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Profile of the Programme:

Investment Firms located in Cyprus and abroad that provide investment and other ancillary services within Cyprus are expected to employ individuals who hold appropriate qualifications. This expectation has created a need for all such individuals to become holders of Professional Competence Certificates that reflect their ability to carry out such activities.

Cyprus Investment Firms (CIF) Certification Exams

The Cyprus Securities and Exchange Commission (CySEC) has announced that certification exams, according to the provisions of Article 53 on Investment Services and Activities and Regulated Markets Laws of 2007-2012, are taking place as of 30th of September 2014, for the Basic Financial Services Legal Framework and the Advanced Financial Services Legal Framework. The exams will be conducted electronically at CIIM in Nicosia, every Tuesday on a weekly basis and the frequency of the exam dates will depend upon the number of persons interested in taking exams.

The object of these CIF certification exams is to ensure candidates can apply a level of knowledge and understanding appropriate for individuals engaged in the reception, transmission and execution of client orders within the scope of the services delivered by Investment Firms, and in the marketing of Collective Investment Schemes.

Course Structure:

The Cyprus Investment Firm (CIF) program offered by Globaltraining aims to equip participants with:
  • An understanding of the Cypriot and European legal and regulatory framework and practice
  • Equip participants with the necessary knowledge in the areas of Money Laundering, Risk Management and Economics
The Certificates offered by the Cyprus Securities and Exchange Commission (CySEC) consist of:
  • Basic Financial Services Legal Framework Examination
  • Advanced Financial Services Legal Framework Examination

 

Basic Financial Services Legal Framework Examination:

According to the announcement issued by CySEC, “The object of the examination is to ensure candidates can apply a level of knowledge and understanding appropriate for individuals engaged in the reception, transmission and execution of client orders and in the marketing of Collective Investment Schemes.”
Persons providing or performing the investment services of reception and transmission of orders and execution of orders, as well as people who work in a UCITS Management Company or a VCIC that manages UCITS and provide the service of marketing the units must successfully pass the basic examination.
The assessment structure of the Basic Qualification is a 60 minute examination consisting of 50 multiple choice questions and covers the following elements:
  • ELEMENT 1: INVESTMENT SERVICES AND ACTIVITIES AND REGULATED MARKETS LAWS
  • ELEMENT 2: CYPRIOT INVESTMENT FIRMS
  • ELEMENT 3: INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE) LAW (2005)
  • ELEMENT 4: OPEN-ENDED UNDERTAKINGS FOR COLLECTIVE INVESTMENT LAW (2012)
  • ELEMENT 5: THE ALTERNATIVE INVESTMENT FUND MANAGERS LAW (2013)
  • ELEMENT 6: THE PREVENTION AND SUPPRESSION OF MONEY LAUNDERING AND TERRORIST FINANCING LAWS OF 2007 AND 2010
  • ELEMENT 7: CIFS AND BANKS

Advanced Financial Services Legal Framework Examination:

According to the announcement issued by CySEC, the aim of the examination is “To provide (I) a test to ensure candidates can apply a level of knowledge and understanding appropriate for individuals engaged in the reception, transmission and execution of client orders and those engaged in the marketing of collective investment schemes and (II) a higher level test for those individuals: dealing on a proprietary basis; managing portfolios; offering investment advice or underwriting financial instruments; and performing the activities of collective portfolio management and risk management for collective investment schemes (either UCITS or AIFs).”
The advanced examination needs to be successfully completed by the following persons:
1. Persons providing or performing the investment services of:
    a. Dealing on own account
    b. Portfolio management
    c. Investment advice
    d. Underwriting or placing financial instruments with or without a firm commitment
2. Persons employed in a UCITS Management Company or a VCIC and provide the following services:
    a. UCITS Investment Management
    b. Investment management
    c. Investment advice
3. Persons employed to an AIF Manager or to self-managed AIF and provide the following services:
    a. Services described in section 6(5)(a) of AIFM Law and section 6(1)(a) of AIF Law
    b. Marketing of AIF units
    c. Management of portfolio of investments d. All other services described in section 6(b) of the AIFM Law
The assessment structure of the Advanced Qualification is a 90 minute examination consisting of 70 multiple choice questions and covers the following elements:
  • ELEMENT 1: INVESTMENT SERVICES AND ACTIVITIES AND REGULATED MARKETS LAWS
  • ELEMENT 2: CYPRIOT INVESTMENT FIRMS
  • ELEMENT 3: INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE) LAW (2005)
  • ELEMENT 4: OPEN-ENDED UNDERTAKINGS FOR COLLECTIVE INVESTMENT LAW (2012)
  • ELEMENT 5: THE ALTERNATIVE INVESTMENT FUND MANAGERS LAW (2013)
  • ELEMENT 6: THE BANKING LAWS OF 1997 TO 2013
  • ELEMENT 7: THE PREVENTION AND SUPPRESSION OF MONEY LAUNDERING AND TERRORIST FINANCING LAWS OF 2007 AND 2010
  • ELEMENT 8: CIFS AND BANKS
  • ELEMENT 9: EUROPEAN UNION
  • ELEMENT 10: GUIDELINES FOR INVESTMENT FIRMS
  • ELEMENT 11: APPLIED RISK MANAGEMENT

Mode of Study:

As the syllabus of the Certificates overlaps, we offer courses which aim to equip participants with all the necessary knowledge to pass both.  In addition, our tutors emphasise and guide participants during the course as to which areas are or are not examinable for each of the Certificates being attempted.
We offer a range of Classroom based tuition (Nicosia and Limassol, Cyprus) and Live Online courses.  In-house courses (in Cyprus or abroad) can be designed to suit your needs should any of our standard products not meet your requirements.

There are no requirements, all persons are eligible to obtain the certificates.

Registration Procedure:

In order to register for the CySEC exams, you must complete the application form and and send it to:certifications@cysec.gov.cy and make the payment of the relevant fee (via JCCSmart).
The form allows candidates to choose the examination and two possible dates on which they wish to take the examination.

Exam Dates:

The CySEC examinations take place online on a weekly basis (every Tuesday). There are two examination sessions, in groups of 12 candidates and are scheduled at 11.00 and 13.00. Both examinations are offered at each session at the same time, in both English and Greek. No examinations will be held on Public Holidays. The frequency of the examinations may be amended based on demand.

Exam Results
Upon completion of the examination, candidates will be notified immediately whether they have passed and the detailed results of the examination will be sent by email at a later stage.
On receiving this email, successful candidates may register with the Public Register, upon sending a relevant registration application with their contact details to: certifications@cysec.gov.cy. Applications for registration with the Public Register will be available on the Commission’s website.

Exam Fees:

In order to take the examinations, interested individuals are required to pay:
  • €200 to take the Basic Examination
  • €300 to take the Advanced Examination