Subject Title - INSETA

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© INSETA - Section 1 12a 187