Stefanie Mackenzie REGULATORY EXAMINATIONS 2010. Regulatory Examinations  Unlimited attempts  Level 1: − Sole Proprietor & KI: At application for authorisation.

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Stefanie Mackenzie REGULATORY EXAMINATIONS 2010

Regulatory 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 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

Examinations RE NoDescriptionSection in BN 105 1KI Level 1: Cat I & IV1 2KI Level 1: Cat 1.1 & 1.191&5 3KI Level 1: Cat II & IIA2 4KI Level 1: Cat III3 5Representatives4 6Category IV level 2 exam14 7Long-term insurance category B1 (risk)15 8Long-term insurance category B2 (Investment)16 9Long-term insurance category C and retail pension benefits7 10Collective Investment Schemes8 11 Health Care Benefits 12 Short-term insurance: Personal lines10 13Short-term insurance: Commercial lines11 14Pension Fund Benefits13 15Deposits6 16S & I: Shares Cat I & III9 17S & I: Money markets Cat I & III9 18S & I: Debentures Cat I & III9 19S & I: Warrants Cat I & III9 20S & I: Bonds I & III9 21S & I: Derivatives I & III9 22Forex Investment business I & III9 23Long Term Insurance category A5 24S&I - General exam - Cat I & II & III9 25S & I: Shares Cat II9 26S & I: Money markets Cat II9 27S & I: Debentures Cat II9 28S & I: Warrants Cat II9 29S & I: Bonds Cat II9 30S & I: Derivatives Cat II9 31Forex Investment business Cat II9

Current status 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:  RE 11 – 15 completed  Pilot middle November 2010  All other examinations in progress – trials taking place Current status

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