Subject Title - INSETA

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2.3.5 Experience requirements for key individualsThe key individual's experience is one of the crucial elements whichdetermines whether he will be approved by the Registrar or not.When discussing the experience requirements for key individuals, one has todistinguish between general management experience and experiencerequired in a specific product category.General management and oversight experienceKey individuals of a Category 1 FSP must, on date of approval by theRegistrar, have at least one year‟s practical experience in the management oroversight of the activities of a business. Such experience:could have been gained either within or outside South Africacould have been gained during intermittent periods, not more thanfive years prior to the application of the approval of the keyindividual; andmay have been gained in the management or oversight of servicessimilar to or corresponding to the financial services rendered by theFSP.For key individuals of Category II and IIA FSPs, the requirement is similar,except that the key individual must have actually provided the financialservices in relation to the subcategories on date of approval. A key individualof a Category III FSP must have three years‟ practical experience gained inthe rendering of financial services in that category, in addition to meeting therequirement for one year management/oversight experience.Management and oversight experience must already exist when the keyindividual applies for approval; it can never be obtained under supervisionwhilst the key individual is fulfilling the duties of a key individual in terms ofthe Act. 1717 Generally in Section 4 of BN 106 – all FSP categories32 © <strong>INSETA</strong> - Section 1 12a
Experience required for product categoriesBN 106 (part 3(5)) requires that an FSP must at all times ensure that at leastone or more of the key individuals approved by the Registrar meet the sameexperience, qualifications and regulatory examination requirements as wouldapply to an FSP who is a sole proprietor in relation to any one of thecategories or subcategories that the provider is authorised for.This means that key individuals may also require experience in specificproduct categories in addition to the general management experiencerequired.The other instance where a key individual would need to meet the experiencerequirements of a particular product category is of course where the keyindividual is also a representative of the FSP.The specific experience requirements in respect of each category arepublished in the subordinate legislation and show in a table format, whereapplicable, the number of months/years required for each subcategory.Note:Categories IIA and III do not have tables because of the nature of thebusiness/ financial service provided.Let's look at the table applicable to Category I. (Published in Board Notice106/2008, amended by BN 151/2008 and substituted by BN 60/2010):© <strong>INSETA</strong> - Section 1 12a 33
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 38 and 39: The person was found guilty in any
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
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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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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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PurposeManaging the infrastructure
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A key individual, in respect of an
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The financial statements can either
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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
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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
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steps to be taken to determine and
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3. Section 21(1) of the FICA requir
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PurposeChapter 16 is the last part
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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
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Self-Assessment Answers1. The funct
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