements for CySEC certification holders?
CySEC offers three different certifications, and these include:
- CySEC Advanced certification
- CySEC Basic certification
- CySEC AML (anti-money laundering) certification
Each certification is subject to different minimum requirements. It is important to note that depending on the position a professional holds at a CySEC regulated CIF, AIF, or CASP, they may be subject to specific CPD requirements. For example, an Executive Director holding a CySEC Advanced and AML certification might be required to undertake more than 20 CPD units per year. The ultimate decision remains with CySEC and the professional must oblige with the Cypriot regulator.
The table below indicates how many CPD units a CySEC Certified Person requires on an annual basis to uphold their certification.
| CySEC Advanced | CySEC Basic | CySEC AML | |
|---|---|---|---|
| Number of required CPD units | 15 | 10 | 10 |
If a professional holds both the CySEC Advanced/Basic certifications with the CySEC AML certification, then the following number annual of CPD units are required.
| CySEC Advanced + AML | CySEC Basic + AML | |
|---|---|---|
| Number of required CPD units | 20 | 15 |
How SALVUS can help
Since 2020, the Education team at SALVUS has been working with the highest-rated educational platform in Cyprus (the Institute for Professional Excellence – IforPE).
Through our partnership with IforPE, we develop online CPD courses designed to update the learner on the latest regulatory developments taking place on a national and European level. Our courses cover regulatory topics such as AML, MiFID, MiCA, Best Execution, Sustainable Finance and ESG, and much more.
Find all our latest CPD courses here.
The courses are available 24/7 online directly through the Institute’s education platform and include:
- PDF self-study material
- Video recordings of the PDF material
- Practical examples
- Test questions
- Certificate of CPD units
Contact our Education team via email at education@salvusfunds.com to learn more about our CPD courses and how we can help you or your team members obtain your annual CPD requirements for 2023; we look forward to being of value.
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