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