Subject Title - INSETA

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Information about the FSPs adherence to the requirementsfor custody of financial products and funds.Information about the FSPs adherence to the RiskManagement requirements in the General Code.Information about the advertising practices of the FSP.Information about the complaints-handling procedures of theFSP.Information about the FSPs procedures to comply with therequirements of the General Code in respect of termination ofagreements or business.Information about the procedures to avoid waiver of rights byclients.9. Money-laundering control proceduresInformation about compliance with anti money-launderingrequirements as per FICA 125 .10. Financial soundnessInformation about the solvency and accounting procedures of theFSP.11. MonitoringInformation about the type of monitoring and monitoringmethodology/sample.SECTION 2 OF THE COMPLIANCE REPORT FOREX FSPs12. Information about the duties/obligations of the Forex FSP.SECTION 3 OF THE COMPLIANCE REPORT HEALTH SERVICE BENEFITS13. Information about the accreditation in terms of the Medical SchemesAct 126 .Signing the reportThe last part of the compliance report requires completion by the complianceofficer as well as a key individual. By co-signing with the compliance officer,the key individual states that the information is correct and that the reportwill be sent to the Registrar.125 Financial Intelligence Centre Act No 38 of 2001126 Act 131 of 1998186 © <strong>INSETA</strong> - Section 1 12a
Some of the information required in the report is acquired through monitoringfor the period under review. The monitoring should be done by thecompliance officer/compliance function and reliance should not be placed onother monitoring conducted by other areas, such as Internal Audit or otherrisk management functions.Compliance report for Category I provider, without a compliance officerThe compliance report 127 is very similar to the one to be completed by an FSPwith a compliance officer but the submission date is different. The maindifferences are:The report requires information about the group structure of the FSPas well as any SLAs with other FSPs.The report requires information about the staff complement of theFSP and, in particular, the names and roles of staff who assist theFSP in providing financial service.SummaryThe FAIS Act stipulates that FSPs must appoint compliance officers incertain circumstances.Compliance officers are appointed by the FSP and approved by theFSB.Board Notice 127, published in September 2010, now makesprovision for a new process for the approval of compliance officer.Board Notice 126, published in September 2010, makes provision forthe rendering of compliance services under supervision in specificcircumstances.The duties of compliance officers include:– monitoring compliance with the Act– supervising the compliance function– making recommendations to the provider as regards anyaspect of the required compliance or monitoring functions.(Regulations Ch IV paragraph 5)– submitting reports to the Registrar as required by the Act.Compliance officers must avoid a conflict of interest with otherbusiness units and must have direct access to senior management.127 BN 46 of 2009© <strong>INSETA</strong> - Section 1 12a 187
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LOGO TO BE CONFIRMEDFSB REGULATORY
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Table of ContentsTasksGlossary of T
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8.8 Other provisions of the general
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TasksThe material provided in this
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PurposeThe FAIS Act introduced mark
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The duties of FSPs are described in
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CATEGORY II: SUBCATEGORIES2.1 Long-
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1.5.2 AdviceThe FAIS Act defines
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The elements of „advice‟ includ
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1.5.3 Intermediary serviceLet's loo
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1.5.2 Types of financial productsFi
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FSP licences are issued for specifi
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5. To provide a financial service m
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6. To give advice means to:a) give
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PurposeThis chapter introduces the
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Example 1:CBA Financial services is
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Submitting documentsEmploymenthisto
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financial soundness requirement - t
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The person was found guilty in any
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2.3.5 Experience requirements for k
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TABLE A: CATEGORY I EXPERIENCE REQU
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Experience requirements for a Categ
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was obtained through active involve
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IF YOU…Were appointed from 1Janua
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A key individual must have already
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Key individuals fulfilling the role
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serious enough to impugn the honest
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Self-Assessment QuestionsPlease not
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) Once a key individual has been ap
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Self-Assessment Answers1. Which of
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) Once a key individual has been ap
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56 © INSETA - Section 1 12a
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PurposeChapter 3 introduces you to
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Let's look at the responsibilities
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For example, a person may have star
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3.3.3 Competency requirements for r
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We discussed the tables under 2.3 a
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Experience requirements for Categor
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The main reason for the differentia
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Regulatory examinations for represe
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The purpose of the register is to:p
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Part of the management and oversigh
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Let‟s look at a summary of the co
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c) The representative register need
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Self-Assessment Answers1. In terms
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8. The general experience requireme
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PurposeIn Chapter 4 you will learn
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TABLE ACATEGORIES 1 and IV: LEVEL O
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4.2 SUPERVISION REQUIREMENTSKey ind
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Ensure that the supervision require
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Self-Assessment QuestionsPlease not
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Self-Assessment Answers1. In terms
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PurposeBefore a juristic entity can
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Understanding the process step by s
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5.3 SECTION 13As mentioned above, S
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What must be done?The FSP must main
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Registrar, by 31/12/2013.Failure by
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It should be a condition of the emp
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4. In order to meet the requirement
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5. Section 13 imposes certain dutie
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PurposeChapter 6 gives you an overv
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Ramifications for the FSP if debarm
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All other administrative or legal p
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3. May an FSP use information obtai
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PurposeDuring the course of the lif
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In the discussion of the purpose an
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caused by or arose out of the carry
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c) within 60 days after the busines
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Page 144 and 145: PurposeThe FAIS General code prescr
Page 146 and 147: of crime, money-laundering legislat
Page 148 and 149: Requirements.the existence of a spe
Page 150 and 151: Disclosure must include the followi
Page 152 and 153: 8.4 MANAGING TRANSPARENCY AND CONFL
Page 154 and 155: Where the juristic person is neithe
Page 156 and 157: what measures were taken to avoid/m
Page 158 and 159: A provider must continuously monito
Page 160 and 161: 2. Identify the financial product o
Page 162 and 163: 1. A brief summary of the informati
Page 164 and 165: are addressed in the business-speci
Page 166 and 167: 8.8.3 Insurance 89One of the risks
Page 168 and 169: WHO? BY WHEN? WHAT?Category III pro
Page 170 and 171: a representative, the information m
Page 172 and 173: Record of advice 106A direct market
Page 174 and 175: influence the objective exercising
Page 176 and 177: 4. What needs to be disclosed to cl
Page 178 and 179: Self-Assessment Answers1. Which of
Page 180 and 181: 8. The two main requirements of giv
Page 182 and 183: PurposeThis chapter introduces you
Page 184 and 185: „compliance practice‟ means a c
Page 186 and 187: Internal compliance officer:where t
Page 188 and 189: 9.1.5 Withdrawal of a compliance of
Page 190 and 191: One of the main functions of a comp
Page 192 and 193: Internal auditors normally audit co
Page 196 and 197: Compliance reports must be submitte
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Page 200 and 201: PurposeThe application process for
Page 202 and 203: the financial services business as
Page 204 and 205: Disclose compliance with other appl
Page 206 and 207: easons why the provisional suspensi
Page 208 and 209: impartial tribunal or forum. This i
Page 210 and 211: 10.3.2 Civil remediesRestrainingord
Page 212 and 213: 10.4 LEVIES PAYABLE IN TERMS OF THE
Page 214 and 215: Any contravention of or failure to
Page 216 and 217: Self-Assessment Answers1. Which of
Page 218 and 219: PurposeAs a key individual, you nee
Page 220 and 221: 11.2 EFFECT OF VOLUNTARY SEQUESTRAT
Page 222 and 223: 2. A licence of ANY FSP may lapse:a
Page 224 and 225: 5. Before sequestration, winding-up
Page 226 and 227: PurposeIn Chapter 12 you will find
Page 228 and 229: 3. The records and documentation Th
Page 230 and 231: The Registrar has certain powers in
Page 232 and 233: SummaryThe FAIS Act requires string
Page 234 and 235: 4. Section 22 of the FICA requires
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Page 238 and 239: PurposeManaging the infrastructure
Page 240 and 241: A key individual, in respect of an
Page 242 and 243: The financial statements can either
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Self-Assessment Answers1. The opera
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PurposeChapter 14 introduces you to
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Sec 19(4) states that: the auditor
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2. The financial statements must:a)
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PurposeThe FIC Act imposes certain
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Accountable institutionsThe FIC Act
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The four (4) money laundering contr
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The documents used to identify and
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In an FSB FAIS Newsletter, the FSB
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Protection of Constitutional Democr
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steps to be taken to determine and
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3. Section 21(1) of the FICA requir
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PurposeChapter 16 is the last part
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The Ombud for Financial Services Pr
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11. If the complainant is unhappy w
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the contractual or other legal rela
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Self-Assessment Answers1. The funct
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Subject Title - INSETA

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