Subject Title - INSETA

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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 © <strong>INSETA</strong> - Section 1 12a
Various CPD programmes and hoursThe Registrar will consider various CPD programmes and will maintain a CPDlist. Institutions, employers and the like may apply to the Registrar forrecognition of their applicable programmes/activities.The amount of time spent by the role players (such as key individuals,representatives and compliance officers) on updating skills and knowledgethrough participation in CPD programmes, reflect the CPD hours which areprescribed for each function in the subordinate legislation. These hours mustbe achieved during a three-year (3-year) cycle. We do not discuss the detailhere but you can consult Board Notice 106 for the required number of hours.SummaryChapter 2 dealt with the fit and proper requirements for key individuals. FSPsappoint key individuals and the FSB approves the key individual to operatefor a specific FSP, in specific product categories and subcategories.Below is a summary of the exclusions, with regard to honesty and integritythat will disqualify a key individual from approval by the Registrar.A PERSON MAY NOT BE APPOINTED AS A KEY INDIVIDUAL IF: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 the honesty and integrityof the FSP, key individual, within five (5) years before 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 mismanagement© <strong>INSETA</strong> - Section 1 12a 45
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 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 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
Page 90 and 91: Self-Assessment Answers1. In terms
Page 92 and 93: 8. The general experience requireme
Page 94 and 95: PurposeIn Chapter 4 you will learn
Page 96 and 97: TABLE ACATEGORIES 1 and IV: LEVEL O
Page 98 and 99: 4.2 SUPERVISION REQUIREMENTSKey ind
Page 100 and 101: Ensure that the supervision require
Page 102 and 103:
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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Subject Title - INSETA

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