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Unit Standard No.12164Page 51

Below is a brief description of what each piece of subordinate legislation deals with and should give you

an idea of what the contents of each would contain.  Remember that not every single piece of subordinate

legislation would apply to your organisation.  For example, if you do not wish to become a recognised body then number 5 - Functions of Recognised Bodies would not apply to your organisation.

SHORT NAME

DESCRIPTION

IN “ENGLISH”!

1. GENERAL CODE OF CONDUCT

Provides detail  on Code of Conduct for authorised FSP’s and their representatives.

This is a document which describes how FSP’s should behave.

2. APPROVAL – KEY INDIVIDUALS

Provides detail on rules of procedure for approval of Key Individuals

This document gives more information on the requirements for Key Individuals to be approved.

3.  REGULATIONS

Provides detail on regulations to the Act

This document gives more information.

4. FEES PAYABLE

Provides detail on fees payable to the Registrar of Financial  Services Providers

Outlines the actual fees which have to be paid for the various applications (see example below) .

5. FUNCTIONS –  RECOGNISED  BODIES

Shows detail of functions to be performed by Recognised Bodies

Outlines the functions which the recognised bodies will be able to perform.

6. RULES - OMBUD

Provides rules for the proceedings of the Office of the Ombud for Financial Services

The Ombud’s office will have to abide by this document in its proceedings

7. COMPLIANCE REPORTS

Provides detail on the form and manner of Compliance reports

Gives an example or precedent of what a Compliance Report should look like.

8. FIT & PROPER REQUIREMENTS

Provides detail of the determination of Fit & Proper requirements for representatives.

Provides information on what it would take for a Representative or Key Individual to be Fit and Proper for FAIS purposes.  (see excerpts from Determination below )

9. QUALIF/EXPERIENCE – COMPLIANCE OFFICER   

Provides guidelines for the criteria and approval of Compliance Officers

This document tells one exactly what qualifications and experience one must have in order to be a Compliance Officer.

SHORT NAME

DESCRIPTION

IN “ENGLISH”!

10. REPORT – EXTERNAL

Provides guidance on the form and manner of

Shows an example of what an Auditor’s report

INSMAT final materials31/10/03

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