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Version 2.0 – Updated Dec 2013 1
INFORMATION ADVISORY NOTE
CACS CPD for Covered Persons under PB Code of Conduct
1. Introduction
1.1 Under the Private Banking Code of Conduct (“PB Code”), Covered Persons are expected to achieve a
minimum of 15 hours of Continuing Professional Development (“CPD”) in each calendar year after
passing the Client Advisor Competency Standards (“CACS”). The CACS CPD requirements ensure that
Covered Entities and their Covered Persons providing financial advisory services to High Net Worth
Individuals (“HNWIs”) conduct their business activities with integrity and professionalism and ensure
that they possess a requisite level of competence and knowledge.
2. Commencement of CACS CPD Obligation
2.1 To ensure that knowledge and skills are kept current with industry and regulatory developments,
CACS CPD is considered to be a critical component of the ongoing competency of Covered Persons.
All Covered Persons are expected to achieve a minimum of 15 hours of CACS CPD in each
calendar year.
2.2 The CACS CPD requirement will take effect from 1 March 2013 onwards. To oversee the smooth
implementation of the CACS CPD, the Private Banking Industry Group (“PBIG”) has formed a CACS
CPD Advisory Group (“CPDAG”). The Institute of Banking and Finance (“IBF”) has also been
appointed as the CACS Administrator and will serve as secretariat to the CPDAG. Please see Annex
1A for the governance structure.
2.3 For a Covered Person who passes the CACS prior to 1 March 2013, his CACS CPD obligation under the
PB Code for Year 2013 will be 12 hours of CACS CPD. His CACS CPD obligation from Year 2014
onwards is 15 hours of CACS CPD hours per year. If a Covered Person passes the CACS on or after 1
March 2013, his CACS CPD obligation will be pro-rated as set out in paragraph 3.1.3 under the
Competency Section of the PB code and as shown below:
Table 1: Pro-ration of CACS CPD hours
No. of working months in calendar year CACS CPD obligation under the PB Code
Less than 3 months 5 CACS CPD hours
Between 3 months to 6 months 8 CACS CPD hours
Between 6 months to 12 months 12 CACS CPD hours
Version 2.0 – Updated Dec 2013 2
3. CACS CPD Activities
3.1 CACS CPD activities should generally fulfill the following criteria:
Table 2: Criteria for CACS CPD Activities
Relevant
Required to carry out current role effectively and/or expand current skill set within
Wealth Management Private Banking
Certifiable
Courses must be conducted by trained individuals or professionals knowledgeable of
subject matter
Measurable
Must meet stipulated learning outcomes and specified number of hours
Verifiable
Must have system in place to track course attendance and provide attendance
certification upon completion of activity
Timely
Must be completed within the relevant calendar year
3.2 The annual CACS CPD activities in which the relevant hours are accumulated are expected to
comprise an appropriate combination of the following, taking into account knowledge dominant
competencies within the FICS framework, where relevant:
(a) relevant market conduct requirements;
(b) relevant product knowledge;
(c) relevant skills / competencies; and/or
(d) relevant compliance-related matters.
3.3 The appropriate combination of the 15 hours of CACS CPD to be achieved by the Covered Persons is
expected to be determined by the Covered Entity for whom the Covered Person acts on behalf of,
subject to paragraph 3.1.
3.4 To help facilitate the varied CACS CPD needs of Covered Persons of different seniority and industry
experience, a wide variety of CACS CPD activities will be recognized under the broad categories of (i)
Training & Education, (ii) Instruction, (iii) Leadership and (iv) Research & Publication, as documented
in Table 3: CACS CPD Guidelines.
Version 2.0 – Updated Dec 2013 3
Version 2.0 – Updated Dec 2013 4
3.5 The table below illustrates some programmes that have surfaced to IBF for clarification. Please note that this list is not exhaustive.
Table 4: Eligibility of Activities for CACS CPD Recognition
CACS CPD
Activities ���� Examples of activities NOT eligible for
CACS CPD recognition
���� Examples of activities eligible for
CACS CPD recognition
Industry-related
Event
Χ Networking events, trade fairs and investor presentations ���� Conventions, conferences and seminars with
financial sector related content
E-learning Χ E-learning programme that is less than 30 mins
Χ E-learning with no assessment component
���� Any form of e-learning with verifiable assessment and meets the
minimum duration of 30 mins. This includes PC-based online
interactive learning as well as mobile learning apps
External Courses
Χ Preparatory programmes leading to regulatory- required
examinations (eg. CMFAS preparatory course or online
examination tips)
���� Preparatory courses leading to professional qualification /
certification examinations (eg. CFA preparatory course conducted in
a structured setting with the issue of supporting documents )
���� Finance related undergraduate / MBA programs (upon
passing)
Χ Product/ systems-specific programmes (eg. vendor A’s
systems training or fund house’s briefing on a new fund)
���� Product / technical training with no marketing content (eg.
“Introduction to structured warrants and the risks involved”)
Χ Generic language programmes (eg. “Introduction to
Mandarin”)
���� Language programmes targeted for financial-sector professionals
and is relevant to the Covered Person’s role (e.g. “Business Finance
in Mandarin”). The same language programme can only be
recognised once for CACS CPD
Χ Generic soft skills/ personal development programmes (e.g.
presentation skills)
���� Structured Leadership Programmes
Internal Courses
Χ Regular in-house market briefings on investment outlook/
economic updates or analyst briefing on “house views”
���� Annual/ bi-annual conference covering market or industry analysis
Version 2.0 – Updated Dec 2013 5
Χ Training on bank-specific product, in-house systems/
processes (eg. training on the use of Bank A’s new system)
���� Programmes providing generic product or systems training with
finance-related technical component
Χ Orientation/ induction programmes
���� Clearly demarcated segment of the orientation programme that
covers technical content on laws & regulations/ product
knowledge/ functional competencies. The knowledge/ skills
acquired have to be transferable within the industry. Only hours
that cover these transferrable knowledge can be counted towards
CPD
Χ Generic soft skills/ personal development programmes (e.g.
presentation skills)
���� Structured Leadership Programmes
Professional
Examinations
Χ Self-study time leading to professional qualification ���� Duration of examinations leading to a professional qualification /
certification (excluding regulatory/ industry examinations) with a
pass grade can be counted in the year of passing
Lecturing/
Teaching
Assignments
Χ On-the-job sales coaching ���� Supervisors involved as assessors or trainers in a structured training
programme, where hours are independently verifiable
Presentation,
Panel Discussion or
Speaking at Events
Χ Speaking to students to promote the bank or to drive
recruitment
���� Speaking to students to share an overview of the Private Banking
industry
Financial Sector
Committee /
Working Group
Χ Company meetings ���� Financial sector related industry committee of professional
bodies, industry associations, IBF or MAS
Structured
mentoring
programme
Χ On-the-job coaching ���� Structured mentoring programme either offered by professional
associations or as part of in-house leadership programme
Research &
Publication
Χ Internal research reports (e.g. reports/ research prepared
for internal briefings or for dissemination to clients/
investors)
���� Articles/ reports published or disseminated to the public
Χ Contributions of individual viewpoints or quotes to the
media (e.g. newspaper, TV or radio interviews)
���� Contributions of researched material to the media
Version 2.0 – Updated Dec 2013 6
4. Recognition and Endorsement of CACS CPD Activities
4.1 All FICS-accredited/ Financial Training Scheme (FTS) listed programs will qualify towards the
fulfilment of CACS CPD requirement (subject to the relevant cap). With effect from 1 Jan 2014,
Training Providers can seek CACS CPD programme recognition by applying for either FICS-
Accreditation or FTS Programme Eligibility. FICS-accreditation caters to programmes with content
aligned to the FICS Standards while FTS Programme Eligibility caters to financial sector-specific
programmes aimed at raising the competency of the financial sector. To find out more about FICS
Accreditation and FTS Programme Eligibility and how you can put in an application, please visit
www.ibf.org.sg.
4.2 For other programmes that do not meet the FICS/ FTS criteria, the Designated Representatives of
the Covered Entity will have to make his own discretion based on the CACS CPD guidelines.
5. Submission of Covered Person’s CACS CPD Hours
5.1 All Covered Persons are expected to maintain their own records of how the expected CACS CPD
hours are met. This should include:
(a) Name of the course attended;
(b) Date of the course;
(c) Whether it is held internally or externally; and
(d) Number of hours attended.
Covered Person
Covered Entity’s Designated Representative
Covered Entity’s Designated Representative(s) should determine
if the activity fulfils CACS CPD eligibility and advise the
appropriate number of CPD hours accordingly.
IBF
CPDAG
Designated Representative to
approach IBF if he is unsure about
eligibility of any activity
Covered Persons to approach Designated
Representative for all matters pertaining
to CACS CPD requirements
IBF may float new activity areas up to
CPDAG for advice
Version 2.0 – Updated Dec 2013 7
5.2 Covered Entities are expected to maintain appropriate records for each Covered Person to allow for
an audit to be conducted on the hours of CACS CPD achieved by each Covered Person, and the
relevance of the CACS CPD activities undertaken.
5.3 The Covered Entity’s Designated Representatives are expected to submit CACS CPD reporting of
their Covered Persons annually for the calendar year, using the form - “Annual Fulfillment of CACS
CPD Obligations (Annex 2A)” and “CACS CPD Activities (Annex 2B)”, by 31st January of the
following year. For the purpose of closer monitoring of CACS CPD fulfilment in the initial phase, IBF
will require all Covered Entities to submit a mid-year interim report for the period 1 March 2013 to
30 June 2013 by 15 July 2013.
5.4 IBF reserves the right to perform audits on the Covered Persons to ensure fulfillment of CACS CPD
requirements in the previous year. Covered Persons are required to submit supporting documents
for activities undertaken in the event of an audit.
6. Penalty for Non-Compliance of CACS CPD Requirements
6.1 If a Covered Person is unable to fulfil the CACS CPD requirement by 31 Dec of any given calendar
year, he will be required to make up the remaining CACS CPD hours in the following calendar year,
plus a 3 CACS CPD hours penalty. This implies that, in addition to the usual 15 CACS CPD hours, he
will be required to make up the remaining CACS CPD Hours of the previous year plus a 3 CACS CPD
hours penalty.
Illustration of Penalty for Non-Compliance of CACS CPD requirement
6.2 If a Covered Person is unable to complete the CACS CPD requirement for 2 consecutive years, he will
be required to re-take and pass the CACS Assessment. According to the PB Code, the Covered Person
will not be able to practice during the lapse period.
6.3 If a Covered Entity hires a Covered Person with penalty hours brought over from the previous
year, it the responsibility of the Covered Entity to ensure that the Covered Person fulfills his
uncompleted and penalty hours brought over from the previous year(s) in addition to his CACS CPD
obligation for the year.
Version 2.0 – Updated Dec 2013 8
7. Reporting of CACS CPD Data
7.1 As the CACS Administrator, IBF will be compiling statistics and making regular reports to the
regulatory authorities (e.g. Monetary Authority of Singapore and Private Banking Industry
Group Executive Committee). This would include the CACS CPD status of Covered Persons and that
Covered Entities have ensured that their Covered Persons have fulfilled the required CACS CPD
obligations. Personal data relating to individuals will not be disclosed without the Covered Person’s
prior consent.
8. Frequently Asked Questions (FAQs)
8.1 We have also attached a list of FAQs in Annex 1B to address common queries relating to CACS CPD
for Covered Persons. Should you still need any further assistance, please email us at
[email protected]. Alternatively, you may contact Ms Tan Yan Wei at +65 63055689 or Mr Kyo Tan at
+65 6305 5675.
Version 2.0 – Updated Dec 2013 9
ANNEX 1A
CACS CPD Governance Structure &
Terms of Reference for CACS CPD Advisory Group (“CPDAG”)
1. Governance Structure for CACS CPD in the Private Banking Industry
1.1 The proposed governance structure would comprise the Private Banking Industry Group (“PBIG”),
CACS CPD Advisory Group (“CPDAG”), Institute of Banking and Finance (“CACS Administrator”) and
Covered Entity’s Designated Representative(s) as shown graphically in Figure 1.
Figure 1 – Governance Structure for CACS CPD in the Private Banking Industry
2. PBIG
2.1 The PBIG is mandated with the task to shape the development and foster the sustainable growth of
the Singapore Private Banking Industry.
2.2 Role of PBIG
The specific objectives of PBIG include the following:
• To serve as the custodian of the Private Banking Industry Code of Conduct (“PB Code”)
• To enhance the stature, reputation and growth of the Singapore Private Banking Industry
• To serve as a channel of communication amongst industry players and with the Monetary Authority
of Singapore (“MAS”)
3. CACS CPDAG
3.1 The CACS CPDAG will consist of a committee of 10 representatives from Singapore’s Private Banking
industry holding the position of Head Relationship Manager (RM), Head of Product Specialist, Head
of Compliance and Head of Human Resource (HR) or Learning & Development (L&D).
CPDAG
CACS Administrator
Covered Entity’s Designated
Representative(s)
PBIG
Version 2.0 – Updated Dec 2013 10
3.2 The proposed composition of the CACS CPDAG is as follow:
Work Function No. of seats
Head Relationship Manager (RM) 4
Head of Product Specialist 2
Head of Compliance 2
Head of HR or L&D 2
3.3 For the first year of implementation, meetings would be convened quarterly to provide guidance and
oversight on the implementation of the CACS CPD.
3.4 Terms of Reference for CACS CPDAG
The Terms of Reference for the CACS CPDAG include the following:
• To provide guidance on the implementation of CACS CPD policies for Covered Persons under the
PB Code;
• To provide guidance on the topics and coverage deemed suitable to raise the competency of the
Private Banking industry through CACS CPD;
• To review and approve issues raised by the CACS Administrator such as:
(i) criteria for eligibility of CACS CPD activities;
(ii) exemption from fulfilment of CACS CPD;
(iii) follow-up actions to be recommended, if any;
(iv) recommendation on changes to CACS CPD policies/guidelines1
4. Covered Entity’s Designated Representative(s)
4.1 The Covered Entity’s Designated Representative(s) shall be appointed by the Covered Entity’s Board
or senior management. The Designated Representatives shall have managerial oversight in areas
such as Human Resource (HR), Learning & Development (L&D), Compliance or in managing Covered
Persons.
4.2 Role of Designated Representative(s)
The role of the Covered Entity’s Designated Representative(s) is to assess and certify in-house CPD
training programs to ensure compliance with the CACS CPD guidelines as well as oversee the
reporting of Covered Entities’ CACS CPD status to the CACS Administrator.
5. CACS Administrator
5.1 The CACS Administrator will be the first point of contact in administering the established CACS CPD
criteria and standards and handling all CACS CPD queries.
5.2 Role of CACS Administrator
The role of CACS Administrator includes the following:
• Alignment of CACS CPD to FICS where relevant;
1 On the recommendation of the CACS CPDAG, issues on policy matters and follow-up actions should additionally be cleared with
the PBIG Exco.
Version 2.0 – Updated Dec 2013 11
• Supports CACS CPDAG for all CACS CPD matters and queries;
• Serves as a channel of communication amongst Covered Entities and with the CACS CPDAG;
• Provides CACS CPD status update to the CACS CPDAG and PBIG;
• Facilitates the tracking of CACS CPD hours of Covered Persons;
• Monitors the fulfilment of annual CACS CPD requirements by Covered Persons;
• Conducts annual CACS CPD audits;
• Accreditation for CACS CPD programs;
• Update and document revisions of CACS CPD policies;
• Determine appropriate fees for CACS CPD administration if necessary.
Version 2.0 – Updated Dec 2013 12
ANNEX 1B
CACS Continuing Professional Development
(“CPD”) For
Covered Persons under the
Private Banking Code of Conduct (“PB Code”)
Frequently Asked Questions (FAQs)
Version 2.0 – Updated Dec 2013 13
SECTION (A) – GENERAL
Q1. What is the role of the Private Banking Industry Group (“PBIG”)?
A1. The PBIG is mandated with the task to shape the development and foster the sustainable
growth of the Singapore Private Banking Industry.
Q2. What is the role of the CACS CPD Advisory Group (“CPDAG”)?
A2. The CPDAG provides guidance on CACS CPD eligibility topics and recognized CACS CPD
learning activities. It will not aim to endorse specific courses.
Q3. Who are the members of the CPDAG?
A3. The CPDAG consists of a committee of 10 representatives from Singapore’s Private Banking
industry holding the positions of Head Relationship Manager (RM), Head of Product
Specialist, Head of Compliance and Head of Human Resource (HR) or Learning &
Development (L&D).
Q4. What is the role of the CACS Administrator (IBF)?
A4. The CACS Administrator will be the first point of contact in administering the established
CACS CPD criteria and standards and handling all CACS CPD queries.
Q5. What is the role of the Covered Entity’s Designated Representative(s)?
A5. The role of the Covered Entity’s Designated Representative(s) is to assess and certify CACS
CPD training programs taken by their Covered Persons to ensure compliance with the CACS
CPD guidelines as well as oversee the reporting of their Covered Persons’ CACS CPD status to
IBF.
Q6. Who is eligible to be appointed as the Covered Entity’s Designated Representative(s)?
A6. The Covered Entity’s Designated Representative(s) shall be appointed by the Covered
Entity’s Board or senior management. The Designated Representatives shall have
managerial oversight in areas such as Human Resource (HR), Learning & Development
(L&D), Compliance or in managing Covered Persons.
Version 2.0 – Updated Dec 2013 14
SECTION (B) – CACS CPD OBLIGATION
Q7. With the launch of the PB Code, when will a Covered Person be required to commence his
CACS CPD obligation?
A7. With the launch of the PB Code, a Covered Person will be required to fulfill his CACS CPD
obligation with effect from 1 March 2013. The CACS CPD calendar year commences on 1
January and ends on 31 December every year.
If a Covered Person passed his CACS prior to 1 March 2013, his CACS CPD obligation under
the PB Code for Year 2013 is 12 hours of CACS CPD. His CACS CPD obligation from Year 2014
onwards is 15 hours of CACS CPD per year.
If a Covered Person passes his CACS Assessment on or after 1 March 2013, his CACS CPD
obligation in the year which he passes his CACS Assessment, will be pro-rated as set out in
paragraph 3.1.3 under the Competency Section of the PB Code as follows:
(a) Less than 3 months – 5 CACS CPD hours
(b) Between 3 months to 6 months – 8 CACS CPD hours
(c) Between 6 months to 12 months – 12 CACS CPD hours
From the following year onwards, his CACS CPD obligation is 15 CACS CPD hours per year.
Q8. Can the CACS CPD activities that a Covered Person undertakes between 1 Jan 2013 and 1
Mar 2013 qualify for the CACS CPD obligation under the PB Code?
A8. CACS CPD activities undertaken between 1 Jan 2013 and 1 Mar 2013 can be counted
towards fulfilling 2013’s CACS CPD obligation provided the activities were undertaken after
the Covered Person passed his CACS Assessment.
Q9. Can the CACS CPD activities undertaken before the Covered Person passes his CACS
Assessment qualify for the CACS CPD obligation under the PB Code?
A9. No, CACS CPD activities undertaken prior to passing CACS will not count towards meeting his
CACS CPD obligation.
Q10. Can a Covered Person carry 'surplus' CACS CPD hours from one year to the next?
A10. No. ‘Surplus’ CACS CPD hours cannot be carried to the next year.
Q11. Will an overseas private banker who is temporarily transferred to Singapore’s branch be
subjected to the CACS CPD requirement?
A11. If the temporarily transferred overseas private banker is required to take the CACS
Assessment, he is obligated to fulfill his CACS CPD requirement as well during the period for
which he is working in Singapore.
Version 2.0 – Updated Dec 2013 15
Q12. If a Covered Person has been exempted from taking the CACS Assessment (either having
undergone NEC or FICS certification), does he still need to fulfill CACS CPD obligation?
A12. Yes, all Covered Persons are required to fulfill their CACS CPD obligation under the PB Code,
which will take effect from 1 March 2013.
Q13. Are Non-Covered Persons who took the CACS Assessment required to fulfill CACS CPD?
A13. Non-Covered Persons who passed the CACS assessment are not required to fulfill CPD
obligations. In the event that he becomes a Covered Person within 3 years, he will be
required to fulfill pro-rated CPD hours for the year. However, if he becomes a Covered
Person after 3 years, he will have to re-take and pass the CACS assessment even if he had
been voluntarily fulfilling CPD in the last 3 years.
SECTION (C) – RECOGNISED CACS CPD ACTIVITIES
Q14. How can a Covered Person find out if an activity or program is recognised for CACS CPD?
A14. All FICS-accredited / Financial Training Scheme (FTS) eligible programmes can be recognised
for CACS CPD. A list of these programmes is available on IBF’s website. For other
programmes, the Covered Person should approach his Covered Entity’s Designated
Representative(s) who would advise him based on the CACS CPD guidelines.
Q15. Why is there a cap on the maximum number of hours that can be attained from a CACS
CPD activity?
A15. The maximum cap of 10 CACS CPD hours for each category of activity is intended to ensure
that the Covered Person benefits from a more comprehensive range of learning platforms to
enhance his professional development.
Q16. Is there a minimum criterion for trainers of internal or external courses recognised for
CACS CPD?
A16. Trainers should minimally possess the relevant qualification or experience in the subject
matter.
Q17. A Covered Person spends hours each day reading newspapers, journals, research papers
etc. What CACS CPD hours does he get?
A17. Reading of newspapers, journals and research papers will not qualify for CACS CPD hours.
Version 2.0 – Updated Dec 2013 16
Q18. Can time spent on preparing for an instruction activity be recognised for CACS CPD hours?
A18. As a guiding principle, activities should be measurable and verifiable to be considered
eligible CACS CPD activities. If the time spent on preparing for the instruction activity can
be measured and verified with supporting documents, it can be recognised as CACS CPD
hours.
Q19. Having passed the CACS Assessment, a Covered Person goes on to complete a FICS-
accredited program in Wealth Management - Relationship Management (High Net Worth)
at Job Role IV and above and attains FICS Certification. How will this count towards the
fulfillment of CACS CPD requirement?
A19. As long as the Covered Person completes the FICS-accredited programme in Wealth
Management - Relationship Management (High Net Worth) at job role IV and above after
passing the CACS assessment, and attains FICS certification, he will be deemed to have
fulfilled CACS CPD requirements for 2 years – the year in which he completed the program
and the year in which he attained FICS certification (Note: this may include the year after
certification if program completion and attainment of certification took place in the same
year).
In the case where the Covered Person completed the FICS-accredited programme in Wealth
Management - Relationship Management (High Net Worth) programme at Job Role IV and
above and attained FICS certification between 1st
Sep 2011 (CACS commencement) and 1st
Mar 2013, he would be deemed to have fulfilled CACS CPD requirement for the years 2013
and 2014.
Q20. If a Covered Person had completed the FICS-accredited programme in Wealth
Management - Relationship Management (High Net Worth) programme at Job Role IV and
above and attained FICS certification prior to 1st
Sep 2011 (CACS commencement),
would he be deemed to have fulfilled CACS CPD requirement?
A20. No, he may not use the completion of the above programme and certification attained
before 1st
Sep (CACS commencement) to fulfill CACS CPD requirements.
Version 2.0 – Updated Dec 2013 17
SECTION (D) – MONITORING CACS CPD HOURS
Q21. Whose responsibility is it to monitor the Covered Person’s CACS CPD requirements?
A21. Both Covered Entities and Covered Persons will have to maintain records of how the
expected CACS CPD hours are met. Covered Entities are required to monitor and ensure that
all Covered Persons who act on their behalf will meet the expected CACS CPD hours by the
end of each calendar year. (See paragraphs 3.1.7 - 3.1.9 of the PB Code)
In the event that the Covered Person leaves Covered Entity X to join Covered Entity Y, X will
have a responsibility to issue a confirmation of the Covered Person’s CACS CPD records
before he leaves. It is Y’s responsibility to ensure that the Covered Person fulfills his
outstanding CPD obligation for the year.
Q22. Is there a specific format for the bank to adhere to when issuing the confirmation letter of
the Covered Person’s CACS CPD records?
A22. A sample template (Annex 2C) is available on the IBF website. However, if a bank already
has a CPD system with tracking capability, the bank may provide the confirmation letter
using its own format.
Q23. What are the supporting documents required for an activity under the Training &
Education Category to be considered verifiable?
A23. Supporting documents may include the employer’s acknowledgement or sign-off, certificate
of attendance or completion, or where there has been an assessment, a copy of the result
slip.
Q24. How does a Covered Person show evidence of participation in leadership activity?
A24. Covered Person who is a member of an industry committee is to produce a certificate of
attendance from the Secretariat of the committee to reflect the appropriate hours of his
involvement.
Q25. How long does a Covered Person need to retain the supporting documents for CACS CPD
activities?
A25. All CACS CPD supporting documents should be retained for a minimum period of 3 years for
audit purposes.
Version 2.0 – Updated Dec 2013 18
SECTION (E) – ABSENCE FROM SINGAPORE PRIVATE BANKING INDUSTRY
Q26. Can an overseas course count towards fulfilling CACS CPD requirement?
A26. Yes. Courses which fall within the CACS CPD requirements whether taken locally or overseas
will count towards CACS CPD hours. Please ensure you have a copy of all the relevant
documents.
Q27. If a Covered Person left the private banking industry but is planning to rejoin the industry,
what is his CACS CPD obligation?
A27. As long as the Covered Person is in a client-facing advisory role in a Singapore-based
Covered Entity, he is required to fulfill CACS CPD obligation. Whenever he exits the
industry, the obligation does not follow. When he rejoins the industry, he will have to
resume his CACS CPD obligation.
In addition, if he is away for more than 3 years, his CACS assessment will be nullified and he
will need to re-take the CACS assessment. His CACS CPD obligation will then resume after
he passes his CACS assessment.
However, we make exceptions for Covered Person who continue to be in a client-facing
advisory role working overseas. For such instances, Covered Person will not need to re-take
his CACS assessment, even if he is away for more than 3 years.
SECTION (F) – REPORTING & SUBMISSION
Q28. Does a Covered Person or the Covered Entity report the status of their CACS CPD hours to
the CACS Administrator (“IBF”)? How frequently should this report be submitted?
A28. The Covered Entity’s Designated Representatives are expected to submit CACS CPD
reporting of their Covered Persons annually for the calendar year, using the form - “Annual
Fulfillment of CACS CPD Obligation (Annex 2A)” and “CACS CPD Activities (Annex 2B)”, by
31st January of the following year.
Q29. What will happen after the Covered Entity submits their Covered Persons’ declared CACS
CPD hours to IBF?
A29. As the CACS Administrator, IBF will be compiling statistics and making regular reports on the
CACS CPD status of the Covered Entities and their Covered Persons as well as the progress of
CACS to the regulatory authority (i.e. Monetary Authority of Singapore and the Private
Banking Industry Group Executive Committee).