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Unit Standard No.12164Page 73

WHAT ARE THE FUNCTIONS OF THE ROLE-PLAYERS?

FINANCIAL SERVICES BOARD

This is a regulatory body within the financial services industry, set up in terms of the Financial Services Board Act and is the “home-base for the FAIS legislation.  The Compliance Officer will have to work closely with the regulator to form part of the corporate governance structure of the organisation.  The Compliance Officer will report on compliance by his/her organisation to the FSB.

COMPLIANCE OFFICER

This is the person who embeds compliance within the FSP and reports to the FSB on compliance issues within the FSP.  Can be an internal person or outsourced, and must make application to the FSB to be an approved Compliance Officer.

According to the Act, the following are the main requirements of the Financial Services Provider as far as Compliance Officer is concerned:

If the FSP has more than one Key Individual or more than one Representative, it must appoint a compliance officer/s.

The function of this Compliance Officer will be to monitor compliance with the FAIS Act and to be the liaison person with the Registrar.

The designation of the person is detailed – may be a director, member, etc.

The Compliance Officer must be APPROVED by the Registrar in accordance with the subordinate legislation THE DETERMINATION FOR THE CRITERIA AND GUIDELINES FOR THE APROVAL AS COMPLIANCE OFFICERS.

The approved Compliance Officer must submit reports to the Registrar.

The subordinate legislation covering the qualifications and experience of Compliance Officers is QUALIFICATIONS AND EXPERIENCE OF COMPLIANCE OFFICERS IN RESPECT OF FINANCIAL SERVICES BUSINESS.

INSMAT final materials31/10/03

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