Subject Title - INSETA

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CATEGORY II: SUBCATEGORIES2.1 Long-term Insurance2.1.1 Subcategory B12.1.2 Subcategory B22.2 Long-term Insurance Category C2.3 Retail Pension Benefits2.4 Pension Fund Benefits2.5 Securities and instruments: Shares2.6 Securities and Instruments: Money market instruments2.7 Securities and Instruments: Debentures and securitised debt2.8 Securities and Instruments: Warrants, certificates and otherinstruments acknowledging debt2.9 Securities and Instruments: Bonds2.10 Securities and Instruments: Derivative instruments excludingwarrants2.11 Participatory Interests in one or more collective investment schemes2.12 Forex Investment Business2.13 Long-term Deposits2.14 Short-term Deposits1.4 CODES OF CONDUCTAs mentioned above, the FAIS Registrar may publish Codes of Conduct. Thepurpose of the Codes is to provide more detailed provisions regarding therendering of financial services. These Codes are part of the subordinatelegislation and are binding on all FSPs, key individuals and representatives.Section 16 of the FAIS Act requires that the Codes must contain (at least)provisions relating to:making adequate disclosuresadequate record-keepingavoidance of fraudulent and misleading advertising, canvassing andmarketingproper safe-keeping, separation and protection of funds andtransaction documentation of clientswhere appropriate, suitable guarantees or professional indemnity orfidelity insurance cover, and mechanisms for adjustments of suchguarantees or cover by the registrar in any particular case6 © <strong>INSETA</strong> - Section 1 12a
the control or prohibition of incentives given or accepted by aprovider; andany other matter which is necessary or expedient to be regulated insuch code for the better achievement of the objects of the Act.The following Codes have been published so far:General Code of Conduct for Authorised Financial Services Providersand Representatives, (as amended)Specific Code of Conduct for Authorised Financial Services Providersand Representatives conducting Short-term Deposit BusinessCode of Conduct for Authorised Financial Services Providers andRepresentatives, involved in Forex Investment BusinessNotice on Codes of Conduct for Administrative and Discretionary FSPs(as amended).As and when required, the Codes are amended through the publication ofBoard Notices in Government Gazettes.1.5 TYPES OF FINANCIAL SERVICES AND PRODUCTS1.5.1 Types of financial servicesTo provide a financial service means to:give advice; orprovide an intermediary service; orgive advice and provide an intermediary service.We refer to financial service throughout the material and it is important thatyou understand that it may consist of both or either of the above elements.Sometimes a representative or FSP may only be authorised to give advice inrespect of certain product categories, or to provide an intermediary service(without advice).© <strong>INSETA</strong> - Section 1 12a 7
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 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
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56 © INSETA - Section 1 12a
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PurposeChapter 3 introduces you to
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Let's look at the responsibilities
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For example, a person may have star
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3.3.3 Competency requirements for r
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We discussed the tables under 2.3 a
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Experience requirements for Categor
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The main reason for the differentia
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Regulatory examinations for represe
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The purpose of the register is to:p
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Part of the management and oversigh
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Let‟s look at a summary of the co
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c) The representative register need
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Self-Assessment Answers1. In terms
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8. The general experience requireme
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PurposeIn Chapter 4 you will learn
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TABLE ACATEGORIES 1 and IV: LEVEL O
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4.2 SUPERVISION REQUIREMENTSKey ind
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Ensure that the supervision require
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Self-Assessment QuestionsPlease not
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Self-Assessment Answers1. In terms
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PurposeBefore a juristic entity can
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Understanding the process step by s
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5.3 SECTION 13As mentioned above, S
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What must be done?The FSP must main
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Registrar, by 31/12/2013.Failure by
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It should be a condition of the emp
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4. In order to meet the requirement
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5. Section 13 imposes certain dutie
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PurposeChapter 6 gives you an overv
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Ramifications for the FSP if debarm
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All other administrative or legal p
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3. May an FSP use information obtai
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PurposeDuring the course of the lif
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In the discussion of the purpose an
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caused by or arose out of the carry
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c) within 60 days after the busines
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PurposeThe FAIS General code prescr
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of crime, money-laundering legislat
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Requirements.the existence of a spe
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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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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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