Subject Title - INSETA

We have summarised the competence requirements for a key individualapplicable from 2010 below:Experience Qualification Regulatory examOne year (or moredepending on licencecategory) practicalexperience in themanagement andoversight of a business.This experience may notbe gained undersupervision.The individual must havegained the requiredexperience prior toapproval.A completedqualification from thelist of recognisedqualificationsappropriate to a keyindividual.The qualificationcannot be obtainedunder supervisionand must have beenobtained prior toapproval.First level regulatoryexamination(s) for keyindividuals.The regulatoryexamination must havebeen successfullycompleted prior toapproval (unlessapproved prior to 2010).Second level regulatoryexamination(s) for eachof the productsubcategories that thekey individual isauthorised asrepresentative.The second levelregulatoryexamination(s) may becompleted while undersupervision.Product experience – if representative, or if required in order to meetrequirement that the FSP must at all times ensure that at least one KImeets the same requirements as set for a sole proprietor: Must also have product-specific experience as it relates to thesubcategories that the key individual is responsible for. The product-specific experience can be gained under supervision. The experience required depends on the product subcategory thatthe key individual is responsible for.© INSETA - Section 1 12a 47