Print from the website of the AMF
Published on May 24, 2013
The compliance function is handled by an Investment Services Compliance Officer (RCSI) for an investment services provider (excluding asset management companies) and by a Compliance and Internal Control Officer (RCCI) in an asset management company. The AMF decides on the award of the RCCI and RCSI professional licences that are indispensable to hold office.
The main purposes of the compliance system are:
The compliance function covers two broad missions:
The AMF organises the examination to award RCCI and RCSI professional licences and proposes one week training courses to prepare for it, 4 times a year: 2 sessions for RCCI and 2 sessions for RCSI.
This preparatory training for the examination to award compliance officer professional licences should not be confused with the Compliance Officer Training Day which is held once a year. The purpose of this annual gathering is to provide compliance officers with an opportunity to enhance their knowledge and professional practices.
The examination consists of an interview with each candidate, during which the examiners must check:
A register held by the AMF The professional licence does not exist in material form on paper, but is listed in a computerised register held by the AMF. It only gives its holder the right to exercise their function as compliance officer for the investment services provider which presented their application for the licence.
The examination panel is composed of a serving compliance officer, a person in charge of an operational department for an investment services provider and a staff member of the AMF. It gives an opinion on each application presented, but it is the AMF that has sole responsibility for the award of RCCI and RCSI licences at the end of the process.
Applicants who have exercised RCCI or RCSI functions for another investment services provider of equivalent activity and organisation may be exempted by the AMF from taking the examination, subject to two conditions: