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REGULATORY EXAMINATIONS 2010

REGULATORY EXAMINATIONS 2010. Stefanie Mackenzie. Regulatory Examinations. Unlimited attempts Level 1: Sole Proprietor & KI: At application for authorisation / approval Rep: within 2 years of appointment Legislation: FAIS, FICA, Codes of Conduct Level 2: Product Specific

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REGULATORY EXAMINATIONS 2010

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  1. REGULATORY EXAMINATIONS 2010 Stefanie Mackenzie

  2. Regulatory Examinations • Unlimited attempts • Level 1: • Sole Proprietor & KI: At application for authorisation / approval • Rep: within 2 years of appointment • Legislation: FAIS, FICA, Codes of Conduct • Level 2: • Product Specific • Similar types are grouped together • May write multiple examinations • Within 6 years of appointment

  3. Level 1 examinations • Deals with legislation: • FAIS Act • FICA Act • General Code of Conduct • Regulations to FAIS Act • Fit and Proper • Specific Codes (Administrative & Discretionary) • Who writes: • Key individuals & sole proprietors • Representatives

  4. Level 2 examinations • Deals with: • Product category specific aspects • Write in capacity as: • Sole proprietor FSP • Representative

  5. The Examination Bodies: • South African Institute of Financial Markets (SAIFM) • Financial Planning Institute (FPI) • Moonstone Information Refinery • Institute of Bankers / Leselo

  6. Examinations

  7. Current status Level 1 examinations: • RE 1 and RE 5 complete – ongoing question development • Pilot 1, IEB Moderation, Control Group, Cut Score Exercise, Pilot 2 • IEB Moderation – 14 October 2010 • Feedback to the Ebs – 15 October 2010 • RE 2, RE 3 and RE 4 almost completed

  8. Current status Level 2 examinations: • RE 11 – 15 completed • Pilot middle November 2010 • All other examinations in progress – trials taking place

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