Subject Title - INSETA

9.1.5 Withdrawal of a compliance officer‟s approvalRegulations pertaining to withdrawal of the Approval of a compliance officerare addressed both in Section 17 of the Act as well as in Board Notice 127 of2010.Section 17 of the Act provides that the registrar may at any time withdrawthe approval if satisfied that the compliance officer:(i)(ii)has contravened or failed to comply with any provision of this Act; orno longer complies with the criteria and guidelines.The Registrar may publish the withdrawal of approval and the reasonstherefore by notice in the Gazette or by means of any other appropriatepublic media.Key individuals must ensure that there are adequate provisions in theappointment or other contractual arrangements with compliance officers tostate that approval by the FAIS Registrar is a prerequisite for employment asthe FAIS compliance officer within the business.9.2 THE ROLE AND FUNCTIONS OF A COMPLIANCE OFFICER9.2.1 The compliance functionAn FSP must ensure that a compliance function exists or is established aspart of the risk management framework of the business. This function mustbe supervised by an approved compliance officer as required by the Act, ormanaged and controlled by the FSP alone (where the FSP has one keyindividual and no representative). 115Compliance officers are responsible for the compliance functions in relation tothe particular categories and subcategories in terms of the FSP licence, forwhich they are approved by the Registrar.The FSP/key individual is responsible for ensuring that the appointed FAIScompliance officer has adequate resources available to meet all thecompliance requirements of the FAIS Act.115 Section 5(1) of FAIS Regulations180 © INSETA - Section 1 12a