Introduction

The latest developments on the market have demonstrated the important role of the Control Functions and the timely reporting towards the Board of Director for the prompt rectification of deficiencies identified rather than relying on annual reports. The Cyprus Securities and Exchange Commission (CySEC) is taking every opportunity to make an emphasis on that matter.

Now that the heavy reporting period came to an end, it’s time to ensure that the management decisions taken during the discussion and approval of the annual reports will be materialised, there is a comprehensive annual training plan for the enhancement of employees and directors’ knowledge and the Compliance Function has a comprehensive Compliance Monitoring Plan for implementation across the year 2023.

In view of the above, the seminar will address the main regulatory requirements and expectations over the close monitoring of corrective measures taken following the weaknesses identified by the Control Functions (Compliance Officer, AML Compliance Officer, Internal Auditor, Risk Manager), the documentation of an Annual Training Plan, with special emphasis on the Compliance Officer’s Monitoring Plan. Through examples, we aim to provide further clarity on the above topics and enable participants to understand their practical implementation.

Key Points Covered

• Action Plan for the rectification of deficiencies identified by the Control Functions
• Annual Training Plan for employees and directors
• Annual CO Monitoring Program:
  • Compliance Risk Assessment
  • Monitoring Obligations
  • Reporting Obligations towards the Board of Directors
  • Advisory Obligations
  • Areas under Review
  • Identification and Monitoring of Risks
  • Thematic Reviews / Audit Programmes for a selection of areas (including Handling of Complaints, Safeguarding Requirements, Market Abuse, Cross Border Arrangements etc.)

Training objectives

By the end of the seminar, participants will:

• Understand the CySEC’s expectations on the drafting and implementation of an action plan to rectify any deficiencies identified by control functions (e.g. Compliance Officer, Risk Manager, Internal Auditor) during the reviews conducted for the previous reference year, as well as the monitoring of the respective action plan’s implementation during the year under review;
• Get an awareness of the annual training plan needs and be in a position to take an informed decision over the approval of the annual training plan set for the year under review; and
• Have an in depth awareness and understanding on the Annual Compliance Officer’s Monitoring Programme and the key developments and market challenges faced.

The program is ideal for:

• Board of Directors members
• Compliance Officers
• Other Control Functions (e.g. Internal Auditors, Risk Managers)
• Any other staff members who are interested in the Regulatory Compliance: The Post Reporting Era