Subject Title - INSETA

At least one (1) or more of the approved key individuals must: have the same experience and qualifications; and have completed the same regulatory examinations as would applyto a sole proprietor FSP (above), which must relate to the samecategories/subcategories that the FSP is licensed for. 12In a juristic representative (where a juristic person, such as anothercompany renders financial service to an FSP), at least one (1) of the keyindividuals (overseeing and managing) must have the same experience,qualifications and regulatory examination requirements as would apply tothe key individual of the FSP of the juristic representative. 13All key individuals must also meet the Continuous Professional Developmentrequirements once all the experience, qualifications and regulatoryexamination requirements are met. 142.3.2 Honesty and integrity requirements for key individualsThe key individual is managing or overseeing a large portion of the businessof the FSP and these personal attributes are crucial in ensuring that theobjectives of the FAIS Act are met and that the FSP renders a professionalfinancial service to its clients.One way to determine whether a person is honest and has integrity, is toprovide certain criteria which the key individual must meet. In addition, theFAIS Registrar may refer to any information it has or anything that is broughtto the attention of the Registrar in relation to the fitness and propriety of akey individual. 15The honesty and integrity requirement is ongoing. Section 2(4) of BN 106requires that honesty and integrity be declared in the application for approvalof a key individual.Key individuals are required to disclose all information and facts available andapplicable to them when applying for approval by the Registrar.The following table summarises factors that may exclude a person fromapproval as a key individual.11 Section 3(3) of BN 10612 Section 3(5) of BN 10613 Section 3(6) of BN 10614 Section 3(2)(d) of BN 106)15 Section 2(2) of BN 106© INSETA - Section 1 12a 29