Subject Title - INSETA

Additional requirements for Phase I approval for external compliance officers:Fixed business addressOperational ability.Phase II approvalFor this phase, the applicant must:have Phase I approval.have adequate resources to ensure efficient rendering of complianceservices.have direct access to and demonstrable support from seniormanagement of the FSP.have the ability to render services independently and objectively.have the ability to avoid conflict of interest.have the ability to keep records and assist provider in compilingcompliance risk management strategy.be able to liaise directly with Registrar.have the ability to conduct regular reviews.The following additional requirements must be met in order for Phase IIapproval to be obtained. You will note that these requirements relate to theability of the compliance officer/compliance practice to conduct site visits anddiffer for external and internal compliance officers:External compliance officer:where the compliance service will be rendered in respect of categoryI and IV FSPs, the applicant must show the ability to conduct regularvisits as follows: not less than quarterly visits to the businesspremises, units or branches of the FSP. In respect of visits torepresentatives of FSP – not less than twice a year.where the compliance service will be rendered in respect of categoryII, IIA and/or III FSPs the applicant must have the ability to conductmonthly visits to business premises, business units and branches ofFSP and any representatives.© INSETA - Section 1 12a 177