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Unit Standard No.12164Page 74

TASK SHEET 2.10

GROUP REFLECTION:

In your groups, critically analyse the insert from the FAIS Act below and compare it with the bullet points on Compliance Officers above.  Make your own summary about what the duties of FSP’s are regarding Compliance Officers.

DUTIES OF AUTHORISED FINANCIAL SERVICES PROVIDERS

Compliance officers and compliance arrangements

17. (1)

(a) Any authorised financial services provider with more than one key individual or one or more representatives must, subject to section 35(1)(c), appoint one or more compliance officers to monitor compliance with this Act by the provider and such representative or representatives, particularly in accordance with the procedures contemplated in subsection (3), and to take responsibility for liaison with the registrar

(b) Such person may be a director, member, auditor, trustee, principal officer, public

officer or company secretary of any such provider, or any other person with suitable

qualifications and experience determined by the registrar by notice in the Gazette, after consultation with the Advisory Committee.

(c) The provisions of section 19(5) and (6), relating to an auditor of an authorised

financial services provider, apply with the necessary changes to a compliance officer.

(2) A compliance officer must be approved by the registrar in accordance with the

criteria and guidelines determined by the Advisory Committee .

(3) An authorised financial services provider must establish and maintain procedures

to be followed by the provider and any representative concerned, in order to ensure

compliance with this Act.

(4) A compliance officer or, in the absence of such officer, the authorised financial

services provider concerned, must submit reports to the registrar in the manner and

regarding the matters, as from time to time determined by the registrar by notice in the Gazette for different categories of compliance officers, after consultation with the

Advisory Committee.

(5) The provisions of subsections (3) and (4) apply with the necessary changes to any authorised financial services provider who carries on a business with only one key individual or without any representative.

INSMAT final materials31/10/03

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