15 CPD
Course Description
This course explains the conditions that an applicant for CIF authorization should satisfy to obtain CySEC’s authorization to operate as a CIF and the requirements that a CIF should comply with in order to provide investment services and/or perform investment activities. It also explains in detail the general organizational requirements that a CIF should establish and maintain.
The Persons employed by a CIF must be of sufficiently good repute and have the skills, knowledge and expertise for performing their assigned responsibilities.
The management body of an investment firm should ensure a suitable and transparent organisational and operational structure for that investment firm and should have a written description of it. The structure should promote and demonstrate the effective and prudent management of an investment firm at the individual and consolidated levels.
The management body should ensure that the internal control functions (Compliance, Risk Management and Internal audit) have the appropriate financial and human resources as well as powers to effectively perform their role.
Investment firms should develop and maintain a culture that encourages a positive attitude towards risk control and compliance within the investment firms and a robust and comprehensive internal control framework.
The internal control framework should cover the whole organisation, including the management body’s responsibilities and tasks, and the activities of all business lines and internal units, including internal control functions, outsourced activities and distribution channels.
The structure of the investment firm should not impede the ability of the management body to oversee and manage effectively the risks the investment firm or the group faces or the ability of the competent authority to effectively supervise the investment firm.
The Board of Directors and the Senior Management of investment firms are responsible for setting up the general organizational requirements. Among others are responsible to set up arrangements designed to establish, implement and maintain decision-making procedures and an organisational structure which clearly and in documented manner specifies reporting lines and allocates functions and responsibilities. Also are responsible to set up arrangements designed to establish, implement and maintain adequate internal control mechanisms designed to secure compliance with decisions and procedures at all levels of the investment firm.
The Board of Directors defines, oversees and is responsible for the implementation of the investment firm’s governance arrangements that ensure effective and prudent management of a CIF, including the segregation of duties in the CIF and the prevention of conflicts of interest, and in a manner that promotes the integrity of the market and the interest of clients.
The CIF shall ensure that the information about all costs and charges is provided in a comprehensible form in such a manner that clients or potential clients are reasonably able to understand the nature and risks of the investment service and of the specific type of financial instrument that is being offered and, consequently, to take investment decisions on an informed basis.
Investment firms shall establish, implement and maintain effective and transparent complaints management policies and procedures for the prompt handling of clients’ or potential clients’ complaints. Investment firms shall keep a record of the complaints received and the measures taken for their resolution.
Personal Transactions can lead to conflicts of interests, therefore an investment firm should establish adequate rules and arrangements governing personal transactions by relevant persons.
Investment firms have to apply sound remuneration policies to all staff and some specific requirements for the variable remuneration of staff whose professional activities have a material impact on the risk profile of the investment firms or the assets they manage (identified staff).
Topics covered
The course is split into the following sections:
Section 1: Conditions for CIF authorisation
- Introduction
- Investment services and activities & Ancillary Services
- Requirement for CIF authorisation
Section 2: Organisational Requirements of CIFs
- General organisational requirements
- Organisational and operational structure
- Responsibilities of the Board of Directors and the Senior Management
- Organisation Chart
- Board of Directors or management body
- Governance arrangements
- Nomination committee
- Duties and responsibilities
- Role and composition of the management body
- Role and responsibilities of the management body
- Management function of the management body
- Supervisory function of the management body
- Role of the chair of the management body
- Senior management
- Website
- Internal control framework
- Internal compliance function
- Internal risk management and audit function
- Internal control functions
- Compliance
- Risk management function
- Internal audit function
- Costs and Charges
- Complaints handling
- Complaints Management Policy
- Personal transactions
- Persons employed by a CIF
- Remuneration Policy & Practices
Course Duration:
This course may take up to 15 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 (forex, brokers, etc) and funds such as:
- Executive Directors, Non-executive directors, Senior Managers, Compliance Officers, Risk Managers, Product Managers, Portfolio Managers, Investment Advisors, Dealers, Marketing Managers and in general employees of investment firms and funds.
- Internal Auditors
- Consultants
It is also suitable to professionals pursuing CPD for the renewal of CySEC Certificate (CySEC Basic and CySEC Advance 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 and videos. 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 15 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 coursebutton 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 90 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 Member of the AML and Compliance Committee of the Institute of Certified Public Accountants of Cyprus (ICPAC), Fellow of the International Compliance Association (FICA), Mentor of ICA new students, member of the Cyprus Institute of Internal Auditors and the first Network chair for Cyprus of the International Compliance association.
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