Subject Title - INSETA

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The person was found guilty in any criminal proceedings or liable inany civil proceedings of acting fraudulently, dishonestly,unprofessionally, dishonourably or in breach of a fiduciary dutywithin five (5) years before application, approval, and appointment.The person was found guilty by any statutory professional body orvoluntary professional body of dishonesty, negligence,incompetence, mismanagement serious enough to impugn thehonesty and integrity of the FSP, key individual, within five (5) yearsbefore application, approval, appointment.The person was denied membership of any statutory professionalbody or voluntary professional body because of an act of dishonesty,negligence, incompetence or mismanagement, within five (5) yearsbefore application, approval, appointment.The person was found guilty by a regulatory or supervisory body ofan act of dishonesty, negligence, incompetence or mismanagementserious enough to impugn the honesty and integrity of the FSP, KI,within five (5) years before application, approval or appointment.The FSP had its authorisation to carry on business/any licencewithdrawn or suspended by any regulatory or supervisory bodybecause of an act of dishonesty, negligence, incompetence ormismanagement, within five (5) years before application, approvalor appointment.The person was disqualified or prohibited by a court from taking partin the management of any company or other statutorily created,recognised or regulated body, current or not, irrespective of whetherthis has been lifted or not.2.3.3 Changes in the personal circumstances of key individualsSection 13(2)(a) of the Act requires that the FSP must be AT ALL TIMESsatisfied that the key individual meets the requirements of honesty andintegrity and the FSP must ensure that the key individual/s responsible for itsbusiness remain/s qualified in terms of these personal attributes, to fulfil thefunction of key individual.To achieve this, the key individual must declare to the FSP if there is anychange in his/her personal situation that affects his/her honesty and integrity– particularly in view of the criteria which may be used to determine"exclusions" - which we discussed above.30 © <strong>INSETA</strong> - Section 1 12a
If there is a change in the circumstances of the key individual that affects herhonesty and integrity adversely, the FSP is responsible to advise theregulator and also tell the regulator what action the FSP has taken –including debarment (which we discuss later) of the key individual.This notification is also referred to as a profile change – which we discusslater.Section 8(4)(b) of the FAIS Act states that:if there is any change in the personal circumstances of a keyindividual which affects the fit and proper requirements and rendersor may render such person to be no longer a fit and proper person,no such person may be permitted to take part in the conduct ormanagement or oversight of the licensee‟s business in relation to therendering of financial services,unless such person has on application been approved by the registrarby the registrar by notice in the Gazette.In addition, Section 2(b)(ii) of Board Notice 122 of 2003, states that the FSPis responsible for providing the Regulator with full disclosure on steps thatthe key individual and the FSP intend to take in order to comply fully with therequirements of honesty, integrity and competence in due course. i2.3.4 Competency requirements for key individualsThe competency requirements for a key individual include 16 :minimum experience requirementsrelevant qualification requirementscompletion of relevant regulatory examinations; andongoing compliance with continuous professional development (CPD)requirements.16 Section 3(2) of BN 106© <strong>INSETA</strong> - Section 1 12a 31
Page 1 and 2: LOGO TO BE CONFIRMEDFSB REGULATORY
Page 3 and 4: Table of ContentsTasksGlossary of T
Page 5 and 6: 8.8 Other provisions of the general
Page 7 and 8: TasksThe material provided in this
Page 10 and 11: PurposeThe FAIS Act introduced mark
Page 12 and 13: The duties of FSPs are described in
Page 14 and 15: CATEGORY II: SUBCATEGORIES2.1 Long-
Page 16 and 17: 1.5.2 AdviceThe FAIS Act defines
Page 18 and 19: The elements of „advice‟ includ
Page 20 and 21: 1.5.3 Intermediary serviceLet's loo
Page 22 and 23: 1.5.2 Types of financial productsFi
Page 24 and 25: FSP licences are issued for specifi
Page 26 and 27: 5. To provide a financial service m
Page 28 and 29: 6. To give advice means to:a) give
Page 30 and 31: PurposeThis chapter introduces the
Page 32 and 33: Example 1:CBA Financial services is
Page 34 and 35: Submitting documentsEmploymenthisto
Page 36 and 37: financial soundness requirement - t
Page 40 and 41: 2.3.5 Experience requirements for k
Page 42 and 43: TABLE A: CATEGORY I EXPERIENCE REQU
Page 44 and 45: Experience requirements for a Categ
Page 46 and 47: was obtained through active involve
Page 48 and 49: IF YOU…Were appointed from 1Janua
Page 50 and 51: A key individual must have already
Page 52 and 53: Key individuals fulfilling the role
Page 54 and 55: serious enough to impugn the honest
Page 56 and 57: Self-Assessment QuestionsPlease not
Page 58 and 59: ) Once a key individual has been ap
Page 60 and 61: Self-Assessment Answers1. Which of
Page 62 and 63: ) Once a key individual has been ap
Page 64 and 65: 56 © INSETA - Section 1 12a
Page 66 and 67: PurposeChapter 3 introduces you to
Page 68 and 69: Let's look at the responsibilities
Page 70 and 71: For example, a person may have star
Page 72 and 73: 3.3.3 Competency requirements for r
Page 74 and 75: We discussed the tables under 2.3 a
Page 76 and 77: Experience requirements for Categor
Page 78 and 79: The main reason for the differentia
Page 80 and 81: Regulatory examinations for represe
Page 82 and 83: The purpose of the register is to:p
Page 84 and 85: Part of the management and oversigh
Page 86 and 87: Let‟s look at a summary of the co
Page 88 and 89:
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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98 © INSETA - Section 1 12a
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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
Page 178 and 179:
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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Internal auditors normally audit co
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Information about the FSPs adherenc
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Compliance reports must be submitte
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PurposeThe application process for
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the financial services business as
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Disclose compliance with other appl
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easons why the provisional suspensi
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impartial tribunal or forum. This i
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10.3.2 Civil remediesRestrainingord
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10.4 LEVIES PAYABLE IN TERMS OF THE
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Any contravention of or failure to
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Self-Assessment Answers1. Which of
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PurposeAs a key individual, you nee
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11.2 EFFECT OF VOLUNTARY SEQUESTRAT
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2. A licence of ANY FSP may lapse:a
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5. Before sequestration, winding-up
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PurposeIn Chapter 12 you will find
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3. The records and documentation Th
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The Registrar has certain powers in
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SummaryThe FAIS Act requires string
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4. Section 22 of the FICA requires
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Page 238 and 239:
PurposeManaging the infrastructure
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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
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PurposeChapter 14 introduces you to
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Sec 19(4) states that: the auditor
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2. The financial statements must:a)
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PurposeThe FIC Act imposes certain
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Accountable institutionsThe FIC Act
Page 258 and 259:
The four (4) money laundering contr
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The documents used to identify and
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In an FSB FAIS Newsletter, the FSB
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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
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11. If the complainant is unhappy w
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the contractual or other legal rela
Page 278:
Self-Assessment Answers1. The funct
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Subject Title - INSETA

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