Subject Title - INSETA

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Self-Assessment QuestionsPlease note that the questions which follow are formative in nature. Thequestions were not developed by the FSB‟s examination bodies and as suchcannot be used as an indication of the nature/structure/level of the questionsthat you will encounter in the FSB‟s regulatory examination.1. In terms of the exemption granted for services under supervision,representatives will not have to comply with the:a) honesty and integrity requirements whilst working undersupervision in certain categoriesb) experience, qualifications and regulatory examinationsc) experience, qualifications and regulatory examinations whilstworking under supervision in certain categoriesd) All of the above2. Representatives can only work under supervision if the licensed FSPcan:a) satisfy the Registrar that it has the required financialreserves to facilitate services under supervisionb) satisfy the Registrar that it has the required operationalability to facilitate services under supervisionc) afford to appoint at least five (5) supervisorsd) All of the above3. The duties of a supervisor include the following:a) Sign-off on advice given to clientsb) Do appropriate post-transaction samplingc) Observe selected meetings between the supervisee andcustomersd) All of the above4. The duties of a supervisee include the following:a) Disclose to clients that he is acting under supervisionb) Do appropriate post-transaction samplingc) Ensure that the FSP/key individual takes the necessary actionto protect the client where it is found that the supervisee'sactions may not have been in the interest of the clientd) All of the above94 © <strong>INSETA</strong> - Section 1 12a
5. Supervisors in Categories II, IIA and III must do the following:a) Review and approve discretionary financial services providedby representatives (Categories II and IIA), in writing before atransaction is concluded or executedb) Conduct sample checks on a daily basis to ensure that thesupervisee did not deviate from the relevant mandate and/orinvestment team meetingsc) Conduct sample checks on a weekly basis to ensure that thesupervisee did not deviate from the relevant mandate and/orinvestment team meetingsd) only a) and c)© <strong>INSETA</strong> - Section 1 12a 95
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LOGO TO BE CONFIRMEDFSB REGULATORY
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Table of ContentsTasksGlossary of T
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8.8 Other provisions of the general
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TasksThe material provided in this
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PurposeThe FAIS Act introduced mark
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The duties of FSPs are described in
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CATEGORY II: SUBCATEGORIES2.1 Long-
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1.5.2 AdviceThe FAIS Act defines
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The elements of „advice‟ includ
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1.5.3 Intermediary serviceLet's loo
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1.5.2 Types of financial productsFi
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FSP licences are issued for specifi
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5. To provide a financial service m
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6. To give advice means to:a) give
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PurposeThis chapter introduces the
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Example 1:CBA Financial services is
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Submitting documentsEmploymenthisto
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financial soundness requirement - t
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The person was found guilty in any
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2.3.5 Experience requirements for k
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TABLE A: CATEGORY I EXPERIENCE REQU
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Experience requirements for a Categ
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was obtained through active involve
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IF YOU…Were appointed from 1Janua
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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
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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 100 and 101: Ensure that the supervision require
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
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8.4 MANAGING TRANSPARENCY AND CONFL
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Where the juristic person is neithe
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what measures were taken to avoid/m
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A provider must continuously monito
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2. Identify the financial product o
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1. A brief summary of the informati
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are addressed in the business-speci
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8.8.3 Insurance 89One of the risks
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WHO? BY WHEN? WHAT?Category III pro
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a representative, the information m
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Record of advice 106A direct market
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influence the objective exercising
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4. What needs to be disclosed to cl
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Self-Assessment Answers1. Which of
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8. The two main requirements of giv
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PurposeThis chapter introduces you
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„compliance practice‟ means a c
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Internal compliance officer:where t
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9.1.5 Withdrawal of a compliance of
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One of the main functions of a comp
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Internal auditors normally audit co
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Information about the FSPs adherenc
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Compliance reports must be submitte
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190 © INSETA - Section 1 12a
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PurposeThe application process for
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the financial services business as
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Disclose compliance with other appl
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easons why the provisional suspensi
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impartial tribunal or forum. This i
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10.3.2 Civil remediesRestrainingord
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10.4 LEVIES PAYABLE IN TERMS OF THE
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Any contravention of or failure to
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Self-Assessment Answers1. Which of
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PurposeAs a key individual, you nee
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11.2 EFFECT OF VOLUNTARY SEQUESTRAT
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2. A licence of ANY FSP may lapse:a
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5. Before sequestration, winding-up
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PurposeIn Chapter 12 you will find
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3. The records and documentation Th
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The Registrar has certain powers in
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SummaryThe FAIS Act requires string
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4. Section 22 of the FICA requires
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PurposeManaging the infrastructure
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A key individual, in respect of an
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The financial statements can either
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Self-Assessment Answers1. The opera
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PurposeChapter 14 introduces you to
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Sec 19(4) states that: the auditor
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2. The financial statements must:a)
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PurposeThe FIC Act imposes certain
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Accountable institutionsThe FIC Act
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The four (4) money laundering contr
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The documents used to identify and
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In an FSB FAIS Newsletter, the FSB
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Protection of Constitutional Democr
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steps to be taken to determine and
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3. Section 21(1) of the FICA requir
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PurposeChapter 16 is the last part
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The Ombud for Financial Services Pr
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11. If the complainant is unhappy w
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the contractual or other legal rela
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Self-Assessment Answers1. The funct
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Subject Title - INSETA

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