Subject Title - INSETA

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The Registrar has certain powers in terms of the Act to disclose informationrelating to representatives, key individuals and FSPs (such as debarment,licence withdrawals, etc.) and such disclosure is not a contravention of therequirements of the General Code.12.2 RECORD-KEEPING OBLIGATIONS UNDER THE FINANCIALINTELLIGENCE CENTRE ACT AND OTHER LEGISLATION12.2.1 Record-keepingA FSP must have and be able to maintain the operational ability to fulfil theresponsibilities imposed by the FAIS Act, including compliance with the FICAct. 153 (We discussed some aspects relating to the FIC Act in Chapter 10above.)Section 22 of FICA requires accountable institutions that establish a businessrelationship or conclude a transaction with a client, to keep records of asingle transaction or of additional transactions concluded in the course of abusiness relationship.It also prescribes full particulars and details of the information that must bekept as records.The documents used to identify and verify clients as well as recordsof all transactions must be retained for a period of at least five (5)years from the date on which the business relationship wasterminated.In terms of Section 24 (1), the record-keeping obligation may be outsourcedto a third party provided the accountable institution is given free and easyaccess to these records. Note that outsourcing this function to a third partydoes not discharge the accountable institution from the record-keepingresponsibility.Section 24(2) states that the accountable institution will still be held liable forthe third party‟s failure to comply with this obligation.153 BN 106 of 2008222 © <strong>INSETA</strong> - Section 1 12a
Section 24(3) stipulates that if the accountable institution appoints a thirdparty to keep records on its behalf, then particulars of the third party keepingrecords on behalf of the accountable institution must be provided to the FIC.The full particulars and details of the information which must befurnished to the FICA regarding the third party carrying out therecord-keeping, obligation is prescribed under Regulation 20.As in the FAIS Act, records may be kept manually or electronically.Other record-keeping requirementsIn addition to what is discussed above, the following FAIS Act sections referto record-keeping:Section 8: − application for authorisationSection 13:− qualifications of reps and duties of FSPsSection 19:− accounting and auditing requirements.Section 8 of Board Notice 106 deals with the operational ability of an FSP/keyindividual and stipulates certain record-keeping requirements.An FSP must have general administration processing, accounting transactionsand risk control measurements in place to ensure accurate, complete andtimeous processing of data, information reporting and the assurance of dataintegrity.© <strong>INSETA</strong> - Section 1 12a 223
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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
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Where the juristic person is neithe
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what measures were taken to avoid/m
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A provider must continuously monito
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2. Identify the financial product o
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1. A brief summary of the informati
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are addressed in the business-speci
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8.8.3 Insurance 89One of the risks
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WHO? BY WHEN? WHAT?Category III pro
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a representative, the information m
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Record of advice 106A direct market
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influence the objective exercising
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4. What needs to be disclosed to cl
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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
Page 198 and 199: 190 © INSETA - Section 1 12a
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 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)
Page 254 and 255: PurposeThe FIC Act imposes certain
Page 256 and 257: Accountable institutionsThe FIC Act
Page 258 and 259: The four (4) money laundering contr
Page 260 and 261: The documents used to identify and
Page 262 and 263: In an FSB FAIS Newsletter, the FSB
Page 264 and 265: Protection of Constitutional Democr
Page 266 and 267: steps to be taken to determine and
Page 268 and 269: 3. Section 21(1) of the FICA requir
Page 270 and 271: PurposeChapter 16 is the last part
Page 272 and 273: The Ombud for Financial Services Pr
Page 274 and 275: 11. If the complainant is unhappy w
Page 276 and 277: the contractual or other legal rela
Page 278: Self-Assessment Answers1. The funct
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