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5 CPD

Course Description

This course analyses the information that investment firms should obtain from clients when providing the service of investment advise and portfolio management and the information when providing investment services other than investment advice or portfolio management (i.e. Reception, Transmission & Execution of orders). It explains which conditions should be satisfied for the investment firms not to collect the abovementioned information and what the investment firm should do in case it considers that the product or service is not appropriate for the client, or the client does not provide the requested information.

It explains what information should be gathered by firms to assess the appropriateness of CFDs and other speculative products for retail clients and the action that firms should take where the assessment of appropriateness indicates that a CFD or another speculative product is not appropriate for a client, but the client wishes to proceed with the transaction. It also analyses the methods that National Competent Authorities (NCAs) use to assess whether the appropriateness assessment is being performed correctly.

In addition this course determines the situations where the appropriateness assessment is required and explains how firms can assess whether the design, structure, content and type of their questions enable them to properly collect required information. It also explains how firms can assess whether their policies, procedures and arrangements are properly designed to enable them to perform efficiently the appropriateness test and how can assess whether their policies, procedures, systems and arrangements are properly designed to enable them to comply with their warning requirements. Furthermore, it explains how firms can assess whether their policies, procedures, systems and arrangements are properly designed to enable them to ensure that their staff involved in material aspects of the appropriateness process have an adequate level of skills, knowledge and expertise and are properly trained.

This course also provides the questions that firms should ask their clients or potential clients to obtain the required information regarding their experience and knowledge. It provides and analyses a sample Appropriateness Test – Scoring program including criteria and weight factors which can be used by firms to calculate the score for the combine level of experience and knowledge and decide whether to accept or reject clients.

Topics covered

The course is split into the following sections:

Section 1: Assessment of suitability and appropriateness

  • Assessment of suitability and appropriateness
    • CIFs staff should possess the necessary knowledge and competence
    • Information from Clients when offering investment advice or portfolio management
    • Information from Clients when offering Reception, Transmission & Execution of orders
    • Reporting to clients
  • Provisions common to the assessment of suitability or appropriateness
  • Assessment of appropriateness and related record-keeping obligations

Section 2: The assessment of appropriateness when offering CFDs or other speculative products to retail investors

  • Introduction
  • Information to be gathered by firms to assess the appropriateness of CFDs and other speculative products for retail clients
  • Firm’s action in case the product is not appropriate for the client, but the client wishes to proceed
  • Other information to be considered that may be available relating to the client’s situation
  • Methods NCAs use to assess whether the appropriateness assessment is being performed correctly
  • Product Complexity related questions

Section 3: Appropriateness and execution-only

  • Purpose of MiFID II appropriateness requirements
  • Determining situations where the appropriateness assessment is required
  • Obtaining information from clients
  • Assessment of appropriateness
  • Warnings to clients
  • Qualifications of firm’s staff
  • Record-keeping

Section 4: Questionnaire to Clients for assessment of their Knowledge and Experience

  • Questions regarding Experience of Clients
  • Questions regarding Knowledge of Clients
  • Appropriateness Test – Scoring
  • Clients FAQ

Course Duration:

This course may take up to 5 hours to be completed. However, actual study time differs as each learner uses their own training pace.

The course is addressed to:

This course is addressed to all individuals who are involved in Investment Firms such as:

  • Directors, Senior Managers, Compliance officers, head of departments of Investment firms and in general employees of investment firms.
  • Internal Auditors
  • Consultants

It is also suitable to professionals pursuing CPD for the renewal of the “Basic” and “Advance” CySEC Certificate or other relevant professional certificates in other jurisdictions.

Training Method

The course is offered fully online using a self-paced approach. The learning units consist of power point presentations. Learners may start, stop and resume their training at any time.

At the end of the course, participants take a Quiz to complete the course and earn a Certificate of Completion once the Quiz has been passed successfully.

Accreditation and CPD Recognition

The course may be accredited by regulators and other bodies for up to 5 CPD Units, that require CPD training in financial regulation.

Eligibility criteria and CPD Units are verified directly by your association or other bodies in which you hold membership.

Registration and Access

To register to this course, click on the Take this course button to pay online and receive your access instantly. If you are purchasing this course on behalf of others, please be advised that you will need to create or use their personal profile before finalizing your payment.

Access to the course is valid for 60 days.

If you wish to receive an invoice instead of paying online, please Contact us by email. Talk to us for our special Corporate Group rates.

Instructor

George Papanicolaou has more than 20-years experience in the Financial industry. He worked for several years in managerial positions as area Manager, Head of Brokerage, Compliance Officer, Anti Money Laundering Officer, General Manager and Executive Director in Cypriot Investment Firms as well as Managing Director of GP GLOBAL LTD offering consulting services and training courses to Investment Firms, focuses in Internal Audit, compliance & AML issues. He offered numerous courses/seminars both in Cyprus and abroad in Investment Firms Law as well as in Compliance & Anti Money Laundering. George Papanicolaou is also a Chairman of a Nomination Committee in a company listed in the Oslo Stock Exchange.

George Papanicolaou holds a BSc in Electronic Engineering from the University of Texas at Austin (USA), an MBA with specialization in Finance from Leicester University (UK) and a Postgraduate Certificate in the Mechanics of Risk Management from Middlesex University (UK).

He also holds an ICA International Diploma in Anti Money Laundering from the International Compliance Association and the University of Manchester, as well as an Advance and Money Laundering certificate from the Cyprus Securities and Exchange Commission for the provision of investment services/activities.

He is a Fellow of the International Compliance Association (FICA), Mentor of ICA new students, member of the Cyprus Institute of Internal Auditors and Network chair for Cyprus of the International Compliance association.

See more Courses from George Papanicolaou

Course Description (click to download)