Basic Conditions of Employment Act, 1997
R 385
Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)Board NoticesAmendment on Qualifications, Experience and Criteria for the Approval as a Compliance Officer, 2015Part III3. 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. |
