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

C 4/2024-STD Effective from 31/10/2024
9.1At the start of each financial year, Licensees must submit to the Central Bank, a Board approved training plan detailing the areas of training, and Authorized Individuals and Material Risk Takers identified for these training opportunities. The Licensee must be able to demonstrate that the training plan contributes to the suitability of Persons in addition to the Collective Suitability of the Board.
9.2An Authorized Individual’s or Material Risk Taker’s failure to maintain appropriate qualifications or memberships, where they are relevant, must trigger a reassessment of that Person’s fitness and propriety.
9.3The Central Bank may exempt an Authorized Individual or Material Risk Taker from the minimum CPD requirement generally, or in a particular year, in exceptional circumstances including cases of serious illness.
9.4Authorized Individuals and Material Risk Takers must complete the minimum required CPD hours set by the Licensee or the Central Bank, as the case may be. CPD hours completed in one year must not be carried over to another year.
9.5The content of the CPD hours used to meet the requirements herein must be directly relevant to the specific function of the Person.
9.6Relevant CPD hours may be comprised of participation at conferences, lectures, workshops, seminars, formal training courses and/or appropriate electronic learning platforms.
9.7Licensees must document and inform the Central Bank of any breaches of CPD requirements.