CPD and training requirements in Cyprus, Seychelles and Mauritius
What CySEC, the Seychelles FSA and the Mauritius FSC expect from directors, compliance officers, AML officers and staff, in plain language.
CySEC
FSA
Cyprus: CPD requirements
The rule
Part III of the Directive of the Cyprus Securities and Exchange Commission regarding the Certification of Persons and the Certification Registers (No. 5139, 15.2.2019, R.A.D. 44/2019), paragraph 17, requires registered persons to renew their registration in the certification register every year.
To renew, you submit a statement of continued professional training on topics that fall within the legislative framework that applies to you and that relate directly to the duties of your certification.
How many hours do I need?
Choose the register you are on:
Your yearly renewal checklist
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Data protection (GDPR) courses:
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CPD unit figures are estimates. Regulab Academy is an independent training provider: confirm with CySEC or your professional body whether a course counts towards your requirement.
Hours by register
| Your register | CPD hours |
|---|---|
| Public register, basic examination | 10 hours |
| Public register, advanced examination | 15 hours |
| AML compliance officers register | 10 hours |
| Basic examination and AML compliance officers register | 15 hours (5 + 10) |
| Advanced examination and AML compliance officers register | 20 hours (10 + 10) |
For the advanced examination and AML compliance officers combination, the Directive states 10 hours for the advanced register, whereas the standalone figure for the advanced register in para 17(2)(a) is 15 hours. Please confirm the figure that applies to you with CySEC. The €80 renewal fee is paid for each register (Directive, para 17(3)).
Who must do CPD, and how many hours
Persons registered in the CySEC certification registers must complete continued professional training. The registers are the public register (basic and advanced examinations) and the AML compliance officers register (Directive, paras 15 and 17). The hours required for the preceding year are in the table above (Directive, para 17(2)(a) and 17(3)).
The training must be on topics within the legislative framework that applies to you, and must relate directly to the duties you undertake under your certification (Directive, para 17(2)(a)).
First-time registrants
- If you registered for the first time in the preceding year, you do not need to complete the CPD hours for the renewal that follows (Directive, para 17(2)(a) proviso).
- If you were already on one register and registered for the first time on the other, you must still complete the hours for the register you already held (Directive, para 17(3) provisos).
- If you registered on both registers for the first time in the same year, you are exempt for the following year’s renewal (Directive, para 17(3) provisos).
Renewal deadline, fee and submission
| Item | Requirement |
|---|---|
| Deadline | Within two months from the end of each calendar year (Directive, para 17(1)) |
| What you submit | A statement of continued professional training (Directive, para 17(2)) |
| Annual renewal fee | €80, paid for each register (Directive, paras 17(2) and 17(3)) |
The CPD declaration and the exam application form are submitted electronically only. They are treated as received only when accepted by CySEC’s electronic system (Directive, paras 18 and 19). CySEC maintains the renewal procedure on its website (Directive, para 17(5)).
What counts as CPD
CPD ensures that certified persons are informed of the legal framework they must comply with when they carry out investment services or activities, or act as AML compliance officers (Circular C421, para 1).
| Register | What counts |
|---|---|
| Basic and advanced examinations | Courses on topics within the existing capital market legislation, such as the analysis, explanation or application (based on best practice) of the provisions of laws, regulations, directives, guidelines or circulars on the capital market (Circular C421, para 2). |
| AML compliance officers | Courses on topics within the existing legislation on the prevention and suppression of money laundering and terrorist financing, such as the analysis, explanation or application (based on best practice) of the provisions of laws, regulations, directives, guidelines or circulars on money laundering and terrorist financing (Circular C421, para 2). |
Limits on certain topics (Circular C421, paras 2–3)
| Topic | Treatment |
|---|---|
| Ethics and professional conduct (including anti-bribery and anti-corruption) | Should not exceed 50% of total CPT hours |
| Corporate governance | Should not exceed 50% of total CPT hours |
| Financial innovation (for example distributed ledger technology) | May count, but only up to 50% of a certified person’s total CPT hours |
| General principles of finance that do not fall under the topics above | Do not count as CPT for para 17(2)(a) of the Directive |
What a compliant course must show
Circular C421 sets these requirements for a course carried out for the purposes of para 17(2)(a) of the Directive. It applies to educational institutions, CIF and credit institution associations, and any other person running CPT courses.
- The course outline must state explicitly that its purpose is para 17(2)(a) CPT. It must list the parts, sections, paragraphs or topics of the laws, regulations, directives, guidelines or circulars it covers (Circular C421, para 2).
- The provider must apply a system to control participants’ attendance, and a system for participants to evaluate the trainers and the course (Circular C421, para 4).
- The provider must award a certificate to participants who complete the course successfully (Circular C421, para 4).
- The provider must state the total duration of the course. Duration must not include break and lunch time (Circular C421, para 4).
- For online courses, the organisation or trainers should have mechanisms to ensure the person took part until the end. CySEC gives as an example an assessment at the end of each seminar to check the knowledge acquired (Circular C421, para 5).
- Conferences or summits may not be deemed professional training courses, as they are unlikely to meet these requirements (Circular C421, para 6).
- When advertising CPT courses, providers must not imply in any way that the courses have been approved by CySEC (Circular C421, para 7).
The Directive names no approved or accredited providers, and CySEC does not approve courses. The registered person is responsible for holding adequate evidence of their training.
Records you must keep
Keep a record and evidence of your CPD for five years, and make it available to CySEC for inspection at any time (Directive, para 17(4)).
For each course attended, keep (Circular C421, para 8):
- the content and agenda of the course;
- the trainers’ CVs;
- the certificate awarded.
This is the evidence to be produced during CySEC inspections.
Special cases, deregistration and re-registration
Special cases
- A person appointed by the President of the Republic or the Council of Ministers to an executive or non-executive position for a set period need not renew during that service. They renew the year after it ends, without the CPD-hours obligation for that renewal (Directive, para 17(1) proviso).
- In exceptional cases, CySEC may allow renewal despite non-compliance with paras 17(2) or 17(3), on written application and possibly with conditions (Directive, para 17(6)).
Consequences of not renewing
A person who does not renew is deregistered from the public register (Directive, para 20(a)). Other grounds for deregistration are conviction for a criminal offence related to the financial sector, a justified CySEC decision that the person is unsuitable, and giving false information (Directive, para 20(b)–(d)).
Re-registration after deregistration for non-renewal (Directive, para 21)
| Item | Rule |
|---|---|
| Request window | Within 12 months from the renewal deadline |
| Fee | €200, in addition to the €80 renewal fee |
| CPD | Any CPD hours missed must be made up |
| After that period | Re-registration only by passing the examinations again |
| Deregistered under 20(b), (c) or (d) | May not take the examinations for re-registration |
| Exceptional cases | CySEC may allow re-registration on written application |
Sources
Directive on the Certification of Persons and the Certification Registers (R.A.D. 44/2019, as amended by R.A.D. 103/2019, 73/2020, 353/2020 and 477/2021; unofficial consolidation incorporating amendments up to Gazette No. 5632 of 26.11.2021). The English text is for information only; the Greek text is legally binding. CySEC’s Directive page publishes the original text of 18 February 2019. CySEC Circular C421 of 13 December 2020, “Continuous Professional Training of the persons registered in the certification registers”.
Please check CySEC’s website for any later amendment, circular or updated renewal procedure.
Seychelles: training requirements
Directors, compliance officers and other relevant personnel should receive appropriate, regular training to remain up to date with their regulatory obligations under the AML/CFT and financial consumer protection frameworks.
At a glance: FSA-regulated firms
- AML/CFT training for officers, employees and agents is required by law.
- Adequate and continuous training for staff who sell or advise on financial products.
- Complaint-handling training on a regular basis.
- Applies to directors, compliance officers and other relevant personnel.
Courses and bundles
Each requirement above maps to one or more Regulab courses. Bundles include the courses you need and save 20% compared with buying them one at a time.
Reporting entities must train their officers, employees and agents to recognise suspicious transactions, money-laundering and terrorist-financing trends, and risks arising from the entity’s products, services and operations.
- Section 33(1): employees involved in selling or advising on financial services or products must act in accordance with good business customs and professional ethics and integrity, and fully inform customers about the terms of use.
- Section 33(2): each financial services provider must arrange adequate and continuous training for its employees.
- Part III: financial services providers must play an active role in financially educating employees and consumers, and offer training programmes regularly.
Financial services providers, individually or jointly, must provide regular employee training so that consumer complaints are handled effectively and within a timely manner.
Mauritius: training requirements
At a glance: FSC-licensed firms
- MLRO, Deputy MLRO and Compliance Officer roles: at least 10 hours of structured CPD per year. Source: FSC Competency Standards (Tables 16 and 17, amended June 2022), issued by the FSC under section 7(1)(a) of the Financial Services Act 2007. The June 2022 amendment applies to officers appointed from 1 June 2022.
- Ongoing AML/CFT training for officers and employees.
- Data protection officers: ongoing training under the Data Protection Act 2017 framework.
- Keep records of every course, date and certificate.
Courses and bundle
Four Mauritius courses cover AML/CFT, sanctions and data protection. The Mauritius bundle includes all four and saves 20% compared with buying them one at a time.
Requirements vary by licence type and role. Please check the FSC’s website and your licence conditions for current rules and any later amendment or circular.
FAQs
Quick answers on CPD hours, renewal and training rules in Cyprus, Seychelles and Mauritius. Select a question to see the answer.
How many CPD hours do CySEC-certified persons need each year?
It depends on the CySEC register you are on:
Basic examination register: 10 hours a year
Advanced examination register: 15 hours a year
AML compliance officers register: 10 hours a year
Basic + AML compliance officers: 15 hours a year (5 + 10)
Advanced + AML compliance officers: 20 hours a year (10 + 10)
When do I have to renew my CySEC certification registration?
Within two months from the end of each calendar year. You renew by submitting a statement of continued professional training and paying the annual renewal fee of €80.
What training counts towards CySEC renewal?
Continued professional training on topics that fall within the legislative framework that applies to you and that relate directly to the duties of your certification.
How long must I keep my CPD records in Cyprus?
Five years. You should keep a record of your continued professional training and evidence of it, and make it available for inspection by CySEC at any time.
Is AML/CFT training mandatory for reporting entities in Seychelles?
Yes. Section 33(1)(c) of the AML/CFT Act requires reporting entities to train their officers, employees and agents to recognise suspicious transactions, money-laundering and terrorist-financing trends, and risks arising from the entity’s products, services and operations.
What training does the Seychelles Financial Consumer Protection Act, 2022 require?
Section 33(2) requires each financial services provider to arrange adequate and continuous training for its employees, and Part III requires providers to offer training programmes regularly. Section 33(1) also requires employees who sell or advise on financial products to act with good business customs, professional ethics and integrity.
Do the Seychelles Complaint Handling Regulations 2024 require staff training?
Yes. Section 6(1) of the Financial Consumer Protection (Complaint Handling) Regulations, 2024 requires financial services providers, individually or jointly, to provide regular employee training so that consumer complaints are handled effectively and in a timely manner.
Will my regulator accept Regulab Academy courses?
Our courses are built from the actual legislation and regulations for each jurisdiction, but acceptance rules differ by profession and certificate type. Regulab Academy is an independent training provider, so please confirm eligibility with your regulator or professional body before relying on a course for your annual requirement.
Regulators: Cyprus Securities and Exchange Commission (CySEC) · Seychelles Financial Services Authority (FSA)