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Regulatory Examinations Preparation FSPs (Sole Proprietors) and Key Individuals in Categories I, II, IIA, III & IV

  1. Describe the role of the key individual in terms of the FAIS Act
  2. Describe the role of the representative in terms of the FAIS Act.
  3. Manage and oversee the appointment of representatives.
  4. Manage the rendering of services under supervision.
  5. Manage and oversee the ongoing development/employment of representatives.
  6. Issue Debar representatives that have been found to act fraudulently, or committed any other act that gives rise to debarment.
  7. Awareness of the regulatory environment in which the FSP functions.
  8. Awareness of the specific obligations in terms of the relevant Code of Conduct and other subordinate legislation.
  9. Oversee and manage the compliance functions as required by the FAIS Act.
  10. Maintain the license of the FSP including the management of the licensing conditions.
  11. Take the necessary action if the FSP voluntarily lapses its license
  12. Verify that the proper record-keeping activities are carried out.
  13. Manage and oversee/participate in the setting up and/or managing of the infrastructure of the FSP.
  14. Manage and oversee the requirements that auditors/accounting officers must adhere to.
  15. Manage and oversee the FSPs adherence to the requirements of FICA and other relevant anti-money laundering legislation, as it applies to the FSP.
  16. Manage any processes required in the event of an investigation by the
  17. Ombud for Financial Services Providers (FAIS Ombud).