ΠΕΡΙΓΡΑΦΗ

This programme provides a comprehensive and forward-looking exploration of the evolving regulatory environment for investment firms. Grounded in the framework of the Investment Firms Regulation (IFR) and Cyprus Law 165(I)/2021, the seminar offers detailed coverage of prudential requirements, governance standards, and risk management obligations that investment firms must meet to remain compliant and resilient. 

A central focus of the seminar is the Internal Capital Adequacy and Risk Assessment (ICARA) process. Participants will gain practical insights into how the ICARA must be embedded into business planning, governance and risk management. Key elements such as capital and liquidity planning, stress testing, and wind-down strategies will be explained in detail, including how to prepare and submit the required regulatory reports. 

Importantly, the course will also: 

• Explain the upcoming regulatory changes to the IFR and IFD framework, including EBA’s evolving guidance on Pillar II risks, ESG integration, group capital test applications, Recovery and Resolution plans, etc
• Clarify the capital and liquidity requirements for all type of Investment Firms and provide details on the ICARA tools and models
• Highlight CySEC’s supervisory priorities, including DORA implementation, MiCA transition readiness, and governance issues relating to ICT, outsourcing, and diversity, and how these regulatory changes are affecting ICARA process

 The seminar is designed not only to support regulatory compliance, but also to help participants build a sustainable risk and governance framework tailored to their firm’s activities, size, and complexity — equipping them to respond effectively to both current and emerging regulatory expectations.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

The aim of this programme is to:

• Provide participants with a deep understanding of the prudential regulatory framework applicable to investment firms under IFR, IFD, and Law 165(I)/2021
• Enable correct classification of investment firms and interpretation of their corresponding capital, liquidity, and reporting obligations
• Equip professionals with the tools to implement and maintain the Internal Capital Adequacy and Risk Assessment (ICARA) process, including stress testing, forward-looking capital planning, and wind-down strategies
• Clarify governance expectations, internal control systems, and remuneration policies in line with CySEC and EBA guidelines
• Explain the regulatory forms and reporting procedures required under CySEC supervision, including common supervisory priorities and findings
• Introduce emerging regulatory topics, including DORA, MiCA, ESG risk management, and ICT governance, to ensure proactive compliance and operational resilience

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This programme is designed for professionals within the financial services sector and will be particularly beneficial to: 

• Risk Managers
• Compliance Officers
• Internal Auditors
• CFOs
• Directors
• Other risk takers of Investment Firms

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline 

Legal & Regulatory Framework

• Introduction to IFR/IFD and Law 165(I)/2021
• EBA Roadmap and implementation phases (2020–2025)
• Regulatory interaction with CRD, BRRD, MiFID/MiFIR, AIFMD, UCITS, MiCA, DORA etc. 

Classification of Investment Firms

• Class 1A, 1B, 2, and 3 firms: thresholds and requirements
• Decision tree scenarios and classification practices
• Implications for regulatory obligations

 Prudential Requirements and Capital Framework

• Initial capital requirements
• K-Factors methodology
• Fixed Overheads Requirement (FOR)
• Own Funds composition and deduction items

 Governance and Internal Control Requirements

• Role of the Board and Senior Management in ICARA
• Responsibilities of Risk, Compliance, and Finance functions
• Remuneration governance and material risk takers
• Internal policies and control frameworks

 Risk Management and Risk Appetite Framework

• Quantitative & qualitative indicators
• Risk capacity vs. tolerance
• Conduct, market, operational, AML, and cyber risks

 ICARA – Internal Capital Adequacy & Risk Assessment

• Legal foundations under Chapter 2 of Law 165(I)/2021
• Key principles: harm identification, wind-down, stress testing
• ICARA building blocks: planning, governance, risk assessment, projections
• Capital and Liquidity allocation and Stress Testing Scenarios
• Pillar 2 Probability vs Impact model
• Wind-down planning
• Form 165-03: regulatory submission and expectations

 Emerging Regulatory Topics

• Digital Operational Resilience Act (DORA) implementation
• MiCA (Markets in Crypto-Assets Regulation): notifications and classification
• ESG disclosures, diversity benchmarking, gender pay gap reporting
• Outsourcing, ICT risk management, and group capital test under Article 8 IFR
• EBA’s & ESMA’s proposed changes to the IFR

Training Style  

The programme is designed to deliver the scope, principles, and methodologies of ICARA, and most of the seminar’s time will be invested in analysing the different methodologies and risk management tools that investment firms should take into consideration during the preparation and implementation of the ICARA report.

 CPD Recognition 

This programme may be approved for up to 5 CPD units in Financial Regulation and Risk. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership. 

This training course may be approved as an external activity under the  new  ACAMS  recertification  category  ”non-ACAMS credits” for up to 5 CPD units. Eligibility criteria and CPD Units are verified directly by the Association of Anti-Money Laundering Specialists (ACAMS). To read more about the non-ACAMS credits policies and eligibility criteria please click here.