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.
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.
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.
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