Subject Title - INSETA

Key individuals fulfilling the roles of representatives must completethe relevant (category) key individual first-level regulatoryexamination, AS WELL AS the applicable second-level regulatoryexamination applicable to representatives for the applicable category. Key individuals who apply for approval from 2011 onwards must havecompleted the first-level regulatory examinations by the time theyapply for approval. Key individuals who are already approved prior to 2010 mustcomplete the first-level regulatory examination by 31 December2011. Key individuals who were approved during 2010 have until 31December 2012 to complete their first level regulatory exam anduntil 31 December 2014 to complete their second level regulatoryexam (where relevant).Continuous professional developmentContinuous professional development (CPD) is part of the fit and properrequirements that are effective from 1 January 2010 onwards. However, thethree-year (3-year) CPD cycle will only start on completion of the highestlevel (first or second) regulatory examination, but not later than on thecompletion of a six-year (6-year) period from date of authorisation,appointment or approval. 23The aim of CPD is to ensure that the relevant role players in FAIS, such askey individuals, representatives and compliance officers are enabled to do thefollowing: Develop and maintain professional competence in order to providefinancial services of a high quality in the public interest that willsupport the professionalisation of the financial services industry. Understand that the primary responsibility of competence vests in theindividual, and that they have an obligation to develop and maintaintheir professional competence. Render financial services with due care, competence and diligencewith an ongoing duty to maintain knowledge and skill at a levelrequired to ensure that the client receives competent professionalservice based on up-to-date developments in legislation and thefinancial services industry.(Source: FSB Key Individual Plain Language Guide 2009)23 Section 7(1)(c) of BN 10644 © INSETA - Section 1 12a