Banking, financial, and ESG certification
In line with the highest international standards, the Principality introduced a professional certification examination in 2014 designed to ensure that staff working in certain roles have an adequate level of knowledge and skills.
This mandatory examination is for managers, sales operatives, financial analysts, and traders, as well as their direct superiors. The staff concerned sign up for a training session within six months of taking up their position. The individual concerned sits the examination after they have completed the training.
Professional certification, now referred to as ‘banking, financial, and ESG certification’, is governed by Sovereign Ordinance No. 1,284, amended, by Sovereign Ordinance No. 9.737 and by a regulation introduced by the AMAF in conjunction with the CCAF.
It covers technical aspects, markets, financial products and instruments, and also includes an ethics section covering Monegasque regulations and an ESG section.
Where individuals are able to produce similar qualifications issued by foreign authorities, these may be recognised and accepted as equivalents.
A grandfather clause applies for staff who were already in post before 2 May 2014 or hold the professional certification created by Ministerial Decree No. 2014-168.
The AMAF is responsible for managing this certification scheme. It organises training sessions and examinations. It also determines the content of teaching given during training sessions, and the minimum level of knowledge and skills required in order to qualify for certification, under the supervision of the CCAF.
The General Secretary of the CCAF sits on the Professional Certifications Committee, which may issue an opinion on any subject that falls within its remit.