PRODUCT SPECIFIC AND CLASS OF BUSINESS TRAINING DEADLINES

Product specific training

A Category I representative working under supervision as at 1 April 2018 (and a person authorised or appointed after 1 April 2018 but prior to 1 May 2018) has three months from 1 May 2018 to comply with the product specific training requirements. Product specific training for these persons would therefore have to be done by 31 July 2018.

Please note that product specific training does not apply to

– a Category II, Category IIA or Category III FSP or its representatives and
– key individuals of all categories of FSPs,

provided they comply with the general competence requirements.

Class of business training

A representative working under supervision as at 1 April 2018 (as well as a key individual, representative and representative under supervision authorised, approved or appointed after 1 April 2018 but prior to 1 August 2018) has 12 months from 1 August 2018 to comply with the class of business training requirements for the financial products in respect of which he or she has been appointed. Class of business training for these persons would therefore have to be done by 31 July 2019.

Class of business training may be undertaken separately from or in combination with product specific training. In instances where the nature of the work performed by representatives under supervision is such that product specific training cannot be undertaken, ICS suggest that class of business training be done by 31 July 2018.

Please contact your compliance officer at ICS should you have any queries regarding the above.

 

 

 

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