Download - REGULATORY EXAMINATIONS 2010
Stefanie Mackenzie
REGULATORY EXAMINATIONS
2010
Regulatory ExaminationsRegulatory Examinations Unlimited attempts
Level 1:− Sole Proprietor & KI: At application for
authorisation / approval− Rep: within 2 years of appointment− Legislation: FAIS, FICA, Codes of Conduct
Level 2:− Product Specific− Similar types are grouped together− May write multiple examinations− Within 6 years of appointment
Level 1 examinationsLevel 1 examinations
Deals with legislation:− FAIS Act− FICA Act− General Code of Conduct− Regulations to FAIS Act− Fit and Proper− Specific Codes (Administrative &
Discretionary)
Who writes:− Key individuals & sole proprietors− Representatives
Level 2 examinations Deals with:
− Product category specific aspects
Write in capacity as:− Sole proprietor FSP− Representative
The Examination Bodies:
South African Institute of Financial Markets (SAIFM)
Financial Planning Institute (FPI)
Moonstone Information Refinery
Institute of Bankers / Leselo
ExaminationsRE No Description Section in BN 105
1 KI Level 1: Cat I & IV 1
2 KI Level 1: Cat 1.1 & 1.19 1&5
3 KI Level 1: Cat II & IIA 2
4 KI Level 1: Cat III 3
5 Representatives 4
6 Category IV level 2 exam 14
7 Long-term insurance category B1 (risk) 15
8 Long-term insurance category B2 (Investment) 16
9 Long-term insurance category C and retail pension benefits 7
10 Collective Investment Schemes 8
11 Health Care Benefits 12
12 Short-term insurance: Personal lines 10
13 Short-term insurance: Commercial lines 11
14 Pension Fund Benefits 13
15 Deposits 6
16 S & I: Shares Cat I & III 9
17 S & I: Money markets Cat I & III 9
18 S & I: Debentures Cat I & III 9
19 S & I: Warrants Cat I & III 9
20 S & I: Bonds I & III 9
21 S & I: Derivatives I & III 9
22 Forex Investment business I & III 9
23 Long Term Insurance category A 5
24 S&I - General exam - Cat I & II & III 9
25 S & I: Shares Cat II 9
26 S & I: Money markets Cat II 9
27 S & I: Debentures Cat II 9
28 S & I: Warrants Cat II 9
29 S & I: Bonds Cat II 9
30 S & I: Derivatives Cat II 9
31 Forex Investment business Cat II 9
Current status
Level 1 examinations:Level 1 examinations:
RE 1 and RE 5 complete – ongoing question development
Pilot 1, IEB Moderation, Control Group, Cut Score Exercise, Pilot 2
IEB Moderation – 14 October 2010
Feedback to the Ebs – 15 October 2010
RE 2, RE 3 and RE 4 almost completed
Level 2 examinations:Level 2 examinations:
RE 11 – 15 completed
Pilot middle November 2010
All other examinations in progress – trials taking place
Current status