Subject Title - INSETA

As with key individuals, the FSP appoints compliance officers and theRegistrar approves the appointments. One of the functions of the keyindividual is to ensure that a compliance officer is approved by the Registrarin terms of the specific FSP licence/s.9.1.1 Requirements for the approval of compliance officers:Board Notice 127: New approval processOne of the functions of the Key Individual is to ensure that a complianceofficer is approved by the Registrar in terms of the specific FSP licence/s.On 9 September 2010, the FSB published various amendments to regulationspertaining to compliance officers.Some of the material changes relate to the approval of compliance officers.Compliance officers are now approved in two phases.Board Notice 127 of 2010 sets out the qualifications, experience and criteriafor approval of compliance officers.„Phase I approval‟ pertains to approval by the Registrar of anapplicant‟s qualifications, experience and personal character qualitiesof honesty and integrity.„Phase II approval‟ pertains to the approval granted by the Registrarto an applicant to render compliance services to a specific FSP.Important definitions in Board Notice 127:„applicant‟ means the natural person applying to the Registrar for approval asa compliance officer, including the natural person appointed by thecompliance practice to render compliance services in respect of a particularprovider.„compliance officer‟ means −(i) a natural person appointed to render compliance services, including anatural person appointed by a compliance practice; or(ii) a compliance practice appointed to render compliance services,and approved, on application, by the Registrar for such purpose.© INSETA - Section 1 12a 175