Subject Title - INSETA

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8. The two main requirements of giving advice are:a) ensuring the client trusts youb) establishing suitabilityc) keeping a record of adviced) b) and c)9. The advertising principles in the General Code include the following:a) Performance Data must include references to their sourceand dateb) Illustrations, forecasts or hypothetical data must showdependence on performance of underlying assets or variablemarket forces, where applicablec) A warning statement about risks involved in buying or sellinga financial product, must clearly be identified as a warningstatementd) All of the above10. When a client wants to terminate an agreement, a provider:a) may, after referring it to the compliance officer, allow arequest from a client for voluntary termination of anagreementb) must, request reasons from a client for voluntary terminationof an agreementc) must, with immediate effect, allow a request from a client forvoluntary termination of an agreementd) a provider is under no obligation to consider such a request172 © <strong>INSETA</strong> - Section 1 12a
Chapter9Oversee and manage the compliancefunctionThis chapter covers the following criteria:KNOWLEDGE CRITERIA:Explain the requirements for approval of a compliance officer by the Registrar. (Task 9)Describe the role and function of a compliance officer. (Task 9)Explain why it is important for the compliance officer to be/act independent from themanagement of the FSP. (Task 9)Explain what internal audit and control functions are required to enable the CO to functionin a manner ensuring that no actual or potential conflicts of interests arise as regards theduties and functions of other employees. (Task 9)Demonstrate understanding of the content of the compliance report in order to be able tosign it off. (Task 9)Explain what the compliance function requirements are within the FSP. (Task 9)© <strong>INSETA</strong> - Section 1 12a 173
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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
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Key individuals fulfilling the role
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serious enough to impugn the honest
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Self-Assessment QuestionsPlease not
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) Once a key individual has been ap
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Self-Assessment Answers1. Which of
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) 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
Page 130 and 131: 3. May an FSP use information obtai
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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 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 200 and 201: PurposeThe application process for
Page 202 and 203: the financial services business as
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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
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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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