A regulated firm shall, in respect of a person for whom the regulated firm is responsible under Regulation 3 and who avails of the transitional arrangements referred to in Section 1.8(A) of the Minimum Competency Code -
(a) inform the person availing of the transitional arrangements, within three weeks of the date of Regulation 16A coming into effect, of the requirement to obtain a relevant recognised qualification by 16 May 2026,
(b) agree a plan for obtaining a relevant recognised qualification with the person availing of the transitional arrangements,
(c) monitor compliance with the conditions applicable to those transitional arrangements, and
(d) where an opportunity to sit an examination is not availed by a person availing of the transitional arrangements, ensure that the reasons are documented in writing.