Nov 9 / IforPE Team

Why you need to be CySEC Advanced certified if you are working in financial services in Cyprus

The Institute for Professional Excellence (IforPE) was founded with a single objective; to help professionals achieve their goals by providing high-quality educational courses.

In delivering on our mission of providing a premium educational experience, we have partnered with the boutique investment services advisory firm, SALVUS Funds. The Cyprus-based firm operates within the financial services industry with a specialisation on investment services compliance. Since 2020, our partnership with the Education team at SALVUS and their licensing and compliance specialists has steadily grown, and they have used our platform to share their financial and investment services expertise by developing over 12 comprehensive courses.

One of their most recent and successful courses is The Most Complete CySEC Advanced Certification Preparation.

Throughout this blog post we look to shed some light about what the course is and why you need to be CySEC Advanced certified if you work in financial services in Cyprus.

What is the CySEC Advanced certification?

The CySEC Advanced certification covers the regulatory framework the Cyprus Securities and Exchange commission (CySEC) has imposed within their jurisdiction. It is the most comprehensive certification available for professionals conducting business within the financial and investment services industry in Cyprus.

CySEC acts as the regulatory and supervisory authority of all investment and ancillary services conducted within the jurisdiction of Cyprus. Their regulatory framework encompasses a range of laws, directives, regulation, and legislation that the European Securities and Markets Authority (ESMA) requires each EU member state to follow.

Furthermore, the CySEC Advanced syllabus consists of 14 chapters. The syllabus covers a plethora of topics including Cypriot-tailored regulation and legislation. These include but are not limited to: Cypriot Investment Firms (CIF), Alternative Investment Funds (AIF) including Registered Alternative Investment Funds (RAIF), Undertakings for the Collective Investment in Transferable Securities (UCITS), Variable Capital Investment Company (VCIC), and Capital Adequacy requirements.

Moreover, the CySEC Advanced certification also encompasses EU directives and regulatory frameworks such as: Anti-Money Laundering and Combating the Terrorism of Financing (AML/CTF) laws, European Market Infrastructure Regulation (EMIR), and Markets in Financial Instruments Directive (MiFID II).

The CySEC Advanced exam is 90 minutes long containing a total of 70 questions. The structure is multiple-choice where candidates are given 4 possible choices per question with only one being correct. To successfully pass the candidate must score a minimum of 70%; this is the equivalent of getting 49 of out the 70 questions correct.

We have put together a table containing CySEC’s syllabus for the exam.

Chapter  Title of Chapter Number of questions
Chapter 1 Investment Services Law - 2017 4
Chapter 2 Cypriot Investment Firms (CIF) 8
Chapter 3 Investment Services and Activities and Regulated Markets Laws – Cypriot Investment Firms and Banks 8
Chapter 4 Open-Ended Undertakings for Collective Investment (UCI) Laws 6
Chapter 5 Alternative Investments 6
Chapter 6 The Business of Credit Institutions Laws of 1997-2016 2
Chapter 7 The Prevention and Suppression of Money Laundering and Terrorist Financing Laws 5
Chapter 8 Markets in Financial Instruments Regulation (MiFIR) 4
Chapter 9 Capital Adequacy Requirements 8
Chapter 10European Market Infrastructure Regulation (EMIR)4
Chapter 11Recovery and Resolution Laws5
Chapter 12Prospectus Law2
Chapter 13Transparency Laws3
Chapter 14Insider Dealing and Market Manipulation Regulation5


Please note the number of questions allocated to each chapter. CySEC have shared this information to help candidates undertaking the exam.

Why do you need to be CySEC Advanced certified if you work in financial services in Cyprus
?

We have already mentioned the CySEC Advanced examination is the most comprehensive and robust certification for financial and investment services professionals in Cyprus. Thus, it is highly recommended for professionals operating in the field. Such professionals may be employed within a range of regulated entities in Cyprus. Some of these entities can be:

• Cypriot Investment Firms (CIF)

• Alternative Investment Funds (AIF)

• Electronic Money Institutions (EMI)

• Crypto-Asset Services Providers (CASP)

• Undertakings for the Collective Investment in Transferable Securities (UCITS)

• Variable Capital Investment Company (VCIC)

• Online forex and CFD trading brokers

Throughout the different types of regulated firms, professionals performing a wide range of roles can obtain the certification. Without a doubt, the certification will help improve your overall quality of work as well as job performance. It can help with:


• Increasing knowledge

• Learning new skills or upskilling

• Improving level of competence in executing duties and responsibilities

The significance of operating with a high level of competence cannot be undermined. Regulated entities operating within CySEC’s jurisdiction must abide by the regulatory framework at all times. Failure to do so can trigger hefty fines from CySEC and depending on the magnitude of the offence, the regulator has the authority request the barring of an employee from working in the investment services industry and also revoke business licenses. Hence, the CySEC Advanced examination ensures professionals are fit to execute their responsibilities with competence and comply with regulation. Moreover, Cypriot Investment Firms and other regulated entities tend to favour professionals who are CySEC Advanced certified.


Within a regulated entity, certification holders can range from Anti-Money Laundering Compliance Officers (AMLCO) to Executive Directors and other C-suite professionals. In many instances, CySEC requires professionals to hold the Advanced certification in order to be placed in key positions within Cypriot Investment Firms and other regulated entities.

Although the certification is primarily geared towards financial and investment services professionals, employees in law firms and accountants in Cyprus can also greatly benefit by acquiring the certification. Lawyers who are members of the Cyprus Bar Associated (CBA) and accountants from the Institute of Certified Public Accountants of Cyprus (ICPAC) can improve their understanding of the legislation and regulatory framework instilled by CySEC via the Advanced certification.

The Most Complete CySEC Advanced Certification Preparation by SALVUS Funds

The Education team at SALVUS develops the most complete courses for financial and investment services professionals in Cyprus. Hence, we are proud to provide the infrastructure to deliver the CySEC Advanced and educate the Cypriot workforce.

To find out more about the course please click here.

Get in touch

If you have any questions about the CySEC Advanced exam, preparation course or any other course for that matter, please do not hesitate to contact us; we would love to help.

From all of us at IforPE, the Institute for Professional Excellence,
Ancora Imparo