Subject Title - INSETA

„compliance practice‟ means a company, close corporation or partnership thatappoints one or more natural persons to render compliance services inrespect of a particular provider and such natural persons are approved by theRegistrar for that purpose as compliance officers.„compliance services‟ means the performance by a compliance officer offunctions contemplated in section 17 of the Act;„external compliance officer‟ means a compliance officer other than aninternal compliance officer and includes a compliance practice.„generic recognised compliance qualification‟ means a qualification recognisedby the Registrar that addresses knowledge, skills and competence that arebroadly applicable to the rendering of compliance services;„internal compliance officer‟ means a compliance officer that is a naturalperson in the permanent employ of a financial services provider and thatrenders compliance services in respect of that particular provider or anotherfinancial services provider that is a subsidiary holding company or subsidiaryof the holding company of the first-mentioned provider.9.1.2 The application processIn line with BN127, no person may render compliance services withouthaving obtained Phase I and Phase II approval (except persons to whom aninternal compliance officer has delegated – see discussion on delegationbelow).Phase I approvalAn applicant must: have a qualification on the list of recognised compliancequalifications. have passed the regulatory examination. have at least three years‟ experience in performing a compliance orrisk management function. meet the requirement in respect of honesty and integrity. have at least one year‟s experience in performing a compliance orrisk management function in respect of the specific category ofproviders the applicant wants to render services to. not an unrehabilitated insolvent. have adequate communication facilities.176 © INSETA - Section 1 12a