Subject Title - INSETA

PurposeThis chapter introduces the role of the key individual. Key individuals areappointed by the FSP but APPROVED by the FSB. The management andoversight responsibilities of key individuals stretch over the whole (FAISrelated)business of the FSP. In this chapter we unpack the fit and properrequirements applicable to key individuals.2.1 THE ROLES AND RESPONSIBILITIES OF KEY INDIVIDUALSAS DEFINED IN THE FAIS ACT2.1.1 Definition of a key individualThe FAIS Act defines a key individual as follows:Definition of key individual:"‟Key individual‟, in relation to an authorised financial services provider, or arepresentative, carrying on business asa)a corporate or unincorporated body, a trust or a partnership, meansany natural person responsible for managing or overseeing, eitheralone or together with other so responsible persons, the activities ofthe body, trust or partnership relating to the rendering of anyfinancial service; orb) a corporate body or trust consisting of only one natural person asmember, director, shareholder or trustee, means any such naturalperson.”A key individual must therefore:manage or overseealone or with another approved key individualthe activities of the FSP, which the key individual is appointed for.Where a single key individual does not meet all the requirements, an FSPmay have more than one key individual and amongst them they will meet therequirements. The activities of the FSP refer to the rendering of an22 © INSETA - Section 1 12a