Subject Title - INSETA

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Disclose compliance with other applicable laws to the Registrar.If the Registrar is satisfied that the change of name is lawful and hasapproved the change of name, the Registrar will be issued an amendedlicence.Only when the amended licence is issued may the FSP continue/start withproviding financial service under that name.Condition 5 – Only deal with authorised FSPsThis condition requires that the FSP must have internal controls andprocedures in place to ensure that any financial product regarding which theFSP wants to render a financial service, qualifies as a financial product asrequired by the Act and is lawfully issued by the relevant product supplier.Only financial products of product suppliers whose products are authorised byan authority, or by approval or rights granted under an appropriate law (forinstance the Insurance Acts) may be sold by FSPs.10.2 SUSPENSION, WITHDRAWAL AND REINSTATEMENT OFAUTHORISATIONThe Registrar may suspend or withdraw a FAIS licence, subject to certainconditions. The licence may also be reinstated, subject to certain conditions.Suspension or withdrawal of a licence 12910.2.1 Reasons for suspension or withdrawalThe Registrar may suspend or withdraw any licence if the Registrar issatisfied on the basis of available facts and information that the licensee: 130no longer meets the requirements of Section 8 of the Actdidn't disclose all required information upon applying for a licence orsubmitted false or misleading informationfailed to comply with any provision/s of the FAIS Act129130Section 9(2) of the FAIS ActSection 9(2) of the Act196 © <strong>INSETA</strong> - Section 1 12a
still owes levies, penalties or administrative sanctions to the FSB andhasn't paid it.Process of suspension or withdrawal1. The Registrar may consult a regulatory authority(like the Registrar of Banks) AND2. The Registrar must inform the FSP of the intentionand provide opportunity to respond.Beforesuspensionorwithdrawalofa FAISlicenceThe Registrar must inform the FSP of the following:The intended period of the suspensionAny terms to be attached to the suspensionincluding:a. prohibiting new business and protection of clientinterest regarding unconcluded business;b. terms to facilitate lifting of the suspension.The Registrar must consider responses received anddecide accordingly – to suspend/withdraw or not andadvise the FSP.If the licence is suspended or withdrawn, the Registrar MUST publish thesuspension/withdrawal plus reasons and applicable terms in the Gazette andMAY publish in related media if required.10.2.2 Urgent suspension or withdrawalNotwithstanding the fact that the Registrar must follow certain proceduresbefore suspension or withdrawal, the Registrar may do certain things on anurgent basis if there are reasonable grounds that the public or clients may besubstantially prejudiced.If such grounds exist, the Registrar:may provisionally suspend or withdraw a licence. The Registrar mustinform the licensee of the grounds and the period as well as allow thelicensee a reasonable opportunity to respond thereto and to provide© <strong>INSETA</strong> - Section 1 12a 197
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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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PurposeThe FAIS General code prescr
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of crime, money-laundering legislat
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Requirements.the existence of a spe
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Disclosure must include the followi
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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 194 and 195: Information about the FSPs adherenc
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 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
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
Page 244 and 245: Self-Assessment Answers1. The opera
Page 246 and 247: PurposeChapter 14 introduces you to
Page 248 and 249: Sec 19(4) states that: the auditor
Page 250 and 251: 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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