Subject Title - INSETA

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The financial statements can either be hand delivered/posted to the FSB orthey can be submitted using the online reporting system.There are a number of documents that together form the set of financialstatements.Section 19(1) (a) & (b) - Accounting and audit requirements.Section 19 (2) External Auditors Report.Section 19 (3) Audit Report.SummaryManaging the infrastructure within the FSP is part of the keyindividual's responsibilities.In order to meet the licensing requirements, FSPs must have theoperational ability to render financial services. Once licensed, theserequirements must be maintained.In order to get an FSP licence, applicants must demonstrate that theymeet the financial soundness requirements. These requirements areongoing during the lifespan of an FSP licence. The General Codestipulates the asset values that must be maintained at all times forthe different product categories.Self-Assessment QuestionsPlease note that the questions which follow are formative in nature. Thequestions were not developed by the FSB‟s examination bodies and as suchcannot be used as an indication of the nature/structure/level of the questionsthat you will encounter in the FSB‟s regulatory examination.1. The operational ability requirements for FSPs include:a) a fixed business addressb) adequate storage and filing systems for the safe‐keeping ofrecords, business communications and correspondencec) an account with a registered bank including, where requiredby the Act, a separate bank account for client fundsd) All the above234 © <strong>INSETA</strong> - Section 1 12a
2. The financial soundness requirements for FSPs include the following:a) An FSP must not be an unrehabilitated insolvent or underliquidation or in provisional liquidationb) A Category 1 FSP that holds client assets or receivespremiums or money must at the time of the financial audithave assets (excluding goodwill, other intangible assets andinvestments in related parties) that exceed the FSPs liabilities(excluding loans validly subordinated in favour of all othercreditors)c) A Category 1 FSP that holds client assets or receivespremiums or money must AT ALL TIMES maintain liquidassets equal to or greater than 8/52 weeks of annualexpenditured) All the above3. Section 19 of the FAIS Act requires FSPs to meet certain accountingand audit requirements which includes, full and proper accountingrecords, which must be updated:a) annuallyb) quarterlyc) monthlyd) None of the above© <strong>INSETA</strong> - Section 1 12a 235
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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
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8. The two main requirements of giv
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PurposeThis chapter introduces you
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„compliance practice‟ means a c
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Internal compliance officer:where t
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9.1.5 Withdrawal of a compliance of
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One of the main functions of a comp
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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
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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 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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