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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 III : Qualifications

 

 

1) Qualifications will be approved based on the extent to which the qualification addresses the qualifying criteria that had been approved and published by the Registrar.

 

2) Applications for approval of a qualification must be submitted in the prescribed format as published by the Registrar, will be evaluated against the qualifying criteria for the applicable regulated function, category or subcategory, and will, upon approval, be added to the list of recognised qualifications.

 

3) The following types of qualifications will be considered for recognition:
a) A qualification that is registered by SAQA;
b) an extracurricular specialist programme offered at a postgraduate level by an Institution of Higher Education;
c) an industry or professional programme offered through a professional body recognised by the Registrar or an accredited provider; or
d) a foreign qualification similar to qualifications in paragraph (a) to (c) above.

 

4) Subject to the requirements of part V of the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, qualifications will be approved in terms of the requirements in the case of-
a) "full qualifications", for category I purposes;
b) "entry level" qualifications, for category II, IIA and/or III; or
c) "full qualifications", for category II, IIA and/or III.

 

5) The list of recognised qualifications will distinguish between the applicable recognition that is given to each qualification, and will indicate the following types of recognition:
a) generic qualifications recognised for qualification purposes for sole proprietors, key individuals and/or representatives in category I FSPs, where the regulatory examinations at levels one and two are also required;
b) generic qualifications recognised for entry level qualification purposes for sole proprietors, key individuals and/or representatives in category II, IIA and/or III FSPs, where the regulatory examinations at levels one and two are also required;
c) generic qualifications recognised for entry level qualification and/or qualification requirement purposes for sole proprietors , key individuals and/or representatives in specific subcategories or category II, IIA and/or III FSPs, where the regulatory examinations at levels one and two are also required;
d) specific qualifications recognised for entry level qualification and/or qualification requirement purposes for sole proprietors, key individuals and/or representatives in specific subcategories of category II, IIA and/or III FSPs, where the regulatory examination at level one is not required;
e) specific qualifications recognised for entry level qualification and/or qualification requirement purposes for sole proprietors, key individuals and/or representatives in specific subcategories of category II, IIA and/or III FSPs, where the regulatory examination at level two is not required;

 

6) Generic qualifications must meet the following criteria:
a) The qualification must be approved by the Registrar as a generic qualification for meeting the entry level qualification and/or qualification requirements in respect of category I, II, IIA and/or III;
b) the generic qualification must be completed in full;
c) the individual must have successfully completed a minimum of three different subjects or modules that appear in the appropriate subject list, as set out in paragraph 4 of this Determination: Provided that at Certificate and Diploma level, the qualification must contain at least three of these subjects with at least one of the subjects in the field of commerce, and where a certificate or diploma has major subjects, at least one must be a major subject (final year level); and
d) at Degree level at least one of the subjects must be in the field of commerce and of the three subjects at least one must be a major subject (final year level).

 

7) With reference to the transitional requirements, as published in Part X of the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, the specific qualifications must meet the following criteria:
a)
i) the qualification was assessed against the qualifying criteria for a specific Category and/or subcategory; and
ii) where the qualification contains a fundamental, core and elective component, the fundamental, core and elective component of the qualification corresponds with at least eighty percent (80%) of the qualifying criteria for the specific Category and/or subcategory; or
b) the qualification corresponds with at least eighty percent (80%) of the qualifying criteria for the specific Category and/or subcategory.

 

8) With reference to post-transitional requirements, as published in Part V of the Determination of Fit and Proper Requirements for Financial Services Providers, 2008, the specific qualifications must meet the following criteria:
a)
i) The qualification was assessed against the qualifying criteria for a specific Category and/or subcategory; and
ii) where the qualifications contains a fundamental, core and elective component, the fundamental, core and elective component of the qualification corresponds fully with the qualifying criteria for the specific Category and/or subcategory; or
b) the qualification corresponds fully with the qualifying criteria for the specific Category and/or subcategory.

 

9) The list of recognised qualifications applies to all applicants, key individuals and representatives, in accordance with the Category or subcategory he or she renders financial services in.