Back Custom print Link Text Only Rich Text Print

  • TC-2.1 TC-2.1 Training and Supervision

    • TC-2.1.1

      An investment firm licensee must annually determine the training needs of individuals undertaking controlled functions. It must develop a training plan to address these needs and ensure that training is planned, appropriately structured and evaluated.

      Amended: October 2013
      Adopted: July 2010

    • TC-2.1.2

      The assessment and training plan described in Paragraph TC-2.1.1 should be aimed at ensuring that the relevant approved person maintains competence in the controlled function. Training does not necessarily just simply attendance of courses. An individual can develop skills and gain experience in a variety of ways. These could include on-the-job learning, individual study, and other methods. In almost every situation, and for most individuals, it is likely that competence will be developed most effectively by a mixture of training methods.

      Amended: October 2013
      Adopted: July 2010

    • TC-2.1.3

      The training plan of investment firm licensees must include a programme for continuous professional development training ("CPD") for their staff.

      Amended: October 2013
      Adopted: July 2010

    • TC-2.1.4

      Approved persons may choose to fulfil their CPD requirements by attending courses and seminars at local or foreign training institutions, some of which are set out in Appendix TC-2.

      Amended: October 2013
      Adopted: July 2010

    • TC-2.1.5

      The annual training needs assessment required under Paragraph TC-2.1.1 must also consider quarterly updates, if any, to the CBB Volume 4 (Investment Business) Rulebook, in areas relevant to each controlled function.

      Adopted: July 2010

    • Continuous Professional Development (CPD)

      • TC-2.1.6

        Individuals holding the controlled functions of compliance officer and MLRO in an investment firm licensee must undergo a minimum of 15 hours of CPD, in their area, per annum.

        Amended: October 2013
        Adopted: July 2010

      • TC-2.1.7

        An investment firm licensee should ensure that an approved person undertaking a controlled function undergo appropriate review and assessment of performance.

        Amended: October 2013
        Adopted: July 2010

      • TC-2.1.8

        The level of review and assessment should be proportionate to the level of competence demonstrated by the approved person. Review and assessment should take place on a regular basis and include coaching and assessing performance against the competencies necessary for the role.

        Amended: October 2013
        Adopted: July 2010

      • TC-2.1.9

        Assessors of approved persons should have technical knowledge and relevant skills, e.g. coaching and assessment skills.

        Amended: October 2013
        Adopted: July 2010

    • Record Keeping

      • TC-2.1.10

        An investment firm licensee should make and retain records of:

        (a) The annual training plan for each controlled function;
        (b) Materials used to conduct in-house training courses;
        (c) List of participants attending such in-house training courses; and
        (d) Results of evaluations conducted at the end of such training courses.
        Amended: October 2013
        Adopted: July 2010

      • TC-2.1.11

        Investment firm licensees should maintain appropriate training records for each individual. Licensees should note how the relevant training relates to and supports the individual's role. Training records may be reviewed during supervisory visits to assess the investment firm licensee's systems and to review how the licensee ensures that its staff are competent and remain competent for their roles.

        Amended: October 2013
        Adopted: July 2010