Notice on Licensing Examination (Notice No. CMA/N-1/2025/20 - Amendment No. 1)

Amendment No. 1, effective 16 October 2026, extends the transitional period to 31 October 2027 for CMSL holders, exempt persons and representative licence holders/applicants to meet the examination requirement under Regulation 40(3) of the Securities Markets Regulations. The underlying obligation remains: affected individuals must satisfy the licensing examination, and firms must evidence compliance. Compliance teams should treat the extension as planning relief rather than a removal of the requirement.

Actions: refresh licensing and competency policies, identify all in-scope representatives and applicants, update onboarding and exam scheduling, maintain completion records, and brief supervisors and HR. Firms should also confirm whether the amended notice changes any internal deadlines or training plans and monitor BDCB communications. Reputational and supervisory risk may arise if exam requirements are not met by the end of the transition, but the extended timeframe reduces immediate implementation pressure.

RegCanary recommends assigning ownership, documenting the transition plan, and using the additional time to strengthen competency assurance and licensing controls.