Fit & Proper Flashcards
What RE exam is required by key individual?
RE1
What RE exam must a representative have?
RE5
What is the pass mark for RE5?
66%
What are the similarities of competence requirements for KI & rep?
1.CPD
2.Honesty & Integrity
3.RE
When does an fsp require a compliance officer?
When there is >= 1 rep and >=1 KI
If an fsp is a sole proprietor what becomes the default?
KI will automatically be the sole proprietor
When an fsp is deemed undesirable what must they do to be reinstated?
They must do what is needed by commissioner within 60 days e.g. pay fine or whatever is required
When will an fsp lapse?
1.Sequestrated
2.The KI dies
3.Fsp becomes insolvent
How many days does an accountable institution have to report a suspicious transaction?
5 working days from occurrence otherwise < 15 working days
How many days should cash transaction reports be reported to FIC?
2 days
What is the prescibed limit beyond which CTR must be reported to FIC?
R49999.99
Which cases can the Ombudsman take on from clients?
Cases whose claims do not exceed R800 000.00
Where a person with a case of loss of over R800 000 in what case will the Ombudsman take it on?
When client accepts that they will lose claim above the R800000 amount lost
What qualifications should category III representatives have?
Prescribed degree and professional qualification required by FSCA
Describe the category 1 FSps
Fsps that do not fall in the other 4 categories(majority fall under this category)
List Category 1 Fsps?
1 Long-Term Insurance subcategory A
2 Short-Term Insurance Personal Lines
3 Long-Term Insurance subcategory B1
4 Long-Term Insurance subcategory C
5 Retail Pension Benefits
6 Short-Term Insurance Commercial Lines
7 Pension Funds Benefits
8 Shares
9 Money market instruments
10 Debentures and securitised debt
11 Warrants, certificates and other instruments
12 Bonds
13 Derivative instruments
14 Participatory interests in a collective investment scheme
15 Forex investment
16 Health Service Benefits
17 Long-term Deposits
18 Short-term Deposits
19 Friendly Society Benefits
20 Long-term insurance subcategory B2
21 Long-term Insurance subcategory B2-A
22 Long-term Insurance subcategory B1-A
23 Short-term Insurance Personal Lines A1
24 Structured Deposits
25 Securities and Instruments
26 Participatory interest in a hedge fund
27 Crypto Assets
What falls under category 4 fsps?
Assistance business FSP - funeral policies admins
Which fsps fall under Category II?
Discretionary FSps where no specific instructions from client for each transaction
Category 2A fsps are?
Hedge fund fsps
Category 3 fsps are ?
Administrative fsps -allow client to move products between financial product suppliers
