Subject Title - INSETA

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4.2 SUPERVISION REQUIREMENTSKey individual/FSPSupervisorSupervisee(representative)Responsibilities,dutiesandrequirements Satisfy the Registrar that thebusiness has the operationalability to provide servicesunder supervision. Satisfy the Registrar that Sign-off on advice givento clients. Pre-transaction sign-offby a supervisor whereintermediary services Adhere to therequirements of thesupervision agreement. Provide the supervisorupon request, wherethere is a competent personare rendered.applicable, with anyto act as supervisor. Identify the representativeswho act under supervisionand differentiate betweenrepresentatives who meet all Attend meetings withsupervisee and clientswhere the purpose ofthe meeting is therendering of financialrecords and ordocuments regardingthe advice given and/orintermediary servicesrendered.the requirements and thosewho are working undersupervision in therepresentative register. Place supervisees in correctcategories for services undersupervision. Ensure that the superviseeservices. Do appropriate posttransactionsampling. Make follow-up calls toclients after therendering of financialservices by thesupervisee to confirm Disclose to clients thathe is acting undersupervision. Complete the requiredqualifications within theprescribed time limits. Undertake the relevantproduct training.has a good understanding ofand exposure to thecategories and/orsubcategories in which he isproviding financial service. Observe selected meetingsbetween the supervisee andcustomers (frequency maydiffer). Assess the advice given bythe supervisee forappropriateness in terms ofthe requirements of theGeneral Code. Ensure that the FSP/keyindividual takes thenecessary action to protectthe client where it is foundthat the supervisee's actionsmay not have been in theinterest of the client. Have documented evidence,together with thesupervisee, of the methodcertain aspects of theinteraction with theclient. Any other activity thatenables the supervisorto scrutinise theactivities of thesupervisee in respect offinancial services beingprovided by thesupervisee. Ensure that thesupervisee has a goodunderstanding of andexposure to thecategories and/orsubcategories in whichhe is providing financialservice. Observe selectedmeetings between thesupervisee andcustomers (frequencymay differ). Request guidance fromthe supervisor if indoubt. The supervision periodmust be linked to thecategory or subcategorythe representative isappointed for. Maximum period anyrepresentative can actunder supervision in anycategory or subcategoryis six (6) years fromdate of appointment. Representatives workingin multiple categories orsubcategories can getexperience in all thecategories at the sametime. They remainunder supervision untilthey meet requirementsfor the most onerouscategory.and frequency of thesupervision for the period ofservices under supervision. Assess the advice givenby the supervisee forappropriateness in Must complete RE1 (forthe applicable categoryor subcategory) within90 © <strong>INSETA</strong> - Section 1 12a
Key individual/FSP Ensure that the relevant andapplicable supervisionagreement/s are in placeand signed by the employeeand employer or thesupervisor and supervisee.Supervisorterms of therequirements of theGeneral Code. Ensure that the FSP/keyindividual takes thenecessary action toprotect the client whereit is found that thesupervisee's actionsmay not have been inthe interest of theclient. Have documentedevidence, together withthe supervisee, of themethod and frequencyof the supervision forthe period of servicesunder supervision.Supervisee(representative)two (2) years ofappointment asrepresentative. Must complete RE 2 andthe relevantqualification (for theapplicable category orsubcategory within six(6) years from the dateof appointment.Summary of specific supervisory requirements for Categories II, IIA and III(in addition to the above)The supervisor must also ensure the following: (remember key individualsare responsible for managing and overseeing, to ensure that supervisorscomply with the requirements)In Category II and IIA - when a supervisor signs-off on transactionsregarding intermediary services, the supervisor must check that therepresentative carries out instructions accurately and in line with therelevant mandate and/or consensus decision.Review and approve discretionary financial services provided byrepresentatives (Categories II and IIA), in writing before atransaction is concluded or executed.Approve a transaction before it is finalised if the representativerenders a discretionary financial service in respect of allrepresentatives acting under supervision of Category III OR if itcannot be approved before conclusion, it must be approved within areasonable time thereafter.Ensure that all actions by the representatives in Categories II andIIA, adhere to the mandate and/or morning meeting decisions.Conduct sample checks on a weekly basis to ensure that thesupervisee did not deviate from the relevant mandate and/orinvestment team meetings.© <strong>INSETA</strong> - Section 1 12a 91
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LOGO TO BE CONFIRMEDFSB REGULATORY
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Table of ContentsTasksGlossary of T
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8.8 Other provisions of the general
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TasksThe material provided in this
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PurposeThe FAIS Act introduced mark
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The duties of FSPs are described in
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CATEGORY II: SUBCATEGORIES2.1 Long-
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1.5.2 AdviceThe FAIS Act defines
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The elements of „advice‟ includ
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1.5.3 Intermediary serviceLet's loo
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1.5.2 Types of financial productsFi
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FSP licences are issued for specifi
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5. To provide a financial service m
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6. To give advice means to:a) give
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PurposeThis chapter introduces the
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Example 1:CBA Financial services is
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Submitting documentsEmploymenthisto
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financial soundness requirement - t
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The person was found guilty in any
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2.3.5 Experience requirements for k
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TABLE A: CATEGORY I EXPERIENCE REQU
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Experience requirements for a Categ
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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
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
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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
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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 100 and 101: Ensure that the supervision require
Page 102 and 103: Self-Assessment QuestionsPlease not
Page 104 and 105: Self-Assessment Answers1. In terms
Page 108 and 109: PurposeBefore a juristic entity can
Page 110 and 111: Understanding the process step by s
Page 112 and 113: 5.3 SECTION 13As mentioned above, S
Page 114 and 115: What must be done?The FSP must main
Page 116 and 117: Registrar, by 31/12/2013.Failure by
Page 118 and 119: It should be a condition of the emp
Page 120 and 121: 4. In order to meet the requirement
Page 122 and 123: 5. Section 13 imposes certain dutie
Page 124 and 125: PurposeChapter 6 gives you an overv
Page 126 and 127: Ramifications for the FSP if debarm
Page 128 and 129: All other administrative or legal p
Page 130 and 131: 3. May an FSP use information obtai
Page 134 and 135: PurposeDuring the course of the lif
Page 136 and 137: In the discussion of the purpose an
Page 138 and 139: caused by or arose out of the carry
Page 140 and 141: c) within 60 days after the busines
Page 144 and 145: PurposeThe FAIS General code prescr
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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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190 © INSETA - Section 1 12a
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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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