Summary of CySEC's Circular C421

Memo #63-2020

CySEC Circular No: C421
Date: 13/12/2020
Subject: Continuous Professional Training of the persons registered in the certification registers
Purpose: To provide information to persons registered in the certification registers and trainers of CPT courses.

In Summary:

CySEC has issued the Circular C421 on 13/12/2020 to provide certain information to persons registered in the certification registers and persons that provide continuous professional training courses in relation with paragraphs 17(2)(a), 17(3) and 17(4) of the Directive regarding the Certification of Persons and the Certification Registers (“the Directive”).

Specific, this Circular C421 provides information about:

• the purpose that the registered persons shall undertake training for the renewal of their registration in the certification registers;

• what topics the professional training courses for the Basic and Advanced certification and for the AML Compliance Officer certification must concern;

• which courses do not constitute continuous professional training for the purposes of paragraph 17(2)(a) of the Directive;

• which courses may be deemed as CPT and may cover only the 50% of the total duration of the total hours of the CPT;

• what the educational institutions, the CIFs’ and credit institutions’ associations and any other trainer that carries out professional training courses must at least apply for the purposes of compliance with the obligation of paragraph 17(2)(a) of the Directive;

• what the organisation/trainers carrying out on-line courses should have in place;

• the reason why conferences or summits may not be deemed as professional training courses;

• that should not be implied in any way during the promotion or advertisement of the professional training courses by educational institutions, the CIFs’ and credit institutions’ associations and any other trainer that carries out professional training courses, that the professional training courses have been approved by the CySEC;

• that the certified persons are obliged to keep the record of their continued professional training and maintain evidence of such training (detailed content of the professional training course, CV of the trainers, relevant certificates) for five years and make it available for inspection, at any time, by the CySEC.

Read the CySEC Circular C421

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