Subject Title - INSETA

though, that the supervisee must already have the relevant qualification, butthe experience and Regulatory Exam requirements may be gained undersupervision.The supervisor must be an approved compliance officer and the Board Noticealso makes provision for direct and ongoing supervision. The timeframes arethe same as those applicable to representatives, as follows:„direct supervision‟ occurs on a daily to weekly basis.„ongoing supervision‟ occurs on a fortnightly to monthly basis.A compliance officer or practice that allows for services to be rendered undersupervision must have the operational ability to monitor such services andmeet the requirements in respect of the supervisor as above. The supervisormust ensure that the supervisee is monitored on both a direct and ongoingbasis.Supervision periodA person cannot render compliance services under supervision for more thanthree years from the date that the person is approved as a supervisee.Supervision in respect of different categories on FSPsCategories I and IV FSPs:The supervisee may not conduct unaccompanied monitoring duringthe first year under supervision.During the second and third year, the supervisee may not sign offcompliance reports and may not complete the annual compliancereport on behalf of an FSP.Categories II, IIA and III FSPs:The supervisee may not conduct unaccompanied monitoring duringthe first two years under supervision.During the third year the supervisee may not sign off compliancereports and may not complete the annual compliance report onbehalf of an FSP.© INSETA - Section 1 12a 179