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

Determination of Continuous Professional Development Requirements, 2008

Part I : Definitions

 

 

1. In this Schedule:-

 

"the Act"

means the Financial Advisory and Intermediary Services Act, 2002,

 

including, unless the context indicates otherwise, any measure referred to in the definition of "this Act" in section 1(1) of the Act; and any word or expression to which a meaning has been assigned in the Act and in the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, has that meaning, and unless the context otherwise indicates-

 

"accredited training provider"

means a provider of occupational learning programmes accredited through SETAs;

 

"CHE" or "Council for Higher Education"

means the independent statutory body responsible for advising the Minister of Education on all higher education policy issues, and for quality assurance in higher education and training;

 

"continuous professional development" or "CPD"

means a process of learning and development, with the aim to enable an FSP (who is a sole proprietor), key individual or representative to maintain capabilities to perform competently within the Categories or subcategories they render financial services in;

 

"CPD programmes or activities"

means industry or professional conferences, seminars, workshops, financial services specific or professional qualifications, structured self-study programmes, product seminars, attendance at industry road shows and industry training, as approved by the Registrar, for purposes of this Determination;

 

"FSP" or "provider"

means an authorised financial services provider as defined in section 1(1) of the Act;

 

"institutions of higher education"

means institutions, whether public or private, that are accredited by the Council for Higher Education to provide learning programmes at the higher education level;

 

"learning"

means a broad range of processes whereby an individual acquires capabilities, including systematic, formal processes such as education, or processes such as attendance of less formal programmes;

 

"professional knowledge"

means topics that make up subjects related to the financial services industry as well as other related business disciplines that, together, constitute the essential body of knowledge of professionals in the financial services industry;

 

"professional skills"

means the various abilities required to apply professional knowledge and professional values, ethics, and attitudes appropriately and effectively in a professional context, including technical and functional skills, organisational and business management skills, personal, interpersonal and communication skills, as well as intellectual skills;

 

"SETA"

means a Sector Education and Training Authority which is responsible for the organisation of education and training programmes within a specific sector;

 

"verifiable"

in relation to CPD programmes or activities, means that the attendance and/or participation in the CPD programme or activity is confirmed by the provider of the CPD programme or activity.