Subject Title - INSETA

financial soundness requirement – this requirement does not apply to keyindividuals.Below are the fit and proper requirements applicable to the different roleplayers:Personalcharacter ofintegrity andhonestyCompetency: Qualifications Experience RegulatoryExamsCPDFinancialSoundnessOperationalAbilityFSP – Sole FSP – NOTKeyRepresentativeproprietor Sole ProprietorIndividualYes Yes –YesYesdirectors/members/etc.Yes No Yes YesYes Yes No NoYes Yes No YesThe summary below of the applicable fit and proper requirements gives us anoverview of the more detailed discussions that follow.Key individuals must: meet the requirement in respect of honesty and integrity; have the minimum experience requirements; have the required qualifications; and have completed the relevant first level regulatory examinationbefore the Registrar will APPROVE the appointment. 9 have completed the relevant second level regulatory examinationsfor the categories and subcategories, 10 if these are required by theFSP.An FSP who is a sole proprietor must: meet the requirement in respect of honesty and integrity; have the minimum experience requirements; have the required qualifications; and have completed the relevant regulatory examinations for thecategories and subcategories before a LICENCE will be granted. 119 Section 3(4) of BN 10610 Section 3(2) of BN 10628 © INSETA - Section 1 12a