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 VII8. Delegation of rendering of compliance services |
| (1) | No compliance officer, other than an internal compliance officer and subject to the conditions referred to in subparagraph (2), may delegate the rendering of compliance services, including compliance monitoring to another person. |
| (2) | An internal compliance officer may delegate the rendering of compliance services to another person subject to the following conditions: |
| (a) | Such other person must— |
| (i) | be a natural person in the employ of the provider or a subsidiary, holding company or subsidiary of the holding company of the provider; and |
| (ii) | comply with paragraph 3(1) unless the person conducts compliance monitoring in terms of a documented procedure and such person will exercise no judgment in the performance of the procedure; or |
| (iii) | be an approved compliance practice. |
| (b) | the internal compliance officer must have appropriate oversight of such other person; |
| (c) | the internal compliance officer remains accountable for the rendering of compliance services; and |
| (d) | the internal compliance officer must maintain a register with the names of the persons to whom the rendering of compliance services has been delegated, a description of the rendering of compliance services delegated and confirmation that the requirements of subparagraph (a)(ii) have been complied with. |
