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Unit Standard No.12164Page 80

TASK SHEET 2.11

SELF REFLECTION:

Take a close look at the following excerpt of an example Compliance Report from the subordinate legislation, DETERMINATION OF COMPLIANCE REPORTS BY COMPLIANCE OFFICERS AND AUTHORISED FINANCIAL SERVICES PROVIDERS.  This has to be submitted by a Compliance Officer in accordance with the contents of the Activity you have just completed.  

What do you think of the reporting style?

How will this type of reporting will benefit the industry as a whole?

Compliance Report in terms of section 17(4) of the Financial Advisory and Intermediary Services Act, 2002 (Act No. ……….. of 2002) (“the Act”) by Compliance Officers / Financial Services Provider

Scope

In accordance with section 17(4) of the Act, I/ we............................. (business name of the Financial Services Provider (“the FSP”) / Compliance Officer of the FSP, hereby report as follows as regards compliance by the FSP and any representative of the FSP with the Act, and the other measures mentioned in paragraph (b)(iii) of the Notice preceding this Schedule, for the financial year ended ……………………………………………………………………

Findings

1. Key Individuals

1.1 The FSP had at the reporting date the following key individuals:

…………………………………………………………………………………………………

1.2 The FSP, during the report period, complied with the provisions of subsections (3) and (4) of section 13 of the Act in respect of a register of key individuals;

or

the FSP in the following cases, without / with an exemption having been granted under the Act, did not so comply and, in the first mentioned case, for the following reasons

………………………………………………………………………..

2. Licence of FSP

The FSP, during the report period, complied with the provisions of subsections (8) and (9) of section 8 of the Act in connection with the display and availability of the relevant licence, the contents of business documentation, advertisements and other promotional material and the use of the licence or copies thereof, and with the provisions of section 11(2) of the Act in connection with the lapsing of a licence;

or

the FSP in the following cases, without / with an exemption having been granted under the Act, did not so comply and, in the first mentioned case, for the following reasons:

…………………………………………………………………..……………...

3. Representatives

3.1 The FSP had at the reporting date the following representatives:

INSMAT final materials31/10/03

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