Update on AICB Membership Regulations
Amendments have been made to the following regulations:
- Membership Admission, Resignation, Cessation and Re-admission Regulations
- Continuing Professional Development (CPD) Regulations
- Fees and Subscription Regulations.
The key changes are as follows:
|1||Membership Admission, Resignation, Cessation, and Re-admission Regulations||3.2 Admission as Affiliate
A person shall be eligible for admission to membership as an Affiliate if he:
|2||Membership Admission, Resignation, Cessation, and Re-admission Regulations||3.3 Admission as Associate
A person shall be eligible for admission to membership as an Associate if he:
|3||Membership Admission, Resignation, Cessation, and Re-admission Regulations||3.5 Admission as Chartered Bankers
A person shall be eligible for admission to membership as a Chartered Banker if he:
Any person admitted as a Chartered Banker is required to maintain his membership of both AICB and CIOBS.
|4||Membership Admission, Resignation, Cessation, and Re-admission Regulations||3.6 Advancement to Fellow
A Chartered Banker may apply for advancement to the status of Fellow if he:
|5||Membership Admission, Resignation, Cessation, and Re-admission Regulations||5.2 Practical Experience Requirements
All applicants for admission to membership as an Associate or a Chartered Banker must demonstrate that they have completed the prescribed period of practical experience in banking and financial services as set out in these regulations, in addition to having passed the relevant professional qualification examinations.
|6||Membership Admission, Resignation, Cessation, and Re-admission Regulations||7 Professional Designation
7.2 An Individual Member is entitled to use the professional designation only if he remains a current Member of the Institute and complies with the Continuing Professional Development requirements as set out in the Regulations.
|7||Membership Admission, Resignation, Cessation, and Re-admission Regulations||12 Re-Admission to Membership
12.1 Any person who has resigned or ceased to be a Member may apply for re-admission provided that he has paid any outstanding amount due to the Institute, including any fine and/or costs imposed as a result of disciplinary action, and has satisfied any other requirements as the Council may prescribe.
12.2. A person seeking re-admission as a Member following suspension or exclusion from membership by virtue of an order made by a Disciplinary Committee or an Appeal Committee must satisfy the Council that all the conditions as laid down by the Disciplinary Committee or Appeal Committee (as applicable) have been satisfied. In particular, where an order for exclusion from membership prohibits the person from applying for re-admission for a specified period, he may only apply for re-admission after the expiry of such period.
12.3. In the case of an applicant whose membership ceased by virtue of bankruptcy, he must satisfy the Council that he has been discharged or his bankruptcy has been recalled.
12.6 An applicant for re-admission to membership shall on application pay a re-admission fee equivalent to the total of the current year’s subscription and the subscriptions for the previous years (at the applicable subscription rates) during which his membership lapsed. In this regard:
For the avoidance of doubt, this regulation applies to resignation or cessation of membership that occurs after 1 September 2015. Where the resignation or cessation of membership occurred prior to 1 September 2015, the applicant is only required to pay the subscription for the year in which the application for re-admission is made.
|8||Continuing Professional Development (CPD) Regulations||5 .CPD Requirements
All Members subject to mandatory CPD, must comply with the following minimum requirements for CPD:
|9||Continuing Professional Development (CPD) Regulations|| 7. CPD Declaration
7.1 All Members subject to mandatory CPD, save as set out in regulation 7.2, are required to complete a CPD declaration as to compliance with the CPD requirements. The declaration is to be submitted as follows:
|10||Continuing Professional Development (CPD) Regulations||
8. CPD Records
Members subject to mandatory CPD are required to record their CPD activities online in the membership portal on the AICB website. Members may record their CPD activities as and when they are undertaken and CPD hours earned can be recorded to the nearest half hour.
|11||Fees and Subscription Regulation||3. Payment of Annual Subscription
3.3 Generally, there will be no refund of the annual subscription paid.
The revision of the regulations was largely influenced by the need to enhance and sustain a strong culture of ethical and professional standards for those engaged in the banking and financial industry, as well as individuals who intend to pursue a career in banking. The primary audience for the regulation are the existing Individual members of AICB and prospective members.
This is the second edition of the regulation, and replaces the first edition published on 1 September 2015 with immediate effect. The latest version of the regulations containing the amendments can be downloaded below:
- Membership Admission, Resignation, Cessation and Re-admission Regulation
- Continuing Professional Development (CPD) Regulation
- Fees and Subscription Regulation
For any enquiries on the above, please email email@example.com or call 03-2095 6833 ext 180/182/123/157.