Subject Title - INSETA

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4.3 Explain the disclosure requirements that representatives areresponsible for 92Summary 93Self-Assessment Questions 94CHAPTER 5:IMPLICATIONS OF SECTIONS 8 AND 13 OF THE FAIS ACT 995.1 Introduction to sections 8 and 13 1005.2 Section 8 1015.3 Section 13 1045.4 The implications if a representative does not meet the Fit andProper requirements by the required date 107Summary 110Self-Assessment Questions 111CHAPTER 6:DEBARMENT 1156.1 Debarment of representatives 1166.2 Keeping record of the activities of representativesand key individuals 120Summary 120Self-Assessment Questions 121CHAPTER 7:THE REGULATORY ENVIRONMENT IN WHICH THE FSPFUNCTIONS 1257.1 Communication with the FAIS regulator 1267.2 Awareness of the regulatory universe 1287.3 Undesirable business practices 129Summary 130Self-Assessment Questions 131CHAPTER 8:OBLIGATIONS IN THE CODES OF CONDUCT 1358.1 Custody, client funds and premiums 1368.2 Disclosure relating to product suppliers, FSPs and commission 1388.3 Disclosure of product information 1418.4 Managing transparency and conflict of interest 1448.5 Ethical conduct in the financial services industry 1508.6 Steps to be taken by a representative when givingadvice to a client 1518.7 Complaints handling 154ii© <strong>INSETA</strong> - Section 1 12a
8.8 Other provisions of the general code 1558.9 Termination 164Summary 165Self-Assessment Questions 167CHAPTER 9:OVERSEE AND MANAGE THE COMPLIANCE FUNCTION 1739.1 Approval of compliance officers 1749.2 The role and functions of a compliance officer 180Summary 187Self-Assessment Questions 188CHAPTER 10:MAINTENANCE AND MANAGEMENT OF THE FSP LICENSING 191CONDITIONS10.1 Licensing conditions and restrictions 19210.2 Suspension, withdrawal and reinstatement of authorisation 19610.3 Offences 20010.4 Levies payable in terms of the FAIS act 20410.5 Interrelationships between FSPs andco-responsibilities 205Summary 206Self-Assessment Questions 207CHAPTER 11:LAPSING AN FSP LICENCE 20911.1 Voluntary lapsing of a FAIS licence 21011.2 Effect of voluntary sequestration, winding-upor closure of a business on its licensing status 212Summary 213Self-Assessment Questions 213CHAPTER 12:RECORD-KEEPING OBLIGATIONS OF THE FSP 21712.1 Record-keeping obligations under the FAIS act 21812.2 Record-keeping obligations under the FinancialIntelligence Centre Act and other legislation 222Summary 224Self-Assessment Questions 225CHAPTER 13:MANAGE THE FSP INFRASTRUCTURE 229© <strong>INSETA</strong> - Section 1 12a iii
Page 1 and 2: LOGO TO BE CONFIRMEDFSB REGULATORY
Page 3: Table of ContentsTasksGlossary of T
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 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
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serious enough to impugn the honest
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Self-Assessment QuestionsPlease not
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) Once a key individual has been ap
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Self-Assessment Answers1. Which of
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) Once a key individual has been ap
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56 © INSETA - Section 1 12a
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PurposeChapter 3 introduces you to
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Let's look at the responsibilities
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For example, a person may have star
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3.3.3 Competency requirements for r
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We discussed the tables under 2.3 a
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Experience requirements for Categor
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The main reason for the differentia
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Regulatory examinations for represe
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The purpose of the register is to:p
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Part of the management and oversigh
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Let‟s look at a summary of the co
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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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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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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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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
Page 242 and 243:
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
Page 266 and 267:
steps to be taken to determine and
Page 268 and 269:
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
Page 278:
Self-Assessment Answers1. The funct
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