Subject Title - INSETA

Let's look at the table applicable to Category II.(Published in Board Notice 106/2008, amended by BN 151/2008 andsubstituted by BN 60/2010)TABLE B: CATEGORY II EXPERIENCE REQUIREMENTS FOR AN FSP ANDREPRESENTATIVEColumn One:SubcategoryColumn Two:Minimum experience2.1 Long-term Insurance2.1.1 Subcategory B1 2 years2.1.2 Subcategory B2 2 years2.2 Long-term Insurance Subcategory C 2 years2.3 Retail Pension Benefits 2 years2.4 Pension Fund Benefits 2 years2.5 Securities and Instruments: Shares 3 years2.6 Securities and Instruments: Money market 3 yearsinstruments2.7 Securities and Instruments: Debentures and 3 yearssecuritised debt2.8 Securities and Instruments: Warrants, 3 yearscertificates and other instrumentsacknowledging debt2.9 Securities and Instruments: Bonds 3 years2.10 Securities and Instruments: Derivative 3 yearsinstruments excluding warrants2.11 Participatory interests in one or more2 yearscollective investment schemes2.12 Forex Investment Business 3 years2.13 Long-term deposits 1 year2.14 Short-term deposits 1 yearRemember, key individuals may gain „product‟ experience (if they need it)under supervision, but they are not allowed to gain management experienceunder supervision – they need to have this experience on date of approval bythe Registrar.As the key individual may be required to have experience relating to aspecific product category for which the FSP is authorised (either because heis authorised as a representative, or alternatively because the FSP needs toensure at all times that at least one key individual meets the sameexperience requirements as a sole proprietor), we need to look at theexperience requirements set for sole proprietor FSPs:© INSETA - Section 1 12a 35