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EXAMINATION REGULATIONS
Exams for the purpose of exercising
the compliance function

Febelfin Academy vzw – Koning Albert II-laan 19, 1210 Brussels

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Field of application and objective

The institutions that organize an examination as referred to in Article 2, § 1.3°, a) of the regulations of
the National Bank of Belgium of 6 February 2018 on the expertise of the
those responsible for the compliance function, approved by Royal Decree of 15 April 2018 and
Article 3, § 1.3°, first paragraph, a) of the regulation of the FSMA of 27 October 2011 on the
recognition of compliance officers, approved by Royal Decree of March 12, 2012, such as
amended by the regulations of 28 February 2018, approved by Royal Decree of 15 April
2018.

In this context, Febelfin Academy organizes the exam with a view to exercising the
compliance function (accredited compliance officer/responsible for the compliance function). This
regulations indicate the rules and modalities of the relevant exam.

Chapter I - General

Article 1 - Subject of these examination rules

They lay down the rules and procedure that the exams must comply with in order to provide proof of the
to provide the required technical professional knowledge, in addition to other information determined by the FSMA and the NBB
complementary requirements.

Article 2 - Definitions

Unless otherwise explained, the terms are the same as defined in Article 2, § 1,3°, a) of the
Regulations of the National Bank of Belgium of 6 February 2018 on the expertise of
those responsible for the compliance function, approved by Royal Decree of 15 April 2018
and Article 3, § 1.3°, first paragraph, a) of the regulation of the FSMA of 27 October 2011 on the
recognition of compliance officers, approved by Royal Decree of March 12, 2012, such as
amended by the regulations of 28 February 2018, approved by Royal Decree of 15 April
2018.

The candidate:

The person who registers or has registered for an exam. The examination institution:
The organizing institution Febelfin Academy which is recognized to organize exams.

The Examination Board:

The committee that, at sector level, and under the responsibility of Febelfin Academy, among other things:
is responsible for issuing and updating the present examination rules. The degree of
representation of the Examination Board shows at least 50% difference with the
representation of the jury. In the event of an objection procedure submitted to the
examination committee, a jury member of the practical exam of the relevant candidate, cannot
sit on the Examination Board.

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The jury:
The jury consisting of at least 3 persons and responsible for taking the
practical exam and the award of the result of the practical exam. The degree of
representation of the jury shows at least 50% difference with the representation of the
Examination Committee.

The Compliance Officer

The accredited compliance officer or the person responsible for the compliance function.
 Chapter II - Structure, content and format of the exam

Article 3 - Content of the exam

The exams include a theoretical and a practical part.

Content theoretical exam

The exam questions for the theoretical part relate to all legal and regulatory
rules of conduct and integrity that apply to regulated companies and that
related to the compliance function (FSMA_2018_06-2 dated 14/05/2018 Legal and
regulatory rules of conduct and integrity that apply to the banks
investment services sector and related to the compliance function) and Appendix 2 to the
notice NBB_2018_19 Legal and regulatory rules of conduct and integrity that apply to
applicable to the banking and investment services sector and related to the
compliance function

Content practical exam

The practical part of the exam consists of two modules, one of which is a module ("module A")
is optional depending on the activities of the institution where the compliance officer performs his/her function
will exercise/exercise. Module A therefore does not have to be taken by the candidate compliance
officers at banks, management companies of UCIs, self-managed UCIs or managers of
public ACBs that do not offer investment services.

This concerns in particular:

A module A on the rules of conduct as referred to in or taken in implementation of Articles 27 to

28bis of the law of 2 August 2002 and on the organizational rules related to the
provision of investment services as referred to in or taken in implementation of Articles 41 to
42/2, 64,65/2, 65/3, 510 to 510/2, 527 and 529/1 of the law of April 25, 2014, of articles 25/1,
§ 1, second paragraph, 4°, 26 §§ 1, 2, 5 and 6, 26/1 and 26/2 of the Law of 25 October 2016, of the articles
219, § 4, 220 and 221, first paragraph of the Law of 3 August 2012 and of Article 33, first paragraph of the
Law of 19 April 2014 and Annex 2 to the notice NBB_2018_19 Legal and regulatory
rules of conduct and integrity that apply to the banking and investment services sector and
related to the compliance function;

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A module B about the other legal and regulatory conduct and

integrity rules that apply to the in the NBB and FSMA regulations
targeted regulated companies and related to the compliance function.

Article 4 - Form of the exam

Theoretical exam
The theoretical exam consists of 42 multiple-choice questions. No guess correction is applied.
Each question has a value of 1 point per correct answer. The duration of the theoretical exam
is a maximum of 2 hours.

The questions are randomly selected from the central database:

• Matter "Ethics and Integrity": 10 questions
• Subject "Rules of conduct for financial instruments": 8 questions
• Matter "Rules of conduct for traditional banking products": 4 questions
• Matter "Prevention of money laundering and financing of terrorism and compliance with the
financial embargoes": 8 questions
• Matter "Products and product information": 8 questions

• Matter "Markets": 4 questions

 A minimum of 60% is required to pass the theoretical exam.

Practical exam
The practical exam consists of 2 cases that the candidate can prepare during an hour with
manuals that are made available by the examination institution.

The candidate defends the cases before the jury for 40 minutes with questions asked by the jury.

The jury assesses the candidate on the following criteria for the practical exam and has a
detailed overview of the elements to be identified and explained by the
candidate:

Score on
Technical knowledge - ability to handle the situation
90%
analyze.
The candidate masters the legal and regulatory framework and
18%
takes this into account in its analysis.
The candidate masters the practical organization of the
18%
compliance function.
The candidate takes into account the reporting obligations in the
18%
practical case.
The candidate does not make any conceptual mistakes and/or does not forget
18%
aspects of the problem.

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The candidate demonstrates that he/she follows the (international) 'best practices'
18%
knows and applies them.
Presentation
The candidate builds up a clear and concise argumentation
10%
(oral expression).
Weighted result of the practical exam 50%

When organizing both the theoretical and the practical exam, the examination institution must
minimum guidelines as set out in Appendix 1. The candidate can apply for the
theoretical and practical exam unlimited retakes.

Article 5 - Drafting exam questions and exam cases

The exam questions and corresponding answers have been prepared by a limited number of experts who
are brought together in a working group under the responsibility of the examination institution. This
questions and cases have been submitted for approval and validated by the FSMA/NBB.

All members are bound to secrecy. In the event of a breach of the duty of confidentiality, they will be
definitively relieved of their duties by the Examination Board.

The working group ensures a regular update of its questions, cases and the accompanying
answers. All updated questions and cases are submitted for approval and validation
to the FSMA/NBB.

Article 6 - Exam jury for the practical exam

The jury responsible for the practical exam consists of a representative of at least
three persons. The examination institution ensures that a wide range of relevant experience and
independence to the profession is present in the composition of the jury, insofar as the
conflicts of interest allow this.

It thus strives for the following composition of the jury:

 - 1 representative of Febelfin/Febelfin Academy;
- 1 expert external to the profession;
- 2 compliance officers.

They decide collegially and the result is determined by the average of all individual
results of the judges. They use the evaluation grid as explained under Article 4.

In the event of a potential conflict of interest between a candidate and a jury member, that jury member
to replace. This conflict of interest can be invoked, among other things, in the case of a relationship in the form
of a hierarchical relationship, a customer relationship or a legal dispute. This will be
to the examination organization examined by the examination institution.

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For information purposes, the examination institution provides the list of selected and available jury members with
professional and experience profile to the NBB/FSMA.

A representative of the NBB/FSMA will be systematically invited to act as an observer

to attend the practical exam in order to ensure compliance with the recognition conditions
as provided in the regulations.

Article 7 - Result of the exam

Both exams, the technical and the practical exam, each have a weight of 50% in the
total result.

A certificate of success is awarded if the candidate has completed both exams in total
has achieved a result of at least 60% of the points. This certificate is sent electronically
created and delivered to the candidate.

The certificate contains the following elements:

• Name and first name of the participant;
• The exact name of the exam taken (module A or module B);
• The statement that the exam was passed successfully;
• The date of the exam;
• The date of signature and signature of the person ultimately responsible for the
exam center;
• The reference to continuing education to maintain validity.

The candidate may at any time submit his/her certificates of success for the
request examinations taken by the examination institution.

If a candidate does not pass an exam, he can participate again in a

next exam session.

Chapter III - Objection procedure

Article 8 - Objection procedure 8.1.

Right of access
The candidate has the right to, within 20 working days after the notification of the result, be
to view the exam in person after a motivated request.
 This is done, by appointment, at the examination institution.
The candidate who makes use of his right of inspection will not be given a copy of the completed
exam delivered and no notes may be taken.

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8.2. Complaint to and decision of the Examination Board

The candidate is free to submit a written complaint about an exam to the Examination Board.

In order to be admissible, this application must be submitted no later than 20 working days after the candidate has had access to it
taken from his examination have been submitted to the secretary of the Examination Board.

The Examination Board investigates the complaint. In case of complaints of a substantive nature, it can do so
obtain the advice in advance of the working group of experts referred to in Article 5, which will examine the question and the
corresponding response.

The secretary of the Examination Board will present the candidate, no later than 40 working days after the submission
of his application, in writing of the decision of the Examination Board. A copy of
he sends the decision to the examination center.

If necessary, the Examination Board will correct the exam result, and the candidate
in accordance with Article 8.

The decisions of the Examination Board are binding and cannot be appealed.

A representative of the FSMA/NBB will be systematically invited to act as an observer

to participate in the meeting of the committee in order to monitor compliance with the
recognition conditions of the exam as provided in the regulations.

Chapter IV - Examination Board

Article 9 - Assignment of the Examination Board

An examination board is established at sector level with its registered office at Febelfin Academy, Aarlenstraat
80, 1040 Brussels.

The said Examination Board is responsible for, among other things, issuing and updating the present
exam questions and cases. The Examination Board also decides in accordance with Article 8 about the
complaints from the candidates.

Article 10 - Composition of the Examination Board

The Examination Board consists of at least three voting members. consist

- 1 representative of the members of Febelfin;
- 1 representative of the professional association Febelfin, chairman;
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- 1 representative of Febelfin Academy, secretary;

- 1 representative of the working group.

It decides by a simple majority of votes. In the event of a tie, the vote of the
chairman decisive.

Article 11 - Secretary of the Examination Board

The secretary of the Examination Board acts as the secretariat of the Board.

His duties include:

- organizing and supervising the meetings of the Examination Board;
- coordinating the activities associated with the present examination rules and appendices,
the exam questions and corresponding answers;
- convening working groups of experts with a view to updating the
final objectives and/or of exam questions and/or of the corresponding answers;

Chapter V - Personal Data

Article 12 - Confidentiality and protection of privacy

Anyone who is involved in the implementation of these examination regulations and who is given the
about data of which he knows or should reasonably suspect the confidential nature and for
who, by virtue of office, profession or legal regulation with regard to those data, does not
obligation of confidentiality applies, is obliged to keep it confidential, except insofar as any
required by law to disclose. To this end, upon appointment or at
occasional presence a nondisclosure agreement to be signed.

Article 13- Privacy Policy

Privacy statement

Febelfin Academy attaches great importance to respecting your privacy.

The personal information requested will be treated in accordance with the provisions of
the law of December 8, 1992 and of the General Data Protection Regulation 2016/679 to
protection of privacy with regard to the processing of personal data.

Febelfin Academy gives you the following guarantees:

■ Personal data is only collected and processed for the purpose of the candidate
to provide the requested information, in order to

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to realize services (online) or to provide information about the

training offer from Febelfin Academy.
■ The processing of the personal data is limited to the intended purpose.
 ■ The candidate always has access to your personal data and can verify its accuracy
Verify. He has the option to correct inaccuracies in connection with your personal data
let it improve.
■ Febelfin Academy takes the best possible security measures to prevent third parties
misuse the personal data. The personal data will not be
partially rented or sold to third parties.

The entity responsible for the processing of your personal data is Febelfin Academy,
Rue des Aarlen 80, 1040 Brussels, company number 0884 672 365. You can contact us
recording via communications@febelfin-academy.be

Febelfin Academy Attn Caroline Van

Yellow Rue dArlon 80/ Arlenstraat 80
1040 Brussels/Brussels

The candidate can find the complete privacy statement on the Febelfin Academy website
www.febelfin-academy.be

This privacy statement, drafted in May 2018, is subject to change to ensure that the
its content accurately reflects regulatory developments, as well as
changes occurring at Febelfin Academy.

The latest applicable version will be available on the website and Febelfin Academy will inform the candidate
inform about changes via the website and other announcements.

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Appendix 1 - Minimum Examination Guidelines

1. The person in charge of the examination institute identifies the candidate (identity card).
2. The candidate is registered in the electronic attendance list. The start time
and completion of exams is noted.
3. During the exam, continuous monitoring is carried out by the person in charge of the
examination institution.
4. No tools or manuals are allowed in the theoretical exam. When practical
examination, the candidate can use the manuals provided by the examination institution
be made available.
5. The use of mobile phones or other tools is not allowed.
6. As soon as the theoretical exam starts and for the entire duration of the exam, there is
complete silence in the room.
7. No comments will be made on the exam questions and the candidate is not allowed to ask
about the content of the exam questions.
 8. During the exams, the candidate is not allowed to leave the room; there will be no toilet visits
permitted, unless express permission by the supervisor/responsible person of the
exam institution..
9. The candidate is not allowed to copy the exam questions.
10. The exams must be taken within the predetermined time frame and this even
in the event of late arrival of the candidate.

The minimum guidelines can be supplemented with additional measures or obligations that
be instructed to the supervisor with regard to taking examinations.

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APPENDIX 2. Model of certificate - example

The certificate also mentions an additional module that the candidate has completed as an additional compulsory
information.

WA
febelfin
ACADEMY TESTIMONIAL

We hereby confirm that

Name first Name

participated in the training program "Recognised compliance pfficgr/ responsible for the compliance function " on DD/MM/YYYY and successfully passed the

concerning final exam.

FINAL EXAM RE5ULT DATE

Tbeepetic Exam Passed 04/12/2018

PracticeGfv Exam Ges[aagd 12/12/2018

Continuing education is a requirement for the

Certificate delivered in Brussels on December 18, 2018
maintain the certificate.

Ann Vanlommel
Managing Director Febelfin Academy