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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Determination of Fit and Proper Requirements for Financial Services Providers, 2008

Part VII Continuous Professional Development

 

 

7. Subject to paragraph 3(2) of Part III, the Registrar may determine, after consultation with the Advisory Committee, by notice in the Gazette, the requirements for continuous professional development in accordance with the following principles:

 

1) An FSP (who is a sole proprietor), a key individual and/or a representative, must meet the continuous professional development requirements, as determined by the Registrar, as applicable to the Categories and subcategories he or she is authorised, approved or appointed for:
a) Continuous professional development will require fifteen (15) to sixty (60) notional hours of development over a three year cycle as provided for in Table D below;
b) the three year cycle will start upon completion of the highest level (first or second level) of regulatory examination(s) as it applies to either the FSP (who is a sole proprietor), the key individual or the representative, as the case may be, and will not start later than on the completion of a six year period from date of authorisation, approval or appointment;
c) where an FSP (who is a sole proprietor), key individual or representative is authorised, approved or appointed to provide financial services for a specific Category and subcategory, and already complies with the qualifications and regulatory examinations requirements, and is required to meet the continuous professional development requirements, such requirements will not be affected should the licensing restrictions or appointment requirements be amended to include additional subcategories that may require additional qualification and/or regulatory examinations to be achieved;
d) where an FSP (who is a sole proprietor), key individual or representative is authorised, approved or appointed to provide financial services in respect of multiple Categories and subcategories, the highest requirement in terms of notional hours will apply;
e) the FSP (who is a sole proprietor), key individual and representative, as the case may be, must record the outcomes of any continuous professional development activities with the Registrar's office, in the form and manner as determined by the Registrar from time to time.
f) a representative is required to meet the requirements in column two of Table D as it would apply to the FSP in the Categories or subcategories concerned: Provided that a representative is not required to meet the requirements in respect of subcategory 1.1 Long-term Insurance Category A, 1.17 Long-term Deposits, 1.18 Short-term Deposits and 1.19 Friendly Society Benefits.

 

2) The Registrar will maintain a list of programmes that is suitable for purposes of CPD. Industry associations, statutory professional bodies, voluntary professional bodies, employers, Higher Education Institutions and training providers may apply to the Registrar, in the prescribed format, for recognition of their programmes for the purposes of CPD, which will, upon such approval, be added to the Registrar's reporting mechanism for recording purposes.

 

3) The Registrar may, after consultation with the Advisory Committee, by notice in the Gazette, exempt any group of persons from meeting the prescribed CPO requirements, if such person(s) holds membership in a statutory or voluntary professional body that must comply with similar CPD requirements, provided that the professional body records its membership on the Registrar's reporting mechanism and satisfies the Registrar on an annual basis that CPD requirements are monitored and enforced as a condition of membership of the professional body.

 

 

TABLE D: CONTINUOUS PROFESSIONAL DEVELOPMENT REQUIREMENTS

 

COLUMN ONE CATEGORY

COLUMN TWO NOTIONAL HOURS: THREE YEAR CYCLE

 

Category I

 

1.1

Long-term Insurance subcategory A (key individual only)

15

1.2

Short-term Insurance Personal Lines

30

1.3

Long-term Insurance:

 

1.3.1

subcategory B1

60

1.3.2

subcategory B2

60

1.4

Long-term Insurance subcategory C

60

1.5

Retail Pension Benefits

60

1.6

Short-term Insurance Commercial Lines

45

1.7

Pension Fund Benefits

60

1.8

Securities and Instruments: Shares

60

1.9

Securities and Instruments: Money market instruments

60

1.10

Securities and Instruments: Debentures and securitised debt

60

1.11

Securities and Instruments: Warrants, certificates and other instruments acknowledging debt

60

1.12

Securities and Instruments: Bonds

60

1.13

Securities and Instruments: Derivative instruments, excluding warrants

60

1.14

Participatory Interests in one or more collective Investment schemes

60

1.15

Forex Investment Business

60

1.16

Health Service Benefits

45

1.17

Long-term Deposits

15

1.18

Short-term Deposits

15

1.19

Friendly Society Benefits

15

 

Categories II, IIA and III

60

 

Category IV

15