The FSMA published a newsletter, aimed at financial intermediaries and credit providers concerning the 2023 reporting on continuing professional education.
In this context, the FSMA had previously simplified procedures for the 2022 reporting, introducing a declaration of honor. Building on this, the administrative simplification for reporting on recycling obligations in 2023 goes a step further. Notably, the need for document uploads in the Cabrio online registration folder is now eliminated. Instead, financial entities are required to check a designated box in their registration dossier by 31 March 2024, for reporting on recycling in 2023. This functionality is available in Cabrio from January 2024.
Concerning communication on compliance with recycling obligations, intermediaries and lenders are instructed to mark checkboxes in their online dossier related to individuals designated for regulated functions as of 1 January 2023. Three checkboxes under the „Recycling“ section provide options: full compliance in 2023, non-compliance rectified within the first three months of 2024, and non-compliance with a drafted catch-up program to be completed within six months.
Addressing document submission requirements, FSMA specifies that intermediaries and lenders need not transmit participation certificates, overall training plans for Persons in Charge of Compliance, catch-up programs, etc., to the authority. However, these entities must keep these documents available for potential FSMA inspections.
Finally, the newsletter provides guidance on handling changes in business status during 2023. If a company was (re)registered in 2023, the recycling obligation begins on 1 January of the subsequent year. No checkboxes need to be marked in the „Recycling“ section of the online registration dossier in 2024. Additionally, no checkboxes are required for changes in 2023, such as transfers between physical and legal entities, re-registration after removal, or transfers to another registration category. Individuals already subject to the recycling obligation are mandated to retain participation certificates for potential FSMA inspections.
The the end of the newsletter, a diagram indicates the number of recycling hours to be followed by the entities in question.
Newsletter: 2023 reporting on continuing professional education
ID
26510
Other Features
companies
compliance
credit
human resource management
professional competence
registration
reporting
supervisory practices
Date Published: 2023-12-22
Regulatory Framework: not applicable
Regulatory Type: information
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