On 21 Nov 2024, the HKMA launched the Professional Level of the Enhanced Competency Framework on Green and Sustainable Finance (ECF-GSF) for middle- and senior-level banking practitioners, expanding upon the Core Level framework introduced in 2023. The updated ECF-GSF Guide details competency standards, certification, and CPD requirements, with the HKMA strongly encouraging authorized institutions to adopt the framework to ensure staff competence in GSF, administered by the Hong Kong Institute of Bankers.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction and Framework Launch
On 21 Nov 2024, the Hong Kong Monetary Authority (HKMA) announced the launch of the Professional Level of the Enhanced Competency Framework on Green and Sustainable Finance (ECF-GSF), building upon the Core Level framework introduced in July 2023 for entry-level banking practitioners. This Professional Level targets middle- and senior-level banking staff requiring specialised domain knowledge and professional competencies in green and sustainable finance (GSF) functions.
Updated Framework Details and Implementation Requirements
The HKMA has updated the Guide to the ECF-GSF to include comprehensive details on the Professional Level, featuring scope of application, competency standards, qualification structure, modular exemptions, certification, grandfathering arrangements, and continuing professional development (CPD) requirements. The Guide incorporates updates highlighted in blue. The HKMA emphasises that authorized institutions (AIs) must adopt the ECF-GSF as part of staff development efforts to ensure competence, as mandated under Supervisory Policy Manual module CG-6, and are expected to implement measures to monitor, develop, and maintain staff competence levels in GSF.
Role of Hong Kong Institute of Bankers and Compliance Guidance
The Hong Kong Institute of Bankers (HKIB) serves as the administrator of the ECF-GSF, handling certification, grandfathering applications, training programmes, examinations, CPD administration, and maintaining a public register of certified professionals. AIs are advised to support staff in attending ECF-aligned training and examinations, maintain records of training and qualifications, assist with certification/grandfathering applications, and facilitate CPD fulfilment. AIs must direct all ECF-GSF-related enquiries to HKIB, while HKMA enquiries should be addressed to designated contacts.
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