Subject Title - INSETA

More documents

Recommendations

Info

Ensure that the supervision requirements are not lessened inintensity during the duration of the period under supervision.For Category ll & llA FSPs, the following will also be recognised forsupervision purposes:Minutes of the „investment team‟ meetings will be accepted as signoff.Sign-off regarding intermediary services will require that thesupervisor checks that the Representative carries out instructionsaccurately and in line with the relevant mandate and/or consensusdecisions.Types of supervision activitiesSupervision may include one or more of the following activities:Sign-off by a supervisor on the advice given to client.Pre-transaction sign-off by a supervisor where intermediary servicesare rendered.Attending meetings with supervisees and clients, where the purposeof the meeting is the rendering of financial services.Appropriate post-transaction sampling.Follow–up calls to clients after the rendering of financial services bythe supervisee to confirm certain aspects of the interaction with theclient.Any other activity that enables the supervisor to scrutinise theactivities of the supervisee in respect of rendering financial services.4.3 EXPLAIN THE DISCLOSURE REQUIREMENTS THATREPRESENTATIVES ARE RESPONSIBLE FORRepresentatives must disclose the following:All the required information which is discussed in Chapter 8 – relatingto products, providers and commission.The signed „authority‟ from the FSP for whom the representative isacting, indicating the fit and proper status of the representative inrelation to the financial service being rendered.The fact that the representative is acting under supervision – ifapplicable.Any changes to the personal situation of the representative withregard to the honesty and integrity requirements.92 © <strong>INSETA</strong> - Section 1 12a
SummaryServices under supervision are an important addition to the FAIS fit andproper requirements because they allow representatives who are notcompetent (as far as the required qualifications are concerned) to gain theircompetence levels while working.There are a number of conditions attached to the rendering of services undersupervision:1. The FSP must satisfy the Registrar that it has the requiredoperational ability to facilitate services under supervision.2. Representatives may work under supervision in Categories I, II, IIA,III and IV.3. There are different „entry level‟ requirements for each of thesecategories.4. Representatives must get their qualifications within the prescribedtime.5. Representatives have certain duties while working under supervision.– refer to the summary of the various duties and responsibilitiesexplained previously.6. Supervisors have certain duties while overseeing representatives –refer to the summary of the various duties and responsibilitiesexplained previously.© <strong>INSETA</strong> - Section 1 12a 93
Page 1 and 2:
LOGO TO BE CONFIRMEDFSB REGULATORY
Page 3 and 4:
Table of ContentsTasksGlossary of T
Page 5 and 6:
8.8 Other provisions of the general
Page 7 and 8:
TasksThe material provided in this
Page 10 and 11:
PurposeThe FAIS Act introduced mark
Page 12 and 13:
The duties of FSPs are described in
Page 14 and 15:
CATEGORY II: SUBCATEGORIES2.1 Long-
Page 16 and 17:
1.5.2 AdviceThe FAIS Act defines
Page 18 and 19:
The elements of „advice‟ includ
Page 20 and 21:
1.5.3 Intermediary serviceLet's loo
Page 22 and 23:
1.5.2 Types of financial productsFi
Page 24 and 25:
FSP licences are issued for specifi
Page 26 and 27:
5. To provide a financial service m
Page 28 and 29:
6. To give advice means to:a) give
Page 30 and 31:
PurposeThis chapter introduces the
Page 32 and 33:
Example 1:CBA Financial services is
Page 34 and 35:
Submitting documentsEmploymenthisto
Page 36 and 37:
financial soundness requirement - t
Page 38 and 39:
The person was found guilty in any
Page 40 and 41:
2.3.5 Experience requirements for k
Page 42 and 43:
TABLE A: CATEGORY I EXPERIENCE REQU
Page 44 and 45:
Experience requirements for a Categ
Page 46 and 47:
was obtained through active involve
Page 48 and 49:
IF YOU…Were appointed from 1Janua
Page 50 and 51: A key individual must have already
Page 52 and 53: Key individuals fulfilling the role
Page 54 and 55: serious enough to impugn the honest
Page 56 and 57: Self-Assessment QuestionsPlease not
Page 58 and 59: ) Once a key individual has been ap
Page 60 and 61: Self-Assessment Answers1. Which of
Page 62 and 63: ) Once a key individual has been ap
Page 64 and 65: 56 © INSETA - Section 1 12a
Page 66 and 67: PurposeChapter 3 introduces you to
Page 68 and 69: Let's look at the responsibilities
Page 70 and 71: For example, a person may have star
Page 72 and 73: 3.3.3 Competency requirements for r
Page 74 and 75: We discussed the tables under 2.3 a
Page 76 and 77: Experience requirements for Categor
Page 78 and 79: The main reason for the differentia
Page 80 and 81: Regulatory examinations for represe
Page 82 and 83: The purpose of the register is to:p
Page 84 and 85: Part of the management and oversigh
Page 86 and 87: Let‟s look at a summary of the co
Page 88 and 89: c) The representative register need
Page 90 and 91: Self-Assessment Answers1. In terms
Page 92 and 93: 8. The general experience requireme
Page 94 and 95: PurposeIn Chapter 4 you will learn
Page 96 and 97: TABLE ACATEGORIES 1 and IV: LEVEL O
Page 98 and 99: 4.2 SUPERVISION REQUIREMENTSKey ind
Page 102 and 103: Self-Assessment QuestionsPlease not
Page 104 and 105: Self-Assessment Answers1. In terms
Page 108 and 109: PurposeBefore a juristic entity can
Page 110 and 111: Understanding the process step by s
Page 112 and 113: 5.3 SECTION 13As mentioned above, S
Page 114 and 115: What must be done?The FSP must main
Page 116 and 117: Registrar, by 31/12/2013.Failure by
Page 118 and 119: It should be a condition of the emp
Page 120 and 121: 4. In order to meet the requirement
Page 122 and 123: 5. Section 13 imposes certain dutie
Page 124 and 125: PurposeChapter 6 gives you an overv
Page 126 and 127: Ramifications for the FSP if debarm
Page 128 and 129: All other administrative or legal p
Page 130 and 131: 3. May an FSP use information obtai
Page 134 and 135: PurposeDuring the course of the lif
Page 136 and 137: In the discussion of the purpose an
Page 138 and 139: caused by or arose out of the carry
Page 140 and 141: c) within 60 days after the busines
Page 144 and 145: PurposeThe FAIS General code prescr
Page 146 and 147: of crime, money-laundering legislat
Page 148 and 149: Requirements.the existence of a spe
Page 150 and 151:
Disclosure must include the followi
Page 152 and 153:
8.4 MANAGING TRANSPARENCY AND CONFL
Page 154 and 155:
Where the juristic person is neithe
Page 156 and 157:
what measures were taken to avoid/m
Page 158 and 159:
A provider must continuously monito
Page 160 and 161:
2. Identify the financial product o
Page 162 and 163:
1. A brief summary of the informati
Page 164 and 165:
are addressed in the business-speci
Page 166 and 167:
8.8.3 Insurance 89One of the risks
Page 168 and 169:
WHO? BY WHEN? WHAT?Category III pro
Page 170 and 171:
a representative, the information m
Page 172 and 173:
Record of advice 106A direct market
Page 174 and 175:
influence the objective exercising
Page 176 and 177:
4. What needs to be disclosed to cl
Page 178 and 179:
Self-Assessment Answers1. Which of
Page 180 and 181:
8. The two main requirements of giv
Page 182 and 183:
PurposeThis chapter introduces you
Page 184 and 185:
„compliance practice‟ means a c
Page 186 and 187:
Internal compliance officer:where t
Page 188 and 189:
9.1.5 Withdrawal of a compliance of
Page 190 and 191:
One of the main functions of a comp
Page 192 and 193:
Internal auditors normally audit co
Page 194 and 195:
Information about the FSPs adherenc
Page 196 and 197:
Compliance reports must be submitte
Page 198 and 199:
190 © INSETA - Section 1 12a
Page 200 and 201:
PurposeThe application process for
Page 202 and 203:
the financial services business as
Page 204 and 205:
Disclose compliance with other appl
Page 206 and 207:
easons why the provisional suspensi
Page 208 and 209:
impartial tribunal or forum. This i
Page 210 and 211:
10.3.2 Civil remediesRestrainingord
Page 212 and 213:
10.4 LEVIES PAYABLE IN TERMS OF THE
Page 214 and 215:
Any contravention of or failure to
Page 216 and 217:
Self-Assessment Answers1. Which of
Page 218 and 219:
PurposeAs a key individual, you nee
Page 220 and 221:
11.2 EFFECT OF VOLUNTARY SEQUESTRAT
Page 222 and 223:
2. A licence of ANY FSP may lapse:a
Page 224 and 225:
5. Before sequestration, winding-up
Page 226 and 227:
PurposeIn Chapter 12 you will find
Page 228 and 229:
3. The records and documentation Th
Page 230 and 231:
The Registrar has certain powers in
Page 232 and 233:
SummaryThe FAIS Act requires string
Page 234 and 235:
4. Section 22 of the FICA requires
Page 236 and 237:
Page 238 and 239:
PurposeManaging the infrastructure
Page 240 and 241:
A key individual, in respect of an
Page 242 and 243:
The financial statements can either
Page 244 and 245:
Self-Assessment Answers1. The opera
Page 246 and 247:
PurposeChapter 14 introduces you to
Page 248 and 249:
Sec 19(4) states that: the auditor
Page 250 and 251:
2. The financial statements must:a)
Page 252 and 253:
Page 254 and 255:
PurposeThe FIC Act imposes certain
Page 256 and 257:
Accountable institutionsThe FIC Act
Page 258 and 259:
The four (4) money laundering contr
Page 260 and 261:
The documents used to identify and
Page 262 and 263:
In an FSB FAIS Newsletter, the FSB
Page 264 and 265:
Protection of Constitutional Democr
Page 266 and 267:
steps to be taken to determine and
Page 268 and 269:
3. Section 21(1) of the FICA requir
Page 270 and 271:
PurposeChapter 16 is the last part
Page 272 and 273:
The Ombud for Financial Services Pr
Page 274 and 275:
11. If the complainant is unhappy w
Page 276 and 277:
the contractual or other legal rela
Page 278:
Self-Assessment Answers1. The funct
show all

Subject Title - INSETA

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?