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

Determination of Qualifying Criteria and Qualifications for Financial Services Providers, 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, shall have that meaning, and, unless the context otherwise indicates -

 

"accredited training provider"

means a provider of occupational learning programmes;

 

"entry level qualification"

means a qualification obtained on or by the date of first appointment, and is normally at a lower level than the required full qualification;

 

"full qualifications"

means a qualification that is appropriate to a specific category or subcategory of financial products;

 

"generic qualification"

means a qualification that addresses knowledge, skills and competence that are broadly applicable to the financial services industry, without addressing any specific type of narrow specialisation relating to a specific subcategory;

 

"institutions of higher education"

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

 

"learning"

the acquisition of knowledge, understanding, values, skills, competence and/or experience through a range of formal and/or informal activities and/or processes aimed at achieving a specific learning objective.;

 

"professional programme and/or qualification"

means a learning programme and/or qualification offered by a professional body (voluntary or statutory) for the purposes of providing specialised knowledge in a specific field of the financial services industry;

 

"specific qualification"

means a qualification that addresses specific and/or specialised knowledge, skills and competence that is applicable to the financial services industry, and may address a specific type of specialisation and/or subcategory in the financial services industry;