There may be some uncertainty regarding the interpretation of the extension of the period to comply with the fit and proper requirements which was granted in the FSCA FAIS Notice 22 of 2020 (Notice) and the implication thereof on the relevant CPD Cycles.
The CPD cycles have been defined as follows:
- “2020 CPD cycle” means the CPD cycle that commenced on 1 June 2019 and ends on 31 May 2020;
- “2021 CPD cycle” means the CPD cycle that commences on 1 June 2020 and ends on 31 May 2021.
Persons who met the CPD hour requirement for the 2020 CPD cycle by 31 May 2020, will commence in June 2020 to obtain their CPD hours for the 2021 CPD Cycle as the 2020 CPD cycle period remain as defined above but an extension of time until 31 August 2020 was granted to enable persons who have not obtained the required CPD hours by 31 May 2020, to comply by 31 August 2020.
Section 2(1) and 2(2) of the Notice further provides for reduced CPD hours to be obtained in respect of the 2021 CPD cycle.
- Therefore, persons who already obtained the CPD hours required for the 2020 CPD cycle by 31 May 2020, will have the full 2021 CPD cycle period to obtain the reduced CPD hours as set out in the Notice.
- However, persons who have not obtained the required CPD hours by 31 May 2020, must acquire the required CPD hours in respect of the 2020 CPD cycle by no later than 31 August 2020 and will, therefore, have a shorter period to obtain the reduced number of CPD hours as determined in the Notice.
We trust that this information above provides the clarification.