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

Qualifications, Experience and Criteria for Approval as Compliance Officer

Part I

1. Definitions

 

 

In this Schedule "the Act" means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), any word or expression to which a meaning has been assigned in the Act, read with the definition of "this Act" in section 1(1) of the Act, shall have that meaning and, unless the context otherwise indicates-

 

"applicant"

means the natural person applying to the Registrar for approval as a compliance officer, including the natural person appointed by the compliance practice to render compliance services in respect of a particular provider;

 

"application form"

means Forms 6 and 13 of the Application by Financial Services Providers for Authorisation by the Financial Services Board, Board Notice 60 of 2009, in Gazette 32227 of 15 May 2009;

 

"compliance officer"

means-

i) a natural person appointed to render compliance services, including a natural person appointed by a compliance practice; or
ii) a compliance practice appointed to render compliance services,

and approved, on application, by the Registrar for such purpose;

 

"compliance practice"

means a company, close corporation or partnership that appoints one or more natural persons to render compliance services in respect of a particular provider and such natural persons are approved by the Registrar for that purpose as compliance officers;

 

"compliance services"

means the performance by a compliance officer of functions contemplated in section 17 of the Act;

 

"continuous professional development" or "CPO"

means a process of ongoing learning and development, with the aim to enable the compliance officer to maintain the required competencies to render compliance services competently;

 

"external compliance officer"

means a compliance officer other than an internal compliance officer and includes a compliance practice;

 

"generic recognised compliance qualification"

means a qualification recognised by the Registrar that addresses knowledge, skills and competence that are broadly applicable to the rendering of compliance services;

 

"internal compliance officer"

means a compliance officer that is a natural person in the permanent employ of a financial services provider and that renders compliance services in respect of that particular provider or another financial services provider that is a subsidiary, holding company or subsidiary of the holding company, of the first-mentioned provider;

 

"list of recognised compliance qualifications"

means the qualifications recognised by the Registrar as either generic recognised compliance qualifications or specific recognised compliance qualifications and published by notice in the Gazette as part of Annexure 2;

 

"Phase I approval"

means the approval by the Registrar of, inter alia, an applicant's qualifications, experience and personal character qualities of honesty and integrity;

 

"Phase II approval"

means the approval granted by the Registrar to an applicant to render compliance services to a specific provider;

 

"qualifying criteria"

means the qualifying criteria in Annexure 1;

 

"regulatory examination"

means the examination determined by the Registrar subject to the qualifying criteria, after consultation with the Advisory Committee;

 

"specific recognised compliance qualification"

means a qualification recognised by the Registrar that addresses specific and/or specialized knowledge, skills, and competence applicable to the compliance function.