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REGULATORY EXAMINATIONS 2010. Stefanie Mackenzie. Regulatory Examinations. Unlimited attempts Level 1: Sole Proprietor & KI: At application for authorisation / approval Rep: within 2 years of appointment Legislation: FAIS, FICA, Codes of Conduct Level 2: Product Specific

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regulatory examinations
Regulatory Examinations
  • Unlimited attempts
  • Level 1:
    • Sole Proprietor & KI: At application for authorisation / approval
    • Rep: within 2 years of appointment
    • Legislation: FAIS, FICA, Codes of Conduct
  • Level 2:
    • Product Specific
    • Similar types are grouped together
    • May write multiple examinations
    • Within 6 years of appointment
level 1 examinations
Level 1 examinations
  • Deals with legislation:
    • FAIS Act
    • FICA Act
    • General Code of Conduct
    • Regulations to FAIS Act
    • Fit and Proper
    • Specific Codes (Administrative & Discretionary)
  • Who writes:
    • Key individuals & sole proprietors
    • Representatives
level 2 examinations
Level 2 examinations
  • Deals with:
    • Product category specific aspects
  • Write in capacity as:
    • Sole proprietor FSP
    • Representative
the examination bodies
The Examination Bodies:
  • South African Institute of Financial Markets (SAIFM)
  • Financial Planning Institute (FPI)
  • Moonstone Information Refinery
  • Institute of Bankers / Leselo
current status
Current status

Level 1 examinations:

  • RE 1 and RE 5 complete – ongoing question development
  • Pilot 1, IEB Moderation, Control Group, Cut Score Exercise, Pilot 2
  • IEB Moderation – 14 October 2010
  • Feedback to the Ebs – 15 October 2010
  • RE 2, RE 3 and RE 4 almost completed
slide8

Current status

Level 2 examinations:

  • RE 11 – 15 completed
  • Pilot middle November 2010
  • All other examinations in progress – trials taking place
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