Subject Title - INSETA

Regulatory examinations for representativesAll representatives will be required to complete the first-level regulatoryexamination applicable to representatives. All representatives performing financial services in relation toCategory I, II, IIA, III and/or IV are required to complete the firstlevelregulatory examination based on the qualifying criteria. Representatives appointed to provide financial services in CategoriesII, IIA, III and subcategories of Categories I and IV must alsocomplete the applicable second-level regulatory examnations exceptif the Registrar provided an exemption for the applicable second-levelregulatory examinations in a specific subcategory. There is provision in the legislation that representatives may beappointed without having completed the relevant regulatoryexamination as long as the representatives work under supervision inthe particular category or subcategory. The regulatory examinationmust then be completed in terms of the requirements which apply toservices under supervision, as discussed in Chapter 4. The Registrar appointed Examination Bodies that are responsible forcompiling the examination questions and for administering theexaminations. In some instances the second-level regulatoryexaminations may be offered in conjunction with the first levelregulatory examinations. Representatives who were first appointed into a FAIS role between 30September 2004 and 31 December 2009 must complete the firstlevel regulatory examination by 31 December 2011 (except forproduct subcategories long-term insurance category A and friendlysociety benefits, which have different completion dates andrequirements; refer to Board Notice 106 of 2008 for further detail inthis regard) and all required second-level regulatory examinations by31 December 2013 (same exception as above applies).72 © INSETA - Section 1 12a