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Article (9): Continuous Professional Development (CPD) Requirements

C 4/2024 Effective from 31/10/2024
9.1Authorized Individuals and Material Risk Takers must have current, relevant and sufficient knowledge, skills and experience; and remain competent for the positions they hold.
9.2Licensees must provide opportunities for and/or facilitate access to CPD for Authorized Individuals and Material Risk Takers to maintain and enhance their competencies and stay up to date on developments relevant to their areas of responsibility.
9.3Unless otherwise specified by applicable Regulations, the minimum number of CPD hours to be completed by Authorized Individuals and Material Risk Takers is ten (10) hours per calendar year. The Central Bank may set minimum requirements for specified functions, including requiring the completion of specific programmes, as approved by the Central Bank.
9.4The Central Bank may set more specific competency requirements for specified functions including inter alia recognised qualifications, minimum CPD requirements and the programmes, training, or qualifications which are considered as adequate to meet the requirements of CPD.
9.5Licensees must maintain detailed records of CPD participation by Authorized Individuals and Material Risk Takers along with supporting documentation including inter alia attendance or completion certificates and course receipts. These records must be submitted to the Central Bank, where required and be made available to the Central Bank, upon request.