Subject Title - INSETA

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13.1 Operational ability requirements of the FSP 23013.2 Financial soundness requirements of the FSP 232Summary 234Self-Assessment Questions 234CHAPTER 14:AUDITING AND ACCOUNTING REQUIREMENTS 23714.1 Auditing and accounting requirements 23814.2 Financial record-keeping 240Summary 241Self-Assessment Questions 241CHAPTER 15:THE IMPACT OF FICA ON THE FSP 24515.1 The scope of the Financial Intelligence Centre Act 24615.2 The impact of the FICA on FSPs 24715.3 Record keeping and reporting obligations underFICA and other legislation 251Summary 256Self-Assessment Questions 257CHAPTER 16:THE ROLE AND POWER OF THE OMBUD FOR FINANCIAL SERVICEPROVIDERS (FAIS OMBUD) 26116.1 The role of the Ombud for Financial Services Providers(FAIS Ombud) 26216.2 The power of the Ombud for Financial Services Providers(FAIS Ombud) 26316.3 Obligations of the FSP regarding investigations by the FSBand Ombud for Financial Services Providers(FAIS Ombud) 264Summary 267Self-Assessment Questions 268iv© <strong>INSETA</strong> - Section 1 12a
TasksThe material provided in this guide is based on the following tasks, aspublished in Board Notice 105 of 2008, Government Gazette 31514, dated 15October 2008 as amended by Board Notice 60 of 2010.1 Describe the role of the key individual in terms of the FAIS Act.2 Describe the role of the representative in terms of the FAIS Act.3 Manage and oversee the appointment of representatives.4 Manage the rendering of services under supervision.5 Manage and oversee the ongoing development/employment ofrepresentatives.6 Debar representatives that have been found to act fraudulently, orcommitted any other act that gives rise to debarment.7 Awareness of the regulatory environment in which the FSP functions.8 Awareness of the specific obligations in terms of the relevant Code ofConduct and other subordinate legislation.9 Oversee and manage the compliance functions as required by theFAIS Act.10 Maintain the licence of the FSP including the management of thelicensing conditions.11 Take the necessary action if the FSP voluntarily lapses its licence.12 Verify that the proper record-keeping activities are carried out.13 Manage and oversee/participate in the setting up and/or managing ofthe infrastructure of the FSP.14 Manage and oversee the requirements that auditors/accountingofficers must adhere to.15 Manage and oversee the FSPs adherence to the requirements of FICAand other relevant anti-money laundering legislation, as it applies tothe FSP.16 Manage any processes required in the event of an investigation by theOmbud for Financial Services Providers (FAIS Ombud).Please note that any reference to: masculine gender implies also the feminine. singular indicates also the plural, and vice-versa.© <strong>INSETA</strong> - Section 1 12a v
Page 1 and 2: LOGO TO BE CONFIRMEDFSB REGULATORY
Page 3 and 4: Table of ContentsTasksGlossary of T
Page 5: 8.8 Other provisions of the general
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
Page 54 and 55: 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
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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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