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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  III

3. Criteria for Phase I approval

 

 

1) An applicant must-
a) hold a qualification on the list of recognised compliance qualifications;
b) have passed the regulatory examination;
c) have at least three years' experience in performing a compliance or risk management function;
d) comply with the same requirements determined by the Registrar under section 8(1)(a) or the Act in respect of personal character qualities of honesty and integrity;
e) have at least one year's experience in performing a compliance or risk management function in respect of the specific category of providers the applicant seeks to obtain approval to render compliance services;
f) not be an unrehabilitated insolvent, have entered into a compromise with creditors or have been provisionally sequestrated or liquidated; and
g) have adequate access to communication facilities, including at least a telephone or cell phone service and typing and document duplication facilities.

 

2) A person applying for approval as an external compliance officer must-
a) have a fixed business address;
b) maintain the operational ability to render compliance services efficiently, including-
i) adequate storage and filing systems for the safe-keeping of records, business communications and correspondence;
ii) control structures, processes and procedures with reference to-
aa) segregation of duties where such segregation is appropriate from an operational risk mitigation perspective;
bb) control of access to the premises;
cc) access rights and data security on electronic data;
dd) physical security of the compliance officer's records;
ee) business policies and controls;
ff) system application testing;
gg) disaster recovery and back-up procedures on electronic data;
hh) a business continuity plan.

 

3) Individuals referred to in paragraph 2(2)(a) must-
a) comply with the same requirements determined by the Registrar under section 8(1)(a) of the Act in respect of personal character qualities of honesty and integrity;
b) not be an unrehabilitated insolvent, have entered into a compromise with creditors or have been provisionally sequestrated or liquidated.